Condemnation. (a) If all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority. (b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given. (c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given. (d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation. 14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date. 14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority. 14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof). 14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 2 contracts
Sources: Sublease Agreement (Scynexis Inc), Office Lease (Optimer Pharmaceuticals Inc)
Condemnation. (a) If all or substantially all of 18.1 In the demised premises shall be lawfully condemned or taken by event any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to McLeodUSA Cable and/or the portion so Condemned as Norlight Cable, or the Rights in or upon which it has been installed, become the subject of a condemnation proceeding by any governmental agency or other party cloaked with the power of eminent domain for public purpose or use, then and in such event, it is agreed that IRU Grantee’s interest (being its Proportionate Share of the date of vesting of title in the Governmental Authority; providedCable, however, that if 25% or more and other equipment and facilities installed as a part of the rentable area Owner’s Cable and IRU Grantee’s occupancy of the demised premises Rights) shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease severed from Owner’s interest in such proceeding. IRU Grantee shall be entitled to independently pursue an award for its interest in such proceedings and the estate granted hereby by giving written notice parties hereto agree to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease any such condemnation awards specifically allocated between Norlight ‘s interest and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in LandlordMcLeodUSA’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02interest. In the event of termination of this Lease IRU Grantee’s interest in any of the cases hereinbefore providedsuch proceeding cannot be severed from Owner’s interest, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord IRU Grantee shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive Proportionate Share of the award for its interest in the Land or any portion thereof)IRU Fibers and occupancy of the Rights.
14.0518.2 Upon its receipt of a formal notice of condemnation or taking, Owner shall notify IRU Grantee immediately of any condemnation proceeding filed against the Owner’s Cable, including the IRU Fibers, or the Rights in or upon which the IRU Fibers have been installed. Owner shall also notify IRU Grantee of any similar threatened condemnation proceeding and agrees not to sell the Cable or release Rights to such acquiring agency, authority or other party in lieu of condemnation without the prior written consent of IRU Grantee, which consent shall not be unreasonably conditioned, delayed or denied.
18.3 It is expressly recognized and understood by each IRU Grantee that relocation costs resulting from any such condemnation proceeding may not be reimbursed by the condemning authority and, if IRU Grantee requests Owner to relocate the IRU Fibers, IRU Grantee shall pay its Proportionate Share of all costs associated with the relocation of the IRU Fibers in excess of such costs which were reimbursed by the condemning authority. If the temporary use or occupancy IRU Fibers are relocated by Owner pursuant to this Article 18.3, IRU Grantee shall pay to Owner all condemnation awards given to IRU Grantee, if any, that relate to the relocation of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateIRU Fibers.
Appears in 2 contracts
Sources: Fiber Optic Joint Construction and Exchange Agreement (Norlight Telecommunications, Inc.), Fiber Optic Joint Construction and Exchange Agreement (Norlight Telecommunications, Inc.)
Condemnation. (a) Section 12.01. If all or substantially all the whole of the demised premises Demised Premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore providedmanner for any public or quasi-public use, this Lease and the term and estate hereby granted shall expire forthwith cease and terminate as of the date of vesting of title. If only a part of the Demised Premises shall be so condemned or taken, then, effective as of the date of vesting of title, the Fixed Rent and additional rent hereunder shall be abated in an amount thereof apportioned according to the area of the Demised Premises so condemned or taken. If only a part of the Building shall be so condemned or taken (including the Demised Premises), then (i) Landlord may, at its sole option, terminate this Lease and the term and estate hereby granted as of the date of such vesting of title by notifying Tenant in writing of such termination with within sixty (60) days following the same effect as if that were the Expiration Datedate on which Landlord shall have received notice of vesting of title, and (ii) if such condemnation or taking shall deprive Tenant of access to the basic annual rent Demised Premises and additional rent payable hereunder Landlord shall be apportioned not have provided or undertaken steps to provide other reasonable means of access thereto, or fifty (50%) percent or more of the Demised Premises is taken in any such event Tenant may, at Tenant's option, by delivery of notice in writing to Landlord within sixty (60) days following the date on which Tenant shall have received notice of vesting of title, terminate this Lease and the term and estate hereby granted as of such date.
14.03the date of vesting of title. In the event of any condemnation of all or a part of the Property, If neither Landlord shall be entitled nor Tenant elects to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of terminate this Lease, Landlordas aforesaid, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent condemnation or taking, except that the Fixed Rent and additional rent shall be abated to the extent, if any, hereinbefore provided in full when duethis Article 12. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that only a part of the award Demised Premises shall be so condemned or payment which represents compensation for taken and this Lease and the use term and occupancy estate hereby granted are not terminated as hereinbefore provided, Landlord will, with reasonable diligence and at its expense, restore the remaining portion of the demised premises (Demised Premises as nearly as practicable to the same condition as it was in prior to such condemnation or portion thereof taken) taking provided that such restoration shall be divided between not exceed the scope of the work done by Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for in originally constructing the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateBuilding.
Appears in 2 contracts
Sources: Lease Agreement (Inter Parfums Inc), Lease Agreement (Inter Parfums Inc)
Condemnation. (a) If In the event that all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises Mortgaged Property shall be Condemneddamaged or taken through condemnation (which term shall include any damage or taking by any governmental authority, either Landlord quasi-governmental authority, any party having the power of condemnation, or Tenant mayany transfer by private sale in lieu thereof), at their optionor any such condemnation shall be threatened, terminate this Lease and the estate granted hereby by giving Borrower shall give prompt written notice to the other within thirty (30) days after Landlord shall have received notice Lender. The Lender acknowledges that First Mortgage Borrower’s rights to any condemnation award is subject to the terms of the vesting First Mortgage Loan Documents. Subject to the rights of title the First Mortgage Lender contained in the Governmental Authority (a copy of which notice Landlord First Mortgage Loan Documents, Borrower may not and shall deliver not permit First Mortgage Borrower to Tenant promptly after receipt thereof) in which event this Lease and settle or compromise any claim, action or proceeding relating to such damage or condemnation without the estate granted hereby shall terminate as prior written consent of the last day Lender; provided, further, that Borrower may permit First Mortgage Borrower to settle, adjust and compromise any such claim, action or proceeding which is of an amount less than $1,000,000 so long as no Default or Event of Default has occurred. Any proceeds, award or damages from such damage or condemnation which are not used to reconstruct or repair the Mortgaged Property, or applied to the balance of the month next succeeding loan evidenced by the month in which such notice is given.
(c) If twenty five percent (25%) First Mortgage Loan Documents or more the Senior Mezzanine Loan Documents, shall be paid to the Lender and applied to the payment of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02Indebtedness. In the event of termination of this Lease in any that First Mortgage Borrower is permitted pursuant to the terms of the cases hereinbefore providedFirst Mortgage Loan Documents to reconstruct, this Lease and restore or repair the term and estate hereby granted shall expire as Mortgaged Property following a condemnation of any portion of the date of such termination with Mortgaged Property, Borrower shall cause First Mortgage Borrower to promptly and diligently repair and restore the same effect as if that were Mortgaged Property in the Expiration Datemanner and within the time periods required by the First Mortgage Loan Documents, the Leases and any other agreements affecting the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03Mortgaged Property. In the event that First Mortgage Borrower is permitted pursuant to the terms of the Mortgage to elect not to reconstruct, restore or repair the Mortgaged Property following a condemnation of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it Mortgaged Property, Borrower shall not be entitled permit First Mortgage Borrower to receive any part of such award. Tenant shallelect not to reconstruct, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from restore or repair the Governmental Authority.
14.04. In Mortgaged Property without the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts prior written consent of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof)Lender.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 2 contracts
Sources: Loan Agreement (Thomas Properties Group Inc), Loan Agreement (Thomas Properties Group Inc)
Condemnation. If any portion of the Premises is taken under the power of eminent domain, or sold under the threat of the exercise of said power (a) If all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter which are herein called “CondemnedCondemnation”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion part so Condemned taken as of the date of vesting of the condemning authority takes title in the Governmental Authorityor possession, whichever first occurs; provided, however, provided that if 25% or more so much of the rentable area Premises is taken by Condemnation as would substantially and adversely affect the operation and profitability of Tenant’s business conducted from the demised premises Premises, and said taking lasts for ninety (90) days or more, Tenant shall be Condemned, either Landlord or Tenant may, at their have the option, terminate this Lease and the estate granted hereby by giving written notice to the other be exercised only in writing within thirty (30) days after Landlord shall have received given Tenant written notice of the vesting of title such taking (or in the Governmental Authority (a copy absence of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Buildingnotice, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord the condemning authority shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects taken possession), to terminate this Lease pursuant as of the date the condemning authority takes such possession. If a taking lasts for less than ninety (90) days and limits Tenant’s use of the Premises for the Permitted Use, Tenant’s rent shall be abated in proportion to paragraph (b) or (c) abovesuch limitation during said period but Tenant shall not have the right to terminate this Lease. If Tenant does not terminate this Lease in accordance with the foregoing, this Lease shall be remain in full force and remain unaffected by such condemnationeffect as to the portion of the Premises remaining, except that the basic annual rent and the additional rent payable under Article 3 Tenant’s Share of Operating Expenses shall be abated effective reduced in the proportion that the usable floor area of the Premises taken bears to the total usable floor area of the Premises. Common Areas taken shall be excluded from the Common Areas usable by Tenant and no reduction of rent shall occur with respect thereto or by reason thereof. Landlord shall have the option in its sole discretion to terminate this Lease as of the date taking of possession by the vesting of title in the Governmental Authority in proportion condemning authority, by giving written notice to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date Tenant of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as election within thirty (30) days after receipt of such date.
14.03. In the event notice of a Condemnation of any condemnation of all or a part of the Premises or the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any Any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises Premises or the Property under the power of eminent domain or any payment made under threat of the exercise of such power shall be taken during the Termproperty of Landlord, Tenant whether such award shall be entitled, except made as hereinafter set forth, to receive that portion compensation for diminution in value of the award or payment leasehold, for such taking which represents compensation good will, for the use and occupancy taking of the demised premises (fee, as severance damages, or portion thereof taken) and as damages for moving expensestenant improvements; provided, and Landlord however, that Tenant shall be entitled to receive any separate award for loss of or damage to Tenant’s removable personal property. In the event that portion which represents reimbursement for this Lease is not terminated by reason of such condemnation, and subject to the cost requirements of restoration any lender that has made a loan to Landlord encumbering the Property, Landlord shall to the extent of severance damages received by Landlord in connection with such condemnation, repair any damage to the demised premisesProperty caused by such Condemnation except to the extent that Tenant has been reimbursed therefor by the condemning authority. Tenant shall pay any amount in excess of such severance damages required to complete such repair. This Lease Section 15 shall be govern the rights and remain unaffected by such taking and Tenant shall continue to be responsible for all obligations of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for with respect to the period up to and including condemnation of all or any portion of the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateProperty.
Appears in 2 contracts
Sources: Lease Agreement (NameMedia, Inc.), Lease Agreement (NameMedia, Inc.)
Condemnation. If the Premises or any portion thereof are taken by the power of eminent domain, or sold by Landlord under the threat of exercise of said power (a) If all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (which is herein referred to as defined in Article 22) (hereinafter “Condemned”"condemnation"), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion part so Condemned taken as of the date the condemning authority takes title or possession, whichever occurs first. If more than twenty (20%) percent of vesting the floor area of title any buildings on the Premises, or more than twenty (20%) percent of the land area of the Premises not covered with buildings, is taken by condemnation, either Landlord or Tenant may terminate this Lease as of the date the condemning authority takes possession by notice in writing of such election within twenty (20) days after Landlord shall have notified Tenant of such taking or, in the Governmental Authorityabsence of such notice, then within twenty (20) days after the condemning authority shall have taken possession. Notwithstanding the foregoing, if such partial materially interferes with Tenant's use or occupancy of the Premises, Tenant shall have the right to terminate the Lease. If this Lease is not terminated by either Landlord or Tenant as provided hereinabove, then it shall remain in full force and effect as to the portion of the Premises remaining, provided that the rental shall be reduced in proportion to the floor area of the buildings taken within the Premises as bears to the total floor area of all buildings located on the Premises. In the event this Lease is not so terminated, then Landlord agrees at Landlord's sole cost and expense, to as soon as reasonably possible restore the Premises to a complete unit of like quality and character as existed prior to the condemnation. All awards for the taking of any part of the Premises or any payment made under the threat of the exercise of the power of eminent domain shall be the property of the Landlord, whether made as compensation for the diminution of the value of the leasehold or for the taking of the fee or as severance damages; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of or damage to Tenant's trade fixtures and removable personal property, good will and moving expenses provided such award is going-concern value. Rent shall be abated or reduced during the period from the date of taking until the completion of restoration by Landlord, but all other obligations of Tenant under this Lease shall remain in addition to full force and not in effect. The abatement or reduction of Landlord’s award from the Governmental Authority.
14.04. In rent shall be based on the event of any partial taking extent to which does not result in a termination of this Lease, Landlord, at its expense, shall proceed the restoration interferes with reasonable diligence to repair, alter and restore the remaining parts Tenant's use of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof)Premises.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 2 contracts
Sources: Lease Agreement (Fair Isaac & Company Inc), Lease Agreement (Fair Isaac & Company Inc)
Condemnation. (a) If all the whole or substantially all the whole of the demised premises shall Complex or the Premises should be lawfully condemned taken for any public or taken quasi-public use, by any Governmental Authority (as defined right of eminent domain or otherwise or should be sold in Article 22) (hereinafter “Condemned”)lieu of condemnation, then this Lease and the estate granted hereby shall terminate as of the date when physical possession of vesting the Complex or the Premises is taken by the condemning authority, and rent shall be prorated as of title in such Governmental Authority.
(b) date. If less than all the whole or substantially all the whole of the rentable area of Complex or the demised premises shall be CondemnedPremises is thus taken or sold, then this Lease shall continue in effect as to Landlord (whether or not the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, Premises are affected thereby) may terminate this Lease and the estate granted hereby by giving written notice thereof to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) Tenant, in which event this Lease and the estate granted hereby shall terminate as of the last day date when physical possession of such portion of the month next succeeding Complex or Premises is taken by the month in which such notice is given.
(c) condemning authority. If twenty five percent (25%) or more as a result of the Building shall be Condemned or if so much condemnation, a material portion of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient Premises are taken and are rendered unsuitable for the continued operation of the BuildingTenant's business operations, Landlord may, at Landlord’s option, Tenant may terminate this Lease and the estate granted hereby by giving written notice given thereof to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) Landlord, in which event this Lease and the estate granted hereby will shall terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date when physical possession of such portion of the vesting of title in Premises is taken by the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02condemning authority. In the event of termination of If this Lease in is not so terminated upon any of such taking or sale, the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In diminished by a pro rata amount based on the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term Premises taken or sold, and agrees that it Landlord shall, within a reasonable period of time following receipt of condemnation proceeds, to the extent Landlord deems feasible, promptly and diligently restore the Complex and the Premises to substantially their former condition, but such work shall not exceed the scope of work done by Landlord in originally constructing the Complex and the scope of the work in the Premises as described in the Work Agreement, nor shall Landlord in any event be required to spend for such work an amount in excess of the amount received by Landlord as compensation for such damage. All amounts awarded upon a taking of any part or all of the Complex or the Premises shall belong to Landlord, and Tenant shall not be entitled to receive and expressly waives all claim to any part of such awardcompensation. Tenant shallHowever, however, be entitled to make if a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive portion of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Termis specifically allocated to Tenant's property and moving and relocation expenses, Tenant shall be entitled, except as hereinafter set forth, entitled to receive that such portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Dateaward.
Appears in 2 contracts
Sources: Lease Agreement (Advanced Switching Communications Inc), Assignment of Lease (Advanced Switching Communications Inc)
Condemnation. (a) If all or substantially all Section 10.1. If, as a result of the demised premises exercise of the power of eminent domain (hereinafter in this Article referred to as a "Proceeding"), the entire Premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”)taken, this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising the Lessee hereunder shall cease and come to an end on the date condemnor takes possession pursuant to the Proceeding. The basic rent shall be apportioned as of the date of such transfer of possession and the Lessor shall be entitled to and shall receive the total award made in or to any the Proceeding, and the Lessee hereby assigns such award or any part thereofto the Lessor, including, without limitation, any award for the unexpired portion of the Term and agrees except that it Lessee shall not be entitled to receive any part of such awardportion thereof as may be allocated to compensation paid for Lessee's Trade Fixtures, provided Lessee so proves in the Proceeding. Tenant shall, however, The Lessee shall be entitled to make a separate claim keeo any condemnation compensation awarded to the Lessee.
Section 10.2. If less than the entire Premises shall be taken in any proceeding, this Lease shall terminate as to portion of the Premises so taken upon the date the condemnor takes possession, and in the event, and only in the event, that the remainder of the Premises not so taken is not reasonably fit or suited to being used and employed by Lessee to enable Lessee to discharge and satisfy the purposes for which the Premises are leased hereunder to Lessee and to carry on its business as conducted thereon at the time of such proceeding for loss of good will and moving expenses taking, Lessee, provided such award that Lessee is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of default under this Lease, Landlord, at its expense, shall proceed with reasonable diligence may in such event terminate this Lease as to repair, alter and restore the remaining parts remainder of the Building Premises by giving a notice in writing not later than thirty (30) days after the date of such vesting, specifying as the date for termination a date not later than thirty (30) days after the giving of such notice. Upon the date specified in such notice, the term of this Lease and all right, title and interest of Lessee hereunder shall cease and come to an end, provided Lessee is not in default under this Lease on such date, and the demised premises to substantially their former condition to the extent that the same may basic rent shall be feasible and so apportioned as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property date of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof)such termination.
14.05Section 10.3. If less than the temporary use or occupancy of all or any part of the demised premises entire Premises shall be taken during in a proceeding and this Lease is not terminated as permitted by and as in Section 10.2 provided, this Lease shall terminate as to the Termportion of the premises so taken upon the transfer of possession. In any such case, Tenant shall be entitled, except as hereinafter set forth, Lessor covenants and agrees at Lessor's cost and expense to receive restore that portion of the award or payment for such taking which represents compensation Premises not so taken to a complete architectural unit for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar Lessee as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent expressed in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateSection 1.
Appears in 2 contracts
Sources: Lease Agreement (Liqtech International Inc), Lease Agreement (Liqtech International Inc)
Condemnation. (a) If all or substantially all of the demised premises shall be lawfully Demised Premises is taken or condemned for a public or quasi-public use, or if a portion of the Demised Premises is taken or condemned for a public or quasi-public use and the remaining portion thereof is not usable by any Governmental Authority (as defined Tenant in Article 22) (hereinafter “Condemned”)the reasonable opinion of Landlord, this Lease and the estate granted hereby shall terminate as of the earlier of the date title to the condemned real estate vests in the condemnor or the date on which the Demised Premises are not usable by Tenant. In such event, the Base Rent herein reserved and all Additional Rent and other sums payable hereunder shall be apportioned and paid in full by Tenant to Landlord to that date, all Base Rent, Additional Rent and other sums payable hereunder prepaid for periods beyond that date shall be repaid by Landlord to Tenant on the date such apportioned payment is made, and neither party shall thereafter have any liability hereunder, except that any obligation or liability of vesting of title in either party under this Lease which has accrued on or prior to such Governmental Authoritytermination date shall survive.
(b) If less than all or substantially all only part of the rentable area Demised Premises is taken or condemned for a public or quasi-public use and this Lease does not terminate pursuant to Section 21(a), Landlord shall, to the extent of the demised premises award it receives, restore the Demised Premises to a condition and to a size as nearly comparable as reasonably possible to the condition and size thereof immediately prior to the taking, and there shall be Condemned, then this Lease shall continue in effect as an equitable adjustment to the remaining portion Base Rent and Additional Rent according to the value of the demised premises but shall terminate as to Demised Premises before and after the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is giventaking.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or proceeding with respect to any such award or any part thereoftaking provided for in this Section 21, including, without limitation, any award for the unexpired portion of the Term and agrees that it Tenant shall not be entitled to receive any no part of such award. Nothing herein contained shall be deemed to prohibit Tenant shall, however, be entitled to make from making a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from claim, against the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Leasecondemnor, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed permitted by or on behalf of Tenant and all of the furniturelaw, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive value of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the TermTenant's leasehold estate, Tenant shall be entitledmoveable trade fixtures, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use machinery and occupancy of the demised premises (or portion thereof taken) and for moving expenses, provided that the making of such claim shall not and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are does not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use adversely affect or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Datediminish Landlord's award.
Appears in 2 contracts
Sources: Industrial Lease Agreement (Pfsweb Inc), Industrial Lease Agreement (Daisytek International Corporation /De/)
Condemnation. (aA) If all or substantially all of the demised premises shall be lawfully condemned or Premises are taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”)through the exercise of the power of eminent domain, this Lease and the estate granted hereby shall terminate as on the date when possession of the date of vesting of title in such Governmental Authority.
(b) Premises is required by the condemning authority. If less than all or substantially all only part of the rentable area of the demised premises shall be CondemnedPremises is taken, then this Lease shall continue in effect as (i) if the condemnation award is insufficient to restore the remaining portion of the demised premises but Premises or if such award must be applied to repay any mortgages encumbering the Building, or (ii) if, in addition to a portion of the Premises, a portion of the Building or Land is taken and Landlord deems it commercially unreasonable to continue leasing all or a portion of the remaining space in the Building, or (iii) if a substantial portion of the Premises is so taken, and it is commercially impossible for Tenant to continue its business within the Premises, then Landlord in the case of (i) and (ii) above and Tenant in the case of (iii) above, shall have the right to terminate as this Lease on the date when the condemned portion of the Premises, Building or Land is required to be delivered to the portion condemning authority, which right shall be exercisable by the exercising party so Condemned as of notifying the date of vesting of title in the Governmental Authorityother party no later than thirty (30) days prior to such date; provided, however, that if 25% or more in connection with any such termination by landlord, Landlord shall also be terminating the tenancies of all other similarly affected tenants in the Building.
(B) If this Lease is not so terminated after a partial condemnation, then after the date when the condemned portion of the rentable Premises is delivered to the condemnor, the Fixed Rent and Operating Expense Charges shall be reduced in the proportion which the condemned area bears to the entire area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is givenPremises.
(cC) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title right to claim against the condemnor only for removal and moving expenses which may be separately payable to tenants in general under Pennsylvania law, provided such payment does not reduce the Governmental Authority (award otherwise payable to Landlord. Subject to the foregoing, Tenant hereby waives all claims against Landlord with respect to a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, claims against the condemnor including, without limitation, any award all claims for leasehold damages and diminution in the unexpired portion value of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof)estate.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 2 contracts
Sources: Sublease Agreement, Sublease Agreement (Verrica Pharmaceuticals Inc.)
Condemnation. (a) If all In the event of a condemnation or substantially all taking of the demised premises shall be lawfully condemned entire Premises by a public or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”)quasi-public authority, this Lease and the estate granted hereby shall terminate as of the date title vests in the public or quasi-public authority. In the event of vesting (i) a taking or condemnation of title in such Governmental Authority.
fifteen percent (b15%) If or more (but less than all or substantially all the whole) of the rentable area Building and without regard to whether the Premises are part of such taking or condemnation; (ii) a taking or condemnation which results in Landlord electing not to restore the Building; or (iii) a taking or condemnation which results in Landlord electing to change the use of the demised premises shall be Condemned, then this Lease shall continue in effect as to land upon which the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be CondemnedBuilding is located, either Tenant or Landlord or Tenant may, at their option, may elect to terminate this Lease and the estate granted hereby by giving written notice to the other within thirty sixty (3060) days after of Landlord receiving notice of such condemnation. Landlord shall have received promptly provide Tenant written notice thereof of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) any proposed taking or more of condemnation affecting the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02Property. In the event of a partial taking as described in this Article, or a sale, transfer or conveyance in lieu thereof, which does not result in the termination of this Lease in any of the cases hereinbefore providedby either Landlord or Tenant, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder Rent shall be apportioned as of such date.
14.03. In according to the event of any condemnation of all or a ratio that the part of the Property, Landlord Premises remaining usable by Tenant bears to the total area of the Premises. All compensation awarded for any condemnation shall be entitled to receive the entire award property of Landlord, whether such damages shall be awarded as a compensation for diminution in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. leasehold or to the fee of the Premises, and Tenant hereby expressly assigns to Landlord any and all of Tenant's right, title and interest of Tenant now or hereafter arising in or and to any and all such award or any part thereofcompensation. Providing, includinghowever that in the event this Lease is terminated, without limitation, any award for the unexpired portion of the Term and agrees that it Tenant shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss costs of good will moving, tenant's improvements not paid by the Tenant Work Allowance and moving expenses provided Tenant's personal property, fixtures and equipment. Notwithstanding anything herein to the contrary, any condemnation award to Tenant shall be available only to the extent such award is in addition payable separately to Tenant and does not in reduction diminish the award available to Landlord or any Lender of Landlord’s . Any additional portion of such award from shall belong to Landlord. Tenant shall have the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of right to terminate this Lease, Landlord, at its expense, shall proceed with reasonable diligence Lease upon written notice to repair, alter and restore the remaining parts Landlord where (i) more than 25% of the Building and the demised premises to substantially their former condition Tenant's parking spaces are eliminated or (ii) Tenant's access to the extent that Building or the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof)Premises is materially adversely affected.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 2 contracts
Sources: Lease (Archemix Corp.), Lease (Archemix Corp.)
Condemnation. If at least twenty-five percent (a25%) If all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises Premises shall be Condemnedtaken by power of eminent domain or condemned by a competent authority or by conveyance in lieu thereof for public or quasi-public use (“Condemnation”), including any temporary taking for a period of one year or longer, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, may elect to terminate this Lease and effective on the estate granted hereby date possession for such use is so taken, by giving written notice to the other within party no later than one hundred and twenty (120) days after receiving notice of the filing of the Condemnation. If: (i) less than the foregoing amount of the Premises is taken, but the taking includes or affects a material portion of the Building or Property, or Landlord’s economical operation thereof, or (ii) the taking is temporary and will be in effect for less than the foregoing period but more than thirty (30) days after Landlord shall have received notice of the vesting of title days, then in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which either such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Buildingevent, Landlord may, at Landlord’s option, may elect to terminate this Lease and the estate granted hereby by written notice given to Tenant within upon at least thirty (30) days after Landlord shall have received days’ prior notice of the vesting of title in the Governmental Authority to Tenant. The parties further agree that: (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereofa) in which event if this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) aboveterminated, this Lease all Rent shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire apportioned as of the date of such termination with or the same effect as date of such taking, whichever shall first occur, (b) if that were the Expiration Datetaking is temporary, Rent shall be abated for the period of the taking, and Landlord may seek a condemnation award therefor (and the basic annual rent Term shall not be extended thereby), and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of (c) if this Lease is not terminated but any condemnation of all or a part of the PropertyPremises is permanently taken, the Rent shall be proportionately abated based on the square footage of the Premises so taken. Landlord shall be entitled to receive the entire award or payment in the condemnation proceeding, including connection with such Condemnation and Tenant hereby assigns to Landlord any award made interest therein for the value of the Tenant’s unexpired leasehold estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereofother claim and waives any right to participate therein, including, without limitation, except that Tenant shall have the right to file any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding available to Tenant for loss of good will and moving expenses and any taking of Tenant’s personal property, provided such award is in addition separately payable to Tenant and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of diminish the award for the Land available to Landlord or any portion thereof)Lender.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 2 contracts
Sources: Lease Agreement (Aldagen Inc), Lease Agreement (Aldagen Inc)
Condemnation. (a) If In the event that all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but Premises shall terminate as be damaged or taken through condemnation (which term shall include any damage or taking by any governmental authority, quasi-governmental authority, any party having the power of condemnation, or any transfer by private sale in lieu thereof), or any such condemnation shall be threatened, Borrower shall give prompt written notice to Lender. Lender acknowledges that Owner’s rights to any condemnation award is subject to the portion so Condemned as terms of the date Mortgage and the Senior Mez Loan Documents. Notwithstanding the foregoing, Borrower may not and shall not permit Owner or Senior Mez Borrower to settle or compromise any claim, action or proceeding relating to such damage or condemnation without the prior written consent of vesting of title in the Governmental AuthorityLender, which shall not be unreasonably withheld, delayed or denied; provided, howeverfurther, that if 25% either Owner or more Senior Mez Borrower may settle, adjust and compromise any such claim, action or proceeding which is of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty an amount less than five percent (255%) or more of the Building Allocated Loan Amount provided no Event of Default has occurred. Any proceeds remaining after the application of any award to reconstruct or repair the Premises or to the payment of the Mortgage Loan and the Senior Mez Loan shall be Condemned or if so much paid to Lender and applied to the payment of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) Debt whether or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02not then due. In the event of termination of this Lease in any that Owner is permitted pursuant to the terms of the cases hereinbefore providedMortgage to reconstruct, this Lease and restore or repair the term and estate hereby granted shall expire as Premises following a condemnation of any portion of the date of such termination with Premises, Borrower shall cause Owner to promptly and diligently repair and restore the same effect as if that were Premises in the Expiration Datemanner and within the time periods required by the Mortgage, the Leases and any other agreements affecting the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03Premises. In the event that Owner is permitted pursuant to the terms of the Mortgage to elect not to reconstruct, restore or repair the Premises following a condemnation of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it Premises, Borrower shall not be entitled permit Owner to receive any part elect not to reconstruct, restore or repair the Property without the prior written consent of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental AuthorityLender.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 2 contracts
Sources: Loan and Security Agreement (Ashford Hospitality Trust Inc), Loan and Security Agreement (Ashford Hospitality Trust Inc)
Condemnation. (a) 16.1 In case all or substantially all of the Demised Premises leased hereunder shall be taken or sold under the threat of such taking for any public use by act of any public authorities, then this Lease shall terminate as of the date possession is taken by the condemnor. If all or substantially all of the demised premises Demised Premises shall be lawfully condemned taken, the net proceeds of any condemnation award, settlement or compromise for the Demised Premises taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as belong to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental AuthorityLessor; provided, however, Lessee shall have the right to pursue a separate award for the value of Lessee's interest in the Demised Premises as long as such separate award does not diminish the award, settlement or compromise paid to Lessor; and provided, further, that if 25% or more Lessee shall be solely entitled to any amount awarded for the value of Lessee's property located on the Demised Premises in accordance with Section 11.1 and any amount for relocation and loss of business as long as such separate award does not diminish the award. For the purposes of this paragraph "substantially all of the rentable area Demised Premises leased hereunder" shall be deemed to have been taken if upon the taking of less than the whole of the demised premises Demised Premises that portion of the Demised Premises not so taken shall not by itself be adequate for the conduct therein of Lessee's business, in the reasonable judgment of Lessor and Lessee, subject further to the rights of Lessor's Mortgagee. In the event of a partial condemnation the result of which shall be Condemneda reduction in the number of licensed beds on the Demised Premises to sixty-three (63) or less, either Landlord or Tenant may, at their option, Lessee shall have the right to terminate this Lease and the estate granted hereby by giving written notice to the other Lessor within thirty (30) days after Landlord shall have received notice following the issuance of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as condemnation order or conveyance of the last day of the month next succeeding the month in which such notice property, whichever is given.
(c) earlier. If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects Lessee does not elect to terminate this Lease pursuant to paragraph (b) Lease, Lessor shall hold in trust that portion, if any, of such award, settlement or (c) above, this Lease compromise which shall be allocable to consequential damage to buildings and remain unaffected by improvements not taken, and Lessor shall pay out such condemnationportion to Lessee to reimburse Lessee for the cost of restoring the Demised Premises as a complete structural unit, except that as such restoration work progresses in accordance with the basic annual rent and the additional rent payable under procedure for making insurance proceeds available for restoration, repair or rebuilding as set forth in Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.0211A hereof. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any a partial condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, the annual Rent rate payable under paragraph 4.1 hereof shall proceed with reasonable diligence be reduced to repair, alter such amount as Lessor and restore Lessee agree is fair and equitable taking into consideration the number of operational beds remaining parts of the Building and the demised premises to substantially their former condition after such taking as compared to the extent that number of operational beds on the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Commencement Date.
Appears in 2 contracts
Sources: Lease Agreement (Sun Healthcare Group Inc), Lease Agreement (Sun Healthcare Group Inc)
Condemnation. (a) If all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation or taking under the exercise of the power of eminent domain ("Taking") of all or a part portion of the PropertyLeased Premises, Landlord shall be entitled to receive the entire award in the condemnation any such proceeding, including any award made for the value of the estate vested by this Lease in Tenant. , and Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, includingexcept for any separate award payable to Tenant for loss or damage to Tenant's trade fixtures, without limitationremovable personal property, any award for and relocation costs. If the unexpired entire Leased Premises shall be taken, then this Lease shall automatically terminate as of the date Tenant is required by the condemning agency to vacate the Leased Premises, and all rent and other charges shall be paid through such date. If a portion of the Term Leased Premises shall be Taken and agrees that it the use thereof is materially impaired thereby, then either Landlord or Tenant shall not be entitled have the right to receive any part terminate this Lease as of the date Tenant is required to vacate such portion of the Leased Premises ("Taking Date") upon giving the other notice of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and election not in reduction of Landlord’s award later than thirty (30) days from the Governmental Authority.
14.04Taking Date. In All rent and other charges shall be paid through the event Taking Date. If the use of any partial taking which does the Leased Premises is not result in a termination of materially impaired by the Taking, or if materially impaired but neither Landlord nor Tenant terminates this Lease, Landlordthen in either such event this Lease shall continue in full force and effect with respect to the remainder of the Premises except that, as of the Taking Date, base rent shall be reduced by an amount which is equal to the proportion thereof that the area taken bears to the entire area of the Leased Premises before the Taking, and Landlord shall, at its cost and expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that practicable restore the same may be feasible and so as Leased Premises on the land remaining to constitute a complete unit of like quality and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount character as existed prior to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof)such Taking.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 2 contracts
Sources: Agreement and Plan of Reorganization (Biomira Inc), Commercial Lease Agreement (Biomira CORP)
Condemnation. (a) If all or substantially all of the demised premises shall be lawfully Demised Premises is taken or condemned for a public or quasi-public use, or if a material portion of the Demised Premises is taken or condemned for a public or quasi-public use and the remaining portion thereof is not usable by any Governmental Authority (as defined Tenant in Article 22) (hereinafter “Condemned”)the reasonable opinion of Landlord, this Lease and the estate granted hereby shall terminate as of the earlier of the date title to the condemned real estate vests in the condemnor or the date on which Tenant is deprived of vesting possession of title the Demised Premises. In such event, the Base Rent herein reserved and all Additional Rent and other sums payable hereunder shall be apportioned and paid in full by Tenant to Landlord to that date, all Base Rent, Additional Rent and other sums payable hereunder prepaid for periods beyond that date shall forthwith be repaid by Landlord to Tenant, and neither party shall thereafter have any liability hereunder, except that any obligation or liability of either party, actual or contingent, under this Lease which has accrued on or prior to such Governmental Authoritytermination date shall survive.
(b) If less than all or substantially all only part of the rentable area Demised Premises is taken or condemned for a public or quasi-public use and this Lease does not terminate pursuant to Section 21(a), Landlord shall, to the extent of the demised premises award it receives, restore the Demised Premises to a condition and to a size as nearly comparable as reasonably possible to the condition and size thereof immediately prior to the taking, and there shall be Condemned, then this Lease shall continue in effect as an equitable adjustment to the remaining portion Base Rent and Additional Rent based on the actual loss of use of the demised premises but shall terminate as to Demised Premises suffered by Tenant from the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is giventaking.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceedingany proceeding with respect to any taking provided for in this Section 21, including without deduction therefrom for any award made for the value of the estate vested in Tenant by this Lease in Tenant. Lease, and Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any no part of such award. Nothing herein contained shall be deemed to prohibit Tenant shall, however, be entitled to make from making a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from claim, against the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Leasecondemnor, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that permitted by law, for the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for value of Tenant’s leasehold improvements performed by or on behalf of Tenant moveable trade fixtures, machinery and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, provided that the making of such claim shall not and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are does not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use adversely affect or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Datediminish Landlord’s award.
