Effect of Taking. Except as otherwise provided in this Article 13, if all or any part of the Premises is taken as a result of the exercise of the power of eminent domain or condemned for any public or quasi-public purpose, or if any transfer is made in avoidance of such exercise of the power of eminent domain (collectively, “taken” or a “taking”), this Lease shall terminate as to the part of the Premises so taken as of the effective date of such taking. On a taking of a portion of the Premises, Landlord and Tenant shall each have the right to terminate this Lease by notice to the other given within sixty (60) days after the effective date of such taking, if the portion of the Premises taken is of such extent and nature so as to materially impair Tenant’s business use of the balance of the Premises. Such termination shall be operative as of the effective date of the taking. Landlord may also terminate this Lease on a taking of any portion of the Project if Landlord determines in its sole discretion that (i) such taking is of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion, or (ii) the amount of the award payable to Landlord under Section 13.2 below, after deducting all costs and expenses incurred by Landlord in connection with such taking, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given within ninety (90) days after the effective date of such taking or as soon thereafter as possible, and such termination shall be operative as of the effective date of such taking. Upon a taking of the Premises which does not result in a termination of this Lease (other than as to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion that the rentable area of the Premises so taken bears to the total rentable area of the Premises.
Appears in 3 contracts
Sources: Office Lease (Stitch Fix, Inc.), Office Lease (iRhythm Technologies, Inc.), Office Lease (iRhythm Technologies, Inc.)
Effect of Taking. Except as otherwise provided If there shall be taken (the term "taken" including a voluntary conveyance in lieu thereof) during the Term of this Article 13, if Lease all or any part of the Leased Premises is taken as (other than a result of the exercise of temporary taking), by any authority having the power of eminent domain or condemned for any public or quasi-public purposedomain, or if any transfer is made then and in avoidance that event, the term of this Lease shall cease and terminate, and the date of such exercise termination shall be, the date upon which possession is taken by such authority. If less than all but a substantial and material portion of the power Leased Premises should be so taken which, in the sole but reasonable judgment of eminent domain Tenant, renders the Leased Premises in such a condition that it can no longer be used for its intended uses as set forth in Section 1.1(n) (collectivelyand Tenant must deliver notice to Landlord of such determination within thirty (30) days after such portion of the Leased Premises is taken), “taken” either Landlord or a “Tenant may elect to terminate this Lease or to continue this Lease in effect, but if neither Landlord nor Tenant elects to terminate this Lease within sixty (60) days after such taking”), this Lease shall terminate as to continue in effect and if the part portion of the Leased Premises so taken as diminishes the commercial value of the effective date right to use the Leased Premises for the purposes described in Section 1.1(n) of such taking. On a taking of this Lease, then a portion of the Base Rent shall be reduced by Landlord to the extent necessary to reflect such decreased value, but in no event shall the Base Rent be reduced by a proportion greater than a fraction equal to: (i) the square feet of any portion of the Building so taken divided by (ii) the total square feet of the Building. When any such reduction in Base Rent has been computed by Landlord, Landlord shall notify Tenant as to the amount of such Base Rent after the reduction and such sum shall become the Base Rent hereunder and shall be due and payable by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner of Tenant's payment of Base Rent. At the request of Landlord, Tenant will execute a letter or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to be relieved from any of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord and Tenant shall each have the right to terminate this Lease by notice to the other given within sixty (60) 60 days after the effective date of following such taking, if the . If less than a substantial and material portion of the Leased Premises taken is of such extent and nature should be so as to materially impair Tenant’s business use of the balance of the Premises. Such termination shall be operative as of the effective date of the taking. Landlord taken, then neither party may also terminate this Lease on as a taking of any result thereof; provided, however, that if less than a substantial and material portion of the Project if Leased Premises is taken and said condemned portion detrimentally affects Tenant's access to the Leased Premises and/or the ability of Tenant's delivery trucks and/or vehicles to properly access the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord determines and Tenant shall mutually agree upon a fair and reasonable reduction in its sole discretion that Base Rent to the extent necessary to reflect such decreased value, within thirty (i) such taking is of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion, or (ii) the amount of the award payable to Landlord under Section 13.2 below, after deducting all costs and expenses incurred by Landlord in connection with such taking, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given within ninety (9030) days after following the effective date of such taking or as soon thereafter as possible, and such termination shall be operative as of the effective date of such taking. Upon a taking In no event shall Base Rent be reduced by an amount greater than the amount of the Premises which does not result in a termination net condemnation award paid to Landlord amortized over the remaining Term of this Lease (other than as to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion that the rentable area of the Premises so taken bears to the total rentable area of the Premiseson a straight line basis.