Appears in 2 contracts
Sources: Industrial Lease Agreement (NationsHealth, Inc.), Industrial Lease Agreement (Systemax Inc)
Condemnation. (a) If all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore providedPremises, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, includingshall be taken or condemned permanently or temporarily for any public or quasi-public use or purpose by any competent authority in appropriation proceedings or by any right of eminent domain, the entire compensation award therefore, including leasehold, reversion and fee, shall belong to the Landlord without limitation, any award deduction therefrom for the unexpired portion any present or future estate of the Term and agrees that it shall not be entitled to receive any part of such awardTenant. Tenant shall, however, be entitled to make a separate claim claim, prove and receive in such proceeding for loss of good will and moving expenses provided condemnation proceedings such award is as may be allowed for fixtures and other equipment installed by it, and for moving expenses, but only if such award shall be in addition to and not in reduction of the award to Landlord’s award from the Governmental Authority.
14.04(b) If the entire Building shall be so taken by virtue of eminent domain, this Lease shall terminate on the date when title vests pursuant to such taking, and the Rent and other charges hereunder shall be apportioned as of said date, and any Rent paid for any period beyond said date shall be repaid to Tenant.
(c) If all or any portion of the Premises (or the only reasonably viable means of access thereto) shall be so taken, such that the Premises cannot feasibly be used for the purposes of Tenant’s business (a “Material Taking”), either party shall have the right to cancel and terminate this Lease as of the date of such taking, upon giving notice to the other party within thirty (30) days after notice to Tenant from Landlord or the condemning authority of such Material Taking. In the event that this Lease is not terminated as herein provided, this Lease shall continue, with an equitable and proportionate adjustment, effective on the date of taking, in Rent and other charges due hereunder based upon the reduction in floor area. In the event of any partial taking which that does not result qualify .as a Material Taking, this Lease shall continue with an equitable and proportionate adjustment, effective on the date of taking, in a termination rent and other charges due hereunder based upon the reduction in floor area of this Lease, Landlordthe Premises. Landlord shall forthwith commence to make, at its Landlord’s expense, shall proceed with reasonable diligence any and all repairs to repair, alter and the Premises necessary to restore the remaining parts of the Building and the demised premises same to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof)architectural unit.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 2 contracts
Sources: Office Lease Agreement (Alpha Healthcare Acquisition Corp Iii), Office Lease Agreement (Alpha Healthcare Acquisition Corp Iii)
Condemnation. (a) If all or substantially all 14.01. In the event that the whole of the demised premises Demised Premises lawfully shall be lawfully condemned or taken by in any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”)manner for any public or quasi-public use, this Lease and the term and estate hereby granted hereby shall cease and terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all title. In the event that only a part of the rentable area of the demised premises Demised Premises shall be Condemnedso condemned or taken, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned then, effective as of the date of vesting of title title, the Fixed Annual Rent and the additional rent payable pursuant to Articles 3 and 4 hereunder shall be abated in an amount thereof apportioned according to the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises Demised Premises so condemned or taken. If a condemnation or taking shall be Condemnedof a substantial part of the Demised Premises or of a substantial part of the means of access thereto, either Landlord or Tenant mayTenant, at their Tenant's option, terminate this Lease and the estate granted hereby by giving written delivery of notice in writing to the other Landlord within thirty (30) days after Landlord following the date on which Tenant shall have received notice of the vesting or impending vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Buildingtitle, Landlord may, at Landlord’s option, may terminate this Lease and the term and estate hereby granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice as of the date of vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) title. If neither Landlord nor Tenant elects not to terminate this Lease pursuant to paragraph (b) or (c) aboveLease, as aforesaid, this Lease shall be and shall remain unaffected by such condemnationcondemnation or taking, except that the basic annual rent Fixed Annual Rent and the additional rent payable under pursuant to Article 3 4 shall be abated effective as to the extent hereinbefore provided in this Article 14. In the event that only a part of the date Demised Premises shall be so condemned or taken and this Lease and the term and estate hereby granted with respect to the remaining portion of the vesting Demised Premises are not terminated as hereinbefore provided, Landlord, with reasonable diligence and at its expense, will restore the remaining portion of title in the Governmental Authority in proportion Demised Premises as nearly as practicable to the reduction same condition as it was in the rentable area of the demised premises resulting from prior to such condemnationcondemnation or taking.
14.02. In the event of the termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, Date and the basic annual rent Fixed Annual Rent and the additional rent payable hereunder under Article 4 shall be apportioned as of such date.
14.03. In Except as specifically set forth below, in the event of any condemnation or taking hereinbefore mentioned of all or a part of the PropertyBuilding, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss the unamortized value of good will and its trade fixtures actually taken, leasehold interest, for moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority"good will" value.
14.04. The provisions of this Article 14 shall not be applicable to any condemnations or taking for governmental occupancy for a limited period of less than ten (10) days.
14.05. In the event of any partial taking which of less than the whole of the Building that does not result in a termination of this Lease, or in the event of a taking for a temporary use or occupancy of all or any part of the Demised Premises that does not result in a termination of this Lease, Landlord, at its expense, to the extent that any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises Demised Premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Demised Premises. Tenant and all shall, in such an event, continue to pay that portion of the furniture, trade fixtures Fixed Annual Rent and other personal property additional rent attributable to the unaffected portions of Tenant located at the Property, which Demised Premises due hereunder during the period that Landlord is restoring the Building and the Demised Premises. Fixed Annual Rent and Additional Rent for those affected portions of the Demised Premises shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof)abated.
14.0514.06. If In the temporary use or occupancy of all or event that any part of the demised premises shall be Demised Premises are taken during to effect compliance with any law or requirement of public authority other than in the Termmanner hereinabove provided in this Article 14, then, (i) if such compliance is the obligation of Tenant under this Lease, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall not be entitled to receive that portion which represents reimbursement for any diminution or abatement of rent or other compensation from Landlord therefor, but (ii) if such compliance is the cost obligation of restoration of Landlord under this Lease, the demised premises. This Lease Fixed Annual Rent payable under Article 1 shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent reduced and additional rent payable under Articles 3 and 4 shall be adjusted in full when due. If the period of temporary use or occupancy shall extend beyond same manner as is provided in Section 14.01 according to the Expiration Date, that part reduction in rentable area of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateDemised Premises resulted from such taking.
Appears in 2 contracts
Sources: Lease Agreement (1 800 Flowers Com Inc), Lease Agreement (1 800 Flowers Com Inc)
Condemnation. (a) Section 9.1 If all the whole or substantially all part of the demised premises Premises shall be lawfully condemned taken under ----------- the power of eminent domain, or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemnedsold by the Landlord under threat of condemnation proceedings (which shall be deemed to exist upon formal or informal notification from any condemning authority), then this Lease shall continue terminate as part so taken or sold on the day when Tenant is required to yield possession thereof. Landlord shall make such repairs and alterations as may be necessary in effect order to restore the part not taken or sold to useful condition, and Base Rent and Tenant's Pro Rata Share shall be abated as to the remaining portion portions of the demised premises but Premises so taken or sold. Provided however, that Landlord shall terminate not be required to expend more on repair of the Premises than it receives on condemnation proceedings. If more than thirty (30%) of the Premises is so taken or sold so as to impair substantially the portion so Condemned usefulness of the premises, then Tenant shall have the option to terminate this Lease as of the date of vesting of title in when Tenant is required to yield possession. All compensation awarded or paid for any such taking or sale shall belong to and be the Governmental Authority; provided, however, that if 25% or more property of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation such taking, however, Tenant will have the right to that portion of any award specifically pertaining to Tenant's moving expenses and leasehold improvement owned by Tenant.
Section 9.2 Notwithstanding Section 9.1, if all or a part any portion of the Property----------- Premises shall be taken or sold on any proceeding or upon threat of any proceeding, Landlord shall be entitled to receive have the entire award in the condemnation proceeding, including any award made for the value option of the estate vested by terminating this Lease in upon at least thirty (30) day's written notice to Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 2 contracts
Sources: Industrial Lease (Nicklebys Com Inc), Industrial Lease (Nicklebys Com Inc)
Condemnation. (a) If all of any portion of the Leased Premises is taken under the power of eminent domain or substantially sold under the threat of that power (all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”which are called "Condemnation"), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as part taken or sold on the date the condemning authority takes title or possession, whichever occurs first. If more than twenty percent (20%) of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable floor area of the demised premises shall be CondemnedLeased Premises is taken, either Landlord or Tenant may, at their option, may terminate this Lease and as of the estate granted hereby date the condemning authority takes title or possession, by giving delivering written notice to the other within thirty ten (3010) days after Landlord shall have received receipt of written notice of the vesting of title such taking (or in the Governmental Authority absence of such notice, within ten (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (3010) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) condemning authority takes possession). If neither Landlord nor Tenant elects to terminate terminates this Lease pursuant to paragraph (b) or (c) aboveLease, this Lease shall be and remain unaffected by such condemnationin effect as to the portion of the Leased Premises not taken, except that the basic annual rent and the additional rent payable under Article 3 Base Rent shall be abated effective as of the date of the vesting of title in the Governmental Authority reduced in proportion to the reduction in the rentable floor area of the demised premises resulting from such condemnation.
14.02Leased Premises. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder Any Condemnation award or payment shall be apportioned as distributed in the following order: (a) first, to any ground lessor, mortgagee or beneficiary under a deed of such date.
14.03. In the event of any condemnation of all or a part of trust encumbering the Property, Landlord shall be entitled to receive the entire award amount of its interest in the condemnation proceedingProperty; (b) second, including to Tenant only the amount of any award made specifically designated for loss of or damage to Tenant's trade fixtures or removable personal property, and tenant improvements paid for by Tenant; and (c) third, to Landlord, the remainder of such award, whether as compensation for reduction in the value of the estate vested by leasehold, the taking of the fee, or otherwise. If this Lease in Tenant. Tenant hereby expressly assigns is not terminated, Landlord shall repair any damage to the Leased Premises caused by the Condemnation, except that Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled obligated to receive repair any part of such award. damage for which Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from has been reimbursed by the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05condemning authority. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, severance damages received by Landlord are not sufficient to receive that portion of the award or payment pay for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expensesrepair, and Landlord shall be entitled have the right to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This either terminate this Lease shall be and remain unaffected by or make such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Daterepair at Landlord's expense.
Appears in 2 contracts
Sources: Warehouse Space Lease Agreement (Excal Enterprises Inc), Warehouse Lease Agreement (Excal Enterprises Inc)
Condemnation. (a) If In the event that all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but Premises shall terminate as be damaged or taken through condemnation (which term shall include any damage or taking by any governmental authority, quasi-governmental authority, any party having the power of condemnation, or any transfer by private sale in lieu thereof), or any such condemnation shall be threatened, Borrower shall give prompt written notice to Lender. Lender acknowledges that Owner’s rights to any condemnation award is subject to the portion so Condemned as terms of the date Mortgage. Notwithstanding the foregoing, Borrower may not and shall not permit Owner to settle or compromise any claim, action or proceeding relating to such damage or condemnation without the prior written consent of vesting of title in the Governmental AuthorityLender, which shall not be unreasonably withheld, delayed or denied; provided, howeverfurther, that if 25% Owner may settle, adjust and compromise any such claim, action or more proceeding which is of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty an amount less than five percent (255%) or more of the Building Allocated Loan Amount provided no Event of Default has occurred. Any proceeds remaining after the application of any award to reconstruct or repair the Premises or to the payment of the Mortgage Loan shall be Condemned or if so much paid to Lender and applied to the payment of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) Debt whether or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02not then due. In the event of termination of this Lease in any that Owner is permitted pursuant to the terms of the cases hereinbefore providedMortgage to reconstruct, this Lease and restore or repair the term and estate hereby granted shall expire as Premises following a condemnation of any portion of the date of such termination with Premises, Borrower shall cause Owner to promptly and diligently repair and restore the same effect as if that were Premises in the Expiration Datemanner and within the time periods required by the Mortgage, the Leases and any other agreements affecting the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03Premises. In the event that Owner is permitted pursuant to the terms of the Mortgage to elect not to reconstruct, restore or repair the Premises following a condemnation of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it Premises, Borrower shall not be entitled permit Owner to receive any part elect not to reconstruct, restore or repair the Property without the prior written consent of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental AuthorityLender.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 2 contracts
Sources: Loan and Security Agreement (Ashford Hospitality Trust Inc), Loan and Security Agreement (Ashford Hospitality Trust Inc)
Condemnation. (a) 18.1 If all one third or substantially all more of the demised premises Premises, or the use or occupancy thereof, shall be lawfully taken or condemned or taken by any Governmental Authority governmental or quasi governmental authority for any public or quasi public use or purpose or sold under threat of such a taking or condemnation (as defined in Article 22) (hereinafter collectively, “Condemnedcondemned”), then either Landlord or Tenant shall have the right to terminate this Lease on the day prior to the date title thereto vests in such authority and rent shall be apportioned as of such date. If less than one third of the estate granted hereby Premises or occupancy thereof is condemned, but such condemnation has a material adverse effect on Tenant’s use or operations in the Premise, then Tenant, at Tenant’s sole option, shall have the right to terminate this Lease on the day prior to the date title thereto vests in such authority and rent shall be apportioned as of such date, and if Tenant does not terminate the Lease, the Lease shall continue in full force and effect as to the part of the Premises not so condemned, except that as of the date of vesting of title vests in such Governmental Authority.
(b) If less than all or substantially all authority Tenant shall not be required to pay rent with respect to the part of the rentable area Premises so condemned. Landlord shall notify Tenant of any condemnation contemplated by this Section promptly after Landlord receives notice thereof. Within ten (10) days after receipt of such notice, Tenant shall have the right to terminate this Lease with respect to the remainder of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion Premises not so Condemned condemned as of the date of vesting of title vests in the Governmental Authority; provided, however, that such authority if 25% or more such condemnation renders said remainder of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at Premises totally unusable for their option, terminate this Lease and the estate granted hereby by giving written notice intended purpose. Notwithstanding anything herein to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If contrary, if twenty five percent (25%) or more of the Building shall be Condemned is condemned, then whether or if so much not any portion of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the BuildingPremises is condemned, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects right to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date title vests in such authority.
18.2 All awards, damages and other compensation paid on account of such condemnation shall belong to Landlord, and Tenant assigns to Landlord all rights to such awards, damages and compensation. Tenant shall not make any claim against Landlord or such authority for any portion of such award, damages or compensation attributable to damage to the Premises, value of the vesting unexpired portion of title the Lease Term, loss of profits or goodwill, leasehold improvements or severance damages. Nothing contained herein, however, shall prevent Tenant from pursuing a separate claim against the authority for relocation expenses and for the value of furnishings, equipment and trade fixtures installed in the Governmental Authority in proportion Premises at Tenant’s expense and which Tenant is entitled pursuant to this Lease to remove at the reduction in the rentable area expiration or earlier termination of the demised premises resulting from Lease Term, provided that such claim shall in no way diminish the award, damages or compensation payable to or recoverable by Landlord in connection with such condemnation.
14.02. In the event of termination of this Lease Landlord and Tenant agree that their respective rights in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation or taking involving the Premises shall be governed by the provisions set forth above in this Article, and the parties hereby waive the provisions of all or a part Section 1265.130 of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value California Code of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental AuthorityCivil Procedure.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 2 contracts
Sources: Office Lease Agreement, Office Lease Agreement (Guidance Software, Inc.)
Condemnation. If at least forty percent (a40%) If all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises Premises or access to the Premises shall be Condemnedtaken by power of eminent domain or condemned by a competent authority or by conveyance in lieu thereof for public or quasi-public use (“Condemnation”), then including any temporary taking for a period of one year or longer, this Lease shall continue in effect as to terminate on the remaining date possession for such use is so taken. If: (i) less than forty percent (40%) of the Premises is taken, but the taking includes or affects a material portion of the demised premises but shall terminate as to Building or Property, or the portion so Condemned as economical operation thereof, (ii) less than forty percent (40%) of the date of vesting of title Premises are taken and in the Governmental Authority; providedreasonable judgment of Landlord the remaining Premises are not usable for the business of Tenant, however, that if 25% or (iii) the taking is temporary but will be in effect for more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within than thirty (30) days after Landlord shall have received notice of the vesting of title days, then in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which either such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Buildingevent, Landlord may, at Landlord’s option, may elect to terminate this Lease and the estate granted hereby by written notice given to Tenant within upon at least thirty (30) days after Landlord shall have received days’ prior notice to Tenant. If more than one (1) full floor of the vesting of title Premises is permanently taken in the Governmental Authority (a copy of which notice Condemnation, and if Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects does not elect to terminate this Lease pursuant to paragraph (b) or (c) as provided above, then Tenant may elect to terminate this Lease upon at least thirty (30) days’ prior notice to Landlord. The parties further agree that: (a) if this Lease is terminated, all Rent shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire apportioned as of the date of such termination with or the same effect as date of such taking, whichever shall first occur, (b) if that were the Expiration Datetaking is temporary, Rent shall not be abated for the period of the taking, but Tenant may seek a condemnation award therefor (and the Term shall not be extended thereby), and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of (c) if this Lease is not terminated but any condemnation of all or a part of the PropertyPremises is permanently taken, the Rent shall be proportionately abated based on the square footage of the Premises so taken. Landlord shall be entitled to receive the entire award or payment in the condemnation proceeding, including connection with such Condemnation and Tenant hereby assigns to Landlord any award made interest therein for the value of the Tenant’s unexpired leasehold estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereofother claim and waives any right to participate therein, including, without limitation, any award and Tenant shall make no claim against Landlord for the unexpired portion termination of the Term and agrees that it shall not be entitled to receive any part of such awardleasehold interest or interference with Tenant’s business. Tenant shallTenant, however, be entitled shall have the right to make claim damages from the condemning authority for a separate claim in such proceeding temporary taking of the leasehold as described above, for loss of good will and moving expenses provided and any taking of Tenant’s personal property and for the interruption to Tenant’s business, but only if such award is damages are awarded separately in addition to the eminent domain proceeding and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected damages recovered by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateLandlord.
Appears in 2 contracts
Sources: Office Lease (Carbon Black, Inc.), Office Lease (Carbon Black, Inc.)
Condemnation. (a) A. If all or substantially all a substantial portion of the demised premises shall be lawfully condemned or Premises is taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”)through the exercise of the power of eminent domain, this Lease and the estate granted hereby shall terminate as on the date when possession of the date of vesting of title in such Governmental Authority.
(b) Premises is required by the condemning authority. If less than all or substantially all only part of the rentable area of the demised premises shall be CondemnedPremises is taken, then this Lease shall continue in effect as (i) if the condemnation award is insufficient to restore the remaining portion of the demised premises but Premises or if such award must be applied to repay any mortgages encumbering the Premises, or (ii) if a substantial portion of the Premises is so taken, and it is commercially impossible for Tenant to continue its business within the Premises, then Landlord in the case of (i) above and Tenant in the case of (ii) above shall have the right to terminate as this Lease on the date when the condemned portion of the Premises is required to be delivered to the portion condemning authority, which right shall be exercisable by the exercising party so Condemned as of notifying the date of vesting of title in the Governmental Authorityother party no later than thirty (30) days prior to such date; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant because parking areas have been condemned, Landlord shall have the right to paragraph (b) or (c) above, negate Tenant's election to terminate by replacing the parking spaces so condemned with additional parking spaces located on land contiguous to the Premises.
B. If this Lease is not so terminated after a partial condemnation, then after the date when the condemned portion of the Premises is delivered to the condemnor, the Base Rent shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated reduced effective as of the date of the vesting of title delivery in the Governmental Authority in proportion which the condemned area bears to the reduction in the rentable entire area of the demised premises resulting from such condemnationPremises.
14.02C. Tenant shall have the right to claim against the condemnor only for removal and moving expenses and business dislocation damages which may be separately payable to tenants in general under Pennsylvania law, provided such payment does not reduce the award otherwise payable to Landlord. In Subject to the event of termination of this Lease in any of the cases hereinbefore providedforegoing, this Lease and the term and estate Tenant hereby granted shall expire as of the date of such termination waives all claims against Landlord with the same effect as if that were the Expiration Daterespect to a condemnation, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, claims against the condemnor including, without limitation, any award all claims for leasehold damages and diminution in the value of Tenant's leasehold estate. Tenant shall also have the right to make claim for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored installed by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to expense so long as the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority payment for the taking of such leasehold improvements taken or conveyed (exclusive of fixtures does not reduce the award for the Land or any portion thereof)otherwise payable to Landlord.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 2 contracts
Sources: Lease Agreement (Asa International LTD), Lease Agreement (Madison Bancshares Group LTD)
Condemnation. (a) If all the Premises or substantially all of the demised premises any part thereof shall be lawfully condemned taken or threatened to be taken by any Governmental Authority governmental or quasi-governmental authority pursuant to the power of eminent domain, or by deed in lieu thereof, Tenant agrees to make no claim for compensation in the proceedings (except as defined in Article 22) (hereinafter “Condemned”specifically set forth below), and hereby assigns to Landlord any rights which Tenant may have to any portion of any award made as a result of any such taking, and this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in Premises actually taken by the Governmental Authority; provided, however, that if 25% condemning authority and Monthly Base Rent (but not Percentage Rent or more of the rentable area of the demised premises Additional Rent) shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice adjusted to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the PropertyThe foregoing notwithstanding, Landlord Tenant shall be entitled to receive the entire award claim in the condemnation proceedingproceedings, including any such awards as may be allowed for its relocation expenses and the unamortized value (over the initial Term of this Lease) of the non-removable portions of the Tenant Work, but only if such awards shall be made by the condemnation court in addition to and stated separately from the award made by it for the value Land and the Building or part thereof so taken and does not reduce the amount of the estate vested by this Lease in TenantLandlord's recovery. In no event shall Tenant hereby expressly assigns be entitled to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term of this Lease. If the nature, location or extent of any proposed condemnation affecting the Building or the Land is such that Landlord elects to demolish all or a portion of the Building, then Landlord may terminate this Lease by giving at least sixty (60) days written notice of termination to Tenant at any time after such condemnation and agrees that it this Lease shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim terminate on the date specified in such proceeding for loss of good will and moving expenses provided notice. Monthly Base Rent shall be adjusted to such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04date. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts more than twenty percent (20%) of the Building and Premises is taken in any condemnation or similar proceeding, either Landlord or Tenant shall have the demised premises right to substantially their former condition terminate this Lease by written notice to the extent other given within thirty (30) days after the taking. In the Lease is not so terminated, then this Lease shall continue in full force and effect, except that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by Base Rent payable hereunder (but not the Percentage Rent, Percentage Rent or on behalf any Additional Rental obligations of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which hereunder) shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to equitably adjusted based upon the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof Premises so taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 2 contracts
Sources: Lease Agreement (Smith & Wollensky Restaurant Group Inc), Specific Assignment, Subordination, and Attornment Agreement (New York Restaurant Group Inc)
Condemnation. (a) 16.1 If all or substantially all part of the demised premises shall be lawfully condemned Premises are taken under power of eminent domain, or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”)sold under the threat of the exercise of said power, this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion part so Condemned taken as of the date of vesting of title in the Governmental Authority; provided, however, that if condemning authority takes possession.
16.2 If more than 25% or more of the rentable floor area of the demised premises shall be CondemnedPremises is taken by condemnation, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) ten days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s optiontaking, terminate this Lease and as to the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice remainder of the vesting Premises as of title the date the condemning authority takes possession.
16.3 If Landlord or Tenant does not so terminate, this Lease shall remain in effect as to such remainder, except that the Rent shall be reduced in the Governmental Authority (proportion that the rentable floor area taken bears to the original rentable total floor area. However, if circumstances make abatement based on floor area unreasonable, the Rent shall ▇▇▇▇▇ by a copy of which notice Landlord shall deliver reasonable amount to Tenant promptly after receipt thereof) in which be determined by Landlord. In the event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If that neither Landlord nor Tenant elects to terminate this Lease pursuant Lease, Landlord's responsibility to paragraph (b) or (c) above, this Lease restore the remainder of the Premises shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion limited to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event amount of any condemnation award allocable to the Premises, as determined by Landlord.
16.4 Any award for the taking of all or a part of the PropertyPremises under the power of eminent domain, Landlord including payment made under threat of the exercise of such power, shall be the property of Landlord, whether made as compensation for diminution in value of the leasehold or for the taking of the fee or as severance damages. Tenant shall only be entitled to receive the entire award such compensation as may be separately awarded or recoverable by Tenant in the condemnation proceeding, including any award made Tenant's own right for the value loss of or damage to improvements to the estate vested Premises installed by this Lease in Tenant, Tenant's trade fixtures and removable personal property. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled liable to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for the loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises Premises taken by condemnation.
16.5 Landlord shall be taken during have the Termexclusive authority to grant possession and use to the condemning authority and to negotiate and settle all issues of just compensation or, Tenant shall be entitled, except as hereinafter set forthin the alternative, to receive conduct litigation concerning such issues; provided however, that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall not enter into any settlement of any separate award that may be entitled made to receive that portion Tenant as described in Section 16.4 without Tenant's prior approval of such settlement, which represents reimbursement for the cost of restoration of the demised premises. This Lease approval shall not be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use unreasonably withheld or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Datedelayed.
Appears in 2 contracts
Sources: Lease Agreement (Benchmark Electronics Inc), Lease (Advanced Digital Information Corp)
Condemnation. (a) If all the Premises or substantially any portion thereof are taken by the power of eminent domain, or sold by Landlord under the threat of exercise of such power (all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (which is herein referred to as defined in Article 22) (hereinafter “Condemned”"condemnation"), this Lease and the estate granted hereby shall terminate as to the part so taken as of the date the condemning authority takes title or possession, whichever occurs first. If more than twenty (20%) percent of vesting the floor area of title any buildings on the Premises, or more than twenty (20%) percent of the land area of the Premises not covered with buildings, is taken by condemnation, either Landlord or Tenant may terminate this Lease as of the date the condemning authority takes possession by notice in writing of such Governmental Authorityelection within twenty (20) days after Landlord shall have notified Tenant of such taking or, in the absence of such notice, then within twenty (20) days after the condemning authority shall have taken possession.
(b) If less than all this Lease is not terminated by either Landlord or substantially all of the rentable area of the demised premises shall be CondemnedTenant as provided hereinabove, then this Lease it shall continue remain in full force and effect as to the remaining portion of the demised premises but Premises remaining, provided that the rental shall terminate as be reduced in proportion to the portion so Condemned as floor area of the date buildings taken within the Premises as bears to the total floor area of vesting all buildings located on the Premises. In the event this Lease is not so terminated, then Landlord agrees at Landlord's sole cost and expense, to as soon as reasonably possible restore the Premises to a complete unit of title in like quality and character as existed prior to the Governmental Authority; condemnation.
(c) All awards for the taking of any part of the Premises or any payment made under the threat of the exercise of the power of eminent domain shall be the property of the Landlord, whether made as compensation for the diminution of the value of the leasehold or for the taking of the fee or as severance damages: provided, however, that if 25% or more of the rentable area of the demised premises Tenant shall be Condemned, either Landlord entitled to any award for loss of or Tenant may, at their option, terminate this Lease damage to Tenant's trade fixtures and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is givenremovable personal property.
(d) If neither Landlord nor Tenant elects Each party hereby waives any provisions of the laws or regulations of the jurisdiction in which the Premises are located allowing either party to petition the Court to terminate this Lease pursuant to paragraph lease in the event of partial taking of the Premises.
(be) Rent shall be abated or (c) abovereduced during the period from the date of taking until the completion of restoration by Landlord, but all other obligations of Tenant under this Lease shall be remain in full force and remain unaffected by such condemnation, except that effect. The abatement or reduction of the basic annual rent and the additional rent payable under Article 3 shall be abated effective as based on the extent to which the restoration interferes with Tenant's use of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnationPremises.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 2 contracts
Sources: Commercial Lease (Easyriders Inc), Commercial Lease (Easyriders Inc)
Condemnation. (a) If all or substantially all Either party may terminate this Lease if any material part of the demised premises shall be lawfully Premises is taken or condemned for any public or taken quasi-public use under Law, by any Governmental Authority eminent domain or private purchase in lieu thereof (as defined in Article 22) (hereinafter a “CondemnedTaking”), . Landlord shall also have the right to terminate this Lease and the estate granted hereby shall terminate as if there is a Taking of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining any portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% Building or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall Property which would have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located material adverse effect on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for ability to profitably operate the continued operation remainder of the Building, . If Landlord may, at Landlord’s option, terminate this Lease and has the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects right to terminate this Lease pursuant to paragraph (b) or (c) abovethis Article 17, this Lease Landlord agrees to exercise such right in a nondiscriminatory fashion among leases affecting the Building. Consideration of the following factors in arriving at its decision shall not be deemed discriminatory: Length of term remaining on the Lease, time needed to repair and restore, costs of repair and restoration not covered by condemnation proceeds, Landlord's plans to repair and restore Common Areas serving the Premises, Landlord's plans for repair and restoration of the Building, and other relevant factors of Landlord's decision as long as they are applied to Tenant in the same manner as other tenants. The terminating party shall provide written notice of termination to the other party within 45 days after it first receives notice of the Taking. The termination shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the effective date of any order granting possession to, or vesting legal title in, the vesting of title in the Governmental Authority in proportion condemning authority. If this Lease is not terminated, Base Rent and Tenant’s Pro Rata Share shall be appropriately adjusted to the account for any reduction in the rentable area square footage of the demised premises resulting from such condemnation.
14.02Building or Premises. In All compensation awarded for a Taking shall be the event property of termination of Landlord. The right to receive compensation or proceeds are expressly waived by Tenant. Notwithstanding anything to the contrary in this Lease in any Lease, however, Tenant may file a separate claim for Tenant's Property, Tenant’s lost goodwill, and Tenant's reasonable relocation expenses, provided the filing of the cases hereinbefore provided, this Lease and claim does not diminish the term and estate hereby granted shall expire as amount of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03Landlord’s award. In the event of any condemnation of all or If only a part of the PropertyPremises is subject to a Taking and this Lease is not terminated, Landlord, with reasonable diligence, will restore the remaining portion of the Premises as nearly as practicable to the condition immediately prior to the Taking. Tenant hereby waives any and all rights it might otherwise have pursuant to Section 1265.130 of the California Code of Civil Procedure, or any similar or successor Laws. If all or a portion of the Parking Facility is subject to the Taking and such Taking materially reduces the number parking spaces available to Tenant as provided the Parking Agreement attached hereto as Exhibit G (subject to modification from time to time), and this Lease is not terminated as provided in this Article, Landlord shall be entitled use commercially reasonable efforts to receive the entire award provide reasonable alternate parking to Tenant in the condemnation proceeding, including any award made for the value vicinity of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the PropertyBuilding, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof)may include valet parking.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 2 contracts
Sources: Office Lease Agreement, Office Lease Agreement (Netsuite Inc)
Condemnation. (a) If all the whole or substantially all any part of the demised premises shall be lawfully condemned or common areas are taken for public or quasi-public use by any Governmental Authority (the exercise or the threat of the exercise of the right to eminent domain, with or without litigation or by judgment or agreement, then as defined in Article 22) (hereinafter “Condemned”)to the portion of the premises or common area taken, this Lease and the estate granted hereby shall terminate as of the date of vesting of that title vests in such Governmental Authority.
(b) the condemning authority. If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but Premises remaining after such taking is susceptible of occupation and use by Tenant for the purpose described in this Lease, then Landlord shall terminate as to have the portion so Condemned as option for a period of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title said taking either to terminate this lease or to elect to continue this Lease in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) full force and effect, in which event Landlord, at its sole expense, promptly shall restore the Premises to an architectural unit as comparable as practicable to the condition existing immediately prior to such taking, and Tenant shall do likewise, at Tenant's sole expense, with respect to all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of Tenant. During the period said repairs are being effected, the minimum rent payable by Tenant during said period shall be reduced equitably to the degree the repair work interferes with the normal business conducted on the premises. However, the obligation of Tenant to pay tax increase, and any other additional rental shall remain in full force and effect. If the portion of the Premises remaining after such a taking is not susceptible of occupation and use by Tenant for the purpose described in this lease, then this Lease and the estate granted hereby shall terminate as of the last day of date title vests in the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after condemning authority. Landlord shall have received notice receive all the proceeds of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which any damages, award or settlement paid for any such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02taking. In the event of termination this Lease is terminated pursuant to any provision of this Lease Section 31, or in the event Tenants business is in any manner affected by reason of the cases hereinbefore providedrepairs or restoration Landlord elects to make, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. then Tenant hereby expressly assigns to Landlord waives any and all rightclaims or demands against Landlord arising from or related to such condemnation, title and interest of Tenant now lease termination, or hereafter arising in said repairs or to any such award or any part thereofrestoration, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shallexcept, however, be entitled to that Landlord shall make a separate claim in such proceeding for loss an equitable refund of good will and moving expenses provided such award is in addition to any advance rent paid by Tenant and not in reduction yet earned. A voluntary sale by Landlord to any public or quasi-public body, agency or person, corporate or otherwise, having the power of Landlord’s award from the Governmental Authority.
14.04. In the event eminent domain, either under threat of any partial taking which does not result in a termination of this Lease, Landlord, at its expensecondemnation or while condemnation proceedings are pending, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue deemed to be responsible for all of its obligations hereunder insofar as such obligations are not affected a taking by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Dateeminent domain.
Appears in 2 contracts
Sources: Lease (Landacorp Inc), Lease (Landa Management Systems Corp)
Condemnation. (a) If all or substantially all of the demised premises shall be lawfully Demised Premises is taken or condemned for a public or quasi-public use, or if a portion of the Demised Premises is taken or condemned for a public or quasi-public use and the remaining portion thereof is not usable by any Governmental Authority (as defined Tenant in Article 22) (hereinafter “Condemned”)the reasonable opinion of Landlord, this Lease and the estate granted hereby shall terminate as of the earlier of the date title to the condemned real estate vests in the condemnor or the date on which the Demised Premises are not usable by Tenant. In such event, the Base Rent herein reserved and all Additional Rent and other sums payable hereunder shall be apportioned and paid in full by Tenant to Landlord to that date, all Base Rent, Additional Rent and other sums payable hereunder prepaid for periods beyond that date shall be repaid by Landlord to Tenant on the date such apportioned payment is made, and neither party shall thereafter have any liability hereunder, except that any obligation or liability of vesting of title in either party under this Lease which has accrued on or prior to such Governmental Authoritytermination date shall survive.
(b) If less than all or substantially all only part of the rentable area Demised Premises is taken or condemned for a public or quasipublic use and this Lease does not terminate pursuant to Section 21(a), Landlord shall, to the extent of the demised premises award it receives, restore the Demised Premises to a condition and to a size as nearly comparable as reasonably possible to the condition and size thereof immediately prior to the taking, and there shall be Condemned, then this Lease shall continue in effect as an equitable adjustment to the remaining portion Base Rent and Additional Rent according to the value of the demised premises but shall terminate as to Demised Premises before and after the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is giventaking.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or proceeding with respect to any such award or any part thereoftaking provided for in this Section 21, including, without limitation, any award for the unexpired portion of the Term and agrees that it Tenant shall not be entitled to receive any no part of such award. Nothing herein contained shall be deemed to prohibit Tenant shall, however, be entitled to make from making a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from claim, against the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Leasecondemnor, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed permitted by or on behalf of Tenant and all of the furniturelaw, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive value of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the TermTenant's leasehold estate, Tenant shall be entitledmoveable trade fixtures, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use machinery and occupancy of the demised premises (or portion thereof taken) and for moving expenses, provided that the making of such claim shall not and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are does not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use adversely affect or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Datediminish Landlord's award.
Appears in 2 contracts
Sources: Industrial Lease Agreement (Daisytek International Corporation /De/), Industrial Lease Agreement (Pfsweb Inc)
Condemnation. (a) A. If all or substantially all the whole of the demised premises Premises shall be lawfully taken or condemned in any eminent domain, condemnation, compulsory acquisition or taken like proceeding by any Governmental Authority (competent authority, or if a material portion thereof shall be taken or condemned so as defined to make it imprudent or unreasonable, in Article 22) (hereinafter “Condemned”), this Lease the mutual opinion of Landlord and Tenant to use the estate granted hereby shall terminate remaining portion as a first-class hotel of the date of vesting of title in type and class existing immediately prior to such Governmental Authority.
(b) If less than all taking or substantially all of the rentable area of the demised premises shall be Condemnedcondemnation, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire 's option as of the date of such termination with the same effect as if that were the Expiration Datetaking or condemnation, and any award for such taking or condemnation, subject to the basic annual rent and additional rent payable hereunder rights of the First Mortgagee or any other Mortgagees, shall be apportioned as belong entirely to Landlord (except for any portion of such dateaward expressly made to compensate Tenant for the loss of its business at the Premises).
14.03. In the event of any condemnation of all or B. If only a part of the PropertyPremises shall be taken or condemned and the taking or condemnation of such part does not make it unreasonable or imprudent, in the mutual opinion of Landlord and Tenant, to operate the remainder as a first-class hotel of the type and class to that existing immediately preceding such taking or condemnation, this Lease shall not terminate, but (subject to the rights of the First Mortgagee or any other Mortgagees) so much of any award made to Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made available as shall be reasonably necessary for the value making alterations or modifications of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all rightPremises, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, includingso as to make it a satisfactory architectural unit as a hotel of similar type and class prior to the taking or condemnation. The balance of the award, without limitationsubject to the interest of any Mortgagees, after deduction of the sum necessary for such alterations or modifications, shall belong entirely to Landlord (except for any portion of such award expressly made to compensate Tenant for the unexpired loss of its business at the Premises).
C. For the purposes of this Section 20, a material portion of the Term and agrees that it Premises shall not be entitled deemed to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts have been taken if ten percent or more of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all public space of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements Premises is so taken or conveyed (exclusive if ten percent or more of the award for the Land or any portion thereof)guest rooms are so taken.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 2 contracts
Sources: Lease (KBS Strategic Opportunity REIT II, Inc.), Lease (KBS Strategic Opportunity REIT II, Inc.)
Condemnation. (a) If If, prior to the Closing, all or substantially all any part of the demised premises shall be lawfully condemned Property is subjected to a bona fide threat of condemnation by a body having the power of eminent domain or is taken by any Governmental Authority eminent domain or condemnation (as defined or sale in Article 22) (hereinafter “Condemned”lieu thereof), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as if Contributor has received written notice that any condemnation action or proceeding with respect to the remaining portion Property is contemplated by a body having the power of the demised premises but eminent domain, Contributor shall terminate as to the portion so Condemned as give GIPLP immediate written notice of the date such threatened or contemplated condemnation or of vesting of title in the Governmental Authority; providedsuch taking or sale, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby GIPLP may by giving written notice to the other Contributor given within thirty (30) days after Landlord the receipt of such notice from Contributor, elect to cancel this Agreement. If GIPLP chooses to cancel this Agreement in accordance with this Section 7.2, then the ▇▇▇▇▇▇▇ Money Deposit shall have received notice be returned immediately to GIPLP by Escrow Agent and the rights, duties, obligations, and liabilities of the vesting parties hereunder shall immediately terminate and be of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease no further force and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnationeffect, except that for those provisions of this Agreement which by their express terms survive the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease Agreement. If GIPLP does not elect to cancel this Agreement in any accordance herewith, this Agreement shall remain in full force and effect and the contribution of the cases hereinbefore providedProperty contemplated by this Agreement, this Lease less any interest taken by eminent domain or condemnation, or sale in lieu thereof, shall be effected with no further adjustment and the term and estate hereby granted shall expire as without reduction of the date of such termination with the same effect as if that were the Expiration DateContribution Consideration, and at the basic annual rent Closing, Contributor shall assign, transfer, and additional rent payable hereunder shall set over to GIPLP all of the right, title, and interest of Contributor in and to any awards applicable to the Property that have been or that may thereafter be apportioned made for such taking. At such time as of such date.
14.03. In the event of any condemnation of all or a part of the PropertyProperty is subjected to a bona fide threat of condemnation and GIPLP shall not have elected to terminate this Agreement as provided in this Section 7.2 (and either the 30-day period within which GIPLP has a right to terminate this Agreement pursuant to this Section 7.2 has expired or GIPLP has agreed to waive its right to terminate this Agreement), Landlord and provided that the Inspection Period has expired (i) GIPLP shall thereafter be entitled permitted to receive the entire award participate in the condemnation proceedingproceedings as if GIPLP were a party to the action, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now (ii) Contributor shall not settle or hereafter arising in or agree to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (pursuant to condemnation, eminent domain, or portion sale in lieu thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent without obtaining GIPLP’s prior written consent thereto in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Dateeach case.
Appears in 2 contracts
Sources: Contribution and Subscription Agreement (Generation Income Properties, Inc.), Contribution and Subscription Agreement (Generation Income Properties, Inc.)
Condemnation. (a) If all or a portion of the Property as would render the continuance of Tenant’s business from the Leased Premises impracticable (as reasonably determined by Tenant) is permanently taken or condemned for any public purpose, then Tenant shall have the option of terminating this Lease upon the giving of notice to Landlord within twenty (20) days from the date of such condemnation or taking.
(b) If all or substantially all of the demised premises Property, or so much thereof as to cause the remainder not to be economically feasible to operate, as reasonably determined by Landlord, is permanently taken or condemned for any public purpose, and Landlord theretofore (or therewith) terminates all similarly affected leases in the Building, then Landlord shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), have the option of terminating this Lease upon the giving of notice to Tenant within twenty (20) days from the date of such condemnation or taking.
(c) If this Lease is terminated as provided in Sections 6.1(a) or (b) above, then this Lease shall cease and the estate granted hereby shall terminate expire as to such Leased Premises as of the date of vesting transfer of title in possession of the Leased Premises, the Property, or the applicable portion thereof, as if such Governmental Authoritydate was the expiration date of this Lease.
(bd) If less than all If, upon any condemnation or substantially all taking of a portion of the rentable area Leased Premises, this Lease is not terminated by either Landlord or Tenant as aforesaid, then Tenant shall pay all Rent ________________________________________________________________________________________________________________________ up to the date of transfer of possession of such portion of the demised premises shall be Condemned, then Leased Premises so taken or condemned and this Lease shall continue in effect thereupon cease and terminate with respect to such portion of the Leased Premises so taken or condemned as if the date of transfer of possession of the Leased Premises was the expiration date of the Term relating to such portion of the Leased Premises. Thereafter, the Annual Basic Rent, and Tenant’s Operating Expense Share and Tenant’s Tax Share shall be calculated based on the Net Rentable Area of the Leased Premises not so taken or condemned. If any such condemnation or taking of all or any part of the Property occurs and this Lease is not so terminated, then Landlord shall, within sixty (60) days after the date of such condemnation or taking, commence such restoration work to the remaining portions Property (including the Building, the Common Areas, the Leased Premises and the other Leasable Areas, but not including, in any event, any Tenant Property or the trade fixtures or personal property of other tenants or occupants) as shall be needed so that such remaining portion of the demised premises but Property shall terminate constitute a complete architectural unit, reasonably fit for Tenant’s occupancy and business as reasonably determined by Tenant and Landlord. If Landlord fails to the portion so Condemned as of cause such restoration work to be substantially completed within twelve (12) months after the date of vesting such condemnation or taking, for any reason other than a delay caused by an act or omission of title in the Governmental Authority; providedTenant, however, that if 25% or more and such failure materially interferes with Tenant’s use and occupancy of the rentable area of Property, then Tenant shall have the demised premises shall be Condemned, either Landlord or Tenant may, at their option, right to terminate this Lease and the estate granted hereby by giving written notice to the other notifying Landlord in writing of such termination within thirty (30) days after Landlord shall have received notice the expiration of the vesting of title such 12-month period. The 12-month period described in the Governmental Authority (a copy of which notice Landlord preceding sentence shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last be automatically extended for each day of delays caused by Force Majeure Events; but such extensions, in the month next succeeding the month in which such notice is givenaggregate, shall not exceed a total of sixty (60) days.
(ce) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation or taking of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term Leased Premises, and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial condemnation or taking of all or a portion of the Parking Areas or other Common Areas of the Property which does not result in a termination materially adversely affects the value of this Leaseor Tenant’s use or enjoyment of the Leased Premises, LandlordTenant, at its expenseTenant’s expense may, shall proceed jointly appear with reasonable diligence Landlord in proceedings relative to repairsuch taking, alter and restore Tenant may claim, prove and recover, in such proceedings, (i) the remaining parts value of any Tenant Property taken, (ii) the loss of Tenant’s business as the result of such condemnation or taking, and (iii) any relocation and moving expenses.
(f) If (i) any taking or condemnation for any public purpose is of a portion (but less than all) of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land Leased Premises or any portion thereof).
14.05. If , (ii) the temporary use same occurs for only a period of three (3) months or occupancy of all or any part less, and (iii) during such period, the portions of the demised premises shall be taken during Leased Premises not so taken, together with the Termportions of the Common Areas not so taken, Tenant shall be entitled, except as hereinafter set forth, are in Tenant’s reasonable judgment sufficient to receive that allow the conduct of Tenant’s business in the portion of the award or payment Leased Premises not so taken to substantially the same extent and quantity as before the taking (and Tenant, in fact, ceases its use, for business purposes, only in the portions of the Leased Premises so taken, but continues to operate in the portions of the Leased Premises not so taken), then such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord condemnation shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This deemed a temporary taking and this Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If force and effect, except that, throughout the period of such temporary use or occupancy taking, Annual Basic Rent, Tenant’s Operating Expense Share and Tenant’s Tax Share shall extend beyond be calculated based on the Expiration Date, that part Net Rentable Area of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof Leased Premises not so taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.. ________________________________________________________________________________________________________________________
Appears in 2 contracts
Sources: Lease (KBS Real Estate Investment Trust, Inc.), Lease (KBS Real Estate Investment Trust, Inc.)
Condemnation. If any portion of the Premises or the Project are taken under the power of eminent domain, or sold under the threat of the exercise of said power (a) If all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter which are herein called “Condemnedcondemnation”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion part so Condemned taken as of the date of vesting of the condemning authority takes title in the Governmental Authorityor possession, whichever first occurs; provided, however, provided that if 25% or more so much of the rentable area Premises or Project are taken by such condemnation as would substantially and adversely affect the operation and profitability of Tenant’s business conducted from the demised premises Premises, and said taking lasts for ninety (90) days or more, Tenant shall be Condemned, either Landlord or Tenant may, at their have the option, terminate this Lease and the estate granted hereby by giving written notice to the other be exercised only in writing within thirty (30) days after Landlord shall have received given Tenant written notice of the vesting of title such taking (or in the Governmental Authority (a copy absence of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Buildingnotice, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord the condemning authority shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects taken possession), to terminate this Lease pursuant as of the date the condemning authority takes such possession. If a taking lasts for less than ninety (90) days, Tenant’s rent shall be abated during said period but Tenant shall not have the right to paragraph (b) or (c) aboveterminate this Lease. If Tenant does not terminate this Lease in accordance with the foregoing, this Lease shall be remain in full force and remain unaffected by such condemnationeffect as to the portion of the Premises remaining, except that the basic annual rent and the additional rent payable under Article 3 Tenant’s Share of Common Area Expenses shall be abated effective reduced in the proportion that the usable floor area of the Premises taken bears to the total usable floor area of the Premises. Common Areas taken shall be excluded from the Common Areas usable by Tenant and no reduction of rent shall occur with respect thereto or by reason thereof. Landlord shall have the option in its sole discretion to terminate this Lease as of the date taking of possession by the vesting of title in the Governmental Authority in proportion condemning authority, by giving written notice to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date Tenant of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as election within thirty (30) days after receipt of such date.
14.03. In the event notice of a taking by condemnation of any condemnation of all or a material part of the Property, Landlord shall be entitled to receive Premises or the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in TenantProject. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any Any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises Premises or the Project under the power of eminent domain or any payment made under threat of the exercise of such power shall be taken during the Termproperty of Landlord, whether such award shall be made as compensation for diminution in value of the leasehold, for good will, for the taking of the fee, as severance damages, or as damages for tenant improvements; provided, however, that Tenant shall be entitled, except as hereinafter set forth, entitled to receive that portion any separate award for loss of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) damage to Tenant’s removable personal property and for moving expenses. In the event that this Lease is not terminated by reason of such condemnation, and subject to the requirements of any lender that has made a loan to Landlord encumbering the Project, Landlord shall be entitled to receive the extent of severance damages received by Landlord in connection with such condemnation, repair any damage to the Project caused by such condemnation except to the extent that portion which represents reimbursement for Tenant has been reimbursed therefor by the cost of restoration of the demised premisescondemning authority. This Lease section, not general principles of law or California Code of Civil Procedure Sections 1230.010 et seq., shall be govern the rights and remain unaffected by such taking and Tenant shall continue to be responsible for all obligations of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for with respect to the period up to and including condemnation of all or any portion of the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateProject.
Appears in 2 contracts
Sources: Standard NNN Lease (Vaxcyte, Inc.), Standard NNN Lease (SutroVax, Inc.)
Condemnation. (a) If all the Premises or substantially all the Building or any part of either shall ------------ be taken by the exercise of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as right of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, eminent domain then this Lease shall continue in effect as terminate at the election of Landlord. If Landlord shall elect not to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and a substantial portion of the estate granted hereby by giving written notice Premises is taken, Tenant may elect to the other within terminate this Lease upon thirty (30) days after written notice to Landlord. If neither party terminates, Landlord shall have received notice of put the vesting of title Premises or Building in proper condition for use and occupation and during such period the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building Rents shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority reduced in proportion to the reduction extent the Premises are rendered untenantable; provided, however that Landlord's obligation to put the Premises or Building in proper condition for use and occupation shall be limited to the rentable area amount of net proceeds from the receipts of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease Landlord hereby reserves and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence all rights to repair, alter and restore recovery for damages to the remaining parts of Premises or the Building and the demised premises leasehold interest hereby created, and to compensation accrued or hereafter to accrue by reason of any taking or condemnation. Nothing contained herein shall be deemed or construed to prevent Tenant from prosecuting in any condemnation proceedings a claim for relocation expenses, provided that such action shall not affect the amount of compensation otherwise recoverable by Landlord from the taking authority. If Landlord shall not have returned the Premises to substantially their former the same condition as prior to the extent that condemnation within 120 days of the effective date of the condemnation, then Tenant shall have the right to terminate the Lease on 7 days advance notice to Landlord, unless the Premises shall be returned to substantially the same may be feasible and so condition as prior to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all the effective date of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof)condemnation within such 7 day period.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Condemnation. (a) A. If all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less more than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty twenty-five percent (25%) or more of the Building shall be Condemned Premises is taken or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient condemned for the continued operation of the Buildinga temporary or permanent public or quasi-public use (“Condemnation”), Landlord may, at Landlord’s option, terminate this Lease and shall terminate at the estate granted hereby option of Landlord by written notice given delivered to Tenant within thirty (30) days after Landlord of the Condemnation and Tenant shall have received notice no claim against Landlord for the value of any unexpired portion of the vesting Lease Term and shall not be entitled to any part of title in the Governmental Authority (a copy of any award which notice Landlord shall deliver may be made or to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnationany damages therefor, except that the basic annual rent and the additional rent payable under Article 3 Rent shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire adjusted as of the date of such termination with termination. Tenant may make a separate claim against the same effect condemning authority for damages allowed by law provided that any such award shall not reduce the amount otherwise payable to Landlord. Landlord has no obligation to restore the Premises as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as a result of such date.
14.03any condemnation or exercise of eminent domain. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking Condemnation which does not result in a the termination of this Lease, Landlord, at its expense, Landlord and Tenant shall proceed with reasonable diligence agree to repair, alter and restore the remaining parts an equitable abatement of the Building and the demised premises to substantially their former condition Rent in proportion to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all value of the furniturePremises condemned.
B. If less than twenty-five percent (25%) of the Premises is subject to a Condemnation and/or no election has been made by Landlord to terminate this Lease, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. subject to Landlord’s obligation under this Section 14.04 shall be limited in dollar amount lender making available to the net Landlord award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority proceeds relating to such Condemnation for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost purpose of restoration of the demised premises. This Lease Premises, then Landlord shall promptly commence and diligently pursue restoration of the remainder of the Premises.
C. In the event of a condemnation which renders the Premises substantially unfit for Tenant’s then current use of same for offices, laboratory and/or manufacturing purposes, as the case may be (“Functional Utility”), and remain unaffected by either the Landlord shall have determined that Functional Utility cannot be restored within one hundred eighty days (180) of such taking and condemnation (“Condemnation Restoration Period”), or if in fact Functional Utility is not restored within the Condemnation Restoration Period, Tenant shall continue have the right to be responsible for all elect to terminate the Lease upon delivery of written notice to Landlord. In the event Tenant exercises its obligations hereunder insofar right to terminate the Lease in accordance with this subparagraph 14B, Rent (subject to such equitable abatement as such obligations are not affected shall have previously been agreed to by such taking and shall continue the parties pursuant to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Datesubparagraph 14A, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof takenabove) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof adjusted as represents compensation for of the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Datedate of such termination.
Appears in 1 contract
Sources: Lease Agreement (Novavax Inc)
Condemnation. (a) If all or substantially all 14.01 In the event that the whole of the demised premises shall be lawfully condemned or taken by in any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”)manner for any public or quasi-public use, this Lease and the term and estate hereby granted hereby shall forthwith cease and terminate as of the date of vesting of title in such Governmental Authority.
Landlord shall notify Tenant within ten (b10) If less than all Business Days following receipt of Tenant's written request for information whether Landlord has received any notice of a proposed condemnation or substantially all of taking. In the rentable area event that only a part of the demised premises shall be Condemnedso condemned or taken, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned then, effective as of the date of vesting of title title, the fixed annual rent under Article 1 hereunder and additional rents under Article 3 hereunder shall be abated in an amount thereof apportioned according to the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises so condemned or taken. In the event that only a part of the Building (but not less than thirty percent (30%) thereof in value) shall be Condemnedso condemned or taken, either then (a) Landlord (whether or Tenant not the demised premises be affected) may, at their Landlord's option, terminate this Lease and the term and estate hereby granted hereby as of the date of such vesting of title by giving written notifying Tenant in writing of such termination within sixty (60) days following the date on which Landlord shall have received notice of vesting of title, or (b) if such condemnation or taking shall be of a substantial part of the demised premises or of a substantial part of the means of access thereto, Tenant may, at Tenant's option, by delivery of notice in writing to the other Landlord within thirty (30) days after Landlord following the date on which Tenant shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s optiontitle, terminate this Lease and the term and estate hereby granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice as of the date of vesting of title in the Governmental Authority title, or (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereofc) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If if neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) aboveLease, as aforesaid, this Lease shall be and remain unaffected by such condemnationcondemnation or taking, except that the basic fixed annual rent payable under Article 1 and the additional rent rents payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction extent hereinbefore provided in this Article 14. In the rentable area event that only a part of the demised premises resulting from shall be so condemned or taken and this Lease and the term and estate hereby granted with respect to the remaining portion of the demised premises are not terminated as hereinbefore provided, Landlord will, with reasonable diligence and at its expense, restore the remaining portion of the demised premises as nearly as practicable to the same condition as it was in prior to such condemnationcondemnation or taking.
14.02. 14.02 In the event of its termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic fixed annual rent and additional rent rents payable hereunder shall be apportioned as of such date.
14.03. 14.03 In the event of any condemnation or taking hereinbefore mentioned of all or a part of the PropertyBuilding, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award award, made for the value of the estate vested by this Lease in Tenant. , and Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it Tenant shall not be entitled to receive any no part of such award. Tenant shall, however, shall be entitled permitted to make a separate claim in such proceeding with the condemning authority for loss its moving and relocation expenses and the cost of good will and moving expenses its fixtures, provided such claim shall not have an adverse affect upon the award Landlord is in addition entitled to and not in reduction of Landlord’s award from the Governmental Authorityreceive, as herein provided.
14.04. 14.04 It is expressly understood and agreed that the provisions of this Article 14 shall not be applicable to any condemnation or taking for governmental occupancy for a limited period.
14.05 In the event of any partial taking of less than the whole of the Building which does not result in a termination of this Lease, or in the event of a taking for a temporary use or occupancy of all or any part of the demised premises which does not result in a termination of this Lease, Landlord, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof)premises.
14.05. If 14.06 In the temporary use or occupancy of all or event any part of the demised premises shall be taken during to effect compliance with any law or requirement of public authority other than in the Termmanner hereinabove provided in this Article 14, then, (i) if such compliance is the obligation of Tenant under this Lease, Tenant shall not be entitledentitled to any diminution or abatement of rent or other compensation from Landlord therefor, except but (ii) if such compliance is the obligation of Landlord under this Lease, the fixed annual rent hereunder shall be reduced and additional rents under Article 3 shall be adjusted in the same manner as hereinafter set forth, is provided in Section 14.01 according to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy reduction in rentable area of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by resulting from such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Datetaking.
Appears in 1 contract
Condemnation. (a) 20.1 If all or substantially all any part of the demised premises Leased Premises or the Building is taken by exercise of the power of eminent domain, or by conveyance in lieu thereof, Landlord may elect to terminate this Lease upon written notice to Tenant within thirty days after the date of such taking or transfer in lieu thereof or to continue the same in effect. All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Leased Premises or the Building shall be lawfully condemned the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for the taking of Tenant's personal property or moving expenses if a separate award for such items is made to Tenant. If this Lease is terminated under this Section 20. l, Rent shall be payable up to the date that possession is taken by the condemning authority, Landlord shall refund to Tenant any Governmental Authority (as defined prepaid unaccrued Rent less any sum then owing by Tenant to Landlord, and Tenant shall have no claim against Landlord for the value of any unexpired portion of the Term.
20.2 In the event of a taking of any portion of the Leased Premises, or a conveyance in Article 22) (hereinafter “Condemned”)lieu thereof, and if this Lease and the estate granted hereby is not terminated by Landlord as provided above, then this Lease shall automatically terminate as to the portion of the Leased Premises so taken as of the earlier of the date of vesting of title or the date possession is taken by the condemning authority, and the Base Rent as well as the Additional Rent shall be apportioned according to the ratio that the remaining Rentable Area of the Leased Premises bears to the total original Rentable Area of the Leased Premises. Tenant hereby waives any and all rights it might otherwise have pursuant to Section 1265.130 of California Code of Civil Procedure or any similar provisions of Laws now or subsequently in such Governmental Authorityeffect.
(b) If less than 20.3 In the event of temporary taking of all or substantially all any portion of the rentable area Leased Premises for a period of the demised premises shall be Condemnedninety days or less, then this Lease shall continue in effect as to not terminate but the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease Base Rent and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 Additional Rent shall be abated effective as for the period of the date of the vesting of title in the Governmental Authority such taking in proportion to the reduction in ratio that the rentable area remaining Rentable Area of the demised premises resulting from such condemnation.
14.02. In Leased Premises bears to the event of termination of this Lease in any total Rentable Area of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03Leased Premises. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award made in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to connection with any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authoritytemporary taking.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Sources: Office Lease (Digital Island Inc)
Condemnation. (a) If all or substantially all more than twenty (20) percent of the demised premises floor area of the Demised Premises shall be lawfully condemned taken for any public or taken quasi-public use under any governmental law, ordinance or regulation by right of eminent domain or by private purchase in lieu thereof, then in any Governmental Authority (such events, the Lease Term hearing granted shall automatically cease and terminate on the date such condemnation or sale becomes final and Rent shall be accounted for as defined in Article 22) (hereinafter “Condemned”), this Lease between Landlord and the estate granted hereby shall terminate Tenant as of the date of vesting of title in such Governmental Authoritythat date.
(b) If less than all or substantially all twenty (20) percent of the rentable floor area of the demised premises Demised Premises shall be Condemnedtaken as aforesaid, then this Lease shall continue in effect as to not terminate; however, the remaining Rent during the unexpired portion of the demised premises but Lease Term shall terminate as be reduced in proportion to the portion so Condemned area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations within the scope of Landlord Improvements and Tenant shall make all necessary repairs or alterations within the scope of Tenant Improvements in each instance as may be necessary to make the Demised Premises an architectural whole.
(c) If any part of the date of vesting of title in Common Areas shall be taken as set forth above, this Lease shall not terminate, nor shall the Governmental AuthorityRent be reduced; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, however either Landlord or Tenant may, at their option, may terminate this Lease and if the estate granted hereby portion of the Common Areas remaining following such taking shall be less than seventy (70%) percent of the Common Area immediately prior to such taking. Any election to terminate this Lease in accordance with this provision shall be evidenced by giving written notice of termination delivered to the other party within thirty (30) days after Landlord shall have received notice of the vesting of title in date physical possession is taken by the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is givencondemning authority.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph All compensation awarded for any taking (bor the proceeds of any private sale in lieu thereof) of the Demised Premises or (c) above, this Lease Common Areas shall be the property of Landlord and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease Tenant hereby assigns its interest in any of the cases hereinbefore such award to Landlord; provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Propertyhowever, Landlord shall be entitled to receive the entire award have no interest in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. to Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction business or for the taking of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade 's fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the if a separate award for the Land or any portion thereof)such items is made to Tenant.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Sources: Lease Agreement
Condemnation. (a) 25.1 If all or substantially all any part of the demised premises Premises shall be lawfully taken or condemned for public or quasi-public use by right of eminent domain, with or without litigation, or transferred by agreement in connection with such public or quasi-public use, this Lease, as to the part so taken or condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby transferred shall terminate as of the date of vesting of title shall vest in such Governmental Authority.
(b) If less than all the condemnor or substantially all transferee and the rent payable hereunder shall be adjusted so that tenant shall be required to pay for the remainder of the rentable Term only such portion of the rent as the area in the part remaining that remains useable by Tenant for its business purposes after the taking or condemnation or transfer bears to the area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned entire Premises as of the date of vesting of title shall vest in the Governmental Authority; providedcondemnor.
25.2 In the event of such partial taking or condemnation by judgment, howeververdict or agreement, that if 25% or more of Landlord and Tenant each shall have the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, option to terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice as of the vesting of date title shall vest in the Governmental Authority (condemnor or transferee. If all of the Premises shall be so taken, condemned, or transferred or such part thereof be so taken, condemned, or transferred so that there does not remain a copy portion susceptible of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event occupation hereunder, this Lease and the estate granted hereby shall terminate as of the last day of date title shall vest in the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) condemnor or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease transferee and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver no responsibility to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual pay rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with termination.
25.3 All compensation awarded upon such condemnation or taking shall go to the same effect as if that were Landlord and the Expiration DateTenant shall have no claim thereto, and the basic annual rent Tenant hereby irrevocably assigns and additional rent payable hereunder shall be apportioned as transfers to Landlord any right to compensation or damages to which Landlord may become entitled during the Term hereof by reason of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award Premises. Notwithstanding anything in the condemnation proceedingforegoing to the contrary, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and if not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expensedefault hereunder, shall proceed with reasonable diligence to repair, alter and restore have the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, right to receive that portion of the award or payment for such taking which represents compensation made expressly for the use and occupancy moving or relocation expenses of Tenant, the demised premises (trade fixtures of Tenant, any improvements paid for by Tenant, loss of goodwill to Tenant's business, or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost business disruption of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateTenant.
Appears in 1 contract
Condemnation. (a) If all or substantially all In the event that the whole of the demised premises Premises shall be lawfully condemned or taken by any Governmental Authority (for a public or quasi-public use, so that as defined in Article 22) (hereinafter “Condemned”)a result the Premises are rendered untenantable, this Lease and the estate granted hereby shall terminate as of the date that possession is to be surrendered to the condemnor or taking authority. In the event that there shall be a lawful condemnation or taking for any public or quasi-public use of vesting any part of title in such Governmental Authority.
(b) If less than all the building, without there being condemned or substantially taken all of the rentable area Premises, then, at the option of the demised premises shall be CondemnedLandlord, then this Lease shall continue in effect as exercisable by notice given to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of Tenant not later than 90 days after the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either upon which Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received receives notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event taking or condemnation, this Lease and the estate granted hereby shall terminate as of the last day date that possession of the month next succeeding the month in which such notice Premises taken is given.
(c) If twenty five percent (25%) or more of the Building shall required to be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion surrendered to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03condemnor or taking authority. In the event of any condemnation of all such taking or a part of the Propertycondemnation, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during Premises or of all or any part of the TermProperty, Tenant shall be entitled, except as hereinafter set forth, have no claim against Landlord and shall not have any claim or right to receive that any portion of the award amount that may be awarded as damages or payment for paid as a result of such taking which represents compensation or condemnation; and all rights of Tenant to damages therefore are hereby assigned by Tenant to Landlord and Tenant shall have no claim against Landlord or the condemnor for the use and occupancy value of the demised premises (unexpired term of this Lease. However, the foregoing provisions of this section shall not be construed to deprive Tenant of the right to claim and receive payment from the condemnor or portion thereof taken) and taking authority for moving expenses, and related expenses as long as such claim or the payment thereof does not reduce the award which Landlord shall would otherwise be entitled to receive that portion which represents reimbursement for receive. In the cost event of restoration of the demised premises. This Lease shall be and remain unaffected by any such taking and Tenant shall continue to be responsible for all or condemnation of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for Premises, the use Base Rent, the Tax Adjustment and occupancy of the demised premises (or portion thereof taken) Operating Expense Adjustment shall be divided between Landlord and Tenant so proportionately reduced from the date that Tenant shall receive so much thereof as represents compensation for possession is required to be surrendered to the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Datecondemnor or taking authority.
Appears in 1 contract
Sources: Lease Agreement (Owosso Corp)
Condemnation. (a) If all or substantially all In the event of a Total Taking of the demised premises Property, the Lease Term shall terminate upon the earlier of delivery of possession of the Property to the condemning authority or the effective date of the taking and Lessee shall be lawfully condemned or taken by obligated to pay to Lessor the sum of (i) any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of unpaid Base Rent accruing to the date of vesting termination, plus (ii) after determination of title the amount of the Award attributable to the discounted Present Value of the Fair Market Rent as provided in such Governmental Authorityparagraph (d) below, the amount, if any, required to be paid by Lessee under paragraph (e) below.
(b) If less than all or substantially all a Minor Condemnation occurs, Lessor shall repair and restore the Property, to the extent practicable and as provided in this Section 12.3, to the condition as existed immediately prior to the Minor Condemnation and shall use the Award to pay the costs thereof. Notwithstanding the occurrence of a Minor Condemnation, the obligation of Lessee to pay scheduled Rent to Lessor shall continue subject to Section 13.1, and Lessee shall be entitled to any rent interruption insurance proceeds payable in connection therewith and the amount of the rentable area Award payable to Lessee pursuant to paragraph (c) below. Lessee hereby waives any and all rights it might otherwise have pursuant to Section 1265.130 of the demised premises shall be CondemnedCalifornia Code of Civil Procedure, then or any other California law, statute or ordinance now or hereafter in effect, to seek termination of this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more event of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is givenMinor Condemnation.
(c) If twenty five percent Any award, compensation or damages (25%the “Award”) for a Minor Condemnation or more a Total Taking shall be paid to and be the sole property of Lessor whether the Award shall be made as compensation for diminution of the Building value of the leasehold estate or the fee of the Property or otherwise, and Lessee hereby assigns to Lessor all of Lessee’s right, title and interest in and to any and all of the Award; provided that, to the extent the Award would not diminished, Lessee shall have the right to make a separate claim against the condemning authority (but not Lessor) for such compensation as may be separately awarded or recoverable by Lessee for moving, if a separate award for such items is made to Lessee; and provided further that Lessee shall have an independent right to make a claim for any Condemnation of Lessee’s Equipment and Personalty. Any portion of the Award that is not required to be expended by Lessor for repairing or restoration shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlordretained by Lessor as Lessor’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is givensole property.
(d) If neither Landlord nor Tenant elects The amount of any Award payable to terminate this Lessor on account of a Total Taking (not including any separate award payable to Lessee for moving or for condemnation of Lessee’s Equipment and Personalty) that is attributable to the Fair Market Rent that would be payable for the remainder of the then current Lease pursuant to paragraph (b) or (c) above, this Lease Term shall be ascertained through the Appraisal Procedure and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 amount shall be abated effective as discounted to the Present Value thereof.
(e) If the discounted Present Value of the Rent that would have become due from the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any to the end of the cases hereinbefore provided, this then current Lease and Term exceeds the term and estate hereby granted shall expire as amount of the date award attributable to the discounted Present Value of the Fair Market Rent as determined under paragraph (d) above, Lessee shall pay to Lessor, within ten (10) Business Days after the determination thereof, the amount of such termination with excess. If the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part amount of the Property, Landlord shall be entitled Award attributable to receive the entire award in the condemnation proceeding, including any award made for the value discounted Present Value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns Fair Market Rent as determined under paragraph (d) above exceeds the discounted Present Value of the Rent that would have become due hereunder, Lessee shall not make any additional payment to Landlord Lessor and Lessor shall not have any and all right, title and interest of Tenant now or hereafter arising in or obligation to remit any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled Award to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental AuthorityLessee.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Sources: Lease Agreement (Carter Validus Mission Critical REIT, Inc.)
Condemnation. (a) If all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five ten percent (2510%) or more of (a) the Building shall be Condemned 1717 Fox Premises, or if so much (b) the 1001 Ridder Premises is condemned by eminent domain, inversely condemned or sold in lieu of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient condemnation for the continued operation of the Buildingany public or quasi-public use or purpose ("Condemned"), Landlord may, at Landlord’s option, then Tenant may terminate this Lease and with respect to (i) the estate granted hereby entire Premises, or (ii) the portion of the Premises affected by such condemnation (i.e., the entire 1717 Fox Premises or the entire 1001 Ridder Premises, as the case may be) by giving written notice given to Tenant within thirty twenty (3020) days after Landlord shall have received Tenant receives written notice of such condemnation. If ten percent (10%) or more of both the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease 1717 Fox Premises and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice 1001 Ridder Premises is given.
(d) If neither Condemned, then Tenant or Landlord nor Tenant elects to may terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date when physical possession of the vesting of Premises is taken and title vests in the Governmental Authority in proportion such condemning authority, and Rent shall be adjusted to the reduction in the rentable area date of termination. If Tenant notifies Landlord of its exercise of its termination right of only its lease of the demised premises resulting from such condemnation.
14.02. In 1717 Fox Premises or the event 1001 Ridder Premises under the first sentence of termination this Section 26, then Landlord and Tenant shall enter into an amendment of this Lease in any on Landlord’s standard form which provides for the reduction of the cases hereinbefore provided, this Lease and Premise to only the term and estate hereby granted shall expire as portion of the date Premises that has not been terminated (i.e., the 1717 Fox Premises or the 1001 Ridder Premises, as the case may be). Tenant shall not because of such termination with condemnation assert any claim against Landlord or the same effect as if that were the Expiration Datecondemning authority for any compensation because of such condemnation, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including amount of any award made without deduction for the value any estate of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest or other interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shallTenant; provided, however, be entitled the foregoing shall not preclude Tenant, at Tenant's sole cost and expense, from obtaining any separate award to make a separate claim in such proceeding Tenant for loss of, or damage to, Tenant's Property or for damages for cessation or interruption of good will and moving expenses Tenant's business provided such award is in separate from Landlord's award and does not diminish nor otherwise impair the award otherwise payable to Landlord. In addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Termforegoing, Tenant shall be entitled, except as hereinafter set forth, entitled to receive that portion of the award or payment for such taking which represents seek compensation for the use relocation costs and occupancy all costs recoverable by Tenant pursuant to the provisions of California Government Code Section 7262. If neither party elects to terminate this Lease, Landlord shall, if necessary, promptly proceed to restore the demised premises (Premises or portion thereof taken) and the 1001 Ridder Building or the ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇, as applicable, to substantially the same condition prior to such partial condemnation, allowing for moving expensesthe reasonable effects of such partial condemnation, and Landlord a proportionate allowance shall be entitled made to receive that portion which represents reimbursement Tenant, as determined by Landlord, for the cost of restoration of Rent corresponding to the demised premises. This Lease shall be time during which, and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation Premises of which, Tenant is deprived on account of such partial condemnation and restoration. Landlord shall not be required to spend funds for the use and occupancy restoration in excess of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Datecondemnation proceeds received by Landlord.
Appears in 1 contract
Sources: Lease Agreement (Spansion Inc.)