Appears in 3 contracts
Sources: Lease Agreement (Egl Inc), Lease Agreement (Egl Inc), Lease Agreement (Egl Inc)
Effect of Taking. Except as otherwise provided in this Article 13, if all or any part If the entirety of the Premises is condemned or taken as (or any transfer is made in lieu thereof), other than a result of temporary taking, before or during the exercise of the power of eminent domain or condemned Term for any public or quasi-public purpose, or if any transfer is made in avoidance use (each of such exercise of the power of eminent domain (collectively, “taken” or which events shall be referred to as a “taking”), this Lease shall automatically terminate as of the earlier of the date (the “effective date of taking”) (i) of the vesting of title in the condemning authority, or (ii) the date the condemning authority is authorized to take possession of the Premises. If only a part of the Premises is so taken, this Lease shall automatically terminate as to the part portion of the Premises so taken as of the effective date of such taking. On a taking If any portion of the Building is taken so as to render the Building incapable of economically feasible operation as reasonably determined by Landlord, this Lease may be terminated by Landlord, as of the effective date of taking, by written notice to Tenant given at any time prior to the effective date of taking. If a portion of the Premises or the Building is taken so as to render the Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of Tenant’s business on the Premises, Landlord and Tenant shall each have the right to terminate as reasonably determined by Tenant, this Lease may be terminated by notice to Tenant as of the other given within sixty (60) days after date of the effective date of such taking, if the portion of the Premises taken is of such extent and nature so as by written notice to materially impair Tenant’s business use of the balance of the Premises. Such termination shall be operative as of Landlord given at any time prior to the effective date of the taking. Landlord may also terminate If this Lease is not terminated as a result of a taking, Landlord shall restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on a taking of any portion of the Project if Landlord determines in its sole discretion that (i) such taking is of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion, or (ii) restoration more than the amount of the condemnation award payable actually received by Landlord (and not required to be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation of Tenant under Section 13.2 below, after deducting all costs and expenses incurred by Landlord in connection with such taking, is not sufficient to restore this Lease) the Project (including difference between the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given within ninety (90) days after the effective date cost of such taking or as soon thereafter as possible, restoration and such termination shall be operative as the amount of the effective date of such taking. Upon a taking of the Premises which does not result in a termination of this Lease (other than as to the part of the Premises condemnation award so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion that the rentable area of the Premises so taken bears to the total rentable area of the Premisesactually received by Landlord.
Appears in 3 contracts
Sources: Lease Agreement (Dolby Laboratories, Inc.), Lease Agreement (Dolby Laboratories, Inc.), Lease Agreement (Dolby Laboratories, Inc.)
Effect of Taking. Except as otherwise provided in this Article 13, if all or any part In the event of a Taking of the Premises is taken as a result whole of the exercise of the power of eminent domain or condemned for any public or quasi-public purpose, or if any transfer is made in avoidance of such exercise of the power of eminent domain (collectively, “taken” or a “taking”)Leased Premises, this Lease shall terminate as to of the date of such Taking. If only a part of the Leased Premises shall be so taken then, except as otherwise provided in this subsection, this Lease shall continue in force and effect but, from and after the date of the Taking, the Basic Rent and Additional Charges shall be reduced on the basis of the square footage of the portion of the Leased Premises so taken. If a part of the Building shall be taken, and if either (i) the part of the Premises Building so taken as contains more than twenty-five percent (25%) of the effective date of such taking. On a taking of a portion Rentable Area of the Leased Premises, Landlord and Tenant shall each have the right immediately prior to terminate this Lease by notice to the other given within sixty (60) days after the effective date of such taking, if the portion of the Premises taken is of such extent and nature so as to materially impair Tenant’s business use of the balance of the Premises. Such termination shall be operative as of the effective date of the taking. Landlord may also terminate this Lease on a taking of any portion of the Project if Landlord determines in its sole discretion that (i) such taking is of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portionTaking, or (ii) in Landlord's reasonable opinion, it shall be impracticable to continue to operate the amount Building, then Landlord, at Landlord's option, may give to Tenant within 60 days after the date upon which Landlord shall have received notice of the award payable to Landlord under Section 13.2 belowTaking, after deducting all costs a 30 days' notice of termination of this Lease. If a part of the Building shall be taken, and expenses incurred by Landlord in connection with such taking, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause if either (i) the part of the Building taken contains more than thirty-five percent (35%) of the Rentable Area of the Leased Premises immediately prior to such Taking, or (ii) above by notice reason of such Taking, all or substantially all of the Leased Premises becomes untenantable and Tenant is unable and does not, in fact use all or substantially all of the Leased Premises for the uses permitted by Section 6(a), then Tenant, at Tenant's option, may give to Tenant given Landlord within ninety (90) 60 days after the effective date upon which Tenant shall have received notice of such taking Taking, a 30 days' notice of termination of this Lease. If a 30 days' notice of termination is given by Landlord or as soon thereafter as possibleTenant, this Lease shall terminate upon the expiration of the 30-day period. If this Lease is terminated pursuant to the foregoing provisions of this subsection, then, to the extent permitted by applicable law and such termination Taking, Tenant shall be operative as have access to the Leased Premises in order to remove Tenant's Special Installations and any other personal property then owned by Tenant and which Tenant is entitled to remove pursuant to this Lease during the period of 30 days from the effective date of such takingTenant is permitted access therefor. Upon If a taking of the Premises Taking occurs which does not result in a the termination of this Lease (other than as Lease, Landlord shall repair, alter and restore the remaining portions of the Leased Premises to their former condition to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion extent that the rentable area of the Premises so taken bears to the total rentable area of the Premisessame may be feasible.
Appears in 2 contracts
Sources: Deed of Lease (Icf Kaiser International Inc), Deed of Lease (Icf Kaiser International Inc)
Effect of Taking. Except as otherwise provided in this Article 13, if all If the whole or any part of the Premises is shall be taken as a result of the exercise of pursuant to the power of eminent domain domain, whether by condemnation or condemned for any public or quasi-public purpose, or if any transfer is made deed in avoidance of such exercise of the power of eminent domain (collectively, “taken” or a “taking”)lieu thereof, this Lease shall terminate as to the part of the Premises so taken as of the effective date of such taking. On a taking of a portion Landlord shall make such repairs and alterations as may be necessary in order to restore the part of the Premises, Premises not taken to a useful condition and all Rent (other than any Additional Rent due Landlord and Tenant by reason of Tenant's prior failure to perform any of its obligations hereunder) shall each have be reduced in the right to terminate this Lease by notice to the other given within sixty (60) days after the effective date of such taking, if same proportion as the portion of the Premises taken is of such extent and nature so as to materially impair Tenant’s business use taken. If any partial taking renders the remainder of the balance of Premises unusable for the Premises. Such termination shall be operative Permitted Use, either party may terminate this Lease as of the effective date of such taking by giving notice to the takingother party within thirty (30) days after such date. If ten percent (10%) or more of the Building is taken as aforesaid, Landlord may also elect to terminate this Lease on a taking of any portion as of the Project if Landlord determines in its sole discretion that (i) date of such taking is by giving notice of such extent and nature as election to render the operation Tenant within ninety (90) days after such date. If twenty-five percent (25%) or more of the remaining Project economically infeasible or Premises is taken (and in Tenant's good faith judgment the balance is not suitable for Tenant's business operations), Tenant may elect to require a substantial alteration or reconstruction terminate this Lease as of the date of such remaining portion, or (ii) the amount taking by giving notice of the award payable that election to Landlord under Section 13.2 below, after deducting all costs and expenses incurred by Landlord in connection with such taking, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given within ninety (90) days after the effective date of the taking. If any notice of termination is given pursuant to this Section, this Lease and the rights and obligations of the parties hereunder shall cease on the date specified in such notice and all Rent (other than any Additional Rent due Landlord by reason of Tenant's prior failure to perform any of its obligations hereunder) shall be adjusted as of the date of such taking or as soon thereafter as possible, and such termination shall be operative as of the effective date of such taking. Upon a taking of the Premises which does not result in a termination of this Lease (other than as to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion that the rentable area of the Premises so taken bears to the total rentable area of the Premisestermination.
Appears in 2 contracts
Sources: Office Lease Agreement (Teligent Inc), Office Lease Agreement (NHP Inc)
Effect of Taking. Except as otherwise provided in this Article 13, if all If the whole or any part of the Premises is shall be taken as a result of the exercise of under the power of eminent domain or condemned for any public or quasi-public purpose, or if any transfer is made in avoidance of such exercise of the power of eminent domain (collectively, “taken” or a “taking”)domain, this Lease shall terminate as to the part of the Premises so taken as of on the effective date of such taking. On a taking of a portion of the Premises, Landlord and Tenant shall each have the right is required to terminate this Lease by notice yield possession thereof to the condemning authority. Landlord shall make, or cause to be made, such repairs and alterations as may be necessary in order to restore the part not taken to useful condition and all Rental (other given within sixty (60than any Additional Rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) days after shall be reduced in the effective date of such taking, if same proportion as the portion of the Premises taken is of such extent and nature so as to materially impair Tenant’s business use of the balance of the Premises. Such termination shall be operative as of the effective date of the taking. Landlord may also terminate this Lease on a taking of any portion of the Project if Landlord determines in its sole discretion that (i) such taking is of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion, or (ii) the amount of the award payable to Landlord under Section 13.2 below, after deducting all costs and expenses incurred by Landlord in connection with such taking, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given within ninety (90) days after the effective date of such taking or as soon thereafter as possible, and such termination shall be operative as of the effective date of such taking. Upon a taking of the Premises which does not result in a termination of this Lease (other than as to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion that the rentable floor area of the Premises so taken bears to Tenant's Floor Area. If the total rentable area aforementioned taking renders the remainder of the PremisesPremises unsuitable for the Permitted Use, either party may terminate this Lease as of the date when Tenant is required to yield possession by giving notice to that effect within thirty (30) days after such date. If twenty percent (20%) or more of Landlord's Floor Area is taken as aforesaid, or if parking spaces in the Shopping Center are so taken thereby reducing the number of parking spaces to less than the number required by law and Landlord does not deem it reasonably feasible to replace such parking spaces with other parking spaces on the portion of the Shopping Center not taken, then Landlord may elect to terminate this Lease as of the date on which possession thereof is required to be yielded to the condemning authority, by giving notice of such election within ninety (90) days after such date. If any notice of termination is given pursuant to this Section, this Lease and the rights and obligations of the parties hereunder shall cease as of the date of such notice and Rental (other than any Additional Rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be adjusted as of the date of such termination.