Condemnation. A. In the event that more than ten percent (a10%) If all or substantially all of the demised premises Premises shall be lawfully condemned or taken by in any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”)manner for any public or quasi-public use, this Lease and the Term and estate hereby granted hereby shall forthwith cease and terminate as of the date of vesting of title in such Governmental Authority.
title. In the event that ten percent (b10%) If less than all or substantially all of the rentable area parking spaces which form part of the demised premises Land shall be Condemnedso condemned or taken, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at LandlordTenant’s option, terminate this Lease and the Term and estate hereby granted hereby as of the date of such vesting of title by written notice given to Tenant notifying the Landlord in writing of such termination within thirty sixty (3060) days after following the date on which the Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to title. If Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects does not so elect to terminate this Lease pursuant to paragraph (b) or (c) aboveLease, as a foresaid, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent condemnation or taking and the additional rent Rent payable under Article 3 hereunder shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02equitably abated. In the event that only a part of termination of the Building shall be so condemned or taken and this Lease and the Term and estate hereby granted are not terminated as hereinbefore provided, the Landlord will, with reasonable diligence and at its expense, restore the remaining portion of the Building or parking lot as nearly as practicable to the same condition as it was in prior to such condemnation or taking at Landlord’s sole expense.
B. In the event of their termination in any of the cases hereinbefore provided, this Lease and the term Term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration DateTermination Date of this Lease, and the basic annual rent Minimum Rent and additional rent Additional Rent payable hereunder shall be apportioned as of such date.
14.03. C. In the event of any condemnation or taking hereinbefore mentioned of all or a part of the PropertyPremises, the Landlord (or the mortgagee of any interest in the Land and/or the Building, if pursuant to the terms of the mortgage, or if pursuant to law, mortgagee is entitled to receive all or a portion of the condemnation award), shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in the Tenant. , and the Tenant hereby expressly assigns to the Landlord or to the mortgagee, as provided above, any and all right, title and interest of the Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it . The Tenant shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental AuthorityLandlord, the mortgagee, or the condemning authority, except that the Tenant shall have the right to assert a claim against the condemning authority for the value of fixtures and equipment installed and paid for by the Tenant and for relocation expenses.
14.04. In D. It is expressly understood and agreed that the event of any partial taking which does not result in a termination provisions of this Lease, Landlord, at its expense, Article 16 shall proceed with reasonable diligence not be applicable to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute any condemnation or taking for governmental occupancy for a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof)period.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Sources: Lease Agreement (Integra Lifesciences Holdings Corp)
Condemnation. (a) A. If all between the Effective Date and the Closing Date any condemnation or substantially all eminent domain proceedings are initiated which might result in the taking of any part of the demised premises Building or the Land, Seller shall notify Purchaser in writing of such proceedings (the "Condemnation Notice") and:
(i) either Seller or Purchaser may elect to terminate this Agreement, in which event the ▇▇▇▇▇▇▇ Money shall be lawfully condemned returned to Purchaser and, except as specifically provided in this Agreement, neither party shall have any further rights or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice obligations to the other within under this Agreement; or
(ii) both parties may elect to consummate the transaction contemplated by this Agreement, in which event Seller shall assign to Purchaser at Closing all of Seller's right, title and interest in and to any award pertaining to the Real Property, but retain its rights to any award pertaining to its leasehold interest or moving expenses, made in connection with such condemnation or eminent domain proceedings.
B. Purchaser and Seller shall have until the date (the "Condemnation Election Date") that is thirty (30) days after Landlord shall have received notice receipt of the vesting Condemnation Notice to elect whether to terminate or proceed with this Agreement. If either party fails to notify the other party of title in its election on or before the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building Condemnation Election Date, then that party shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given deemed to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects elected to terminate this Lease Agreement.
C. Notwithstanding the foregoing, Seller shall only have the right to terminate this Agreement pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title Section 14A above in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested Project after such taking shall reduce by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion more than ten percent of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental AuthorityPurchase Price.
14.04. In D. If the event of any partial taking which does not result in Closing Date is a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition date prior to the extent that Condemnation Election Date, the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which Closing Date shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount extended to the net award a date twenty (after deducting all expenses incurred in obtaining same20) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period days after the Expiration Condemnation Election Date.
Appears in 1 contract
Condemnation. (a) If all In the event that the whole or substantially all any substantial part of the demised premises Building shall be lawfully taken or appropriated by eminent domain or shall be condemned for any public or taken quasi-public use, or (by virtue of any Governmental Authority such taking, appropriation or condemnation) shall suffer any damage (direct, indirect or consequential) for which Sublessor or Sublessee shall be entitled to compensation then (and in any such event) this Sublease and the Term hereof may be terminated at the election of Sublessor by a notice in writing of its election so to terminate which shall be given by Sublessor to Sublessee within ninety (90) days following the date on which Sublessor shall have received notice of such taking, appropriation or condemnation. In the event that a substantial part of the Sublease Premises or of the means of access thereto or of the parking areas serving the Building, if any (unless replaced without undue delay by substitute facilities within a reasonable walking distance from the Building) shall be so taken, appropriated or condemned so as defined to substantially interfere with the use of the Sublease Premises, then this Sublease and the term hereof may be terminated at the election of Sublessee by a notice in Article 22writing of its election so to terminate which shall be given by Sublessee to Sublessor within sixty (60) days following the date on which Sublessee shall have received notice of such taking, appropriation or condemnation. Substantial part for purposes of this Section 14B shall mean 40% or more of the Building. Upon giving of any such notice of termination (hereinafter “Condemned”either by Sublessor or Sublessee), this Lease and the estate granted hereby Term hereof shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all on which Sublessee shall be required to vacate any part of the rentable area Sublease Premises or shall be deprived of a substantial part of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion means of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03access thereto. In the event of any condemnation of all or a part of the Propertysuch termination, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.this
Appears in 1 contract
Condemnation. (a) If (1) all or substantially all of the Leased Premises should be permanently taken or condemned for any public purpose, or (2) such portion (but at least thirty percent (30%)) of the Leased Premises as would render the continuance of Tenant's business from the Leased Premises impracticable should be permanently taken or condemned for any public purpose, then this Lease, at the option of Tenant upon the giving of notice to Landlord within thirty (30) days from the date of such condemnation or taking, shall forthwith cease and terminate as provided in Section 6.1(c) below.
(b) If all or substantially all of the demised premises Project, or so much thereof as to cause the remainder not to be economically feasible to operate, as reasonably determined by Landlord (and such determination shall be lawfully condemned deemed reasonable to the extent based upon Landlord's failure to receive condemnation awards or taken proceeds sufficient to repair the Project as required by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”this Section 6.1), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all should be permanently taken or substantially all of the rentable area of the demised premises shall be Condemnedcondemned for any public purpose, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice the option of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event terminating this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such by notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord from the date of such condemnation or taking.
(c) If this Lease is terminated as provided in subsections (a) or (b) above, this Lease shall have received notice cease and expire as if the date of transfer of possession of the vesting Leased Premises, the Project, or any portion thereof, was the expiration date of title this Lease. If this Lease is not terminated by either Landlord or Tenant as aforesaid, Tenant shall pay all Rent up to the date of transfer of possession of such portion of the Leased Premises so taken or condemned and this Lease shall thereupon cease and terminate with respect to such portion of the Leased Premises so taken or condemned as if the date of transfer of possession of the Leased Premises was the expiration date of the Term relating to such portion of the Leased Premises. Thereafter the Base Rental, Tenant's Forecast Additional Rental, Tenant's Additional Rental and Tenant's Additional Rental Adjustment shall be calculated based on the Net Rentable Area of the Leased Premises not so taken or condemned. If any such condemnation or taking occurs and this Lease is not so terminated, Landlord shall, to the extent practical, promptly repair the Leased Premises or the Project, as the case may be, so that the remaining portion of the Leased Premises or Project, as the case may be, shall constitute a complete architectural unit, and in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day case of the month next succeeding the month in which such notice is givenLeased Premises reasonably fit for Tenant's occupancy and business as reasonably determined by Tenant and Landlord (with any disagreement between Tenant and Landlord to be resolved by arbitration pursuant to Section 10.1 hereof).
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph any taking or condemnation for any public purpose of the Leased Premises or any portion thereof occurs for one hundred eighty (b180) days or (c) aboveless, then it shall be deemed a temporary taking and this Lease shall be continue in full force and remain unaffected by such condemnation, effect except that the basic annual rent Base Rental, Tenant's Forecast Additional Rental, Tenant's Additional Rental and the additional rent payable under Article 3 Tenant's Additional Rental Adjustment shall be abated effective calculated based on the Net Rentable Area of the Leased Premises not so taken, for the period of time that the Leased Premises are so taken as of the date of the vesting transfer of title in the Governmental Authority in proportion to the reduction in the rentable area possession of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expensesLeased Premises, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost proceeds of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue be under no obligation to pay basic annual rent and additional rent in full when due. If make any repairs or alterations to the period portion so taken.
(e) In the event of temporary use any condemnation or occupancy shall extend beyond the Expiration Date, that part taking of the award Leased Premises, Tenant, or payment anyone claiming under it, at its expense may, jointly with Landlord, appear, claim and prove, in proceedings relative to such taking, (i) the value of Tenant's leasehold estate created by this Lease, (ii) the value of any fixtures, furniture, furnishings, Leasehold Improvements and other personal property that were condemned but which represents compensation for under the use and occupancy terms of this Lease Tenant is permitted to remove at the end of the demised premises Term, (iii) the unamortized cost of Leasehold Improvements that are not so removable by Tenant at the end of the Term and that were installed solely at Tenant's expense (i.e., not paid by Landlord or with allowances provided by Landlord), and (iv) any relocation and moving expenses as the result of such condemnation. Any and all condemnation or similar proceeds that are awarded as a lump sum or as separate awards made to Landlord and Tenant attributable to the interest of Tenant under this Lease and the interest of Landlord in the Project by the condemning authority (all of such proceeds being herein called the "Condemnation Proceeds") shall, notwithstanding the termination of this Lease, be divided as follows:
(1) If this Lease is terminated in its entirety, pro rata to Landlord and Tenant in proportion to the value of their respective properties, estates, rights and interests so taken.
(2) If this Lease is only partially terminated, then (a) first, to the cost of repairing and restoring the untaken portion thereof takenof the Project, and (b) thereafter as set forth in clause (1) above.
(3) Notwithstanding the foregoing, however, if Landlord's pro rata share determined pursuant to clause (1) above shall be insufficient to retire the Required Amount (defined below), Tenant's pro rata share payable to it under said clause (1) shall be divided between reduced by the amount that, when taken together with Landlord's pro rata share, is equal to the Required Amount, provided that, for purposes of this sentence only, Landlord's pro rata share shall be deemed reduced by an amount equal to the lesser of (i) all payments on account of condemnation that Landlord is obligated to make to other tenants in the Building in accordance with their leases, or (ii) the net amount all of said other tenants would be entitled to receive from Landlord or the condemning authority on account of such condemnation if each such lease contained a section identical to this Section 6.1(e) and Tenant so that Tenant each such other tenant made a contribution to Landlord (or had such tenant's pro rata share reduced) pro rata according to the value of their respective leasehold estates in accordance with this subsection (3). Additionally, notwithstanding anything to the contrary set forth herein, in the event of such condemnation or other taking affects Landlord's interest in the Adjacent Garage or the Complex Common Areas, the term "Condemnation Proceeds" shall receive so much thereof include only Landlord's allocated share of the proceeds from such condemnation or other taking applicable to such areas, as represents compensation for determined by the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateREA.
Appears in 1 contract
Condemnation. (a) If all or substantially all of the demised premises shall be lawfully Demised Premises is taken or condemned for a public or quasi-public use, or if a material portion of the Demised Premises is taken or condemned for a public or quasi-public use and the remaining portion thereof is not usable by any Governmental Authority (as defined Tenant in Article 22) (hereinafter “Condemned”)the reasonable opinion of Tenant, this Lease and the estate granted hereby shall terminate as of the earlier of the date title to the condemned real estate vests in the condemnor or the date on which Tenant is deprived of vesting possession of title the Demised Premises In such event, the Base Rent herein reserved and all Additional Rent and other sums payable hereunder shall be apportioned and paid in full by Tenant to Landlord to that date, all Base Rent, Additional Rent and other sums payable hereunder prepaid for periods beyond that date shall forthwith be repaid by Landlord to Tenant, and neither party shall thereafter have any liability hereunder, except that any obligation or liability of either party, actual or contingent, under this Lease which has accrued on or prior to such Governmental Authoritytermination date shall survive.
(b) If less than all or substantially all only part of the rentable area Demised Premises is taken or condemned for a public or quasi-public use and this Lease does not terminate pursuant to Section 21 (a), Landlord shall, to the extent of the demised premises award it receives, restore the Demised Premises to a condition and to a size as nearly comparable as reasonably possible to the condition and size thereof immediately prior to the taking, and there shall be Condemned, then this Lease shall continue in effect as an equitable adjustment to the remaining portion Base Rent and Additional Rent based on the actual loss of use of the demised premises but shall terminate as to Demised Premises suffered by Tenant from the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.taking
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceedingany proceeding with respect to any taking provided for in this Section 21, including without deduction therefrom for any award made for the value of the estate vested in Tenant by this Lease in Tenant. Lease, and Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any no part of such award. Nothing herein contained shall be deemed to prohibit Tenant shall, however, be entitled to make from making a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from claim, against the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Leasecondemnor, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed permitted by or on behalf of Tenant and all of the furniturelaw, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive value of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the TermTenant's moveable trade fixtures, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use machinery and occupancy of the demised premises (or portion thereof taken) and for moving expenses, provided that the making of such claim shall not and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are does not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use adversely affect or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Datediminish Landlord's award.
Appears in 1 contract
Condemnation. If more than twenty percent (20%) of the gross square footage comprising the Premises as of the Commencement Date is taken or condemned for any public use under any Law or by right of eminent domain, or by private purchase in lieu thereof (in any case, a “Material Taking”), then Tenant shall have the right to terminate this Lease by so advising Landlord, in writing (“Taking Termination Notice”), within ninety (90) days of the first date on which Tenant receives written notice of the Material Taking, whereupon the termination shall be effective on the date that Tenant states in its Taking Termination Notice (“Taking Termination Date”), but in no event may such stated Taking Termination Date be later than one hundred eighty (180) days after the date of the delivery of the Taking Termination Notice. If Tenant elects to timely deliver the Taking Termination Notice, there shall be no abatement of Rent prior to the Taking Termination Date. If Tenant fails to timely deliver the Taking Termination Notice, then Tenant shall automatically and irrevocably be deemed to have waived its right to terminate this Lease as a result of the Material Taking, whereupon for purposes of this Lease from and after the waiver of the termination option, (a) If all or substantially all of the demised premises Material Taking shall instead be lawfully condemned or taken by any Governmental Authority treated as a Partial Taking, as discussed below, and (b) the Award (as defined below) shall be paid in Article 22the manner described below. If (i) any portion of the Premises is taken or condemned for any public use under any Law or by right of eminent domain, or by private purchase in lieu thereof, but a Material Taking does not occur; or (hereinafter ii) all or any portion of any Improvements then located on the Premises is taken or condemned for any public use under any Law or by right of eminent domain, or by private purchase in lieu thereof (in the case of (i) or (ii), a “CondemnedPartial Taking”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects shall have any right to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02Lease. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the PropertyMaterial Taking, Landlord shall be entitled to receive any and all payment, income, rent or award, or any interest therein whatsoever, which may be paid or made in connection with such a taking (“Award”) and Tenant shall (x) have no claim against Landlord for the value of any unexpired portion of this Lease nor (y) have any claim to all or any portion of the Award. Notwithstanding the preceding sentence, however, any compensation specifically and independently awarded to Tenant for loss of business or goodwill, for its personal property or otherwise shall be the property of Tenant, and Tenant shall have the right to separately and independently seek such compensation, so long as any such compensation paid to Tenant does not reduce Landlord’s Award. If a Partial Taking occurs, but such Partial Taking involves and affects only the Premises, without involving or affecting any of the Improvements, then the entire award Award shall be paid to Landlord. If a Partial Taking occurs, such Partial Taking affects and involves both the Premises and the Improvements, and the applicable governmental authority either (i) issues a single Award for the Partial Taking, or pays a single purchase price, if the Partial Taking is a purchase in lieu of formal governmental action (for purposes of this Section 18, such a purchase price shall also constitute an Award), and that governmental entity specifies an allocation of the condemnation proceedingAward between the value of the portion of the Premises taken (to be paid to Landlord) and the value of the portion of the Improvements taken (to be paid to Tenant), including any award made or (ii) issues separate and distinct Awards for the value of the estate vested Premises and the value of the Improvements taken, respectively, then Landlord and Tenant shall be bound by this Lease the determination of that governmental authority and either (1) the Award shall be shared between Landlord and Tenant in Tenant. Tenant hereby expressly assigns accordance with the government-directed allocation of value between Premises and Improvements, or (2) the separate and distinct Awards shall be paid to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award (for the unexpired value of the Premises taken) and paid to Tenant (for the value of the Improvements taken), and neither Landlord nor Tenant shall have any right to contest the determination of the governmental authorities allocation of the Award (whether by way of a single Award or the issue of two separate and distinct Awards). If, however, a Partial Taking occurs that affects and involves both the Premises and the Improvements, and the applicable governmental authority fails or refuses to either (1) allocate its single Award between value as to the portion of the Term Premises that is the subject of the Partial Taking and agrees value of the portion of the Improvements that it is the subject of the Partial Taking or (2) issue separate and distinct Awards for the portion of the Premises that is the subject of the Partial Taking and the value of the portion of the Improvements that is the subject of the Partial Taking, then Landlord and Tenant shall not allocate the single Award between them, as follows: (A) first, the sum of $4.91 per square foot of the Premises so taken shall be entitled paid to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award Landlord from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this LeaseAward; and (B) second, Landlord, at its expense, Landlord shall proceed with reasonable diligence to repair, alter receive 13.86% and restore the remaining parts Tenant shall receive 86.14% of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all remainder of the furnitureAward. If a Partial Taking occurs (or if a Material Taking occurs, trade fixtures and other personal property of Tenant located at but this Lease is not terminated), then the Property, which Rent due hereunder shall be repairedratably adjusted, altered and restored by Tenant at its expenseeffective as of the effective date of the Taking . Landlord’s obligation under this Section 14.04 Such adjustment shall be limited on a proportionate basis, reducing the annual Base Rent by the percentage that is represented by the fraction in dollar amount to which the net award (after deducting all expenses incurred in obtaining same) available from numerator is the Governmental Authority for the improvements taken or conveyed (exclusive aggregate number of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive square feet comprising that portion of the award or payment for such taking which represents compensation for Premises that is the use and occupancy subject of the demised premises (or portion thereof taken) Taking and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost denominator is the aggregate number of restoration of square feet comprising the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If Premises immediately preceding the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateTaking.
Appears in 1 contract
Sources: Ground Lease (KAR Holdings, Inc.)
Condemnation. (a) If all or substantially all the whole of the demised premises Premises or so much thereof as to render the balance unusable by Tenant for the proper conduct of its business shall be lawfully condemned taken under power of eminent domain or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemnedtransferred under threat thereof, then this Lease shall continue in effect as to Lease, at the remaining portion option of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby exercised by either party giving written notice to the other of such termination within thirty (30) days after Landlord such conveyance or taking possession whichever is earlier, shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease forthwith cease and terminate and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building rent shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire duly apportioned as of the date of such termination with the same effect as if that were the Expiration Datetaking or conveyance. No award for any partial or entire taking shall be apportioned, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any award which may be made in such taking or condemnation, together with any and all right, title and interest rights of Tenant now or hereafter arising in or to any such award the same or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall; provided, however, that nothing contained herein shall be entitled deemed to make give Landlord any interest in or to require Tenant to assign to Landlord any award made to Tenant for the taking of personal property and fixtures belonging to Tenant and/or for expenses of moving to a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04new location. In the event of any a partial taking which does not result in a termination of this Lease, Landlordrent shall be reduced in proportion to the reduction in the size of the Premises so taken and this Lease shall be modified accordingly. Promptly after obtaining knowledge thereof, at its expenseLandlord or Tenant, as the case may be, shall proceed with reasonable diligence to repair, alter and restore notify the remaining parts other of any pending or threatened condemnation or taking affecting the Building and Premises or the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and Building.
(b) If all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises Premises shall be condemned or taken during the Termfor governmental occupancy for a limited period, not exceeding thirty (30) days, this Lease shall not terminate and Tenant shall be entitled, except as hereinafter set forth, entitled to receive that portion the entire award therefor (whether paid as damages, rent or otherwise) unless the period of governmental occupancy extends beyond the award or payment for such taking expiration of this Lease, in which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and case Landlord shall be entitled to receive that portion which represents reimbursement for such part of such award as shall be properly allocable to the cost of restoration of the demised premises. This Lease Premises to the extent any such award is specifically made for such purpose, and the balance of such award shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided apportioned between Landlord and Tenant so as of the date of such expiration. Provided however, that Tenant shall receive so much thereof remain responsible for all payment and performance obligations set forth in this Lease. If the termination of such governmental occupancy is prior to the expiration of this Lease, Tenant shall, to the extent an award has been made for such purpose, restore the Premises as represents compensation for nearly as possible to the period up condition in which they were prior to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Datecondemnation or taking.
Appears in 1 contract
Sources: Lease Agreement (Somanetics Corp)
Condemnation. (a) If all the whole or substantially all a substantial part of the demised premises Building shall be lawfully taken or condemned for a public or taken quasi-public use under any statute or by right of eminent domain or private purchase in lieu thereof by any Governmental Authority (competent authority, Tenant shall have no claim against Landlord and shall not have any claim or right to any portion of the amount that may be awarded as defined damages or paid as a result of any such condemnation or purchase including, without limit, any right of Tenant to damages for loss of its leasehold; all right of Tenant to damages therefor are hereby assigned by Tenant to Landlord. The foregoing shall not, however, deprive Tenant of any separate award for moving expenses, business dislocation damages or for any other award which would not reduce the award payable to Landlord. Upon the date the right to possession shall vest in Article 22) (hereinafter “Condemned”)the condemning authority, this Lease shall cease and terminate with rent adjusted to such date and Tenant shall have no claim against Landlord for the estate granted hereby shall terminate as value of the date any unexpired term of vesting of title in such Governmental Authoritythis Lease.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part temporary eminent domain taking of the PropertyPremises or any part thereof for temporary use, Landlord this Lease shall not be affected in any manner, the Term shall not be reduced, and the Tenant shall continue to pay in full the Fixed Rent, additional rent and all other sums of money and charges in this Lease reserved and provided to be paid by Tenant and Tenant shall be entitled to receive the entire award in the condemnation proceeding, including for itself such portion of any eminent domain award made for such temporary use with respect to the value period of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result is within the Term; provided that if such temporary taking shall remain in a full force at the expiration or earlier termination of this Lease, Landlord, at its expense, the award shall proceed with reasonable diligence to repair, alter be apportioned between Landlord and restore the remaining parts of the Building and the demised premises to substantially their former condition Tenant in proportion to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf respective portions of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond taking which falls within the Expiration Date, that part of Term and which falls outside the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateTerm.
Appears in 1 contract
Sources: Lease Agreement (Trevena Inc)
Condemnation. (a) 12.01 If all or substantially all the whole of the demised premises shall Premises should, be lawfully condemned taken in condemnation proceedings, or taken by any Governmental Authority right of eminent domain or private purchase in lieu thereof, or for any public or quasi-public use (as defined in Article 22) (hereinafter “Condemned”any such taking of purchase being herein called a "taking by condemnation"), this Lease and the estate granted hereby shall terminate as of the date possession of vesting of title in the Premises is given and delivered to such Governmental Authoritycondemnor.
(b) 12.02 If less than all or substantially all a portion only of the rentable area Improvements shall be subject to a taking by condemnation, then unless either party elects to terminate this Lease by written notice to the other party served within 60 days of the demised premises shall be Condemneddate of such taking, then this Lease shall continue in full force and effect as except that the monthly rental specified under paragraph 3.01 above shall be diminished, from and after the date of such taking, in the proportions that the floor area of the portion of the Improvements so taken shall bear to the total floor area of the Improvements immediately prior to such taking. In such case, Landlord shall promptly restore the remaining portion of the demised premises but shall terminate Improvements so as to the constitute a complete architectural unit.
12.03 If a portion so Condemned as of the date Premises which is unimproved or which, is improved only with paving or ornamental plantings is subject to a taking by condemnation, this Lease shall remain in full force and effect without reduction or abatement of vesting rent, unless such taking causes Tenant to be unable to use the Improvements in substantially the same manner as used prior to such condemnation.
12.01 Any award in condemnation proceedings, or any purchase price paid in lieu of title such award, shall be the sole and absolute property of Landlord, and Tenant shall have no right or interest therein, Tenant hereby waiving and relinquishing any and all rights or claims it may now or in the Governmental Authorityfuture have in and to any condemnation award, or any purchase price paid in lieu thereof, for or on account of its leasehold interest in the Premises; provided, however, that if 25% or more of the rentable area of the demised premises nothing herein contained shall be Condemned, either Landlord or preclude Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice from proving (to the other within thirty (30extent allowable by law) days after Landlord shall have received notice of its damages with respect to leasehold improvements which Tenant is permitted by the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination terms of this Lease in any to remove at the end of the cases hereinbefore providedlease term, this Lease Tenant's moving expenses and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for 's loss of good will profits and moving expenses provided such receiving an award is in addition to and not in reduction of Landlord’s award from the Governmental Authoritytherefor.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Sources: Net Lease (WMS Industries Inc /De/)
Condemnation. If the Premises or any portion thereof or the Office Building Project are taken under the power of eminent domain, or sold under the threat of the exercise of said power (a) If all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”which are herein called condemnation ), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion part so Condemned taken as of the date of vesting of the condemning authority takes title in the Governmental Authorityor possession whichever first occurs; provided, however, provided that if 25% or more so much of the rentable area Premises or the Office Building Project are taken by such condemnation as would substantially and adversely affect the operation and profitability of Lessee’s business conducted from the demised premises Premises, Lessee shall have the option to be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other exercised only in writing within thirty (30) days after Landlord Lessor shall have received given Lessee written notice of the vesting of title such taking (or in the Governmental Authority (a copy absence of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord the condemning authority shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereoftaken possession) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) aboveas of the date the condemning authority takes such possession. If Lessee does not terminate this Lease in accordance with the foregoing, this Lease shall be remain in full force and remain unaffected by such condemnation, effect as to the portion of the Premises remaining except that the basic annual rent and the additional rent payable under Article 3 Lessee’s Share of Operating Expense Increase shall be abated effective reduced in the proportion that the floor area of the Premises taken bears to the total floor area of the Premises. Common Areas taken shall be excluded from the Common Areas usable by Lessee and no reduction of rent shall occur with respect thereto or by reason thereon Lessor shall have the option in its sole discretion to terminate this Lease as of the date taking of possession by the vesting of title in the Governmental Authority in proportion condemning authority by giving written notice to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date Lessee of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as election within thirty (30) days after receipt of such date.
14.03. In the event notice of a taking by condemnation of any condemnation of all or a part of the Property, Landlord shall be entitled to receive Premises or the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in TenantOffice Building Project. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any Any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises Premises or the Office Building Project under the power of eminent domain or any payment made under threat of the exercise of such power shall be taken during the Term, Tenant property of Lessor whether such award shall be entitled, except made as hereinafter set forth, to receive that portion compensation for diminution in value of the award leasehold or payment for such taking which represents compensation for the use and occupancy taking of the demised premises (fee, or portion thereof taken) and for moving expenses, and Landlord as severance damages; provided however that Lessee shall be entitled to receive any separate award for loss of or damage to Lessee’s trade fixtures, removable personal property and unamortized tenant improvements that portion which represents reimbursement have been paid for by Lessee. For that purpose the cost of restoration of the demised premises. This Lease such improvements shall be and remain unaffected amortized over the original term of this Lease excluding any options. In the event that this Lease is not terminated by reason of such condemnation, Lessor shall to the extent of severance damages received by Lessor in connection with such condemnation, repair any damage to the Premises caused by such taking and Tenant condemnation except to the extent that Lessee has been reimbursed therefor by the condemning authority. Lessee shall continue pay any amount in excess of such severance damages required to be responsible for all of its obligations hereunder insofar as complete such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Daterepair.
Appears in 1 contract
Condemnation. (a) If all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty twenty-five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of Premises, the Building, or the Project shall be taken by power of eminent domain or condemned by any competent authority for any public or quasi-public use or purpose, or if Landlord mayshall grant a deed or other instrument in lieu of such taking by eminent domain or condemnation, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects option to terminate this Lease pursuant to paragraph upon ninety (b90) or days’ notice, provided such notice is given no later than one hundred eighty (c180) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of days after the date of such termination with taking, condemnation, reconfiguration, vacation, deed or other instrument. If any material portion of the same effect as Premises is taken, or if that were access to the Expiration DatePremises is substantially impaired, and or parking areas allocated to Tenant are reduced by ten percent (10%) or more without comparable replacement parking, Tenant shall have the basic annual rent and additional rent payable hereunder shall be apportioned as option to terminate this Lease upon ninety (90) days’ notice, provided such notice is given no later than one hundred eighty (180) days after the date of such date.
14.03taking. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award or payment in the condemnation proceedingconnection therewith, including any award made for the value of the estate vested by this Lease in Tenant. except that (i) Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part a portion of such award. award based upon the amount paid by Tenant shallfor Tenant Improvements at the time of construction of the Building compared to the total amount paid by Landlord to acquire the Property and construct the Building and related common areas, however, be entitled and (ii) Tenant shall have the right to make a file any separate claim in such proceeding available to Tenant for loss any taking of good will Tenant’s personal property and moving expenses provided such award is in addition fixtures belonging to Tenant and not in reduction removable by Tenant upon expiration of Landlord’s award from the Governmental Authority.
14.04. In Lease Term pursuant to the event of any partial taking which does not result in a termination terms of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, so long as such claim does not diminish the award available to Landlord, its ground lessor with respect to the Building and/or the Project or its mortgagee, and Landlord such claim is payable separately to Tenant. All Rent shall be entitled to receive that portion which represents reimbursement for the cost of restoration apportioned as of the demised premises. This Lease date of such termination, or the date of such taking, whichever shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when duefirst occur. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that any part of the award or payment which represents compensation for Premises shall be taken, and this Lease shall not be so terminated, the use Rent shall be proportionately abated. Tenant hereby waives any and occupancy all rights it might otherwise have pursuant to Section 1265.1230 of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateCalifornia Code of Civil Procedure.
Appears in 1 contract
Sources: Office Lease (Trinet Group Inc)
Condemnation. (a) If all or substantially all the whole of the demised premises Real Property, the Building or the Premises shall be lawfully acquired or condemned for any public or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”)quasi-public use or purpose, this Lease and the estate granted hereby Term shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective end as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that said date were the Expiration Date. If only a part of the Real Property shall be so acquired or condemned then, (i) except as hereinafter provided in this subsection A, this lease and the basic annual rent Term shall continue in force and additional rent payable hereunder effect but, if a part of the Premises is included in the part of the Real Property so acquired or condemned, from and after the ▇▇▇▇ of the vesting of title, the Rent shall be apportioned as reduced in the proportion which the area of the part of the Premises so acquired or condemned bears to the total area of the Premises immediately prior to such acquisition or condemnation; (ii) whether or not the Premises shall be affected thereby, Landlord, at Landlord’s option, may give to Tenant, within sixty (60) days next following the date upon which landlord shall have received notice of vesting of title, a thirty (30) days’ notice of termination of this Lease; and (iii) if the part of the Real Property so acquired or condemned shall contain more than twenty (20%) percent of the total area of the Premises immediately prior to such acquisition or condemnation, or if, by reason of such date.
14.03acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises. Tenant, at Tenant’s option, may give to Landlord, within sixty (60) days next following the date upon which Tenant shall have received notice of vesting of title, a thirty (30) days’ notice of termination of this Lease. If any such thirty (30) days’ notice of termination is given by Landlord or Tenant, this Lease and the Term shall come to an end and expire upon the expiration of said thirty (30) days with the same effect as if the date of expiration of said thirty (30) days were the Expiration Date. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated pursuant to the foregoing provisions of this subsection A, Landlord, at Landlord’s expense, shall restore that part of the Premises not so acquired or condemned to a self-contained rental unit. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this LeaseLease and the Term pursuant to the provisions of this subsection A, Landlord, at its expense, the Rent shall proceed with reasonable diligence to repair, alter and restore the remaining parts be apportioned as of the Building date of sooner termination and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except any prepaid portion of Rent for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which any period after such date shall be repaired, altered and restored refunded by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount Landlord to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof)Tenant.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Condemnation. If the Premises or the Project or any portion thereof are taken under the power of eminent domain, or sold under the threat of the exercise of said power (a) If all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”which are herein called "Condemnation"), this Lease and the estate granted hereby shall terminate as to the part so taken as of the date of vesting of the condemning authority takes title in such Governmental Authority.
(b) or possession, whichever first occurs. If less more than all or substantially all 5O% of the rentable area of the demised premises Premises shall be Condemnedtaken by Condemnation, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice Tenant's option to the other be exercised in writing only within thirty (30) ten days after Landlord shall have received given Tenant written notice of the vesting of title such Condemnation (or in the Governmental Authority (a copy absence of which notice Landlord such notice, within ten days after the condemning authority shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s optionhave taken possession), terminate this Lease as of the date the condemning authority takes such possession. Landlord and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord also shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects an option to terminate this Lease pursuant by notice to paragraph (b) or (c) abovethe other given within the time limits set forth above if in such party's opinion reasonably exercised, it would not be economically feasible to continue leasing the Premises. If this Lease is not terminated in accordance with the foregoing, this Lease shall be remain in full force and remain unaffected by such condemnationeffect as to the portion of the Premises remaining, except that the basic annual rent and the additional rent payable under Article 3 Base Rent shall be abated effective as reduced in the proportion that the square feet of the date Premises which is taken bears to the total square feet of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02Premises. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted Tenant shall expire have no claim against Landlord as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event a result of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenantsuch Condemnation. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any Any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy Condemnation of all or any part of the demised premises Premises under the power of eminent domain or any payment made under threat of the exercise of such power shall be taken during the Termproperty of Landlord, whether such award shall be made as compensation for diminution in value of the leasehold or for the taking of the fee, or as severance damages; provided, however, that Tenant shall be entitledentitled to pursue a separate claim against the condemning authority, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, loss of business claims, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost taking of restoration any property which does not become the property of Landlord upon expiration of this Lease, provided that any award to Tenant shall not result in a diminution of any award to Landlord. In the demised premises. This event that this Lease shall be and remain unaffected is not terminated by reason of such Condemnation, Landlord shall, at Landlord's expense, promptly repair any damage to the Premises caused by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateCondemnation.
Appears in 1 contract
Sources: Lease (Exodus Communications Inc)
Condemnation. (a) If all of any portion of the Leased Premises is taken under the power of eminent domain or substantially sold under the threat of that power (all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter which are called “CondemnedCondemnation”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as part taken or sold on the date the condemning authority takes title or possession, whichever occurs first, and Tenant shall not incur any further liability to Landlord from and after such date. If more than twenty percent (20%) of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable floor area of the demised premises shall be CondemnedLeased Premises is taken or the portion taken renders the balance of the Leased Premises unsuitable for Tenant’s use, either Landlord or Tenant may, at their option, may terminate this Lease and without incurring any further liability to each other as of the estate granted hereby date the condemning authority takes title or possession, by giving delivering written notice to the other within thirty ten (3010) days after Landlord shall have received receipt of written notice of the vesting of title such taking (or in the Governmental Authority absence of such notice, within ten (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (3010) days after Landlord the condemning authority takes possession); provided, however, Tenant shall have received notice not less than ninety (90) days after the effective date of such termination to remove its property from the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) Leased Premises without additional liability for Rent. If neither Landlord nor Tenant elects to terminate terminates this Lease pursuant to paragraph (b) or (c) aboveLease, this Lease shall be and remain unaffected by such condemnationin effect as to the portion of the Leased Premises not taken, except that the basic annual rent and the additional rent payable under Article 3 Base Rent shall be abated effective as of the date of the vesting of title in the Governmental Authority reduced in proportion to the reduction in the rentable floor area of the demised premises resulting from such condemnation.