Appears in 2 contracts
Sources: Lease Agreement (Boston Restaurant Associates Inc), Lease Agreement (Ciao Cucina Corp)
Effect of Taking. Except as otherwise provided in this Article 13, if all or any part of the Premises is taken as a result of the exercise of the power of eminent domain or condemned for any public or quasi-public quasipublic purpose, or if any transfer is made in avoidance of such exercise of the power of eminent domain (collectively, “"taken” " or a “"taking”"), this Lease shall terminate as to the part of the Premises so taken as of the effective date of such taking. On a taking of a portion of the Premises, Landlord and Tenant shall each have the right to terminate this Lease by notice to the other given within sixty (60) days after the effective date of such taking, if the portion of the Premises taken is of such extent and nature so as to materially impair Tenant’s 's operation of its business use of in the balance of the Premises. Such termination shall be operative as of the effective date of the taking. Landlord may also terminate this Lease on a taking of any portion of the Project if Landlord determines in its sole discretion that (i) such taking is of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion, or (ii) the amount of the award payable to Landlord under Section 13.2 below, after deducting all costs and expenses incurred by Landlord in connection with such taking, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 belowbelow and Landlord does not then intend to restore the Project. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given within ninety (90) days after the effective date of such taking or as soon thereafter as possible, and such termination shall be operative as of the effective date of such taking. Upon a taking of the Premises which does not result in a termination of this Lease (other than as to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion that the rentable area of the Premises so taken bears to the total rentable area of the Premises.
Appears in 1 contract
Effect of Taking. Except as otherwise provided in this Article 13, if all or any part In the event of a Taking of the Premises is taken as a result whole of the exercise of the power of eminent domain or condemned for any public or quasi-public purpose, or if any transfer is made in avoidance of such exercise of the power of eminent domain (collectively, “taken” or a “taking”)Leased ---------------- Premises, this Lease shall terminate as to of the date of such Taking. If only a part of the Leased Premises shall be so taken then, except as otherwise provided in this subsection, this Lease shall continue in force and effect but, from and after the date of the Taking, the Basic Rent and Additional Charges shall be equitably reduced on the basis of the Rentable Area so taken. If a part of the Building shall be taken, and if either (i) the part of the Premises Building so taken as contains more than twenty-five percent (25%) of the effective date of Rentable Area immediately before such taking. On a taking of a portion of Taking, or (ii) in Landlord's reasonable opinion, it shall be impracticable to continue to operate the PremisesBuilding, Landlord and then Landlord, at Landlord's option, may give to Tenant shall each have the right to terminate this Lease by notice to the other given within sixty (60) days after the effective date of such taking, if the portion upon which Landlord shall have received notice of the Premises taken is Taking, a thirty (30) days' notice of such extent and nature so as to materially impair Tenant’s business use termination of this Lease. If a part of the balance of the Premises. Such termination Building shall be operative as of the effective date of the taking. Landlord may also terminate this Lease on a taking of any portion of the Project taken, and if Landlord determines in its sole discretion that either (i) such taking is of such extent and nature as to render the operation part of the remaining Project economically infeasible or to require a substantial alteration or reconstruction Building so taken contains more than twenty-five percent (25%) of the Rentable Area immediately before such remaining portionTaking, or (ii) the amount by reason of such Taking all or substantially all of the award payable Leased Premises becomes untenantable (within the meaning of Section 13(b)), then Tenant, at Tenant's option, may give to Landlord under Section 13.2 below, after deducting all costs and expenses incurred by Landlord in connection with such taking, is not sufficient to restore the Project within sixty (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given within ninety (9060) days after the effective date upon which Tenant shall have received notice of such taking Taking, a thirty (30) days' notice of termination of this Lease. If a thirty (30) days' notice of termination is given by Landlord or as soon thereafter as possibleTenant, and such termination this Lease shall be operative as terminate upon the earlier of (x) the date on which title to the part of the effective date of such taking. Upon a taking Building taken vests in the condemning authority, or (y) the expiration of the Premises thirty (30) day period. If a Taking occurs which does not result in a the termination of this Lease Lease, Landlord shall repair, alter and restore the remaining portions of the Leased Premises (other than as but not Alterations) to their former condition to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion extent that the rentable area of the Premises so taken bears to the total rentable area of the Premisessame may be feasible.
Appears in 1 contract
Effect of Taking. Except as otherwise provided in this Article 13, if all If the whole or any part of the Premises is shall be taken as a result of the exercise of under the power of eminent domain or condemned for any public or quasi-public purpose, or if any transfer is made in avoidance of such exercise of the power of eminent domain (collectively, “taken” or a “taking”)domain, this Lease shall terminate as to the part so taken on the date Tenant is required to yield possession thereof to the condemning authority. Landlord shall make such repairs and alterations as may be necessary in order to restore the part not taken to useful condition and all Rental (other than any Additional Rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be reduced in the same proportion as the portion of the Floor Area of the Premises so taken bears to Tenant's Floor Area. If the aforementioned taking renders the remainder of the Premises unsuitable for the Permitted Use, either party may terminate this Lease as of the effective date when Tenant is required to yield possession by giving notice to that effect within thirty (30) days after such date. If twenty percent (20%) or more of such taking. On a taking of a portion of Landlord's Floor Area in the PremisesCelebrity Square Area is taken as aforesaid, Landlord and Tenant shall each have the right may elect to terminate this Lease by notice to the other given within sixty (60) days after the effective date of such taking, if the portion of the Premises taken is of such extent and nature so as to materially impair Tenant’s business use of the balance of the Premises. Such termination shall be operative as of the effective date of on which possession thereof is required to be yielded to the taking. Landlord may also terminate this Lease on a taking of any portion of the Project if Landlord determines in its sole discretion that (i) such taking is condemning authority, by giving notice of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion, or (ii) the amount of the award payable to Landlord under Section 13.2 below, after deducting all costs and expenses incurred by Landlord in connection with such taking, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given election within ninety (90) days after such date. If any notice of termination is given pursuant to this Section, this Lease and the effective rights and obligations of the parties hereunder shall cease as of the date of such taking or as soon thereafter as possible, notice and such termination Rental (other than any Additional Rental due Landlord by reason of Tenant's failure TENANT /s/ MP LANDLORD /s/ DPW to perform any of its obligations hereunder) shall be operative adjusted as of the effective date of such taking. Upon a taking of the Premises which does not result in a termination of this Lease (other than as to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion that the rentable area of the Premises so taken bears to the total rentable area of the Premisestermination.
Appears in 1 contract
Sources: Lease Agreement (Newriders Inc)
Effect of Taking. Except as otherwise provided in this Article 13, if all If fifty percent (50%) or any part more of the Premises is permanently condemned or taken as a result of (or any transfer is made in lieu thereof) before or during the exercise of the power of eminent domain or condemned Term for any public or quasi-public purposeuse, or if any transfer is made in avoidance (each of such exercise of the power of eminent domain (collectively, “taken” or which events shall be referred to as a “"taking”"), this Lease shall automatically terminate as of the date of the vesting of title. If less than fifty percent (50%) of the Premises is so taken, this Lease shall automatically terminate as to the part portion of the Premises so taken as of the effective date of the vesting of title as a result of such taking. On a taking of a portion If fifty percent (50%) or more of the PremisesReal Property is taken as to render the Building incapable of economically feasible operation as reasonably determined by Landlord, Landlord and Tenant shall each have the right to terminate this Lease may be terminated by Landlord, as of the date of the vesting of title as a result of such taking, by written notice to the other given Tenant within sixty (60) days after following notice to Landlord of the effective date on which said vesting will occur. If any portion of the Premises is permanently taken as to render the Premises or the remaining portion thereof unusable by Tenant for the normal operation of Tenant's business or the Premises, this Lease may be terminated by Tenant as of the date of the vesting of title as a result of such taking, if the portion by written notice to Landlord within sixty (60) days following notice to Tenant of the Premises taken 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 Landlord shall not be obligated to expend on such restoration more than the amount of condemnation proceeds actually received by Landlord nor do more work than that described in Section 14.3, unless Tenant pays to Landlord in advance the difference between the cost of such extent restoration and nature so as to materially impair Tenant’s business use of the balance of the Premises. Such termination shall be operative as of the effective date of the taking. Landlord may also terminate this Lease on a taking of any portion of the Project if Landlord determines in its sole discretion that (i) such taking is of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion, or (ii) the amount of the award payable condemnation proceeds received by Landlord. In no event shall Landlord have any obligation to Landlord under Section 13.2 belowrepair or replace any of Tenant's personal property, after deducting all costs and expenses incurred by Landlord in connection with such takingtrade fixtures, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given within ninety (90) days after the effective date of such taking or as soon thereafter as possible, and such termination shall be operative as of the effective date of such taking. Upon a taking of the Premises which does not result in a termination of this Lease (other than as to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion that the rentable area of the Premises so taken bears to the total rentable area of the PremisesAlterations.