14.02Leased Premises. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event All amounts awarded upon a taking of any condemnation of part or all or a part of the Property, Landlord Building, or Premises shall be entitled belong to receive the entire award in the condemnation proceedingLandlord, including any award made for the value of the estate vested by this Lease in Tenant. and Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shallthereof, provided however, that Tenant shall be entitled to make a separate claim in such proceeding retain any amount separately awarded to it for loss of good will and its trade fixtures or moving expenses provided if such award is in addition to and Tenant does not in reduction of reduce Landlord’s award from award. If this Lease is not terminated, Landlord shall repair any damage to the Governmental Authority.
14.04Leased Premises caused by the Condemnation, except that Landlord shall not be obligated to repair any damage for which Tenant has been reimbursed by the condemning authority. If the severance damages received by Landlord are not sufficient to pay for such repair, Landlord shall have the right, either (i) upon written notice to Tenant to terminate this Lease, without Tenant incurring any further liability to Landlord, or (ii) make such repair at Landlord’s expense. In the event of any partial taking which does not result in a termination of that Landlord elects to terminate this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore ’s notice of termination will include the remaining parts amount in excess of the Building severance damages necessary to pay for the repair of the damage caused by the Condemnation (the “Repair Shortfall”), and the demised premises Tenant may rescind Landlord’s termination by written notice delivered to substantially their former condition Landlord within ten (10) days after receipt of Landlord’s termination notice, provided further that Tenant agrees to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and pay all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount Repair Shortfall pursuant to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, a separate agreement mutually acceptable to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between both Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateTenant.
Appears in 1 contract
Sources: Warehouse Space Lease Agreement (Body Central Corp)
Condemnation. If any portion of the Premises or the Project are taken under the power of eminent domain, or sold under the threat of the exercise of said power (a) If all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter which are herein called “CondemnedCondemnation”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion part so Condemned taken as of the date of vesting of the condemning authority takes title in the Governmental Authorityor possession, whichever first occurs; provided, however, provided that if 25% or more so much of the rentable area Premises or Project are taken by such Condemnation as would substantially and adversely affect the operation and profitability of Tenant’s business conducted from the demised premises Premises, and said taking lasts for ninety (90) days or more, Tenant shall be Condemned, either Landlord or Tenant may, at their have the option, terminate this Lease and the estate granted hereby by giving written notice to the other be exercised only in writing within thirty (30) days after Landlord shall have received given Tenant written notice of the vesting of title such taking (or in the Governmental Authority (a copy absence of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Buildingnotice, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord the condemning authority shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects taken possession), to terminate this Lease pursuant as of the date the condemning authority takes such possession. If a taking lasts for less than ninety (90) days, Tenant’s rent shall be abated during said period but Tenant shall not have the right to paragraph (b) or (c) aboveterminate this Lease. If Tenant does not terminate this Lease in accordance with the foregoing, this Lease shall be remain in full force and remain unaffected by such condemnationeffect as to the portion of the Premises remaining, except that the basic annual rent rent, Tenant’s Share of Operating Expenses and the additional rent payable under Article 3 Tenant’s Share of Real Property Tax increases shall be abated effective reduced in the proportion that the usable floor area of the Premises taken bears to the total usable floor area of the Premises. Common Areas taken shall be excluded from the Common Areas usable by Tenant and no reduction of rent shall occur with respect thereto or by reason thereof. Landlord shall have the option in its sole but reasonable discretion to terminate this Lease as of the date taking of possession by the vesting of title in the Governmental Authority in proportion condemning authority, by giving written notice to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date Tenant of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as election within thirty (30) days after receipt of such date.
14.03. In the event notice of a taking by Condemnation of any condemnation of all or a part of the Property, Landlord shall be entitled to receive Premises or the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in TenantProject. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any Any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises Premises or the Project under the power of eminent domain or any payment made under threat of the exercise of such power shall be taken during the Termproperty of Landlord, whether such award shall be made as compensation for diminution in value of the leasehold, for good will, for the taking of the fee, as severance damages, or as damages for tenant improvements; provided, however, that Tenant shall be entitled, except as hereinafter set forth, entitled to receive that portion any separate award for loss of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) damage to Tenant’s removable personal property and for moving expenses. In the event that this Lease is not terminated by reason of such Condemnation, and subject to the requirements of any lender that has made a loan to Landlord encumbering the Project, Landlord shall be entitled to receive the extent of severance damages received by Landlord in connection with such Condemnation, repair any damage to the Project caused by such Condemnation except to the extent that portion which represents reimbursement for Tenant has been reimbursed therefor by the cost condemning authority. Tenant shall pay any amount in excess of restoration of the demised premisessuch severance damages required to complete such repair. This Lease Section, not general principles of law or the State of Maryland Code of Civil Procedure shall be govern the rights and remain unaffected by such taking and Tenant shall continue to be responsible for all obligations of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for with respect to the period up to and including Condemnation of all or any portion of the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateProject.
Appears in 1 contract
Condemnation. (a) If all or substantially all the whole of the demised premises Premises or so much thereof as to render the balance unusable by Sublessee for the proper conduct of its business shall be lawfully condemned taken under power of eminent domain or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemnedtransferred under threat thereof, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant maySublease, at their option, terminate this Lease and the estate granted hereby option of either Sublessor or Sublessee exercised by either party giving written notice to the other of such termination within thirty (30) days after Landlord such conveyance or taking possession whichever is earlier, shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease forthwith cease and terminate and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building rent shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire duly apportioned as of the date of such termination with the same effect as if that were the Expiration Datetaking or conveyance. No award for any partial or entire taking shall be apportioned, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled Sublessee hereby assigns to receive the entire award in the condemnation proceeding, including Sublessor any award which may be made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord such taking or condemnation, together with any and all right, title and interest rights of Tenant Sublessee now or hereafter arising in or to any such award the same or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall; provided, however, that nothing contained herein shall be entitled deemed to make give Sublessor any interest in or to require Sublessee to assign to Sublessor any award made to Sublessee for the taking of personal property and fixtures belonging to Sublessee and/or for expenses of moving to a separate claim new location or for Sublessee’s interest in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04leasehold estate. In the event of any a partial taking which does not result in a termination of this LeaseSublease, Landlordrent shall be reduced in proportion to the reduction in the size of the premises so taken and this Sublease shall be modified accordingly. Promptly after obtaining knowledge thereof, at its expenseSublessor or Sublessee, as the case may be, shall proceed with reasonable diligence to repair, alter and restore notify the remaining parts other of any pending or threatened condemnation or taking affecting the Building and Premises or the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and Building.
(b) If all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises Premises shall be condemned or taken during the Termfor governmental occupancy for a limited period, Tenant this Sublease shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use not terminate and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord Sublessee shall be entitled to receive that portion the entire award therefor (whether paid as damages, rent or otherwise) unless the period of governmental occupancy extends beyond the expiration of this Sublease, in which represents reimbursement for case Sublessor shall be entitled to such part of such award as shall be properly allocable to the cost of restoration of the demised premises. This Lease Premises to the extent any such award is specifically made for such purpose, and the balance of such award shall be apportioned between Sublessor and remain unaffected by Sublessee as of the date of such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when dueexpiration. If the period termination of temporary use such governmental occupancy is prior to the expiration of this Sublease, Sublessee shall, to the extent an award has been made for such purpose, restore the premises as nearly as possible to the condition in which they were prior to the condemnation or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Datetaking.
Appears in 1 contract
Condemnation. (a) If all or substantially all Section 9.01. In the event that the whole of the demised premises Premises shall be lawfully condemned or taken by in any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”)manner for any public or quasi-public use, this Lease and the Term and estate hereby granted hereby shall terminate forthwith cease and Terminate as of the date of vesting of title in such Governmental Authority.
title. In the event that only a non-material (b) If i.e. less than all or substantially all 15%) part of the rentable area of Building which does not negatively impact Tenant's access to the demised premises Premises or Landlord's ability to operate the Building shall be Condemnedso condemned or taken, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned then, effective as of the date of vesting of title title, the Fixed Rent and Additional Rent hereunder shall be abated in an amount thereof apportioned according to the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises Building so condemned or taken. In the event that more than thirty (30%) percent of the Building shall be Condemnedso condemned or taken, either then, Landlord or Tenant may, at their Landlord's option, terminate Terminate this Lease and the Term and estate hereby granted hereby as of the date of such vesting of title by giving written notice to notifying Tenant of such Termination within 90 days following the other within thirty (30) days after date on which Landlord shall have received notice of the vesting of title in title. In the Governmental Authority event that fifteen (a copy 15%) percent or more of which notice Landlord the Premises shall deliver to Tenant promptly after receipt thereof) in which event be so condemned or taken, then, Tenant, at Tenant's sole option, may Terminate this Lease and the Term and estate hereunder granted hereby shall terminate as of the last day date of such vesting of title by notifying Landlord of such Termination within 90 days following the month next succeeding the month in date on which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver title. If Tenant does not elect to Tenant promptly after receipt thereof) in which event Terminate this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) aboveLease, as aforesaid, this Lease shall be and remain unaffected by such condemnationcondemnation or taking, except that the basic annual rent Fixed Rent and the additional rent Additional Rent payable under Article 3 hereunder shall be abated effective as hereinbefore provided in this Article 9. In the event that only a part of the date Premises shall be so condemned or taken and this Lease and portion of the vesting Premises are not terminated as hereinbefore provided, Landlord will, with reasonable diligence and at its expense, restore the remaining portion of title in the Governmental Authority in proportion Premises as nearly as practicable to the reduction same condition as it was in prior to such condemnation or taking, however, Landlord shall not be obligated to repair any damage to Tenant's Property or replace the rentable area of the demised premises resulting from such condemnationsame.
14.02Section 9.02. In the event of termination a Termination of this Lease in any of the cases hereinbefore providedpursuant to Section 9.01, this Lease and the term Term and estate hereby granted shall expire as of the date of such termination Termination with the same effect as if that were the Expiration Date, date hereinbefore set for the expiration of the Term and the basic annual rent Fixed Rent and additional rent Additional Rent payable hereunder shall be apportioned as of such date.
14.03Section 9.03. In the event of any condemnation or taking hereinbefore mentioned of all or a part of the PropertyBuilding, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. , and Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall Tenant not be being entitled to receive any part of such award. Tenant shallThe foregoing shall not prohibit Tenant's independent claim for the value of Tenant's trade fixtures actual costs of Tenants Improvements, howeveralterations, be entitled to make a separate claim in such proceeding for loss of good will changes and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authorityany other claim permitted under law.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Sources: Lease Agreement (Credit Suisse First Boston Usa Inc)
Condemnation. (a) If all or substantially any portion of the Premises (or all or any portion of the Land which contains any equipment or utilities which are essential to business operations within the Premises) is taken under the power of eminent domain or sold under the threat of that power (all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”which are called "Condemnation"), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as part taken or sold on the date the condemning authority takes title or possession, whichever occurs first. If more than fifteen percent (15%) of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable floor area of the demised premises shall be CondemnedBuilding is taken, either Landlord or Tenant may, at their option, may terminate this Lease and as of the estate granted hereby date the condemning authority takes title or possession by giving delivering written notice to the other within thirty ten (3010) days after Landlord shall have received receipt of written notice of the vesting of title such taking (or in the Governmental Authority absence of such notice, within ten (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (3010) days after Landlord shall have received notice of the vesting of condemning authority takes title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) or possession). If neither Landlord nor Tenant elects to terminate terminates this Lease pursuant to paragraph (b) or (c) aboveLease, this Lease shall be and remain unaffected by such condemnationin effect as to the portion of the Premises not taken, except that the basic annual rent Base Rent and the additional rent payable under Article 3 Additional Rent shall be abated effective as of the date of the vesting of title in the Governmental Authority reduced in proportion to the reduction in the rentable floor area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03Premises. In the event of any condemnation of all or a part of the PropertyCondemnation, Landlord shall be entitled to receive the entire award in the condemnation proceedingaward, including compensation or proceeds from any award made for the value of the estate vested by this Lease in Tenant. such Condemnation without any payment to Tenant and Tenant hereby expressly assigns to Landlord any and all rightTenant's interest, title and interest of Tenant now or hereafter arising if any, in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shallshall have the right, howeverto the extent that same shall not diminish Landlord's award, be entitled to make a separate claim in such proceeding against the condemning authority (but not Landlord) for loss of good will and moving expenses provided such award and damage to any Tenant Alterations or Trade Fixtures. If this Lease is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of terminated, Landlord shall repair any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition damage to the extent Premises caused by the Condemnation, except that Landlord shall not be obligated to repair any damage for which Tenant has been reimbursed by the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05condemning authority. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, severance damages received by Landlord are not sufficient to receive that portion of the award or payment pay for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expensesrepair, and Landlord shall be entitled have the right to receive that portion which represents reimbursement for the either terminate this Lease or make such repair at Landlord's sole cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Dateexpense.
Appears in 1 contract
Sources: Lease Agreement (SunOpta Inc.)
Condemnation. (a) If all or substantially all such portion of the demised premises Premises or any portion of the Building or Land shall be lawfully taken or condemned or taken for any public purpose and the remainder of the Premises are rendered untenantable, as reasonably determined by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”)Landlord, this Lease and shall, at the estate granted hereby shall option of either party, terminate as of the date of vesting such taking. If this Lease is not terminated in its entirety then it shall terminate only as to the portion of title the Premises taken and Basic Rent and Tenant’s Proportionate Share shall be adjusted to reflect the new Rentable Area of the Premises and/or the Building. If any portion of the Building or Land shall be taken or condemned for any public purpose to such an extent as to render the Building not economically viable in such Governmental AuthorityLandlord’s discretion, then whether or not the Premises or any part thereof is taken or conveyed, Landlord may by notice in writing to Tenant terminate this Lease, and the Basic Rent and other charges shall be paid or refunded as of the date of termination.
(b) If less than during the Term of this Lease the entire Premises shall be taken by eminent domain or destroyed by the action of any public or quasi-public authority or in the event of conveyance in lieu thereof, this Lease shall terminate as of the day possession shall be taken by such authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of such rent as shall have been paid in advance for a period subsequent to the date of the taking of possession.
(c) If a temporary taking of all or substantially a portion of the Premises occurs, there shall be no abatement of Rent and Tenant shall remain fully obligated for performance of all of the rentable area covenants and obligations on its part to be performed pursuant to the terms of this Lease. All proceeds awarded or paid with respect thereto shall belong to Tenant.
(d) Except as provided in Section 19.2(c) above, all compensation awarded for any such taking or conveyance whether for the whole or a part of the demised premises Premises shall be Condemnedthe property of Landlord, then this Lease whether such damages shall continue be awarded as compensation for diminution in effect as to the remaining portion value of the demised premises but shall terminate as to the portion so Condemned as leasehold or of the date fee of vesting of title or underlying leasehold interest in the Governmental AuthorityPremises, and Tenant waives all claims against Landlord and the condemning authority for damages for termination of its leasehold interest or interference with its business and hereby assigns to Landlord all of Tenant’s right, title and interest in and to any and all such compensation; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to claim, prove and receive the entire award in the condemnation proceeding, including any proceedings such separate award made for as may under the value laws of the estate vested by this Lease in Tenant. Tenant hereby State of Washington be expressly assigns allocated to Landlord any and all right▇▇▇▇▇▇’s personal property or relocation expenses, title and interest of Tenant now or hereafter arising in or to any provided that such award or any part thereof, including, without limitation, any award for shall be made by the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is court in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does shall not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive reduction of the award for the Land or any portion thereof)made to Landlord.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Sources: Lease Agreement
Condemnation. If at least ten percent (a10%) If all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises Premises shall be Condemnedtaken by power of eminent domain or condemned by a competent authority or by conveyance in lieu thereof for public or quasi-public use (“Condemnation”), then including any temporary taking for a period of one year or longer, this Lease shall continue in effect as to terminate on the remaining date possession for such use is so taken. If: (i) less than ten percent (10%) of the Premises is taken, but the taking includes or affects a material portion of the demised premises Building or Property, or the economical operation thereof, or (ii) the taking is temporary and will be in effect for less than one year but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within than thirty (30) days after Landlord shall have received notice of the vesting of title days, then in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which either such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Buildingevent, Landlord may, at Landlord’s option, may elect to terminate this Lease and the estate granted hereby by written notice given to Tenant within upon at least thirty (30) days after Landlord shall have received days’ prior notice of the vesting of title in the Governmental Authority to Tenant. The parties further agree that: (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereofa) in which event if this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) aboveterminated, this Lease all Rent shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire apportioned as of the date of such termination with or the same effect as date of such taking, whichever shall first occur, (b) if that were the Expiration Datetaking is temporary, Rent shall not be abated for the period of the taking, but Tenant may seek a condemnation award therefor (and the Term shall not be extended thereby), and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of (c) if this Lease is not terminated but any condemnation of all or a part of the PropertyPremises is permanently taken, the Rent shall be proportionately abated based on the square footage of the Premises so taken. Landlord shall be entitled to receive the entire award or payment in the condemnation proceeding, including connection with such Condemnation and Tenant hereby assigns to Landlord any award made interest therein for the value of the Tenant’s unexpired leasehold estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereofother claim and waives any right to participate therein, including, without limitation, any award except that Tenant shall have the right to claim damages for the unexpired portion a temporary taking of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shallleasehold as described above, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, expenses and Landlord shall be entitled to receive that portion which represents reimbursement for the cost any taking of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateTenant’s personal property.
Appears in 1 contract
Condemnation. (a) If all or substantially all the entire Property is condemned, the term of this Lease shall terminate on the date when possession of the demised premises shall be lawfully condemned or Property is taken by the condemning authority. If any Governmental Authority part of the Property is condemned so that Lessee cannot use the remainder of the Premises for substantially the same purpose(s) as immediately prior to condemnation, Lessee may terminate this Lease on the date when possession is taken by the condemning authority, by giving ▇▇▇▇▇▇ notice of intent to terminate within sixty (as defined in Article 2260) (hereinafter “Condemned”)days after ▇▇▇▇▇▇ gives ▇▇▇▇▇▇ notice of the condemnation. In the event of any other condemnation, this Lease shall not terminate. Any termination under this section shall have the same effect as termination of the term of this Lease or any renewal thereof, as if the date on which possession of the Premises is taken by the condemning authority were stated as the time for termination of the Lease term or any renewal thereof, and the estate granted hereby Lessor and Lessee shall terminate account for Basic Rent, Additional Rent and other amounts payable by Lessee as of the date of vesting of title in such Governmental Authoritythat date.
(b) If less than all or substantially all any part of the rentable area of the demised premises shall be Condemned, then Premises is condemned and this Lease shall continue is not terminated as specifically provided in effect as to this section, the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 Basic Rent shall be abated in the same proportion as usable space in the Premises has been rendered unusable by reason of such condemnation. The abatement of Basic Rent shall be effective as from the date when the condemning authority takes possession of the date part of the vesting of title in Premises condemned through the Governmental Authority in proportion to the reduction in the rentable area remainder of the demised premises resulting from such condemnation.
14.02term or any renewals of this Lease. In the event of No termination of this Lease and no abatement in Basic Rent shall affect ▇▇▇▇▇▇'s right to compensation for any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03condemnation. In the event of any condemnation of all or a part of the Property, Landlord Lessor shall be entitled to receive the entire full award or proceeds payable with respect to the Premises by reason of any condemnation, and ▇▇▇▇▇▇, and ▇▇▇▇▇▇ shall have no claim to any award or proceeds payable to the other. For purposes of this section, words and phrases referring to condemning or condemnation shall refer to statutory condemnation, exercise of the private or public power of eminent domain, proceedings in the nature of condemnation, and any sale or transfer made in lieu of or under threat of condemnation proceeding, including any award made for the value or exercise of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any private or public power of eminent domain and all right, title and interest of Tenant now or hereafter arising in or to shall include any such award condemnation for permanent or for temporary use of or interference with any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof)Premises.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Sources: Lease
Condemnation. If any portion of the Premises or the Project are taken under the power of eminent domain, or sold under the threat of the exercise of said power (a) If all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”which are herein called "condemnation"), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion part so Condemned taken as of the date of vesting of the condemning authority takes title in the Governmental Authorityor possession, whichever first occurs; provided, however, provided that if 25% or more so much of the rentable area Premises or Project are taken by such condemnation as would substantially and adversely affect the operation and profitability of Tenant's business conducted from the demised premises Premises, and said taking lasts for ninety (90) days or more, Tenant shall be Condemned, either Landlord or Tenant may, at their have the option, terminate this Lease and the estate granted hereby by giving written notice to the other be exercised only in writing within thirty (30) days after Landlord shall have received given Tenant written notice of the vesting of title such taking (or in the Governmental Authority (a copy absence of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Buildingnotice, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord the condemning authority shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects taken possession), to terminate this Lease pursuant as of the date the condemning authority takes such possession. If a taking lasts for less than ninety (90) days, Tenant's rent shall be abated during said period but Tenant shall not have the right to paragraph (b) or (c) aboveterminate this Lease. If Tenant does not terminate this Lease in accordance with the foregoing, this Lease shall be remain in full force and remain unaffected by such condemnationeffect as to the portion of the Premises remaining, except that the basic annual rent and the additional rent payable under Article 3 Tenant's Share of Operating Expenses shall be abated effective reduced in the proportion that the usable floor area of the Premises taken bears to the total usable floor area of the Premises. Common Areas taken shall be excluded from the Common Areas usable by Tenant and no reduction of rent shall occur with respect thereto or by reason thereof. Landlord shall have the option in its sole discretion to terminate this Lease as of the date taking of possession by the vesting of title in the Governmental Authority in proportion condemning authority, by giving written notice to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date Tenant of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as election within thirty (30) days after receipt of such date.
14.03. In the event notice of a taking by condemnation of any condemnation of all or a part of the Property, Landlord shall be entitled to receive Premises or the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in TenantProject. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any Any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises Premises or the Project under the power of eminent domain or any payment made under threat of the exercise of such power shall be taken during the Termproperty of Landlord, whether such award shall be made as compensation for diminution in value of the leasehold, for good will, for the taking of the fee, as severance damages, or as damages for tenant improvements; provided, however, that Tenant shall be entitled, except as hereinafter set forth, entitled to receive that portion any separate award for loss of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) damage to Tenant's removable personal property and for moving expenses. In the event that this Lease is not terminated by reason of such condemnation, and subject to the requirements of any lender that has made a loan to Landlord encumbering the Project, Landlord shall be entitled to receive the extent of severance damages received by Landlord in connection with such condemnation, repair any damage to the Project caused by such condemnation except to the extent that portion which represents reimbursement for Tenant has been reimbursed therefor by the cost condemning authority. Tenant shall pay any amount in excess of restoration of the demised premisessuch severance damages required to complete such repair. This Lease section, not general principles of law or California Code of Civil Procedure sections 1230.010 et seq., shall be govern the rights and remain unaffected by such taking and Tenant shall continue to be responsible for all -- --- obligations of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for with respect to the period up to and including condemnation of all or any portion of the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateProject.
Appears in 1 contract
Sources: Standard Office Lease (United Panam Financial Corp)
Condemnation. (a) If all the Premises or substantially all any portion thereof are taken under the power of eminent domain or sold under the threat of the demised premises shall be lawfully condemned or taken by any Governmental Authority exercise of said power (as defined in Article 22) (hereinafter collectively “CondemnedCondemnation”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned part taken as of the date the condemning authority takes title or possession, whichever first occurs. If more than twenty percent (20%) of vesting the Premises, or more than thirty-five percent (35%) of title the Project Parking Spaces, is taken by Condemnation, Lessee may, at Lessee’s option, to be exercised in writing within ten (10) days after Lessor shall have given Lessee written notice of such taking (or in the Governmental Authorityabsence of such notice, within ten (10) 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 this Lease in accordance with the foregoing, this Lease shall remain in full force and effect as to the portion of the Premises remaining, except that the Base Rent shall be reduced in proportion to the reduction in area of the Premises caused by such Condemnation. Condemnation awards and/or payments shall be the property of Lessor, whether such award shall be made as compensation for diminution in value of the leasehold, the value of the part taken (it being understood and agreed that Lessee hereby waives any claim to be compensated for the lost value of the leasehold estate in the Premises), or for severance damages; provided, however, that if 25% or more of the rentable area of the demised premises Lessee shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim directly against the condemning authority for any compensation for Lessee’s relocation expenses, and/or Trade Fixtures, without regard to whether or not this Lease is terminated pursuant to the provisions of this Paragraph so long as Lessor’s claim is not diminished thereby. Any and all compensation which is payable for Alterations and Utility Installations made to the Premises by Lessee, for purposes of Condemnation only, shall be apportioned between Lessor and Lessee, respectively, in such proceeding for loss the same proportion as the number of good will and moving expenses provided such award is months elapsed in addition the Term bears to and not the total number of months in reduction of Landlord’s award from the Governmental Authority.
14.04Term. In the event of any partial taking which does that this Lease is not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts terminated by reason of the Building and the demised premises to substantially their former condition Condemnation, Lessor shall repair any damage to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected Premises caused by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateCondemnation.
Appears in 1 contract
Sources: Standard Industrial/Commercial Multi Tenant Lease Net (SMART Global Holdings, Inc.)
Condemnation. (a) 14.1. If all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”)entire Premises is condemned, this Lease and the estate granted hereby shall terminate as on the date Tenant is required to yield possession thereof to the Condemning Government Entity. If only a portion of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Premises is Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate solely as to the portion so Condemned as taken on the date Tenant is required to yield possession thereof to the Condemning Government Entity. Landlord shall Restore the portion of the date of vesting of title Property and/or the Premises not Condemned so that it may be legally occupied by Tenant and all Rents shall be reduced in direct proportion to the Governmental Authority; provided, however, ratio that if 25% or more of the rentable usable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice Premises so taken bears to the other within thirty (30) days after Landlord shall have received notice total usable area of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) Premises. If twenty twenty-five percent (25%) or more of the Building shall be is Condemned as aforesaid (whether or not the Premises, or any portion thereof, is Condemned), or if so much parking spaces on the Property are substantially reduced by such Condemnation, and Landlord does not deem it reasonably feasible to Restore the Building or replace such parking spaces with other parking spaces on the portion of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the BuildingProperty not Condemned, then Landlord may, at Landlord’s option, may elect to terminate this Lease and as of the estate granted hereby date on which possession thereof is required to be yielded to the condemning Government Entity, by written giving notice given to Tenant of such election within thirty sixty (3060) days after such date. If Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant as aforesaid, the Term shall expire upon the sixtieth (60th) day after such notice is given as if such date were the Expiration Date and Tenant shall thereupon vacate the Premises and surrender the same to paragraph Landlord in accordance with all provisions of this Lease.
14.2. If all or any part of the Premises is Condemned during the Term for a period not exceeding twelve (b12) or (c) abovemonths, this Lease shall be continue in full force and remain unaffected by effect. However, in such condemnationevent, except that the basic annual rent and the additional rent payable under Article 3 Tenant shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion entitled to the reduction in the rentable area of the demised premises resulting from entire award, compensation or damages for such condemnation.
14.02temporary Condemnation. In the event the temporary Condemnation relates to a period, a portion of termination which is included within the Term and a portion of this Lease in any which is not, Tenant shall only be entitled to the portion of the cases hereinbefore provided, this Lease and award that relates to the term and estate hereby granted shall expire as portion of the date temporary Condemnation occurring during the Term. A temporary Condemnation of such termination with all or part of the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder Premises for a period in excess of twelve (12) months shall be apportioned as of such datedeemed to be (to the extent thereof) a permanent Condemnation.
14.0314.3. In the event of any condemnation permanent Condemnation of all or a part any portion of the Property, whether or not this Lease shall be terminated by virtue thereof, Landlord shall be entitled to receive the entire award in the condemnation proceedingand compensation, including without deduction for any award made for the value of the estate vested in Tenant by this Lease in Tenant. (or any value attributable thereto) and Tenant hereby expressly assigns agrees to Landlord execute and file any and all right, title applications and interest documents necessary or desirable to facilitate Landlord’s collection of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it compensation. Nothing contained in this Article shall not be entitled deemed to receive any part of such award. prevent Tenant shall, however, be entitled to make from making a separate claim in such any Condemnation proceeding for the unamortized cost of any fixtures or Alterations paid for by Tenant (other than Landlord’s Work pursuant to Exhibit “D”); for moving expenses; and for any loss of good will and moving expenses provided business, but only if such award is shall be made by the Government Entity in addition to to, and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does shall not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive reduction of the award received by, Landlord.
14.4. Landlord shall have no liability for any loss, damage or inconvenience arising out of any Condemnation of the Land Common Areas, Common Elements or the Common Facilities of the Business Center; provided, however, that if access to the Property is denied by virtue of such Condemnation for a period in excess of one (1) month, Tenant may terminate this Lease as though the Premises had been permanently condemned.
14.5. Notwithstanding anything set forth herein, if part of the Premises is Condemned, which will result in undue hardship or material interference, in Tenant’s judgment reasonably exercised (it being agreed that a Condemnation of 10% or more of the Premises would result in undue hardship or material interference), in the conduct of Tenant’s business operations in the Premises, or if, by reason of the Condemnation, Tenant no longer has reasonable means of access to the Premises and Landlord fails to provide an alternate means of access within thirty (30) days from such Condemnation, Tenant may terminate this Lease by notice to Landlord given not less than thirty-one (31) nor more than ninety (90) days following the date of such Condemnation. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the thirtieth (30th) day following the giving of such notice and Tenant shall have no further obligation or liability under this Lease except as expressly provided herein.
14.6. In any case where, as a result of Condemnation, the Premises or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Termthereof becomes unusable by Tenant, Tenant shall be entitledentitled to an abatement of Rents from the date when the Premises becomes unusable to the date when the Premises have been substantially Restored or the Lease is terminated, except as hereinafter set forth, the case may be. Such abatement shall be in direct proportion to receive that portion the ratio of the award or payment for such taking which represents compensation for the use and occupancy usable area of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled Premises so rendered unusable to receive that portion which represents reimbursement for the cost of restoration total usable area of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DatePremises.
Appears in 1 contract
Sources: Lease Agreement (Antares Pharma Inc)
Condemnation. If more than twenty percent (20%) of the gross square footage comprising the Premises as of the Commencement Date is taken or condemned for any public use under any Law or by right of eminent domain, or by private purchase in lieu thereof (in any case, a “Material Taking”), then Tenant shall have the right to terminate this Lease by so advising Landlord, in writing (“Taking Termination Notice”), within ninety (90) days of the first date on which ▇▇▇▇▇▇ receives written notice of the Material Taking, whereupon the termination shall be effective on the date that Tenant states in its Taking Termination Notice (“Taking Termination Date”), but in no event may such stated Taking Termination Date be later than one hundred eighty (180) days after the date of the delivery of the Taking Termination Notice. If Tenant elects to timely deliver the Taking Termination Notice, there shall be no abatement of Rent prior to the Taking Termination Date. If Tenant fails to timely deliver the Taking Termination Notice, then Tenant shall automatically and irrevocably be deemed to have waived its right to terminate this Lease as a result of the Material Taking, whereupon for purposes of this Lease from and after the waiver of the termination option, (a) If all or substantially all of the demised premises Material Taking shall instead be lawfully condemned or taken by any Governmental Authority treated as a Partial Taking, as discussed below, and (b) the Award (as defined below) shall be paid in Article 22the manner described below. If (i) any portion of the Premises is taken or condemned for any public use under any Law or by right of eminent domain, or by private purchase in lieu thereof, but a Material Taking does not occur; or (hereinafter ii) all or any portion of any Improvements then located on the Premises is taken or condemned for any public use under any Law or by right of eminent domain, or by private purchase in lieu thereof (in the case of (i) or (ii), a “CondemnedPartial Taking”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects shall have any right to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02Lease. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the PropertyMaterial Taking, Landlord shall be entitled to receive any and all payment, income, rent or award, or any interest therein whatsoever, which may be paid or made in connection with such a taking (“Award”) and Tenant shall (x) have no claim against Landlord for the value of any unexpired portion of this Lease nor (y) have any claim to all or any portion of the Award. Notwithstanding the preceding sentence, however, any compensation specifically and independently awarded to Tenant for loss of business or goodwill, for its personal property or otherwise shall be the property of Tenant, and Tenant shall have the right to separately and independently seek such compensation, so long as any such compensation paid to Tenant does not reduce Landlord’s Award. If a Partial Taking occurs, but such Partial Taking involves and affects only the Premises, without involving or affecting any of the Improvements, then the entire award Award shall be paid to Landlord. If a Partial Taking occurs, such Partial Taking affects and involves both the Premises and the Improvements, and the applicable governmental authority either (i) issues a single Award for the Partial Taking, or pays a single purchase price, if the Partial Taking is a purchase in lieu of formal governmental action (for purposes of this Section 18, such a purchase price shall also constitute an Award), and that governmental entity specifies an allocation of the condemnation proceedingAward between the value of the portion of the Premises taken (to be paid to Landlord) and the value of the portion of the Improvements taken (to be paid to Tenant), including any award made or (ii) issues separate and distinct Awards for the value of the estate vested Premises and the value of the Improvements taken, respectively, then Landlord and Tenant shall be bound by this Lease the determination of that governmental authority and either (1) the Award shall be shared between Landlord and Tenant in Tenant. Tenant hereby expressly assigns accordance with the government-directed allocation of value between Premises and Improvements, or (2) the separate and distinct Awards shall be paid to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award (for the unexpired value of the Premises taken) and paid to Tenant (for the value of the Improvements taken), and neither Landlord nor Tenant shall have any right to contest the determination of the governmental authorities allocation of the Award (whether by way of a single Award or the issue of two separate and distinct Awards). If, however, a Partial Taking occurs that affects and involves both the Premises and the Improvements, and the applicable governmental authority fails or refuses to either (1) allocate its single Award between value as to the portion of the Term Premises that is the subject of the Partial Taking and agrees value of the portion of the Improvements that it is the subject of the Partial Taking or (2) issue separate and distinct Awards for the portion of the Premises that is the subject of the Partial Taking and the value of the portion of the Improvements that is the subject of the Partial Taking, then Landlord and Tenant shall not allocate the single Award between them, as follows: (A) first, the sum of $2.44 per square foot of the Premises so taken shall be entitled paid to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award Landlord from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this LeaseAward; and (B) second, Landlord, at its expense, Landlord shall proceed with reasonable diligence to repair, alter receive 17.01% and restore the remaining parts Tenant shall receive 82.99% of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all remainder of the furnitureAward. If a Partial Taking occurs (or if a Material Taking occurs, trade fixtures and other personal property of Tenant located at but this Lease is not terminated), then the Property, which Rent due hereunder shall be repairedratably adjusted, altered and restored by Tenant at its expenseeffective as of the effective date of the Taking . Landlord’s obligation under this Section 14.04 Such adjustment shall be limited on a proportionate basis, reducing the annual Base Rent by the percentage that is represented by the fraction in dollar amount to which the net award (after deducting all expenses incurred in obtaining same) available from numerator is the Governmental Authority for the improvements taken or conveyed (exclusive aggregate number of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive square feet comprising that portion of the award or payment for such taking which represents compensation for Premises that is the use and occupancy subject of the demised premises (or portion thereof taken) Taking and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost denominator is the aggregate number of restoration of square feet comprising the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If Premises immediately preceding the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateTaking.
Appears in 1 contract
Sources: Ground Lease (KAR Holdings, Inc.)