Appears in 1 contract
Sources: Office Lease (Peoplesoft Inc)
Effect of Taking. Except as otherwise provided in this Article 13, if all If the whole or any part of the Premises is premises shall be taken as a result of the exercise of under the power of eminent domain or condemned for any public or quasi-public purpose, or if any transfer is made in avoidance of such exercise of the power of eminent domain (collectively, “taken” or a “taking”)domain, this Lease lease shall terminate as to the part of the Premises so taken as of on the effective date of such taking. On a taking of a portion of the Premises, Landlord and Tenant shall each have the right is required to terminate this Lease by notice yield possession thereof to the condemning authority. Landlord shall make such repairs and alterations as may be necessary in order to restore the part not taken to useful condition and all rental (other given within sixty (60than any additional rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) days after the effective date of such taking, if shall be reduced proportionately to the portion of the Premises taken is of such extent and nature premises so as to materially impair Tenant’s business use taken. If the loss of the balance portion of the Premises. Such termination shall be operative premises so taken substantially impairs the usefulness of the remainder of the premises for the permitted use, either party may terminate this lease as of the effective date when Tenant is required to yield possession by giving notice to that effect within thirty (30) days after such date. If twenty percent (20%) or more of the taking. floor area in the retail center is taken as aforesaid, or if parking spaces in the retail center are reduced below the number required by law, and Landlord may also terminate this Lease does not deem it reasonably feasible to replace such parking spaces with other parking spaces on a taking of any the portion of the Project if retail center area not taken, then Landlord determines in its sole discretion that (i) such taking may elect to terminate this lease as of the date on which possession thereof is required to be yielded to the condemning authority, by giving notice of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion, or (ii) the amount of the award payable to Landlord under Section 13.2 below, after deducting all costs and expenses incurred by Landlord in connection with such taking, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given election within ninety (90) days after such date. If any notice of termination is given pursuant to this Section, this lease and the effective date rights and obligations of such taking or as soon thereafter as possible, and such termination the parties hereunder shall be operative cease as of the effective date of such taking. Upon a taking of the Premises which does not result in a termination of this Lease notice, and rental (other than as any additional rental due Landlord by reason of Tenant's failure to the part perform any of the Premises so taken), the Base Rent its obligations hereunder) shall thereafter be reduced adjusted as of the effective date of such taking in the proportion that the rentable area of the Premises so taken bears to the total rentable area of the Premisesdate.
Appears in 1 contract
Effect of Taking. Except as otherwise provided in this Article 13, if If all or any part of the Premises is condemned or taken as a result of the exercise of the power of eminent domain or condemned ---------------- in any manner for any public or quasi-public purposeuse, or if any transfer of the Premises is made in avoidance of such an exercise of the power of eminent domain (collectively, “taken” or each of which events shall be referred to as a “"taking”"), this Lease shall automatically terminate as of the date of the vesting of title as a result of such taking. If a part of the Premises is so taken, this Lease shall automatically terminate as to the part portion of the Premises so taken as of the effective date of the vesting of title as a result of such taking. On a taking of a If such portion of the PremisesReal Property is taken as to render the Building incapable of economically feasible operation, Landlord and Tenant shall each have the right to terminate this Lease may be terminated by Landlord, as of the date of the vesting of title as a result of such taking, by written notice to the other given Tenant within sixty (60) days after following notice to Landlord of the effective date on which said vesting will occur; provided that such termination by Landlord is made in good faith in a nondiscriminatory manner. If such portion of the Premises is taken as to render the Premises or the remaining portion thereof unusable by Tenant, this Lease may be terminated by Tenant as of the date of the vesting of title as a result of such taking, if the portion by written notice to Landlord within sixty (60) days following notice to Tenant of the Premises taken 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 Landlord shall not be obligated to expend on such restoration more than the amount of condemnation proceeds actually received by Landlord, unless Tenant pays to Landlord in advance the difference between the cost of such extent restoration and nature so as to materially impair Tenant’s business use of the balance of the Premises. Such termination shall be operative as of the effective date of the taking. Landlord may also terminate this Lease on a taking of any portion of the Project if Landlord determines in its sole discretion that (i) such taking is of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion, or (ii) the amount of the award payable to Landlord under Section 13.2 below, after deducting all costs and expenses incurred condemnation proceeds received by Landlord in connection with such taking, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given within ninety (90) days after the effective date of such taking or as soon thereafter as possible, and such termination shall be operative as of the effective date of such taking. Upon a taking of the Premises which does not result in a termination of this Lease (other than as to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion that the rentable area of the Premises so taken bears to the total rentable area of the PremisesLandlord.
Appears in 1 contract
Effect of Taking. Except as otherwise provided in this Article 13, if all If the whole or any part of the Premises is shall be taken as a result of the exercise of under the power of eminent domain or condemned for any public or quasi-public purpose, or if any transfer is made in avoidance of such exercise of the power of eminent domain (collectively, “taken” or a “taking”)domain, this Lease shall terminate as to the part so taken on the date Tenant is required to yield possession thereof to the condemning authority. Landlord shall make such repairs and alterations as may be necessary in order to restore the part not taken to useful condition and all Rental (other than any Additional Rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be reduced in the same proportion as the portion of the Floor Area of the Premises so taken bears to Tenant's Floor Area. If the aforementioned taking renders the remainder of the Premises unsuitable for the Permitted Use, either party may terminate this Lease as of the effective date when Tenant is required to yield possession by giving notice to that effect within thirty (30) days after such date. If twenty percent (20%) or more of such taking. On a taking of a portion of Landlord's Floor Area in the PremisesShopping Center Area is taken as aforesaid, then Landlord and Tenant shall each have the right may elect to terminate this Lease by notice to the other given within sixty (60) days after the effective date of such taking, if the portion of the Premises taken is of such extent and nature so as to materially impair Tenant’s business use of the balance of the Premises. Such termination shall be operative as of the effective date of on which possession thereof is required to be yielded to the taking. Landlord may also terminate this Lease on a taking of any portion of the Project if Landlord determines in its sole discretion that (i) such taking is condemning authority, by giving notice of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion, or (ii) the amount of the award payable to Landlord under Section 13.2 below, after deducting all costs and expenses incurred by Landlord in connection with such taking, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given election within ninety (90) days after such date. If any notice of termination is given pursuant to this Section, this Lease and the effective rights and obligations of the parties hereunder shall cease as of the date of such taking or as soon thereafter as possible, notice and such termination Rental (other than Additional Rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be operative adjusted as of the effective date of such taking. Upon a taking of the Premises which does not result in a termination of this Lease (other than as to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion that the rentable area of the Premises so taken bears to the total rentable area of the Premisestermination.
Appears in 1 contract
Effect of Taking. Except as otherwise provided in this Article 13, if (a) all or any part of the Premises is taken as a result of the exercise of the power of eminent domain or condemned for any public or quasi-public purpose, or if any transfer is made in avoidance of such exercise of the power of eminent domain (collectively, “taken” or a “taking”), this Lease shall terminate as to the part of the Premises so taken as of the effective date of such taking; or (b) if a taking results in material and continuing interference with Tenant’s access to the Premises and Landlord is unable to provide reasonable alternative access, Tenant shall have the right to terminate this Lease by written notice to Landlord within thirty (30) days after the effective date of such taking; or (c) if a taking materially reduces Tenant’s parking rights under the Lease and Landlord is unable to provide reasonable alternative parking rights, the Base Rent hereunder shall be equitably reduced as of the date of such taking to reflect the reduction in Tenant’s parking rights hereunder. On a taking of a portion of the Premises, Landlord and Tenant shall each have the right to terminate this Lease by notice to the other given within sixty thirty (6030) days after the effective date of such taking, if the portion of the Premises taken is of such extent and nature so as to materially impair Tenant’s business use of the balance of the Premises, as reasonably determined by the party giving such notice. Such termination shall be operative as of the effective date of the taking. Landlord may also terminate this Lease on a taking of any other portion of the Building or the Project if Landlord reasonably determines in its sole discretion that (i) such taking is of such extent and nature as to render the operation of the remaining Building or the Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion, or (ii) the amount of the award payable to Landlord under Section 13.2 below, after deducting all costs and expenses incurred by Landlord in connection with such taking, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect such termination under clause (i) or (ii) above by notice to Tenant given within ninety thirty (9030) days after the effective date of such taking or as soon thereafter as possibletaking, and such termination shall be operative as of the effective date of such taking. Upon a taking of the Premises which does not result in a termination of this Lease (other than as to the part of the Premises so taken)Lease, the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion that the rentable area Rentable Area of the Premises so taken bears to the total rentable area Rentable Area of the Premises.
Appears in 1 contract
Sources: Office Lease (Mobitv Inc)
Effect of Taking. Except as otherwise provided in this Article 13, if all or any part In the event of a Taking of the Premises is taken as a result whole of the exercise of the power of eminent domain or condemned for any public or quasi-public purpose, or if any transfer is made in avoidance of such exercise of the power of eminent domain (collectively, “taken” or a “taking”)Leased Premises, this Lease shall terminate as to of the date of such Taking. If only a part of the Leased Premises shall be so taken then, except as otherwise provided in this subsection, this Lease shall continue in force and effect, but from and after the date of the Taking, the Basic Rent and Additional Charges shall be equitably reduced on the basis of the Rentable Area so taken. If a part of the Building shall be taken, and if either (i) the part of the Premises Building so taken as contains more than twenty-five percent (25%) of the effective date of Rentable Area immediately before such taking. On a taking of a portion of Taking, or (ii) in Landlord’s reasonable opinion, it shall be impracticable to continue to operate the PremisesBuilding, Landlord and then Landlord, at Landlord’s option, may give to Tenant shall each have the right to terminate this Lease by notice to the other given within sixty (60) days after the effective date of such taking, if the portion upon which Landlord shall have received notice of the Premises taken is Taking, a thirty (30) days’ notice of such extent and nature so as to materially impair Tenant’s business use termination of this Lease. If a part of the balance of the Premises. Such termination Building shall be operative as of the effective date of the taking. Landlord may also terminate this Lease on a taking of any portion of the Project taken, and if Landlord determines in its sole discretion that either (i) such taking is of such extent and nature as to render the operation part of the remaining Project economically infeasible or to require a substantial alteration or reconstruction Building so taken contains more than thirty-five percent (35%) of the Rentable Area immediately before such remaining portionTaking, or (ii) the amount by reason of such Taking all or substantially all of the award payable Leased Premises becomes untenantable (within the meaning of Section 13(b)) and Tenant does not, in fact, use all or substantially all of the Leased Premises for the uses permitted by Section 6(a), then Tenant, at Tenant’s option, may give to Landlord under Section 13.2 below, after deducting all costs and expenses incurred by Landlord in connection with such taking, is not sufficient to restore the Project within sixty (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given within ninety (9060) days after the effective date upon which Tenant shall have received notice of such taking Taking, a thirty (30) days’ notice of termination of this Lease. If a thirty (30) days’ notice of termination is given by Landlord or as soon thereafter as possibleTenant, this Lease shall terminate upon the earlier of (x) the date on which title to the part of the Building taken vests in the condemning authority, or (y) the expiration of the thirty (30) day period. If this Lease is terminated pursuant to the foregoing provisions of this subsection, then, to the extent permitted by applicable law and such termination Taking, Tenant shall be operative as have access to the Leased Premises in order to remove Tenant’s Personal Property and any other property which Tenant is entitled to remove pursuant to this Lease during the period of thirty (30) days from the effective date of such takingTenant is permitted access therefor. Upon If a taking of the Premises Taking occurs which does not result in a the termination of this Lease Lease, Landlord shall repair, alter and restore the remaining portions of the Leased Premises (other than as but not Alterations) to their former condition to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion extent that the rentable area of the Premises so taken bears to the total rentable area of the Premisessame may be feasible.