Condemnation. If any portion of the Premises or the Project are taken under the power of eminent domain, or sold under the threat of the exercise of said power (a) If all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter which are herein called “Condemnedcondemnation”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion part so Condemned taken as of the date of vesting of the condemning authority takes title in the Governmental Authorityor possession, whichever first occurs; provided, however, provided that if 25% or more so much of the rentable area Premises or Project are taken by such condemnation as would substantially and adversely affect the operation and profitability of Tenant’s business conducted from the demised premises Premises, and said taking lasts for ninety (90) days or more, Tenant shall be Condemned, either Landlord or Tenant may, at their have the option, terminate this Lease and the estate granted hereby by giving written notice to the other be exercised only in writing within thirty (30) days after Landlord shall have received given Tenant written notice of the vesting of title such taking (or in the Governmental Authority (a copy absence of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Buildingnotice, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord the condemning authority shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects taken possession), to terminate this Lease pursuant as of the date the condemning authority takes such possession. If a taking lasts for less than ninety (90) days, Tenant’s rent shall be abated during said period but Tenant shall not have the right to paragraph (b) or (c) aboveterminate this Lease. If Tenant does not terminate this Lease in accordance with the foregoing, this Lease shall be remain in full force and remain unaffected by such condemnationeffect as to the portion of the Premises remaining, except that the basic annual rent and the additional rent payable under Article 3 Tenant’s Share of Operating Expenses shall be abated effective reduced in the proportion that the usable floor area of the Premises taken bears to the total usable floor area of the Premises. Common Areas taken shall be excluded from the Common Areas usable by Tenant and no reduction of rent shall occur with respect thereto or by reason thereof. Landlord shall have the option in its sole discretion to terminate this Lease as of the date taking of possession by the vesting of title in the Governmental Authority in proportion condemning authority, by giving written notice to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date Tenant of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as election within thirty (30) days after receipt of such date.
14.03. In the event notice of a taking by condemnation of any condemnation of all or a part of the Property, Landlord shall be entitled to receive Premises or the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in TenantProject. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any Any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises Premises or the Project under the power of eminent domain or any payment made under threat of the exercise of such power shall be taken during the Termproperty of Landlord, whether such award shall be made as compensation for diminution in value of the leasehold, for good will, for the taking of the fee, as severance damages, or as damages for tenant improvements; provided, however, that Tenant shall be entitled, except as hereinafter set forth, entitled to receive that portion any separate award for loss of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) damage to Tenant’s removable personal property and for moving expenses; and provided further, and Landlord that Tenant shall be entitled to receive and does not waive any relocation assistance required by statute to be given to a displaced person pursuant to the California Relocation Assistance Act (Cal. Govt. Code § 7260 et seq.). In the event that portion which represents reimbursement for this Lease is not terminated by reason of such condemnation, and subject to the cost requirements of restoration any lender that has made a loan to Landlord encumbering the Project, Landlord shall to the extent of severance damages received by Landlord in connection with such condemnation, repair any damage to the demised premisesProject caused by such condemnation except to the extent that Tenant has been reimbursed therefor by the condemning authority. This Lease section, not general principles of law or California Code of Civil Procedure Sections 1230.010 et seq., shall be govern the rights and remain unaffected by such taking and Tenant shall continue to be responsible for all obligations of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for with respect to the period up to and including condemnation of all or any portion of the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateProject.
Appears in 1 contract
Condemnation. (a) 15.1 If all or substantially all any part of the demised premises Leased Premises shall be lawfully taken or condemned for public or taken by any Governmental Authority quasi public use (as defined in Article 22other than for temporary use or occupancy) (hereinafter “Condemned”)and a part thereof remains which is susceptible of occupation hereunder, this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion part so Condemned taken as of the date possession shall be taken by the condemnor (hereafter called the "Condemnation Date") and the rent subsequently payable shall be adjusted so that Tenant shall be required to pay for the remainder of vesting the Term only such portion of title such rent as is representative of the number of Rentable Square Feet in the Governmental Authority; providedpart remaining after the Condemnation Date in relation to the number of Rentable Square Feet in the entire Leased Premises immediately prior to the Condemnation Date, howeverexcept that, that in such event, Landlord shall have the option by notice to Tenant on or before the Condemnation Date to terminate this Lease effective as of the Condemnation Date, in which case Landlord shall refund to Tenant any prepaid rent which, as of the Condemnation Date, is attributable to the condemned Leased Premises. Notwithstanding the above, if 2520% or more of the rentable area of the demised premises Leased Premises shall be Condemnedtaken, either Landlord or Tenant may, at their option, terminate this Lease and shall have the estate granted hereby option by giving written notice to Landlord on or before the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects Condemnation Date to terminate this Lease pursuant to paragraph effective as of the Condemnation Date.
15.2 If all of the Leased Premises shall be taken or condemned for public or quasi public use (bother than for temporary use or occupancy) or (c) abovesuch part thereof be taken or condemned so that there does not remain a portion susceptible for occupation hereunder, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated terminate effective as of the date of the vesting of title in the Governmental Authority in proportion Condemnation Date and Landlord shall refund to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in Tenant any of the cases hereinbefore providedprepaid rent which, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Condemnation Date, and is attributable to the basic annual rent and additional rent payable hereunder shall be apportioned as of such datecondemned Leased Premises.
14.03. In the event of any condemnation of all or a part of the Property, 15.3 Landlord shall be entitled to receive the entire award in the condemnation proceedingfor any and all condemnations, including any award made for the value of the estate vested by this Lease in Tenant. For this purpose, Tenant hereby expressly assigns to Landlord any and all right, title title, and interest of Tenant in the Leased Premises now or hereafter arising in or except that, notwithstanding the foregoing, Tenant shall be entitled to any such award or any part thereof, including, without limitation, any award for the unexpired portion loss or taking of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at for its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof)relocation expenses.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Condemnation. (a) 17.1 If all 25% or substantially all more of the demised premises Premises, or the use or occupancy thereof, shall be lawfully taken or condemned or taken by any Governmental Authority governmental or quasi‑governmental authority (as defined other than in Article 22each case the District of Columbia) for any public or quasi‑public use or purpose or sold under threat of such a taking or condemnation (hereinafter collectively, “Condemned”), then this Lease and the estate granted hereby shall terminate on the day prior to the date title thereto vests in such authority and Annual Rental and any Additional Rent shall be apportioned as of the date of vesting of title in such Governmental Authority.
(b) date. If less than all or substantially all 25% of the rentable area of Premises or the demised premises use or occupancy thereof is Condemned, then the District shall be Condemnedhave the right to terminate this Lease upon written notice to Landlord. If the District does not elect to terminate this Lease, then this Lease shall continue in full force and effect as to the remaining portion part of the demised premises but shall terminate as to the portion Premises not so Condemned Condemned, except that, as of the date title vests in such authority, the District shall not be required to pay Annual Rental or any Additional Rent with respect to the part of vesting of title in the Governmental Authority; providedPremises so Condemned. Notwithstanding anything herein to the contrary, however, that if 25% or more of the rentable area Land or the Building is Condemned, then whether or not any portion of the demised premises shall be Premises is Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord District each shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects right to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date giving at least 60 days’ prior notice of such termination with at any time after such condemnation. This Lease shall terminate on the same effect as if that were date specified in the Expiration Date, notice and the basic annual rent Annual Rental and additional rent payable hereunder Additional Rent shall be apportioned as of adjusted to such date.
14.03. In the event 17.2 Landlord reserves all rights to any award paid because of any condemnation of all or a part taking of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in TenantPremises. Tenant hereby expressly The District assigns to Landlord any right the District may have to such award. Further, the District shall make no claims against Landlord or the condemning authority for damages. Notwithstanding the foregoing, the District may claim and all rightrecover from Landlord or the condemning authority (so long as that is not the District of Columbia), title and interest of Tenant now or hereafter arising in or to any such award or any part thereofas applicable, including, without limitation, any a separate award for the unexpired portion District’s moving expenses, business dislocation damages, the District’s personal property and fixtures, or the unamortized costs of leasehold improvements paid for by the Term and agrees that it shall not be entitled to receive District (excluding any part leasehold improvements paid for through the use of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of an allowance from Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition ) but only to the extent that (x) such amounts are awarded to the same may District in a separate proceeding, and (y) Landlord’s award is not thereby reduced. Each Party shall seek its own award, as limited above, at its own expense. Notwithstanding the provisions of Section 17.1, if a leasehold estate is necessary for the District to obtain an award as set forth above, then this Lease shall not be feasible and so deemed to terminate pursuant to its terms or by a Party’s election as set forth in Section 17.1 until such time as the proceeding to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all obtain any such award is concluded; provided, however, in such event the obligations of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation District (including any financial obligations under this Lease, including without limitation Annual Rental and Additional Rent), excluding any rental obligation that has already accrued but is not yet due and payable, shall terminate if this Lease would otherwise be deemed to have terminated pursuant to its terms or by a Party’s election as set forth in Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof)17.1.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Condemnation. (a) If all or substantially In the event that all of the demised premises shall be lawfully condemned Building is taken for any public or taken by any Governmental Authority quasi-public use or purpose in eminent domain proceedings, or in the event all of the Building is conveyed to a governmental authority or other entity having the power of eminent domain (as defined "Condemning Authority") in Article 22) (hereinafter “Condemned”)lieu of such proceedings, this Lease and the estate granted hereby shall terminate as upon the date when the possession of the Premises shall be surrendered to said Condemning Authority. Any prepaid Rent attributable to periods after such termination date shall be refunded to Tenant. In any such proceedings, and to the extent permitted by law, Tenant may make claim to the Condemning Authority, the then remaining value of vesting its leasehold estate in the Premises, and to the extent that the same is not payable out of title any condemnation award or payment in such Governmental Authoritylieu thereof, may make claim to the Condemning Authority for the taking of Tenant's tangible property, for Tenant's removal and relocation costs and/or Tenant's loss of business and/or business interruption.
(b) If In the event eminent domain proceedings shall be instituted for the purpose of taking a substantial portion of the Building, or if the grade of any street or alley adjacent to the Land is changed so that, as a result of either such events, substantial structural alteration or reconstruction of a substantial portion of the Building is necessary or desirable in Landlord's reasonable judgment, and provided Landlord does not make such structural changes or reconstruction, Landlord may elect to terminate this Lease by giving Tenant not less than all or substantially all ninety (90) days' notice of the rentable area of the demised premises termination prior to a termination date specified in such notice, and any prepaid Rent attributable to periods after such termination date specified in such notice shall be Condemnedrefunded to Tenant. If Landlord does not so elect to terminate, then this Lease shall continue be and remain in full force and effect as for the balance of its term, except that Rent shall be proportionately abated to the remaining extent of any portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is givenPremises taken.
(c) If twenty five The provisions of the preceding paragraph notwithstanding, in the event thirty percent (2530%) or more of the Building shall be Condemned or if so much thirty percent (30%) or more of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall Premises is taken in Landlord’s judgment be insufficient for the continued operation of the Buildingany such proceedings, Landlord may, at Landlord’s option, Tenant may elect to terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty giving Landlord not less than ninety (3090) days after Landlord shall have received days' notice of the vesting of title termination prior to a termination date specified in the Governmental Authority (a copy of which notice Landlord shall deliver such notice, and any prepaid Rent attributable to Tenant promptly periods after receipt thereof) such termination date specified in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is givenshall be refunded to Tenant.
(d) If neither Tenant shall not share in any condemnation award or payment in lieu thereof for any taking specified in Subparagraph 19(b), the same being hereby assigned to Landlord nor by Tenant; provided, however, that nothing herein shall preclude Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) abovefrom separately claiming from the Condemning Authority and receiving, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with extent the same effect as if that were the Expiration Date, and the basic annual rent and additional rent are not payable hereunder shall be apportioned as of such date.
14.03. In the event out of any condemnation of all award or a part of the Propertypayment in lieu thereof, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made compensation for the remaining value of the estate vested by this Lease in leasehold estate, the taking of Tenant. Tenant hereby expressly assigns to Landlord any 's tangible property for Tenant's removal and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award relocation costs and/or for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for Tenant's loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authoritybusiness and/or business interruption.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Sources: Lease Agreement (Hk Systems Inc)
Condemnation. (a) If all or substantially all the whole of the demised premises shall Premises should be lawfully condemned taken for any public or taken quasi-public use under governmental law, ordinance or regulation, or by any Governmental Authority (as defined right of eminent domain, or by private purchase in Article 22) (hereinafter “Condemned”)lieu thereof, this Lease shall terminate and the estate granted hereby rent shall terminate as be abated during the unexpired portion of this Lease, effective when the physical taking of said Premises shall occur. In addition, if more than ten percent (10%) of the date of vesting of title in such Governmental Authority.
Building or more than twenty-five percent (b25%) If less than all or substantially all of the rentable paved area of available on the demised premises shall Premises for use by Tenant should be Condemnedso taken, then this Lease shall continue in effect as Tenant will have the right to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other Landlord given within thirty (30) days after Landlord the physical taking of said Premises shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) occur, in which event case this Lease and the estate granted hereby shall terminate as provided above.
(b) If any portion of the last day Premises shall be taken for any public or quasi-public use under any governmental law, ordinance or regulation, or by right of Eminent Domain, or by private purchase in lieu thereof, and this Lease is not terminated Initials: __________ __________ Landlord Tenant 8 pursuant to Paragraph 13(a), then this Lease shall remain in full force and effect, but the rent payable hereunder during the unexpired portion of this Lease shall be reduced by an amount proportional to the amount of building square footage taken, in the case of a taking affecting the Building, and proportional to the reduction in the fair market value of the month next succeeding Land, in the month in which such notice is givencase of a taking affecting any portion of the Land outside of the Building.
(c) If twenty five percent (25%) All compensation awarded in connection with or more as a result of any of the Building foregoing proceedings shall be Condemned or if so much the property of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall Landlord and Tenant hereby assigns any interest in any such award to Landlord’s judgment be insufficient for the continued operation of the Building; provided, Landlord mayhowever, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title no interest in the Governmental Authority (a copy of which notice Landlord shall deliver any award made to Tenant promptly after receipt thereof) in which event this Lease for loss of business or goodwill, the granting of a moving allowance, or for the taking of Tenant's fixtures and improvements, if a separate award for such items is made to Landlord. If the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects Premises are subject to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, foregoing proceedings and this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Propertyis not terminated, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition Premises to the extent that the same may be feasible and so as practicable to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount their condition existing immediately prior to the net award (after deducting all expenses incurred taking, provided that Landlord will not be required to expend more in obtaining same) available from doing so than the Governmental Authority for the improvements taken or conveyed (exclusive of amounts granted in the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DatePremises.
Appears in 1 contract
Sources: Lease Agreement (Koala Corp /Co/)
Condemnation. (a) If any condemnation proceedings are first instituted, or notice of any eminent domain proceeding, condemnation or intent to condemn is first given, with respect to all or substantially all any portion of the demised premises shall Real Property for a Site after the Effective Date but prior to the Closing of such Site, or if any condemnation proceedings are pending as of the Effective Date or notice of any eminent domain proceeding, condemnation or intent to condemn was received by Seller prior to the Effective Date but is not set forth on Schedule 3.3 (a “Condemnation”), Seller will provide written notice to Buyer of such Condemnation promptly following Seller’s receipt of actual knowledge of such Condemnation or discovery of its omission from Schedule 3.3. The Parties agree that the matters set forth on Schedule 3.3 (if any) will be lawfully condemned or taken by any Governmental Authority addressed as provided in Schedule 3.3 and will not be treated as “Condemnation” under this Section 3.3. If the Condemnation will result in a “material and adverse effect” (as defined in Article 22below) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate Site, Buyer may designate such Site as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby Supplemental Excluded Site by written notice given to Tenant Seller within thirty ten (3010) days Business Days after Landlord shall have received Buyer receives notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration DateCondemnation, and it will be excluded from this transaction as provided in Section 1.6 above. If the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good Condemnation will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence “material and adverse effect” to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repairedor if it will but the Site is not timely designated as a Supplemental Excluded Site by Buyer, altered Buyer will remain bound to purchase the Property for the full Purchase Price pursuant (and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount subject) to the net award (after deducting all expenses incurred in obtaining same) available from terms of this Agreement, without regard to the Governmental Authority for the improvements taken occurrence or conveyed (exclusive effect of the Condemnation; provided that at the Closing for such Site Seller will assign to Buyer Seller’s interest in the award for payable to Seller on account of the Land or Condemnation (if any), but net of any portion thereof).
14.05losses, costs and expenses reasonably incurred by Seller prior to Closing in connection with the Condemnation. If For purposes of this Section, a “material and adverse effect” to a Site means (a) such Condemnation is reasonably likely to result in the temporary use or occupancy taking of title to all or any part of the demised premises shall affected Site within twelve (12) months after the Effective Date, and (b) (i) the Landlord is responsible under the Lease for restoring the Site suffering a Condemnation but (x) the condemnation award proceeds that would be taken during assigned Agreement of Purchase and Sale Coyote Portfolio to Buyer as provided above for such Site are not reasonably sufficient to fund the Term, Tenant shall restoration Buyer would be entitled, except as hereinafter set forth, required to receive make to return the Real Property of such Site to a lawful operating condition that portion complies with the applicable terms and conditions of the award related Lease regarding such a Condemnation, and (y) Seller does not agree (in Seller’s sole and absolute discretion) to pay or payment credit Buyer for the anticipated shortfall; (ii) the Tenant has the express right to ▇▇▇▇▇ rent under the applicable Lease as a result of the Condemnation, such abatement would continue beyond the scheduled Closing Date for such taking which represents compensation Site, and Seller does not agree (in Seller’s sole and absolute discretion) to pay or credit Buyer for the use and occupancy full amount of such post-Closing rental abatement; or (iii) the Tenant has the express right to terminate the applicable Lease as a result of the demised premises (or portion thereof taken) and for moving expensesCondemnation affecting such Site, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected unless waived in writing by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateTenant.
Appears in 1 contract
Sources: Purchase and Sale Agreement (Cim Real Estate Finance Trust, Inc.)
Condemnation. If
(a) If all the entire Premises or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”)Premises, this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all any portion of the rentable area Building Complex which shall render the Premises untenantable, (c) any portion of the demised premises Building Complex which shall materially restrict access to the Premises, (d) any portion of the Building Complex which shall materially limit the parking available to Tenant, or (e) any portion of the Premises or the Building Complex which shall render it materially and economically adverse to conduct Tenant's business in the Premises, shall be Condemnedtaken by right of eminent domain or by condemnation or shall be conveyed in lieu of any such taking, then this Lease shall continue in effect as to Lease, at the remaining portion option of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby exercised by either party giving written notice to the other of such termination within thirty (30) days after Landlord such taking or conveyance, shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease forthwith cease and terminate and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building rent shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire duly apportioned as of the date of such termination with taking or conveyance. Tenant thereupon shall surrender the same effect as if that were Premises and all interest therein under this Lease to Landlord and Landlord may reenter and take possession of the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03Premises or remove Tenant therefrom. In the event of any condemnation of all or If a part of the PropertyPremises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord's cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations or any Landlord's Work or any Tenant Work installed on the Premises by or at the expense of Tenant. Thereafter, the monthly Base Rent and Additional Rent to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. In such event, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to receive petition the entire award in condemning authority for the condemnation proceedingfollowing, without reducing Landlord's award: (i) the then unamortized cost of any Alterations or Landlord's Work or Tenant Work paid for by Tenant from its own funds (as opposed to any allowance, including any award made for the Allowance, provided by Landlord); (ii) the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, 's trade fixtures and other personal property of Tenant located at taken by the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award condemning authority; (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Sources: Lease (Infocrossing Inc)
Condemnation. (a) If all or substantially all 14.01 In the event that the whole of the demised premises shall be lawfully condemned or taken by in any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”)manner for any public or quasi-public use, this Lease and the term and estate hereby granted hereby shall forthwith cease and terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of title. In the rentable area event that only a part of the demised premises shall be Condemnedso condemned or taken, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned then, effective as of the date of vesting of title title, the fixed annual rent under Article 1 hereunder and additional rents under Article 3 hereunder shall be abated in an amount thereof apportioned according to the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord so condemned or Tenant may, at their option, terminate this Lease and taken. In the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (event that only a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more part of the Building shall be Condemned so condemned or if so much of taken, then (a) Landlord (whether or not the parking area located on the Land shall demised premises be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord affected) may, at Landlord’s option, terminate this Lease and the term and estate hereby granted hereby as of the date of such vesting of title by written notifying Tenant in writing of such termination within sixty (60) days following the date on which Landlord shall have received notice given of vesting of title, or (b) if such condemnation or taking shall be of a substantial part of the demised premises or of a substantial part of the means of access thereto, Tenant may, at Tenant’s option, by delivery of notice in writing to Tenant Landlord within thirty (30) days after Landlord following the date on which Tenant shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event title, terminate this Lease and the term and estate hereby granted hereby will terminate on the last day as of the month next succeeding the month in which such notice is given.
date of vesting of title, or (dc) If if neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) aboveLease, as aforesaid, this Lease shall be and remain unaffected by such condemnationcondemnation or taking, except that the basic fixed annual rent payable under Article 1 and the additional rent rents payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction extent hereinbefore provided in this Article 14. In the rentable area event that only a part of the demised premises resulting from shall be so condemned or taken and this Lease and the term and estate hereby granted with respect to the remaining portion of the demised premises are not terminated as hereinbefore provided, Landlord will, with reasonable diligence and at its expense, restore the remaining portion of the demised premises as nearly as practicable to the same condition as it was in prior to such condemnationcondemnation or taking.
14.02. 14.02 In the event of its termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic fixed annual rent and additional rent rents payable hereunder shall be apportioned as of such date.
14.03. 14.03 In the event of any condemnation or taking hereinbefore mentioned of all or a part of the PropertyBuilding, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. , and Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it Tenant shall not be entitled to receive any no part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. 14.04 It is expressly understood and agreed that the provisions of this Article 14 shall not be applicable to any condemnation or taking for governmental occupancy for a limited period.
14.05 In the event of any partial taking of less than the whole of the Building which does not result in a termination of this Lease, or in the event of a taking for a temporary use or occupancy of all or any part of the demised premises which does not result in a termination of this Lease, Landlord, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof)premises.
14.05. If 14.06 In the temporary use or occupancy of all or event any part of the demised premises shall be taken during to effect compliance with any law or requirement of public authority other than in the Termmanner hereinabove provided in this Article 14, then, (i) if such compliance is the obligation of Tenant under this Lease, Tenant shall not be entitledentitled to any diminution or abatement of rent or other compensation from Landlord therefor, except but (ii) if such compliance is the obligation of Landlord under this Lease, the fixed annual rent hereunder shall be reduced and additional rents under Article 3 shall be adjusted in the same manner as hereinafter set forth, is provided in Section 14.01 according to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy reduction in rentable area of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by resulting from such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Datetaking.
Appears in 1 contract
Sources: Lease Agreement (Enernoc Inc)
Condemnation. (a) Section 12.01. If all or substantially all the whole of the demised premises Demised Premises (or a portion thereof consisting of fifty (50%) percent or more of the rentable square foot area of the Demised Premises) shall be lawfully condemned or taken by in any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”)manner for any public or quasi-public use, this Lease and the Term and estate hereby granted hereby shall forthwith cease and terminate as of the date of vesting of title in such Governmental Authority.
(b) title. If less than all or substantially all only a part of the rentable area of the demised premises Demised Premises shall be Condemnedso condemned or taken, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned then, effective as of the date of vesting of title title, the Fixed Rent and additional rent hereunder shall be abated in an amount thereof apportioned according to the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises Demised Premises so condemned or taken. If only a part of the Building shall be Condemnedso condemned or taken (whether or not the Demised Premises be affected), either then (i) Landlord or Tenant may, at their Landlord's option, terminate this Lease and the term and estate hereby granted hereby as of the date of such vesting of title by giving written notice to the other notifying Tenant in writing of such termination within thirty sixty (3060) days after following the date on which Landlord shall have received notice of the vesting of title in title, and (ii) if such condemnation or taking shall deprive Tenant of access to the Governmental Authority (a copy of which notice Demised Premises and Landlord shall deliver not have provided or undertaken steps to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as provide other comparable means of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned access thereto, or if so much such condemnation or taking shall otherwise materially impair the conduct of Tenant's business at the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord Demised Premises. Tenant may, at Landlord’s Tenant's option, by delivery of notice in writing to Landlord within sixty (60) days following the date on which Tenant shall have received notice of vesting of title, terminate this Lease and the term and estate hereby granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice as of the date of vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) title. If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) aboveas aforesaid, this Lease shall be and remain unaffected by such condemnationcondemnation or taking, except that the basic annual rent Fixed Rent and the additional rent payable under Article 3 shall be abated effective as to the extent, if any, hereinbefore provided in this Article 12. If only a part of the date Demised Premises consisting of less than fifty (50%) percent of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable square foot area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, Demised Premises shall be so condemned or taken and this Lease and the term and estate hereby granted shall expire are not terminated as hereinbefore provided, Landlord will, with reasonable diligence and at its expense, restore the remaining portion of the date Demised Premises as nearly as practicable to the same condition as it was in prior to such condemnation or taking, provided that such restoration shall not exceed the scope of the work done in originally constructing the Building and that the cost thereof shall not exceed the net proceeds of the award received by Landlord for the value of the portion of the Demised Premises so taken, and Tenant shall be entitled to receive no part of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such dateaward.
14.03Section 12.02. In the event of any condemnation or taking hereinbefore mentioned of all or a part of the PropertyBuilding or the Demised Premises, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. , and Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it Tenant shall not be entitled to receive any no part of such award. In any condemnation proceeding, Tenant shallmay submit a separate claim against the condemning authority for moving expenses, howeverthe value of Tenant's trade fixtures, equipment and the cost of removal or relocation, if such separate claims are allowable as such and do not reduce the award otherwise payable to Landlord.
Section 12.03. If all or any portion of the Demised Premises shall be taken by the exercise of the right of eminent domain for occupancy for a limited period, this Lease shall continue in full force and effect and Tenant shall continue to pay in full the Fixed Rent, additional rent and other charges herein reserved, without reduction or abatement, and Tenant shall be entitled to make a separate claim in receive, for itself, so much of any award or payment made for such proceeding for loss of good will use as is equal to the aforementioned payments that are actually made by Tenant to Landlord during such temporary taking, except as hereinafter provided, and moving expenses provided Landlord shall receive the balance thereof. If such award or payment is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result made in a termination lump sum, Landlord shall receive out of such lump sum (and Tenant shall be credited with) an amount equal to the total of the Fixed Rent, additional rent and other charges due to Landlord or to be paid by Tenant under the terms of this Lease for the period of such taking (less any amounts theretofore paid by Tenant to Landlord attributable to the period of such taking), and such amount received by Landlord shall be held by Landlord as a fund which Landlord shall apply from time to time to the payments due to Landlord from Tenant under the terms of this Lease. Out of the balance of such sum, if any, Tenant shall be paid in an amount equal to the amounts, if any, theretofore paid by Tenant to Landlord attributable to the period of such taking, and Landlord shall be paid the remainder of such balance. If such taking is for a period not extending beyond the Term of this Lease, Landlordand if such taking results in changes or Alterations in the Demised Premises which would necessitate an expenditure to restore the Demised Premises to its former condition, then Tenant at the termination of such taking shall, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises Demised Premises to substantially their its former condition (subject to reasonable wear and tear, damage from fire or other casualty, condemnation or eminent domain, and repairs which are not the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf responsibility of Tenant under the terms of this Lease), and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that such portion of the award or payment for such taking which represents compensation for the use and occupancy payable to Landlord, if any, in excess of the demised premises (or portion thereof taken) and for moving expensesFixed Rent, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual additional rent and additional rent in full when due. If other charges for the period of temporary use or occupancy such taking as is necessary to cover the expenses of such restoration shall extend beyond be applied to such restoration, and the Expiration Datebalance necessary, that part if any, shall be paid by Tenant. Tenant shall also pay all fees, costs and expenses of every character and kind of Landlord incurred in connection with such limited taking and obtaining the award or payment which represents compensation for the use therefor, and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Datein connection with such restoration.
Appears in 1 contract
Sources: Lease (CTC Communications Corp)
Condemnation. (a) If all or substantially all the whole of the demised premises Hotel, or such portion thereof as shall, in the reasonable opinion of Owner, render the remaining portion of the Hotel unsuitable for use as a hotel meeting the Operating Standard, shall be lawfully taken or condemned in any eminent domain, condemnation, compulsory acquisition, expropriation or taken like proceeding (including conveyances or transfers in lieu thereof) by any Governmental Authority competent authority for any public or quasi-public use or purpose, Owner or PRG may terminate this Agreement upon ninety (as defined 90) days’ notice to the other party. PRG shall not be entitled to participate in Article 22) (hereinafter “Condemned”)any award or compensation received for such taking or condemnation, this Lease and but nothing herein shall preclude PRG from seeking an award or compensation from the estate granted hereby condemning authority wholly apart from any award or compensation sought by Owner in respect of such taking or condemnation for its loss of business or profits provided no such award to PRG shall terminate as have the effect of the date of vesting of title in such Governmental Authorityreducing amounts to which Owner would otherwise be entitled.
(b) If less than all or substantially all of If, however, the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises Hotel remaining after any taking or condemnation described above is, in the reasonable opinion of both Owner and PRG suitable for use as a hotel meeting the Operating Standard, this Agreement shall not terminate, but Owner shall terminate make available out of the award to Owner so much thereof as shall be reasonably necessary to repair any damage to the Hotel, or any part thereof, so as to render the portion so Condemned as Hotel a complete and satisfactory architectural and operational unit meeting the Operating Standard. Subject to the interests of the Lenders, Owner shall retain the balance of the award, after deduction of the sum necessary for repair or restoration. If Lenders do not make available the proceeds of the award to Owner for repairs and restoration, then Owner shall, not later than one hundred eighty (180) days after the date of vesting of title in the Governmental Authority; providedsuch taking, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, entitled to terminate this Lease and the estate granted hereby by giving Agreement upon ninety (90) days’ written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is givenPRG.
(c) If twenty five percent (25%) there is a taking or more condemnation of all or part of the Building Hotel for temporary use not in excess of two (2) years, this Agreement shall remain in full force and effect. Owner shall commence restoration, repairs and alterations promptly after the termination or the taking or condemnation for temporary use and shall complete the same with diligence. An awards or other proceeds on account of the taking shall be Condemned or if so much the property of Owner. This Agreement shall then continue in effect for the balance of the parking area located on the Land shall be Condemned so that the number of parking spaces Term (including Renewal Terms) remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such datetaking.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Condemnation. (a) 12.1 If all at any time during the term of this Lease or substantially all of any renewal hereof, the whole of the demised premises Demised Premises shall be lawfully condemned taken for any public or taken quasi-public purpose by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”)lawful power or authority by the exercise of the right of condemnation or eminent domain or by agreement between Landlord and those authorized to exercise such right, this Lease and the estate term hereby granted hereby shall 11/18/94 terminate as of and expire on the date of vesting such taking and the rent, and other sum or sums of title money and other charges herein reserved and provided to be paid by Tenant shall be apportioned and paid to the date of such taking. If materially all of the Demised Premises or the building in such Governmental Authority.
(b) If which the Demised Premises is situated, but less than all or substantially of the Demised Premises is taken then in the case of taking of materially all of the rentable area of the demised premises Demised Premises, Landlord and Tenant shall be Condemned, then this Lease shall continue in effect as each have an option to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written on notice to the other party within thirty (30) days after the taking and in the case of a taking of materially all of such building, Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver option to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written on notice given to Tenant within thirty (30) days after Landlord the taking. As used in this paragraph the term “materially all” shall have received notice be deemed to mean such portion of the vesting Demised Premises or such building, as when so taken, would leave remaining a balance of title the Demised Premises or such building which, due either to the area so taken or the location of the parts so taken in relation to the Governmental Authority (part not so taken, would not under economic conditions, zoning laws or building regulations then existing or prevailing, readily accommodate a copy new building of a substantially similar nature to the building of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of Demised Premises comprises a portion at the date of such termination with taking, but would legally permit the same effect as if construction of some building or buildings upon the land comprising the Demised Premises.
12.2 All compensation awarded to be paid upon such a total or material taking of the Demised Premises and/or such building shall belong to and be the property of Landlord without any participation by Tenant; provided, however, that were the Expiration Date, and the basic annual rent and additional rent payable hereunder nothing contained herein shall be apportioned as construed to preclude Tenant from prosecuting any claim directly against the condemning authority in such condemnation proceedings for loss of such date.
14.03. In the event business, and/or depreciation to, damage to, and/or cost of any condemnation of all or a part of the Propertyremoval of, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made and/or for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all rightof, title and interest of Tenant now or hereafter arising in or to any such award or any part thereofstock and/or trade fixtures, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures furniture and other personal property of Tenant located at the Propertybelonging to Tenant, which and Tenant’s moving expenses; provided, however, that no such claim shall be repaired, altered and restored by Tenant at its expense. diminish or otherwise adversely affect Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to award nor the net award (after deducting all expenses incurred in obtaining sameaward(s) available from the Governmental Authority for the improvements taken or conveyed (exclusive and/or rights of the award for the Land or holders of any portion thereof)mortgage to which this Lease is subject and/or subordinate.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Sources: Lease Agreement
Condemnation. (a) If all or a portion of the Property as would render the continuance of Tenant’s business from the Leased Premises impracticable (as reasonably determined by Tenant) is permanently taken or condemned for any public purpose, then Tenant shall have the option of terminating this Lease upon the giving of notice to Landlord within twenty (20) days from the date of such condemnation or taking.
(b) If all or substantially all of the demised premises Property, or so much thereof as to cause the remainder not to be economically feasible to operate, as reasonably determined by Landlord, is permanently taken or condemned for any public purpose, and Landlord theretofore (or therewith) terminates all similarly affected leases in the Building, then Landlord shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), have the option of terminating this Lease upon the giving of notice to Tenant within twenty (20) days from the date of such condemnation or taking.
(c) If this Lease is terminated as provided in Sections 6.1 (a) or (b) above, then this Lease shall cease and the estate granted hereby shall terminate expire as to such Leased Premises as of the date of vesting transfer of title in possession of the Leased Premises, the Property, or the applicable portion thereof, as if such Governmental Authoritydate was the expiration date of this Lease.
(bd) If less than all If, upon any condemnation or substantially all taking of a portion of the rentable area Leased Premises, this Lease is not terminated by either Landlord or Tenant as aforesaid, then Tenant shall pay all Rent ________________________________________________________________________________________________________________________ up to the date of transfer of possession of such portion of the demised premises shall be Condemned, then Leased Premises so taken or condemned and this Lease shall continue in effect thereupon cease and terminate with respect to such portion of the Leased Premises so taken or condemned as if the date of transfer of possession of the Leased Premises was the expiration date of the Term relating to such portion of the Leased Premises. Thereafter, the Annual Basic Rent, and Tenant’s Operating Expense Share and Tenant’s Tax Share shall be calculated based on the Net Rentable Area of the Leased Premises not so taken or condemned. If any such condemnation or taking of all or any part of the Property occurs and this Lease is not so terminated, then Landlord shall, within sixty (60) days after the date of such condemnation or taking, commence such restoration work to the remaining portions Property (including the Building, the Common Areas, the Leased Premises and the other Leasable Areas, but not including, in any event, any Tenant Property or the trade fixtures or personal property of other tenants or occupants) as shall be needed so that such remaining portion of the demised premises but Property shall terminate constitute a complete architectural unit, reasonably fit for Tenant’s occupancy and business as reasonably determined by Tenant and Landlord. If Landlord fails to the portion so Condemned as of cause such restoration work to be substantially completed within twelve (12) months after the date of vesting such condemnation or taking, for any reason other than a delay caused by an act or omission of title in the Governmental Authority; providedTenant, however, that if 25% or more and such failure materially interferes with Tenant’s use and occupancy of the rentable area of Property, then Tenant shall have the demised premises shall be Condemned, either Landlord or Tenant may, at their option, right to terminate this Lease and the estate granted hereby by giving written notice to the other notifying Landlord in writing of such termination within thirty (30) days after Landlord shall have received notice the expiration of the vesting of title such 12-month period. The 12-month period described in the Governmental Authority (a copy of which notice Landlord preceding sentence shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last be automatically extended for each day of delays caused by Force Majeure Events; but such extensions, in the month next succeeding the month in which such notice is givenaggregate, shall not exceed a total of sixty (60) days.
(ce) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation or taking of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term Leased Premises, and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial condemnation or taking of all or a portion of the Parking Areas or other Common Areas of the Property which does not result in a termination materially adversely affects the value of this Leaseor Tenant’s use or enjoyment of the Leased Premises, LandlordTenant, at its expenseTenant’s expense may, shall proceed jointly appear with reasonable diligence Landlord in proceedings relative to repairsuch taking, alter and restore Tenant may claim, prove and recover, in such proceedings, (i) the remaining parts value of any Tenant Property taken, (ii) the loss of Tenant’s business as the result of such condemnation or taking, and (iii) any relocation and moving expenses.
(f) If (i) any taking or condemnation for any public purpose is of a portion (but less than all) of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land Leased Premises or any portion thereof).
14.05. If , (ii) the temporary use same occurs for only a period of three (3) months or occupancy of all or any part less, and (iii) during such period, the portions of the demised premises shall be taken during Leased Premises not so taken, together with the Termportions of the Common Areas not so taken, Tenant shall be entitled, except as hereinafter set forth, are in Tenant’s reasonable judgment sufficient to receive that allow the conduct of Tenant’s business in the portion of the award or payment Leased Premises not so taken to substantially the same extent and quantity as before the taking (and Tenant, in fact, ceases its use, for business purposes, only in the portions of the Leased Premises so taken, but continues to operate in the portions of the Leased Premises not so taken), then such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord condemnation shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This deemed a temporary taking and this Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If force and effect, except that, throughout the period of such temporary use or occupancy taking, Annual Basic Rent, Tenant’s Operating Expense Share and Tenant’s Tax Share shall extend beyond be calculated based on the Expiration Date, that part Net Rentable Area of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof Leased Premises not so taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.. ________________________________________________________________________________________________________________________
Appears in 1 contract
Condemnation. (a) If all or substantially all Section 14.01. In the event that the whole of the demised premises Demised Premises shall be lawfully condemned or taken by in any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”)manner for any public or quasi-public use, this Lease and the term and estate hereby granted hereby shall forthwith cease and terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all title. In the event that only a part of the rentable area of the demised premises Demised Premises shall be Condemnedso condemned or taken, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned then, effective as of the date of vesting of title title, the minimum rent and additional rent hereunder for such part shall be equitably abated and this Lease shall continue as to such part not so taken. In the event that only a part of the Building shall be so condemned or taken, then (a) if substantial structural alteration or reconstruction of the Building shall, in the Governmental Authority; providedreasonable opinion of Landlord, howeverbe necessary or appropriate as a result of such condemnation or taking (whether or not the Demised Premises be affected), that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their its option, terminate this Lease and the term and estate hereby granted hereby as of the date of such vesting of title by giving written notice to the other notifying Tenant in writing of such termination within thirty sixty (3060) days after following the date on which Landlord shall have received notice of the vesting of title in the Governmental Authority title, or (a copy of which notice b) if Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects does not elect to terminate this Lease pursuant to paragraph (b) or (c) aboveLease, as aforesaid, this Lease shall be and remain unaffected by such condemnationcondemnation or taking, except that the basic annual minimum rent and the additional rent payable under Article 3 shall be abated effective as to the extent, if any, hereinbefore provided. In the event that only a part of the date Demised Premises shall be so condemned or taken and this Lease and the term and estate hereby granted are not terminated as hereinbefore provided, Landlord, out of the vesting portion of title in the Governmental Authority in proportion award allocated for such purpose and to the reduction in extent such award is sufficient, will restore with reasonable diligence the rentable area remaining structural portions of the demised premises resulting from Demised Premises as nearly as practicable to the same condition as it was in prior to such condemnationcondemnation or taking.
Section 14.02. In the event of termination of this Lease in any of the cases hereinbefore hereinabove provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, Date and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
Section 14.03. In the event of any condemnation or taking hereinabove mentioned of all or a part of the PropertyBuilding, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. , and Tenant hereby 24 expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it Tenant shall not be entitled to receive any no part of such award. Notwithstanding the foregoing, Tenant shall, however, be entitled to may make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, 's moveable trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord provided the same shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use affect or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Datereduce Landlord's award.
Appears in 1 contract
Sources: Lease (Global Technologies LTD)
Condemnation. (a) If all the entire Premises are taken for any public or substantially all quasi-public use under any government law, ordinance, or regulation, or by right of eminent domain, or should be sold to the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”)condemning authority under threat of condemnation, this Lease and Agreement will terminate on the estate granted hereby shall terminate as of date the title to the Premises vests in taking condemning Lessor. Rent will be prorated to the date of vesting of title in such Governmental Authoritytermination.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining a portion of the demised premises but shall terminate as Premises (or all reasonable access to the portion so Condemned as of adjacent roadways from the date of vesting of title in the Governmental Authority; provided, however, that if 25% then-existing or more of the rentable area of the demised premises comparable curb cut locations) shall be Condemnedtaken for any public or quasi-public use under any government law, either Landlord ordinance, or Tenant mayregulation, at their optionor by right of eminent domain, or should be sold to the condemning authority under threat of condemnation, by right of eminent domain, Lessee shall have the option to terminate this Lease and the estate granted hereby Agreement by giving providing an advance written notice to the other within thirty Lessor, no later than ninety (3090) days after Landlord shall have received notice entry of the vesting order of title in condemning, specifying the Governmental Authority (a copy of date on which notice Landlord the Agreement will terminate, which date shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of be the last day of any calendar month that falls within the month next succeeding period for giving ▇▇▇▇▇▇’s notice of its election to terminate. Rent will be prorated to the month in which such notice is givendate of termination.
(c) If twenty five percent Lessee does not elect to exercise this option, then: (25%i) or more Lessee will be entitled to participate in the award of the Building taking; (ii) Lessee shall restore and reconstruct the improvements thereon, provided such restoration and reconstruction shall make the same reasonably tenantable and suitable for the uses for which the Premises are leased; and (iii) this Agreement shall continue in full force and effect except that the rent payable hereunder shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is givenequitably adjusted.
(d) If neither Landlord nor Tenant elects this Agreement is terminated by reason of a condemning, any compensation awarded for such taking of the Premises will be equitably apportioned between Lessor and Lessee to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that reflect the basic annual rent respective values of the encumbered fee and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02leasehold interest. In the event of The termination of this Lease in any Agreement shall not reflect the rights of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of respective parties to such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such dateawards.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Condemnation. If at least ten percent (a10%) If all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises Premises shall be Condemnedtaken by power of eminent domain or condemned by a competent authority or by conveyance in lieu thereof for public or quasi-public use (“Condemnation”), then including any temporary taking for a period of one year or longer, this Lease shall continue in effect as to terminate on the remaining date possession for such use is so taken. If: (i) less than ten percent (10%) of the Premises is taken, but the taking includes or affects a material portion of the demised premises but shall terminate as to Building or Property, or the portion so Condemned as of economical operation thereof, or (ii) Landlord reasonably estimates that the period for restoration will exceed 120 days after the effective date of vesting of title such taking, then in the Governmental Authority; providedeither such event, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, may elect to terminate this Lease and the estate granted hereby by giving written notice to the other within upon at least thirty (30) days after Landlord shall have received days’ prior notice of the vesting of title in the Governmental Authority to Tenant. The parties further agree that: (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereofa) in which event if this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building terminated, all Rent shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire apportioned as of the date of such termination with or the same effect as date of such taking, whichever shall first occur, (b) if that were the Expiration Datetaking is temporary, Rent shall not be abated for the period of the taking, but Tenant may seek a condemnation award therefor (and the Term shall not be extended thereby), and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of (c) if this Lease is not terminated but any condemnation of all or a part of the PropertyPremises is permanently taken, the Rent shall be proportionately abated based on the square footage of the Premises so taken and Landlord shall, as soon as reasonably possible after the effective date of the taking, restore the remaining portion of the Premises to a complete unit. Notwithstanding anything to the contrary contained in this Lease, if such restoration is not, for any reason other than force majeure delays as more fully described under Section 34.O below (provided, however, that such force majeure delay shall not exceed six (6) months in the aggregate), completed within 180 days after the effective date of the taking, Tenant shall have the right to terminate this Lease on written notice given to Landlord prior to substantial completion of such restoration. Landlord shall be entitled to receive the entire award or payment in the condemnation proceeding, including connection with such Condemnation and Tenant hereby assigns to Landlord any award made interest therein for the value of Tenant’s unexpired leasehold estate and waives any right to participate therein, except that Tenant shall have the estate vested by this Lease in Tenant. right to file any separate claim available to Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion a temporary taking of the Term leasehold as described above, and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses and any taking of Tenant’s personal property, provided such award is in addition separately payable to and not in reduction of Landlord’s award from the Governmental AuthorityTenant.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Sources: Office Lease (LKQ Corp)
Condemnation. (a) If all or substantially any portion of the Property is taken under the power of eminent domain or sold under the threat of that power (all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter which are called “CondemnedCondemnation”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as part taken or sold on the date the condemning authority takes title or possession, whichever occurs first. If more than twenty percent (20%) of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable floor area of the demised premises shall be CondemnedProperty or such other material portion of either the Property or Common Areas is taken and Tenant cannot reasonably continue to conduct its business at the Property, either Landlord or Tenant may, at their option, may terminate this Lease and as of the estate granted hereby date the condemning authority takes title or possession, by giving delivering written notice to the other within thirty ten (3010) days after Landlord shall have received receipt of written notice of the vesting of title such taking (or in the Governmental Authority absence of such notice, within ten (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (3010) days after Landlord shall have received notice of the vesting of condemning authority takes title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) or possession). If neither Landlord nor Tenant elects to terminate terminates this Lease pursuant to paragraph (b) or (c) aboveLease, this Lease shall be and remain unaffected by such condemnationin effect as to the portion of the Property not taken, except that the basic annual rent Base Rent and the additional rent payable under Article 3 Additional Rent shall be abated effective as of the date of the vesting of title in the Governmental Authority reduced in proportion to the reduction in the rentable floor area of the demised premises resulting from such condemnation.
14.02Property. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award or payment in connection therewith, except that Tenant shall have the condemnation proceeding, including right to file any award made separate claim available to Tenant for the value any taking of Tenant’s personal property and fixtures belonging to Tenant and removable by Tenant upon expiration of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns Term pursuant to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination terms of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, so long as such claim does not diminish the award available to Landlord, its ground lessor with respect to the real property or its lender, and such claim is payable separately to Tenant. If this Lease is not terminated, Landlord shall repair any damage to the Property caused by the Condemnation, except that Landlord shall not be entitled obligated to receive that portion repair any damage for which represents reimbursement for Tenant has been reimbursed by the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when duecondemning authority. If the period of temporary use or occupancy shall extend beyond severance damages received by Landlord are not sufficient to pay for such repair and the Expiration Dateshortfall is a material amount, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for have the period after the Expiration Dateright to either terminate this Lease or make such repair at Landlord’s expense, without charge-back to Tenant.
Appears in 1 contract
Sources: Industrial Lease (Switch, Inc.)
Condemnation. (a) 25.1 If all or substantially all any part of the demised premises Premises shall be lawfully taken or condemned for public or quasi-public use by right of eminent domain, with or without litigation, or transferred by agreement in connection with such public or quasi-public use, this Lease, as to the part so taken or condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby transferred shall terminate as of the date of vesting of title shall vest in such Governmental Authority.
(b) If less than all the condemnor or substantially all transferee and the rent payable hereunder shall be adjusted so that tenant shall be required to pay for the remainder of the rentable Term only such portion of the rent as the area in the part remaining that remains useable by Tenant for its business purposes after the taking or condemnation or transfer bears to the area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned entire Premises as of the date of vesting of title shall vest in the Governmental Authority; providedcondemnor.
25.2 In the event of such partial taking or condemnation by judgment, howeververdict or agreement, that if 25% or more of Landlord and Tenant each shall have the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, option to terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice as of the vesting of date title shall vest in the Governmental Authority (condemnor or transferee. If all of the Premises shall be so taken, condemned, or transferred or such part thereof be so taken, condemned, or transferred so that there does not remain a copy portion susceptible of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event occupation hereunder, this Lease and the estate granted hereby shall terminate as of the last day of date title shall vest in the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) condemnor or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease transferee and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver no responsibility to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual pay rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with termination.
25.3 All compensation awarded upon such condemnation or taking shall go to the same effect as if that were Landlord and the Expiration DateTenant shall have no claim thereto, and the basic annual rent Tenant hereby irrevocably assigns and additional rent payable hereunder shall be apportioned as transfers to Landlord any right to compensation or damages to which Landlord may become entitled during the Term hereof by reason of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award Premises. Notwithstanding anything in the condemnation proceedingforegoing to the contrary, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and if not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expensedefault hereunder, shall proceed with reasonable diligence to repair, alter and restore have the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, right to receive that portion of the award or payment for such taking which represents compensation made expressly for the use and occupancy moving or relocation expenses of Tenant, the demised premises (trade fixtures of Tenant, any improvements paid for by Tenant or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost business disruption of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateTenant.
Appears in 1 contract
Sources: Office Lease (Agile Software Corp)
Condemnation. (a) If all or substantially all the whole of the demised premises Premises or so much thereof as to render the balance unusable by Tenant for the proper conduct of its business shall be lawfully condemned taken under power of eminent domain or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemnedtransferred under threat thereof, then this Lease shall continue in effect as to Lease, at the remaining portion option of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby exercised by either party giving written notice to the other of such termination within thirty (30) days after Landlord such conveyance or taking possession whichever is earlier, shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease forthwith cease and terminate and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building rent shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire duly apportioned as of the date of such termination with the same effect as if that were the Expiration Datetaking or conveyance. No award for any partial or entire taking shall be apportioned, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any award which may be made in such taking or condemnation, together with any and all right, title and interest rights of Tenant now or hereafter arising in or to any such award the same or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall; provided, however, that nothing contained herein shall be entitled deemed to make give Landlord any interest in or to require Tenant to assign to Landlord any award made to Tenant for the Tenant: ______ taking of personal property and fixtures belonging to Tenant and/or for expenses of moving to a separate claim new location or for Tenant's interest in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04leasehold estate. In the event of any a partial taking which does not result in a termination of this Lease, Landlordrent shall be reduced in proportion to the reduction in the size of the premises so taken and this Lease shall be modified accordingly. Promptly after obtaining knowledge thereof, at its expenseLandlord or Tenant, as the case may be, shall proceed with reasonable diligence to repair, alter and restore notify the remaining parts other of any pending or threatened condemnation or taking affecting the Building and Premises or the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and Building.
(b) If all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises Premises shall be condemned or taken during the Termfor governmental occupancy for less than ninety (90) days, this Lease shall not terminate and Tenant shall be entitled, except as hereinafter set forth, entitled to receive that portion the entire award therefor (whether paid as damages, rent or otherwise) unless the period of governmental occupancy extends beyond the award or payment for such taking expiration of this Lease, in which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and case Landlord shall be entitled to receive that portion which represents reimbursement for such part of such award as shall be properly allocable to the cost of restoration of the demised premises. This Lease Premises to the extent any such award is specifically made for such purpose, and the balance of such award shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided apportioned between Landlord and Tenant so that as of the date of such expiration. If the termination of such governmental occupancy is prior to the expiration of this Lease, Tenant shall receive so much thereof shall, to the extent an award has been made for such purpose, restore the premises as represents compensation for nearly as possible to the period up condition in which they were prior to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Datecondemnation or taking.
Appears in 1 contract
Sources: Office Building Lease (Michigan Heritage Bancorp Inc)
Condemnation. (a) If In the event that all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but Property shall terminate as be damaged or taken through condemnation (which term shall include any damage or taking by any governmental authority, quasi governmental authority, any party having the power of condemnation, or any transfer by private sale in lieu thereof), or any such condemnation shall be threatened, Mezzanine Borrower shall give prompt written notice to Mezzanine Lender. Mezzanine Lender acknowledges that Mortgage Borrower’s rights to any condemnation award is subject to the portion so Condemned as terms of the date Loan Agreement (Mortgage). Notwithstanding the foregoing, Mezzanine Borrower may not and shall not permit Mortgage Borrower to settle or compromise any claim, action or proceeding relating to such damage or condemnation without the prior written consent of vesting of title in the Governmental AuthorityMezzanine Lender, which shall not be unreasonably withheld, delayed or denied; provided, howeverfurther, that if 25% Mortgage Borrower may settle, adjust and compromise any such claim, action or more proceeding which is of an amount less than the amount set forth on Exhibit V for the applicable Individual Property so long as no Default or Event of Default has occurred and is continuing. Any Excess Proceeds shall be paid to Mezzanine Lender and applied to the payment of the rentable area of the demised premises shall be Condemned, either Landlord Obligations (Third Mezzanine) whether or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease not then due pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02Section 2.3.1(b). In the event of termination of this Lease in any that Mortgage Borrower is permitted pursuant to the terms of the cases hereinbefore providedLoan Agreement (Mortgage) to reconstruct, this Lease and restore or repair the term and estate hereby granted shall expire as Property following a condemnation of any portion of the date of such termination with Property, Mezzanine Borrower shall cause Mortgage Borrower to promptly and diligently repair and restore the same effect as if that were Property in the Expiration Datemanner and within the time periods required by the Loan Agreement (Mortgage), the Operating Agreements and any other agreements affecting the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03Property. In the event that Mortgage Borrower is permitted pursuant to the terms of the Loan Agreement (Mortgage) to elect not to reconstruct, restore or repair the Property following a condemnation of any condemnation of all or a part portion of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it Mezzanine Borrower shall not be entitled permit Mortgage Borrower to receive any part elect not to reconstruct, restore or repair the Property without the prior written consent of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental AuthorityMezzanine Lender.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Sources: Mezzanine Loan and Security Agreement (Station Casinos Inc)
Condemnation. (a) If all or substantially all the whole of the demised premises Premises or so much thereof as to render the balance unusable by Tenant for the proper conduct of its business shall be lawfully condemned taken under power of eminent domain or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemnedtransferred under threat thereof, then this Lease shall continue in effect as to Lease, at the remaining portion option of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby exercised by either party giving written notice to the other of such election within thirty (30) days after Landlord such conveyance or taking of possession, whichever is earlier, shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease forthwith terminate and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building Rent shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire duly apportioned as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder taking or conveyance. No award for any partial or entire taking shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, between Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in and Tenant. ; Tenant hereby expressly assigns to Landlord any award which may be made in such taking or condemnation, together with any and all right, title and interest rights of Tenant now or hereafter arising in or to any such award the same or any part thereof. Notwithstanding the foregoing, including, without limitation, any award for the unexpired portion of the Term and agrees that it Tenant shall not be entitled to receive any part of such award. Tenant shallseek, howeverdirectly from the condemning authority, be entitled an award for its removable trade fixtures, equipment, personal property and relocation expenses, if any, to make a separate claim in such proceeding for loss of good will and moving expenses provided such the extent Landlord's award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04diminished thereby. In the event of any a partial taking or conveyance which does not result in a termination of this Lease, Landlord, at its expense, Monthly Base Rent shall proceed with reasonable diligence be reduced in proportion to repair, alter and restore the remaining parts reduction in the size of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and Premises so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land and this Lease shall be modified accordingly.
b) If all or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises Premises shall be condemned or taken during the Termfor governmental occupancy for a limited period, Tenant this Lease shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, not terminate and Landlord shall be entitled to receive that portion which represents reimbursement for the cost entire amount of restoration of the demised premises. This Lease shall be and remain unaffected by any such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment thereof as damages, rent or otherwise. Tenant hereby assigns to Landlord any award which represents compensation may be made in such temporary taking, together with any and all rights of Tenant now or hereafter arising in or to the same or any part thereof. Tenant shall, however, be entitled to an abatement of Monthly Base Rent in proportion to the reduction in size of the Premises so taken for such limited period.
c) A voluntary sale by Landlord to any such competent authority having the power of eminent domain or similar powers, either under threat of condemnation or while condemnation proceedings are pending, shall be deemed to be a taking by eminent domain for the use and occupancy purpose of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Datethis section.
Appears in 1 contract
Sources: Office Lease (MaryJane Group, Inc.)
Condemnation. A. If due to any taking for any public or quasi-public use under governmental law, ordinance or regulation, or by right of eminent domain, or by a conveyance in lieu thereof (a"Taking")
(i) If all or substantially all any portion of the demised premises shall parking areas constituting a part of the Project are taken such that, following the Taking, the remainder of the Premises are rendered untenantable, or (ii) any portion of the Land is taken such that access to the Building would be lawfully condemned materially impaired as a result of the Taking, or (iii) more than 25% of the Building is taken, or (iv) such portion of the Building is taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”)would render the remainder of the Premises untenantable, this Lease shall terminate upon written notice from Tenant to Landlord sent within 30 days following the Taking and the estate granted hereby rent shall terminate as be abated during the unexpired portion of this Lease, effective on the date of vesting such Taking. Notwithstanding the foregoing if Tenant gives notice of title termination as a result of a Taking pursuant to clauses (i) or (ii) above, Landlord shall have the right (but not the obligation) to substitute an alternative parcel of Land ("Substitute Parcel") owned by Landlord or its affiliates, or alternative areas for such lost parking and access ("Substitute Areas"), for the purpose of providing access and parking to Tenant in lieu of access and parking that are lost as a result of such Governmental Authority.
Taking. Landlord may give Tenant written notice (b"Substitution Notice") If less than all that Landlord so elects to provide the Substitute Parcel or substantially all of the rentable area of the demised premises Substitute Areas for such purposes, which Substitution Notice, if given by Landlord, shall be Condemned, then given within 30 days after Tenant's termination notice. If Landlord gives the Substitution Notice and if the Substitution Parcel or Substitute Areas are reasonably acceptable to Tenant as being a reasonable substitute for the access and parking lost as result of such Taking: (i) Tenant's termination notice shall be ipso facto null and void and this Lease shall continue in effect as to full force and effect, and (ii) the remaining portion of the demised premises parties shall promptly (but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other all events within thirty (30) 30 days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title Substitution Notice) enter into an amendment to this Lease whereby (A) if a Substitute Parcel is provided, the Substitute Parcel is substituted for the areas so taken and (B) Tenant agrees to pay rent for the Substitute Parcel (in the Governmental Authority in proportion to the reduction in the rentable area lieu of the demised premises resulting from such condemnation.
14.02. In rent which is otherwise abated under the event of termination preceding provisions of this Lease in any of the cases hereinbefore provided, this Lease Paragraph 16) at a rate which is fair and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and equitable under all of the furniturecircumstances. For purposes of this Paragraph 16(A), trade fixtures and other personal property of access shall be deemed to be "materially impaired" only if access to the Building following the Taking would be reduced to such an extent as to prevent Tenant located from conducting its business at the Property, which shall be repaired, altered and restored by Tenant Premises in a manner reasonably comparable to Tenant's conduct of its business at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount the Premises prior to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof)Taking.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Sources: Lease Agreement (Advancepcs)
Condemnation. (a) If all or substantially all of the demised premises shall be lawfully Premises is condemned or taken by in any Governmental Authority permanent manner before or during the Term for any public or quasi−public use, or any permanent transfer of the Premises is made in avoidance of an exercise of the power of eminent domain (each of which events shall be referred to as defined in Article 22) (hereinafter “Condemned”a "taking"), this Lease and the estate granted hereby shall automatically terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion due to the reduction in the rentable area such taking. If a part of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore providedPremises is so taken, this Lease and shall automatically terminate as to the term and estate hereby granted shall expire portion of the Premises so taken as of the date of the vesting of title as a result of such termination with taking. If such portion of the same effect Property is taken as if to render the balance of the Premises unusable by Tenant for the Permitted Use, as reasonably determined by either Landlord or Tenant, this Lease may be terminated by Landlord or Tenant, as of the date of the vesting of title as a result of such taking, by written notice to the other party given within thirty (30) days following notice to Landlord of the date on which said vesting will occur. If this Lease is not terminated as a result of any taking, Landlord shall restore the Building to an architecturally whole unit; provided, however, that were Landlord shall not be obligated to expend on such restoration more than the Expiration Dateamount of condemnation proceeds actually received by Landlord.
(b) Landlord shall be entitled to the entire award for any taking, including, without limitation, any award made for the value of the leasehold estate created by this Lease. No award for any partial or entire taking shall be apportioned, and the basic annual rent Tenant hereby assigns to Landlord any award that may be made in any taking, together with any and additional rent payable hereunder all rights of Tenant now or hereafter arising in or to such award or any part thereof; provided, however, that nothing contained herein shall be apportioned as deemed to give Landlord any interest in or to require Tenant to assign to Landlord any separate award made to Tenant for its relocation expenses, the taking of such datepersonal property and fixtures belonging to Tenant, the unamortized value of improvements made or paid for by Tenant, or the interruption of or damage to Tenant's business.
14.03. (c) In the event of any condemnation a partial taking that does not result in a termination of this Lease as to the entire Premises, Rent shall be equitably adjusted in relation to the portions of the Premises and Building taken or rendered unusable by such taking.
(d) If all or a part any portion of the PropertyPremises is taken for a limited period of time before or during the Term, this Lease shall remain in full force and effect; provided, however, that Rent shall ▇▇▇▇▇ during such limited period in proportion to the portion of the Premises taken by such taking. Landlord shall be entitled to receive the entire award made in the condemnation proceedingconnection with any such temporary taking; provided, including however, that nothing contained herein shall be deemed to give Landlord any award made for the value of the estate vested by this Lease interest in Tenant. or to require Tenant hereby expressly assigns to assign to Landlord any separate award made to Tenant for its relocation expenses, the taking of personal property and fixtures belonging to Tenant, the unamortized value of improvements made or paid for by Tenant, or the interruption of or damage to Tenant's business. Any temporary taking of all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired a portion of the Term and agrees that it Premises which continues for two (2) months shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make deemed a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial permanent taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by Premises or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any such portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Sources: Purchase and Sale Agreement (Lincoln Educational Services Corp)
Condemnation. (a) If all or substantially all of the demised premises shall be lawfully condemned or Leased Premises is taken by any Governmental Authority by right of eminent domain or pursuant to a conveyance or other acquisition in lieu of such eminent domain (as defined in Article 22) (hereinafter a “CondemnedTaking”), this Lease and the estate granted hereby shall terminate as of the effective date of vesting of title in such Governmental Authority.
Taking. If a Taking occurs with respect to a portion (b) If but less than all or substantially all all) of the rentable area Leased Premises whereby the remainder of the demised premises shall be CondemnedLeased Premises is rendered unsuitable or impractical for the Permitted Use, in the Lessee’s sole discretion and judgment, then this Lease shall, at the Lessee’s option, terminate as of the effective date of such Taking. All compensation paid for the Lessee’s Improvements in connection with the Taking shall belong to and be the sole property of the Lessee. All compensation paid for the fee estate in the Leased Premises and the Lessor’s Premises shall belong to and be paid to the Lessor. All compensation paid for any of the Lessor’s improvements or other facilities at the Leased Premises or the Lessor’s Premises shall belong to and be paid to the Lessor. 39 If the whole or any part of the Leased Premises, the Construction Laydown Area or the Easement Areas is subject to a Taking or acquisition that is temporary in nature and not a permanent Taking, then the Term shall not be reduced or affected in any way and the Lessee shall continue to pay in effect as full the Basic Rent, the Additional Rent and any and all other sums of money and charges herein reserved and provided to be paid by the Lessee and, subject to the remaining portion other provisions of this Section and except as hereinafter provided, the demised premises but Lessee shall terminate as been titled to receive any award or payment for such temporary Taking and the portion so Condemned Lessee and the Lessor shall join in a single action for the recovery of such award or payment. If such Taking is for a period extending beyond the Term and if any award or payment made for such use is made in a lump sum, such award or payment shall be apportioned between the Lessee and the Lessor as of the date of vesting expiration of title the Term. If such Taking results in changes or alterations in the Governmental Authority; providedLeased Premises which would necessitate an expenditure, howeverafter repossession, that to restore it to its former condition, and if 25% or more possession of the rentable area Leased Premises shall revert to the Lessee prior to the expiration of the demised premises Term with sufficient time to complete the restoration, then the Lessee shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which perform such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Daterestoration, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord Lessee shall be entitled to receive the entire award in the condemnation proceeding, including any award made or payment which is specified as compensation for expenses of restoring the value of Leased Premises (if sufficient time is not available, then the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any Lessor shall perform such restoration and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment specified as compensation for restoration expenses). If the payment from the Taking authority in respect to a temporary Taking is made on or after the expiration of the Term, such Taking is for a period both prior to and after the expiration of the Term, and if any award or payment made for such taking temporary Taking is made in a lump sum, such award or payment shall be apportioned between the Lessee and the Lessor as of the date of expiration of the Term; provided, however, if any part of such award or payment is specified as compensation for expenses of restoring the Leased Premises to its former condition but such restoration is to be performed after expiration of the Term, then the amount of such award or such payment which represents is specified as compensation for the use expenses of restoring the Leased Premises to its former condition shall be paid to and occupancy of retained by the demised premises (or portion thereof taken) and for moving expensesparty performing the restoration, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part reminder of the award or payment shall be apportioned between the Lessee and the Lessor as of the date of expiration of the Term. If payment from the Taking authority in respect to a temporary Taking is made before expiration of the Term and any part of such payment is specified as compensation for expenses of restoring the Leased Premises to its former condition but such restoration is to be performed after expiration of the Term, then the amount of such award or such payment which represents is specified as compensation for the use expenses of restoring the Leased Premises to its former condition shall be paid to and occupancy retained by the Lessor. Except as expressly provided in this Section 16.1, Lessee hereby waives any and all rights it might otherwise have pursuant to any provision of applicable Law to terminate this Lease upon a partial or temporary Taking of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration DateLeased premises.
Appears in 1 contract
Sources: Asset Transfer Agreement
Condemnation. If a major portion of the demised premises, "major portion" being defined as over fifty (a50) per cent of the total area initially included within the demised premises or any part of the structure or structures for which the cost of replacement exceeds fifty (50) per cent of the original cost of such structure or structures, shall be condemned or otherwise taken for public use, either party shall have the right to cancel and terminate this lease effective on the date when the property is actually taken. If all or substantially all Lessors elect to terminate, they must notify Lessee of their intention at least twenty (20) days prior to the date of actual taking. If Lessee elects to terminate, it must notify Lessors in writing of such election and such notice must be given within twenty (20) days of receipt of written notice from Lessors that the property has been condemned. If a portion (less than a major portion) of the demised premises shall be lawfully condemned or otherwise taken by any Governmental Authority (for public use, but the taking is such that the improvements can be moved or replaced or rearranged so as defined to provide facilities and a location to the extent that Lessee may carry on its activities in Article 22) (hereinafter “Condemned”)substantially the same manner in which it carried on such activities prior to the taking, this Lease lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease provisions thereof shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease full force and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02effect. In the event of termination of this Lease in any of the cases hereinbefore providedsuch condemnation or taking, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of property taking including the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for damages to the unexpired portion of the Term improvements and agrees that it Lessors' equipment shall be paid to and belong wholly to Lessors. Lessee shall not be entitled to receive take any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy to any damages by reason of the demised premises (taking, except that if the award is attributable in part to any machinery or portion thereof taken) alterations added by Lessee which Lessee would be entitled to remove upon the termination of the lease, then Lessee shall be divided between Landlord entitled to the portion of the award attributable thereto. If the taking is such that this lease continues in force or if Lessors or Lessee did not elect to terminate the lease in case of major taking, lessors, at their own cost and Tenant expense, shall within a reasonable time after such taking, move, rearrange, repair and reconstruct the improvements so that Tenant shall receive as to leave the premises in arrangement and location substantially the same, so much thereof far as represents compensation fitness for use for Lessee's purposes is concerned, as existed before the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Datetaking.
Appears in 1 contract
Condemnation. (a) If all or substantially all during the Lease Term the whole of the demised premises Astral Premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter both are referred to as a “CondemnedTaking” or being “Taken”)) in any manner for any public or quasi-public use or purpose, this Lease Agreement and the term and estate hereby granted hereby shall forthwith cease and terminate as of the date of vesting of title in such Governmental Authoritypursuant to the Taking.
(b) If less than all or substantially all a part of the rentable area Astral Premises shall be Taken during the Lease Term, then the part so Taken shall no longer constitute part of the demised premises shall be CondemnedAstral Premises, then but this Lease Agreement shall continue in force and effect as to the remaining part not so Taken. If any partial Taking materially impairs Astral’s ability to conduct its business from the Astral Premises, Astral (in its sole discretion) may deem the partial Taking a Taking of the entire Astral Premises and terminate the lease. If a partial Taking does not result in the termination of this Lease Agreement, Landlord shall promptly restore that portion of the demised premises but Astral Premises that remains to an architectural unit as nearly like its condition prior to such Taking and the Rent shall terminate as to be reduced on an equitable basis, based upon the portion so Condemned as extent of the date of vesting of title in partial Taking (effective the Governmental Authority; provided, however, that if 25% or more of first day after the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is givenTaking).
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in any proceeding with respect to any Taking (other than for a temporary use and occupancy) provided for in this Paragraph 10 which occurs during the condemnation proceeding, including Lease Term without deduction therefrom for any award made for the value of the estate vested in Astral by this Lease in Tenant. Tenant Agreement, and Astral shall receive no part of and shall and does hereby expressly assigns assign to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award, except as hereinafter expressly provided. Tenant shall, however, be entitled Astral shall have the right to make a separate claim in such proceeding with the condemning authority for loss of good will and (i) any moving expenses provided incurred by Astral as a result of such award is condemnation; (ii) any costs incurred and paid by Astral in addition connection with any alteration or improvement made by Astral to the Astral Premises; (iii) the value of any of Ten ant’s property so Taken; and (iv) any other separate claim which Astral may be lawfully permitted to make, provided, however, that such other separate claim shall not in reduction reduce or adversely affect the amount of Landlord’s award from the Governmental Authorityaward.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining samed) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises Astral Premises shall be temporarily taken during the Lease Term, Tenant then, at the option of Astral, this Lease Agreement shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use remain in full force and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premiseseffect. This Lease shall be and remain unaffected by such taking and Tenant Astral shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when dueTaking. If Upon the period expiration of any temporary use or occupancy shall extend beyond the Expiration Datetaking, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for have no obligation to restore the period after the Expiration DateAstral Premises to their former condition.
Appears in 1 contract
Sources: Lease Agreement (Simclar Inc)
Condemnation. If less than fifteen percent (a15%) If all or substantially all of the demised premises Premises or less than fifteen percent (15%) of the parking areas shall be lawfully condemned taken for any public or taken quasi-public use, under any statute of by any Governmental Authority (as defined right of eminent domain, or private purchase in Article 22) (hereinafter “Condemned”)lieu thereof, and the part thereof which remains is susceptible of occupation by Tenant for the conduct of its business on the Premises, this Lease and shall, as to the estate granted hereby shall part so taken, terminate as of the date of vesting of title shall vest in such Governmental Authority.
(b) If less than all the condemnor or substantially all purchaser, Landlord shall promptly restore the remainder of the rentable area Premises to a complete architectural unit, and the Rent payable hereunder shall be adjusted so that the Tenant shall be required to pay for the remainder of the demised premises shall be Condemned, then this Lease shall continue in effect as term only such portion of such Rent that is applicable to the remaining portion size of the demised premises but shall terminate as Premises remaining after such taking such bears to the portion so Condemned as size of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either entire Premises prior to such taking. Either Landlord or Tenant may, at their option, shall have the option to terminate this Lease and the estate granted hereby by giving written notice to the other within party given not later than thirty (30) days after Landlord shall have received notice the taking, in the event that such taking causes a reduction of fifteen percent (15%) of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five Premises or more or fifteen percent (2515%) or more of the Building shall be Condemned or if so much of the parking area located areas on the Land shall be Condemned so that Property or more and Landlord is unable or unwilling to provide substitute parking within a reasonably close proximity to the number Premises). If a part of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation all of the BuildingPremises be taken, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord all compensation awarded upon such taking shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion go to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration DateLandlord, and the basic annual rent Tenant shall have no claim thereto, and additional rent payable hereunder shall be apportioned as the Tenant hereby irrevocably assigns and transfers to the Landlord any right to compensation or damages to which the Tenant may become entitled during the term hereof by reason of such date.
14.03. In the event of any purchase or condemnation of all or a part of the PropertyPremises, Landlord except that Tenant shall be entitled have the right to receive the entire award in the condemnation proceeding, including recover its share of any award made or consideration for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns (1.) moving and relocation expenses; (2) loss or damage to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furnituretrade fixtures, trade fixtures furnishings, equipment, and other personal property property; and (3.) loss of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof)business goodwill.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Sources: Lease Agreement (Mobileiron, Inc.)
Condemnation. (a) If all Section 8.01. Any award, payment or substantially all compensation relating to the Land or the Landlord's fee estate in the Demised Premises to which it may be or become entitled during the Term by reason of any taking of the demised premises Demised Premises or a part thereof, in or by condemnation or other eminent domain Proceeding pursuant to any law, general or special, or by reason of the temporary requisition of the use or occupancy of the Demised Premises or a part thereof, by any governmental authority, civil or military, whether the same shall be lawfully condemned paid or payable in respect of Tenant's leasehold interest hereunder or otherwise (except to the extent that same is compensation for use of or damage to Tenant's equipment or machines not demised hereunder, leasehold improvements, moving and relocation expenses or compensation for loss of business), provided that such award, payment or compensation and any interest or income earned thereon shall be applied as hereinafter provided in this Article 8. Tenant shall be entitled to participate in any such proceedings at Tenant's cost and expense.
Section 8.02. If during the Term (A) the Demised Premises shall be taken in its entirety in or by condemnation or other eminent domain Proceeding pursuant to any law, general or special, or (B) a substantial portion of the Demised Premises, which shall be sufficient in the reasonable judgment of Landlord to make the restoration or reconstruction of the remaining portion thereof uneconomic, shall be taken in or by any Governmental Authority such Proceeding Landlord shall notify Tenant of either (A) or (B), as defined in Article 22the case may be, within sixty (60) (hereinafter “Condemned”)days of such taking and either Landlord or Tenant may terminate this Lease by giving the other party written notice of its intention to do so at that time. If Landlord shall give such notice of termination, this Lease and the estate granted hereby shall terminate as on the thirtieth (30th) day following the date Landlord gives such notice. If Tenant shall give such notice of termination, this Lease shall terminate on the date set forth in Tenant's termination notice, which date shall not be less than thirty (30) or more than ninety (90) days after the date of vesting such notice. If however, neither Landlord nor Tenant elects to terminate the Lease, Landlord shall repair, restore and rebuild the Demised Premises as nearly as possible to its value, condition and character immediately prior to such taking and in conformity with the provision of title in such Governmental AuthoritySection 8.04 hereof.
Section 8.03. If during the Term (bA) If less than all or substantially all a portion of the rentable Demised Premises shall be taken in or by condemnation or other eminent domain Proceeding pursuant to any law, general or special, which taking does not affect the Building, or more than ten percent (10%) of the Parking Area (provided, however, if a greater portion of the Parking Area is so taken and Landlord builds substitute space in another area of the demised premises Demised Premises to Tenant's reasonable satisfaction, this provision shall not apply), (B) the use or occupancy of the Demised Premises or a part thereof shall be Condemnedtemporarily requisitioned by any governmental authority, civil or military, or (C) in any other case where Landlord or Tenant, having a right so to do, fails to terminate this Lease as herein provided, then this Lease shall continue in effect full force and effect, and Landlord shall, within a reasonable time after any such taking and at its cost and expense, provided any award payable in connection with such taking shall then have been received by Landlord for deposit as hereinafter provided, repair, restore and rebuild the Demised Premises as nearly as possible to its value, condition and character immediately prior to such taking, and in conformity with the remaining portion requirements of Section 8.04 of this Lease. In all other cases (including if the Building or more than 10% of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises Parking Area shall be Condemnedtaken such that Tenant cannot conduct its business), either Landlord or Tenant may, at their option, shall have the right to terminate this Lease and the estate granted hereby by giving on written notice to the other Landlord given within thirty (30) days after receipt from Landlord of notice of a taking. If Tenant shall give such notice of termination, this Lease shall terminate on the date set forth in Tenant's termination notice, which date shall not be less than thirty (30) or more than ninety (90) days after the date of such notice. If, however, Tenant does not elect to terminate the Lease, Landlord shall have repair, restore and rebuild the Demised Premises as nearly as possible to its value, condition and character immediately prior to such taking and in conformity with the Provision of Section 8.04 hereof.
Section 8.04. Any award received notice by Landlord on account of such taking, less the actual cost, fees and expenses, if any, incurred in connection with obtaining the award, shall be held in escrow in an interest bearing account by the first mortgagee of Landlord, if any, provided such mortgagee shall be an Institutional Mortgagee or, if there be none or if the same is not a bank, in such bank as shall be selected by Landlord and approved by Tenant, such approval not to be unreasonably withheld, conditioned or delayed, under the name of Landlord and Tenant and shall be paid either to reimburse Landlord for expenditures made to repair, restore or rebuild any part of the vesting Demised Premises remaining after such taking (which expenditures shall include expenditures made for temporary repairs or for the protection of title property pending the completion of permanent repairs, restorations or rebuilding to the Demised Premises, or to prevent interference with the business operated thereon, and repairs, restorations or rebuilding thereto then in process insofar as actually made or constructed) or to pay contractors, subcontractors, materialmen, engineers, architects or other persons who have rendered services or furnished materials for said repairs, restorations or rebuilding (herein called the "Condemnation Restoration"), or to pay any other expenses or costs for which an award may be made. Payment for the Condemnation Restoration shall be withdrawn from the account from time to time as the Condemnation Restoration progresses upon the written request of Landlord to Tenant, which shall be accompanied by the following:
(a) A certificate of the architect or engineer in charge of the Condemnation Restoration (who shall be selected by Landlord and be reasonably satisfactory to Tenant) dated not more than thirty (30) days prior to such request, setting forth in substance as follows: that the sum then requested to be withdrawn either has been paid by Landlord, or is justly due to contractors, subcontractors, materialmen, engineers, architects or other persons who shall have rendered services or furnished materials for the Condemnation Restoration therein specified; the names of such persons; a brief description of such services and materials and the several amounts to be paid or due to each of such persons; and a statement that none of the cost of the services and material described in the Governmental Authority certificate has been or is being made the basis, in any previous or then pending request, for a payment under this Section, and that the sum then requested does not exceed the value of the services and materials described in the certificate: that, except for the amount, if any, stated (pursuant to the foregoing paragraph (1) of subsection (a)) in such certificate to be due for services or materials, there is not outstanding any indebtedness known to the person signing such certificate which is then due for labor, wages, materials, supplies or services in connection with the Condemnation Restoration which, if unpaid, might become the basis of a copy vendor's, mechanic's, laborer's or materialmen's lien upon the Demised Premises or any part thereof except for the following claims and disputes: (list same); and that the cost and any amounts due and under dispute under paragraph (2) of which notice subsection (a) above, as estimated by the persons signing such certificate, of the Condemnation Restoration, does not exceed the insurance proceeds remaining in the bank account after payment of the sum requested in such certificate. Upon compliance with the foregoing provisions of this Section, the first mortgagee or Landlord shall deliver be authorized by Tenant, whose approval shall not be unreasonably delayed, withheld or conditioned but whose approval shall be deemed approved five (5) days after delivery of any such request, out of such award, to Tenant promptly after receipt thereofpay or cause to be paid to Landlord or to the persons named (pursuant to paragraph (1) of subsection (a) of this Section) in which event this Lease and such certificate the estate granted hereby respective amounts stated therein to have been paid by Landlord or to be due to them, as the case may be. If such award shall terminate be more than sufficient to pay the entire cost of the Condemnation Restoration, the excess shall be the property of Landlord.
Section 8.05. If during the Term any part of the Demised Premises is taken, the Basic Rent payable hereunder shall be adjusted as of the last day date of such taking pursuant to agreement to be reached between the parties based upon the diminishment of the month next succeeding economic value of the month in which Demised Premises as a result of such notice is giventaking. If the parties are unable to agree on such adjustment to the Basic Rent, the matter shall be submitted to arbitration pursuant to the Arbitration Procedure.
(c) Section 8.06. If twenty five percent (25%) or more there shall be a condemnation of a part of the Building Demised Premises and this Lease shall not be terminated and the parties are unable to agree on an adjustment to the Basic Rent within 3 months of such taking, or if Landlord and Tenant are unable to agree on the fair and reasonable market value of the Demised Premises pursuant to Article 28 hereof, then the determination of the fair and reasonable market rental value of the Demised Premises shall be Condemned or if so much determined by arbitration in Boca Raton, Florida, in accordance with the rules, regulations and procedures (except as herein modified) of the parking area located American Arbitration Association or an organization which is the successor thereto ("AAA"), as follows (the "Arbitration Procedure"):
(a) The party invoking the arbitration procedure shall give a notice (the "Arbitration Notice") to the other party stating that the party sending the Arbitration Notice desires to meet within five (5) days to attempt to agree on a single arbitrator to determine the matter in dispute (the "Arbitrator"). If Landlord and Tenant have not agreed on the Land Arbitrator within ten (10) days after the giving of the Arbitration Notice, then either Landlord or Tenant, on behalf of both, may apply to the local office of the AAA for appointment of the Arbitrator. If the AAA shall fail refuse or be Condemned so unable to act such that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for Arbitrator is not appointed by the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant AAA within thirty (30) days after Landlord shall have received notice application therefor, then either party may apply to the Circuit Court of Palm Beach County, Florida (or any other court having jurisdiction and exercising functions similar to those now exercised by said court) (the "Court") for the appointment of the vesting Arbitrator and the other party shall not raise any question as to the Court's full power and jurisdiction to entertain the application and make the appointment. The date on which the Arbitrator is appointed, by the agreement of title the parties, by appointment by the AAA or by appointment by the Court, is referred to herein as the "Appointment Date." If any Arbitrator appointed hereunder shall be unwilling or unable, for any reason, to serve, or continue to serve, a replacement arbitrator shall be appointed in the Governmental Authority same manner as the original Arbitrator.
(b) The arbitration shall be conducted in accordance with the then prevailing rules of the AAA, modified as follows: To the extent that the laws of the State of Florida impose requirements different than those of the AAA in order for the decision of the Arbitrator to be enforceable in the courts of the State of Florida, such requirements shaft be complied with in the arbitration. The Arbitrator shall be disinterested and impartial, shall not be affiliated with Landlord or Tenant and, in the case of an arbitration as to Extended Term Market Rental (as defined in Section 28.01(a)(ii)), shall be an MAI appraiser with at least ten (10) years' experience in the determination of fair market rentals in comparable buildings in the Boca Raton, Florida region. Before hearing any testimony or receiving any evidence, the Arbitrator shall, be sworn to hear and decide the controversy faithfully and fairly by an officer authorized to administer an oath and a written copy thereof shall be delivered to Landlord and Tenant. Within ten (10) days after the Appointment Date, Landlord and Tenant shall deliver to the Arbitrator two (2) copies of their respective written determinations of the matter in dispute (each, a "Determination"), together with such affidavits, appraisals, reports and other written evidence relating thereto as the submitting party deems appropriate. After the submission of any Determination, the submitting party may not make any additions to or deletions from, or otherwise change, such Determination or the affidavits, appraisals, reports and other written evidence delivered therewith. If either party fails to so deliver its Determination within such time period, time being of the essence with respect thereto, such party shall be deemed to have irrevocably waived its right to deliver a Determination and the Arbitrator, without holding a hearing, shall accept the Determination of the submitting party as the matter in dispute. If each party submits a Determination within the ten (10) day period described above, the Arbitrator shall, promptly after its receipt of the second Determination, deliver a copy of each party's Determination to the other party. If the matter in dispute has not been determined pursuant to clause (iv) of this subparagraph (b), then not less than three (3) days nor more than fifteen (15) days after the earlier to occur of (A) the expiration of the ten (10) day period provided for in clause (iv) of this subparagraph (b) or (B) the Arbitrator's receipt of both of the Determinations from the parties (such earlier date is referred to herein as the "Submission Date"), and upon not less than three (3) days' notice to the parties, the Arbitrator shall hold at least one (but may hold more) hearings with respect to the determination of the matter. The hearings shall be held in Boca Raton, Florida at such location and time as shall be specified by the Arbitrator. Each of the parties shall be entitled to present all relevant evidence and to cross-examine witnesses at the hearings. The Arbitrator shall have the authority to adjourn any hearing to such later date as the Arbitrator shall specify, provided that in all events all hearings with respect to the determination of the dispute shall be concluded not later than twenty (20) days after the Submission Date. Except as otherwise provided in clause (v) of this subparagraph (b), where a matter in dispute involves the determination of a liquidated amount, such as the amount of Extended Term Market Rental, the Arbitrator shall be instructed, and shall be empowered only, to select as the resolution to the dispute that one of the Determinations which notice Landlord the Arbitrator believes is the more accurate determination of such amount. Without limiting the generality of the foregoing, in rendering his or her decision, the Arbitrator shall deliver to Tenant promptly after receipt thereof) in which event not add to, subtract from or otherwise modify the provisions of this Lease or either of the Determinations. The Arbitrator shall render his or her determination as to the selection of a Determination in a signed and acknowledged written instrument, original counterparts of which shall be sent simultaneously to Landlord and Tenant, within ten (10) days after the estate granted hereby will terminate earlier to occur of (A) his or her determination of the dispute pursuant to clause (iv) of this subparagraph (b) or (B) the conclusion of the hearing(s) required by clause (v) of this subparagraph.
(c) The arbitration decision, determined as provided in this Article, shall be conclusive and binding on the last day parties, shall constitute an "award" by the Arbitrator within the meaning of the month next succeeding the month AAA rules and applicable law and judgment may be entered thereon in which such notice is givenany court of competent jurisdiction.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease Each party shall be pay its own fees and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion expenses relating to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. In the event of any condemnation of all or a part of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, arbitration (including, without limitation, any award for the unexpired portion of the Term fees and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking counsel and shall continue to pay basic annual rent of experts and additional rent in full when due. If the period of temporary use witnesses retained or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Condemnation. (a) If all or substantially all of the demised premises shall be lawfully Premises are condemned or taken by in any Governmental Authority permanent manner before or during the Term for any public or quasi-public use, or any permanent transfer of the Premises are made in avoidance of an exercise of the power of eminent domain (each of which events shall be referred to as defined in Article 22) (hereinafter “Condemned”a "taking"), this Lease and the estate granted hereby shall automatically terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion due to the reduction in the rentable area such taking. If a part of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore providedPremises is so taken, this Lease and shall automatically terminate as to the term and estate hereby granted shall expire portion of the Premises so taken as of the date of the vesting of title as a result of such termination with taking. If such portion of the same effect Property is taken as if to render the balance of the Premises unusable by Tenant for the Permitted Use, as reasonably determined by either Landlord or Tenant, this Lease may be terminated by Landlord or Tenant, as of the date of the vesting of title as a result of such taking, by written notice to the other party given within thirty (30) days following notice to Landlord of the date on which said vesting will occur. If this Lease is not terminated as a result of any taking, Landlord shall restore the Building to an architecturally whole unit; provided, however, that were Landlord shall not be obligated to expend on such restoration more than the Expiration Dateamount of condemnation proceeds actually received by Landlord.
(b) Landlord shall be entitled to the entire award for any taking, including, without limitation, any award made for the value of the leasehold estate created by this Lease. No award for any partial or entire taking shall be apportioned, and the basic annual rent Tenant hereby assigns to Landlord any award that may be made in any taking, together with any and additional rent payable hereunder all rights of Tenant now or hereafter arising in or to such award or any part thereof; provided, however, that nothing contained herein shall be apportioned as deemed to give Landlord any interest in or to require Tenant to assign to Landlord any separate award made to Tenant for its relocation expenses, the taking of such datepersonal property and fixtures belonging to ▇▇▇▇▇▇, the unamortized value of improvements made or paid for by Tenant, or the interruption of or damage to Tenant's business.
14.03. (c) In the event of any condemnation a partial taking that does not result in a termination of this Lease as to the entire Premises, Fixed Rent shall be equitably adjusted in relation to the portion of the Premises taken or rendered unusable by such taking.
(d) If all or a part any portion of the PropertyPremises are taken for a limited period of time before or during the Term, this Lease shall remain in full force and effect; provided, however, that Fixed Rent shall ▇▇▇▇▇ during such limited period in proportion to the portion of the Premises taken by such taking. Landlord shall be entitled to receive the entire award made in the condemnation proceedingconnection with any such temporary taking; provided, including however, that nothing contained herein shall be deemed to give Landlord any award made for the value of the estate vested by this Lease interest in Tenant. or to require Tenant hereby expressly assigns to assign to Landlord any separate award made to Tenant for its relocation expenses, the taking of personal property and fixtures belonging to Tenant, the unamortized value of improvements made or paid for by Tenant, or the interruption of or damage to Tenant's business. Any temporary taking of all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired a portion of the Term and agrees that it Premises which continues for three (3) months shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make deemed a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial permanent taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by Premises or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof)such portion.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Sources: Lease Agreement
Condemnation. (a) If all or substantially all In the event that the whole of the demised premises Demised Premises shall be lawfully condemned or taken in any manner for any public or quasi-public use or purpose or is transferred, under threat of condemnation, by Landlord to any Governmental Authority party having the right of condemnation (any of such acts are referred to herein as defined in Article 22) (hereinafter “Condemned”"eminent domain"), this Lease and the Term and estate hereby granted hereby shall forthwith cease and terminate as of the date of vesting of title in (hereinafter referred to as the "date of taking"), and Tenant shall have no claim against Landlord for, or make any claim for the value of, any unexpired term of this Lease, and the Base Rent and Additional Rent shall be apportioned as of such Governmental Authoritydate.
(b) If less than all or substantially all In the event that any part of the rentable area of the demised premises Demised Premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the portion so Condemned as of the date of vesting of title in the Governmental Authority; provided, however, that if 25% condemned or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) abovetaken, this Lease shall be and remain unaffected by such condemnationcondemnation or taking, except that the basic annual rent Base Rent and Additional Rent allocable to the additional rent payable under Article 3 part so taken shall be abated effective apportioned as of the date of taking, and Tenant shall have no claim against Landlord for, or make any claim for the vesting of title in value of, the Governmental Authority in proportion to the reduction in the rentable area portion of the demised premises resulting from such condemnation.
14.02. In the event of termination unexpired Term of this Lease allocable to the part so taken, provided, however, that the Landlord may elect to cancel this Lease in any the event more than twenty-five percent (25%) of the cases hereinbefore providedDemised Premises should be so condemned or taken, provided such notice of election is given by Landlord to Tenant not later than sixty (60) days after the date when title shall vest in the condemning authority. Upon the giving of such notice, this Lease and shall terminate on the term and estate hereby granted shall expire as of thirtieth (30th) day following the date of such termination with the same effect as if that were the Expiration Datenotice, and the basic annual rent Base Rent and additional rent payable hereunder Additional Rent shall be apportioned as of such termination date, and Tenant shall have no claim against Landlord for, or make any claim for the value of, the unexpired Term of this Lease. Upon such partial taking and this Lease continuing in force as to any part of the Demised Premises, the Base Rent and Additional Rent shall be diminished by an amount deemed by Landlord, in its sole but reasonable judgment, to represent the part of the Base Rent and Additional Rent properly applicable to the portion or portions of the Demised Premises which may be so condemned. If, as a result of the partial taking (and this Lease continuing in force as to the part of the Demised Premises not so taken), any part of the Demised Premises not taken is damaged, Landlord agrees with reasonable promptness to commence the work necessary to restore the damaged portion to substantially the same condition and tenantability existing immediately prior to the taking.
14.03. In (c) Nothing herein provided shall preclude Tenant from appearing, claiming, proving and receiving in the condemnation proceeding Tenant's moving expenses and the value of trade fixtures and any leasehold improvements paid for by Tenant, provided such claim shall be separate from and shall not adversely affect Landlord's award.
(d) Subject to the provisions of Paragraph 22(c), the entire award for any act of eminent domain shall be paid to Landlord, and, in the event of any condemnation a partial taking, if this Lease is not canceled pursuant to the provisions of all or a this Paragraph 22, Landlord, at Landlord's own expense, shall restore the unaffected part of the PropertyDemised Premises to substantially the same condition and tenantability as existed prior to the taking. Until said unaffected portion is restored, Landlord Tenant shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value a proportionate abatement of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any Base Rent and all right, title and interest Additional Rent of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired that portion of the Demised Premises which is being restored and is not usable until the completion of the restoration or until the said portion of the Demised Premises is used by Tenant, whichever occurs sooner. Said unaffected portion shall be restored within a reasonable time, provided, however, if Landlord is delayed by Force Majeure, the time for completion shall be extended for a period equivalent to the delay. If such partial taking shall occur in the last year of the Term, then, notwithstanding anything to the contrary set forth in this Lease, either party, irrespective of the area of the space remaining, may elect to cancel this Lease and the Term hereby granted, provided such party shall, within sixty (60) days after such taking, give notice to that effect, and agrees that it upon the giving of such notice, the Base Rent and Additional Rent shall be apportioned and paid to the date of expiration of the term specified, which date shall be not be entitled more than thirty (30) days after the date of such notice, and this Lease and the Term hereby granted shall cease, expire and come to receive an end upon the expiration of the period specified in said notice. If either party shall so elect to end this Lease and the Term hereby granted, Landlord need not restore any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental AuthorityDemised Premises.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining samee) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises Demised Premises shall be taken during so taken, (i) the Term, Tenant Term shall not be entitled, reduced or affected in any way except as hereinafter set forthprovided in (iv) below, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof takenii) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent all Base Rent and additional rent in full Additional Rent when due. If the period of temporary use or occupancy , (iii) Tenant shall extend beyond the Expiration Date, be entitled to receive that part portion of the award or payment which represents reimbursement for the cost of restoration of the Demised Premises, compensation for the use and occupancy of the demised premises (or Demised Premises and for any taking of Tenant's property, except that, if the temporary period of taking shall extend beyond the expiration of the Term, the portion thereof taken) of the award representing compensation for the use and occupancy of the Demised Premises shall be divided apportioned between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including of the Expiration Date Date, and Landlord shall receive so much thereof that portion of the award which represents reimbursements for the cost of restoration of the Demised Premises, and (iv) if the date of taking shall occur during the last year of the Term, and shall exceed twenty-five (25%) of the Demised Premises, Tenant may elect to cancel this Lease by notice of election given by Tenant to Landlord not later than sixty (60) days after the date when title shall vest in the condemning authority. Upon the giving of such notice, this Lease shall terminate on the thirtieth (30th) day following the date of such notice, and the Base Rent and Additional Rent shall be apportioned as of such termination date, with Landlord, and not Tenant, to receive the portion of the award which represents reimbursement for the cost of restoration of the Demised Premises and the portion of the award representing compensation for the period after use and occupancy of the Expiration DateDemised Premises for the time subsequent to the cancellation date.
Appears in 1 contract
Condemnation. (a) If all or substantially all of the demised premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”), this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) A. If less than all or substantially all fifty (50%) percent of the rentable area Demised Premises is taken by condemnation or in any other manner for any public or quasi public use or purpose, then Owner may elect to terminate this Lease by written notice sent to Tenant not more than sixty (60) days after the taking. Upon the date specified in such notice of termination, which date shall not be later than sixty (60) days after the date of' such notice, the term of this Lease shall terminate.
B. If Owner does not so elect to terminate the lease in the event of a taking of less that 50% of the demised premises shall be CondemnedDemised Premises, then the term of this Lease shall continue in effect as to the remaining portion part of the demised premises but shall terminate as to the portion so Condemned as of Demised Premises not taken. However, effective the date of vesting the taking, the base annual rent shall be reduced by a fraction, the numerator of title which is the area in the Governmental Authority; provided, however, that if 25% or more square feet of the rentable part of the Demised Premises taken and the denominator of which is the area of the demised premises Demised Premises immediately prior to such taking. All other provisions and conditions of the Lease shall remain in full force and effect.
C. If a poi of the Demised Premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice to the other within thirty (30) days after Landlord shall have received notice taken which would materially adversely affect Tenant's use of the vesting of title in Demised Premises, and if Owner shall not offer at Owners expense to provide alternate and comparable space or facilities to replace the Governmental Authority (a copy of which notice Landlord shall deliver to space or facilities so taken, Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby shall terminate as of the last day of the month next succeeding the month in which such notice is given.
(c) If twenty five percent (25%) or more of the Building shall be Condemned or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice of the vesting of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects may elect to terminate this Lease pursuant by notice to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except Owner not later that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as sixty days alter receipt of the date notice of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnationtaking.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03. D. In the event of any condemnation of all taking or a part less than the whole of the Property, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental Authority.
14.04. In the event of any partial taking Demised Premises which does not result in a termination of this Leaselease, Landlord, Owner at its expense, expense shall proceed with reasonable diligence to repair, alter and restore the remaining parts part of the Building and the demised premises Demised Premises to substantially their its former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof)tenable Demised Premises.
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Sources: Lease Agreement (Ask Jeeves Inc)
Condemnation. (a) If all Section 17.1 If, at any time during the term of this lease, title to the whole or substantially materially all of the demised premises Demised Premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”)the exercise of the right of condemnation or eminent domain, this Lease and the estate granted hereby lease shall terminate as and expire upon the vesting of title to the Demised Premises in the condemning authority and Landlord shall be entitled to receive and retain the entire award. Upon such termination, the Fixed Monthly Rent and Additional Rent shall be apportioned and paid to the date of vesting such termination and Tenant shall have no claim for the unexpired term of title in such Governmental Authority.
(b) If less than all or substantially this Lease. For the purpose of this lease, "materially all of the rentable area Demised Premises" shall mean a taking of such scope that the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate Building not so taken cannot reasonably be repaired with the available condemnation award so as to constitute a complete unit economically feasible for the portion so Condemned as of use to which the date of vesting of title in the Governmental Authority; provided, however, that if 25% or more of the rentable area of the demised premises shall be Condemned, either Landlord or Tenant may, at their option, terminate this Lease and the estate granted hereby by giving written notice Demised Premises were put prior to the other taking. If, within thirty (30) days after title shall vest in the condemning authority, Landlord and Tenant cannot agree upon whether or not materially all of the Demised Premises shall have received notice been taken, the dispute shall be determined by arbitration in accordance with Article 26 hereof.
Section 17.2 If at any time during the term of this lease title to less than the whole or materially all of the vesting of title Demised Premises shall be taken as aforesaid, so that in the Governmental Authority (a copy reasonable judgment of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event the Demised Premises remaining would be unsatisfactory for Tenant's business operation, Tenant may cancel this Lease and any unearned portion of the estate granted hereby rent paid by Tenant shall terminate be refunded to Tenant, as of the last day date Tenant surrenders possession of the month next succeeding Demised Premises. If Tenant does not elect to cancel this lease, then the month entire award, after the payment of the reasonable costs and expenses incurred by the parties in connection with any proceeding relating thereto, shall be paid to the Landlord, and the Landlord shall hold, apply and pay over the same towards Landlord's cost of demolition, repair and restoration, substantially in the manner and subject to the same terms and conditions as those provided in Article 16 hereof. If, however, the cost of demolition, repairs and restoration shall exceed the net amount of condemnation awards paid to the Landlord, Landlord may elect to cancel this Lease or pay the deficiency. Any balance remaining in the hands of the Landlord after payment of such costs of demolition, repair and restoration as aforesaid shall be retained by Landlord. Notwithstanding the foregoing, and provided that Landlord's award is not diminished thereby, Tenant shall be entitled to apply for and receive separate awards for Tenant's fixtures and equipment.
Section 17.3 If title to less than the whole or materially all of the Demised Premises shall be taken as aforesaid, and Tenant has not elected to cancel this lease, this lease shall continue, except that thereafter the Fixed Monthly Rent for each Lease Year or partial Lease Year subsequent to the taking shall be equitably reduced in the same proportion by which the value of Tenant's leasehold estate hereunder shall have been reduced by reason of such taking. 176
Section 17.4 In the event of any dispute between the parties arising under, in connection with or relating to this Article, such dispute shall be determined by arbitration in accordance with the provisions of Article 26 of this lease except that each of the arbitrators shall be a member of the American Institute of Real Estate Appraisers or the Society of Real Estate Appraisers (of any successor organizations of comparable function) and have at least 10 years' experience in the appraisal of similar properties located in the jurisdiction in which such notice is giventhe Demised Premises are located.
(c) If twenty five percent (25%) Section 17.5 If, at any time after the date hereof, the whole or more any part of the Building Tenant's interest under this lease shall be Condemned taken or if so much of the parking area located on the Land shall be Condemned so that the number of parking spaces remaining shall in Landlord’s judgment be insufficient condemned by any competent authority for the continued operation of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within its or their temporary use or occupancy (i.e. less than thirty (30) days after Landlord days), this lease shall have received notice not terminate by reason thereof and Tenant shall continue to pay, in the manner and at the time herein specified, the full amount of the vesting of title in Fixed Monthly Rent and Additional Rent and, except only to the Governmental Authority (a copy of which notice Landlord shall deliver extent that Tenant may be prevented from so doing pursuant to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day terms of the month next succeeding the month in which such notice is given.
(d) If neither Landlord nor Tenant elects to terminate this Lease pursuant to paragraph (b) or (c) above, this Lease shall be and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 shall be abated effective as order of the date condemning authority or to the extent Tenant cannot use the space for such period, Tenant shall perform and observe all of the vesting other terms, covenants, conditions and obligations hereof upon the part of title in the Governmental Authority in proportion Tenant to the reduction in the rentable area of the demised premises resulting from be performed and observed as though such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such date.
14.03taking had not occurred. In the event of any condemnation of all or a part of the Propertysuch temporary taking, Landlord Tenant shall be entitled to receive the entire award in the condemnation proceeding, including amount of any award made for the value such taking, whether paid by way of the estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all rightdamages, title and interest of Tenant now rent or hereafter arising in or to any such award or any part thereof, including, without limitation, any award for the unexpired portion of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shallotherwise; provided, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such that (a) if the award is made in addition a lump sum, the same shall be paid to and not in reduction of Landlord’s award from held by the Governmental Authority.
14.04. In the event of any partial taking which does not result in Landlord as a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, fund which shall be repairedapplied from time to time to the Fixed Monthly Rent and Additional Rent, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 the balance, if any, of such fund shall be limited in dollar amount paid to Tenant upon the net award expiration of such temporary taking of this lease and (after deducting all expenses incurred in obtaining sameb) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for if such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part expiration of the award term of this lease, such award, whether paid in a lump sum or payment which represents compensation for in installments covering at least the use and occupancy last twelve (12) months of the demised premises (or portion thereof taken) term of this lease, shall be divided equitably apportioned between Landlord and Tenant so as of date of expiration of the term of this lease. Tenant agrees that upon the termination of any such period of temporary use or occupancy it will, at its sole cost and expense, restore the Demised Premises, as nearly as may be practicable, to the condition in which the Demised Premises were immediately prior to such taking.
Section 17.6 Notwithstanding anything to the contrary contained herein, Tenant shall receive so much thereof as represents compensation be entitled to assert a claim for the period up condemnation based upon its moving expenses and any unamortized cost relating to its furniture, fixtures and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Dateequipment.
Appears in 1 contract
Sources: Asset Purchase Agreement (American Coin Merchandising Inc)
Condemnation. (a) If all the whole or substantially all any part of the demised premises Premises shall be lawfully condemned or taken by any Governmental Authority (as defined in Article 22) (hereinafter “Condemned”)under the power of eminent domain, this Lease and the estate granted hereby shall terminate as of the date of vesting of title in such Governmental Authority.
(b) If less than all or substantially all of the rentable area of the demised premises shall be Condemned, then this Lease shall continue in effect as to the remaining portion of the demised premises but shall terminate as to the part so taken on the date Tenant is required to yield possession thereof to the condemning authority.
(i) If the portion so Condemned as of the date Premises so taken under the power of vesting of title in eminent domain substantially impairs the Governmental Authority; provided, however, that if 25% or more beneficial and economic use and occupancy of the rentable area remainder of the demised premises shall be CondemnedPremises for the use specified in Section 2.1, either Landlord or Tenant may, at their option, may terminate this Lease and as of the estate granted hereby date when Tenant is required to yield possession to the condemning authority by giving written notice to the other of termination within thirty forty-five (3045) days after Landlord shall have received the date of notice of such taking by Landlord to Tenant.
(ii) If any portion of the vesting Property is so taken thereby causing the use of title the Premises specified in the Governmental Authority (a copy of which notice Section 2.1 to be unlawful under applicable governmental requirements, and Landlord shall deliver cannot or does not deem it reasonably feasible to take action to make such use lawful, then Landlord or Tenant promptly after receipt thereof) in which event may elect to terminate this Lease and the estate granted hereby shall terminate as of the last day date on which possession thereof is required to be yielded to the condemning authority, by giving notice of such election within forty-five (45) days after the date of notice of such taking by Landlord to Tenant.
(iii) If ten percent (10%) or more of the month next succeeding parking spaces in the month in which Schein Parking Area or Schein Trailer Area are taken and Landlord does not replace such spaces at the Property, or if Tenant is permanently deprived of access to the Premises as a result of any condemnation of a portion of the Property, Tenant may elect to terminate this Lease as of the date the condemned property is required to be yielded to the possession of condemning authority by giving notice is givenof termination within forty-five (45) days after receiving notice of such taking from Landlord.
(c) If twenty five percent (25%) or more this Lease is not terminated under this Section 13.1, Landlord, subject to Section 5.9 of this Lease, shall make such repairs and alterations as may be necessary in order to restore the part of the Building Premises not taken to tenantable condition, (i) all Rent (other than any Additional Rent due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be Condemned or if so much reduced proportionately as to the portion of the parking area located Premises so taken commencing on the Land date the property taken is require to be yielded to the possession of the condemning authority, and (ii) if the portion of the Premises being repaired is rendered untenantable during the period of repair and restoration by Landlord, the Rent otherwise payable by Tenant pursuant to this Lease shall be Condemned so that abated for the period of such untenantability in such proportion as the number of parking spaces remaining shall in Landlord’s judgment be insufficient for the continued operation rentable square feet of the Building, Landlord may, at Landlord’s option, terminate this Lease and the estate granted hereby by written notice given to Tenant within thirty (30) days after Landlord shall have received notice portion of the vesting Premises rendered untenantable bears to the total number of title in the Governmental Authority (a copy of which notice Landlord shall deliver to Tenant promptly after receipt thereof) in which event this Lease and the estate granted hereby will terminate on the last day rentable square feet of the month next succeeding the month in which such notice is givenPremises.
(d) If neither Landlord nor Tenant elects to terminate this Lease any notice of termination is given pursuant to paragraph (b) or (c) abovethis section, this Lease shall terminate on the date the property taken is required to be yielded to the possession of the condemning authority and remain unaffected by such condemnation, except that the basic annual rent and the additional rent payable under Article 3 all Rent shall be abated effective as of the date of the vesting of title in the Governmental Authority in proportion to the reduction in the rentable area of the demised premises resulting from such condemnation.
14.02. In the event of termination of this Lease in any of the cases hereinbefore provided, this Lease and the term and estate hereby granted shall expire adjusted as of the date of such termination with the same effect as if that were the Expiration Date, and the basic annual rent and additional rent payable hereunder shall be apportioned as of such datetermination.
14.0313.2. In the event of any a condemnation affecting Tenant, Tenant shall have the right to make a claim against the condemning authority for relocation and moving expenses, and the unamortized cost of all Alterations made by Tenant; provided and to the extent, however, that such claims or a part of payments do not reduce the Propertysums otherwise payable by the condemning authority to Landlord. Except as aforesaid, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant. Tenant hereby expressly waives all claims against Landlord and against the condemning authority, and Tenant hereby assigns to Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereofclaims against the condemning authority, including, without limitation, any award all claims for the unexpired portion leasehold damages and diminution in value of the Term and agrees that it shall not be entitled to receive any part of such award. Tenant shall, however, be entitled to make a separate claim in such proceeding for loss of good will and moving expenses provided such award is in addition to and not in reduction of Landlord’s award from the Governmental AuthorityTenant's leasehold interest.
14.04. In the event of any partial taking which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the demised premises to substantially their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and demised premises except for Tenant’s leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, which shall be repaired, altered and restored by Tenant at its expense. Landlord’s obligation under this Section 14.04 shall be limited in dollar amount to the net award (after deducting all expenses incurred in obtaining same) available from the Governmental Authority for the improvements taken or conveyed (exclusive of the award for the Land or any portion thereof).
14.05. If the temporary use or occupancy of all or any part of the demised premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the demised premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay basic annual rent and additional rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and occupancy of the demised premises (or portion thereof taken) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents compensation for the period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for the period after the Expiration Date.
Appears in 1 contract
Sources: Lease Agreement (Schein Henry Inc)