Appears in 1 contract
Effect of Taking. Except as otherwise provided in this Article 13, if all or any part of If title to the Premises is or so much thereof as to render the remainder no longer usable for Tenant’s operations shall be taken as a result or permanently condemned by any competent authority and the Premises cannot, in the reasonable opinion of the exercise of the power of eminent domain or condemned for any public or quasi-public purposeLandlord and Tenant, or if any transfer is made in avoidance of such exercise of the power of eminent domain (collectively, “taken” or a “taking”)be restored to useful condition, this Lease shall terminate as to the part of the Premises so taken cease and terminate, and all Base Rent, additional rent and other charges paid or payable by Tenant hereunder shall be apportioned as of the effective date of such taking. On a taking vesting of a portion of title in the Premises, Landlord condemning authority and Tenant shall each have the right to terminate this Lease by notice to the other given within sixty (60) days after the effective date of such taking, if the portion of surrender the Premises taken is as set forth herein. In the event of such extent and nature so as to materially impair Tenant’s business use of the balance of the Premises. Such termination shall be operative as of the effective date of the taking. Landlord may also terminate this Lease on a permanent partial taking of any portion of the Project if Landlord determines in its sole discretion that (i) such taking is of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion, or (ii) the amount of the award payable to Landlord under Section 13.2 below, after deducting all costs and expenses incurred by Landlord in connection with such taking, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given within ninety (90) days after the effective date of such taking or as soon thereafter as possible, and such termination shall be operative as of the effective date of such taking. Upon a taking of the Premises which does not result in effect a termination of this Lease (other than as pursuant to the part preceding sentence but does deprive Tenant of the Premises so taken), the Base Rent shall thereafter be reduced as use of the effective date seventy-five percent (75%) or more of such taking in the proportion that the rentable area of the Premises so taken bears Building, Tenant shall have the right, at its option, exercisable by written notice delivered to Landlord by no later than thirty (30) days before the total vesting of title in such condemning authority, to terminate this Lease. In the event the Tenant does not exercise its right to terminate the Lease in accordance with this Article 11 and a portion of the rentable area of the PremisesBuilding is permanently taken, the Base Rent thereafter payable hereunder shall be reduced by the lesser of (a) the Base Rent otherwise payable hereunder multiplied by a fraction, the numerator of which is the rentable area of the Building so taken and the denominator of which is 321,321 square feet and (b) the product of (i) the net condemnation proceeds retained by Landlord (after reduction of any proceeds utilized for restoration) and (ii) six and one-tenth percent (6.1%) during the first five years of this Lease and seven and six-tenths percent (7.6%) thereafter. The Lease may not be terminated for a temporary taking. In the event of a temporary taking, Tenant shall remain liable for its Base Rent and other monetary obligations under this Lease without reduction or abatement and any and all payments made for such temporary taking and business interruption insurance proceeds shall be paid over to Tenant.
Appears in 1 contract
Sources: Absolute Net Lease (Health Net Inc)
Effect of Taking. Except as otherwise provided in this Article 13, if If all or any part of the Premises is condemned or taken as a result of in any permanent manner before or during the exercise of the power of eminent domain or condemned Term for any public or quasi-public purposeuse, or if any permanent transfer of the Premises is made in avoidance of such an exercise of the power of eminent domain (collectively, “taken” or each of which events shall be referred to as a “"taking”"), this Lease shall automatically terminate as of tile date of the vesting of title as a result of such taking. If a part of the Premises is so taken, this Lease shall automatically terminate as to the part portion of the Premises so taken as of the effective date of the vesting of title as a result of such taking. On a taking of a If such portion of the PremisesProperty is taken as to render the balance of the Premises unusable by Tenant for the Permitted Use, Landlord as reasonably determined by Tenant and Tenant shall each have the right to terminate Landlord, 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 sixty (60) days after following notice to Landlord of the effective date on which said vesting will occur. If this Lease is not terminated as a result of such any taking, or if the all or any portion of the Premises is taken is for a limited period of time before or during the Term, Landlord shall restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such extent and nature so as to materially impair Tenant’s business use of the balance of the Premises. Such termination shall be operative as of the effective date of the taking. Landlord may also terminate this Lease on a taking of any portion of the Project if Landlord determines in its sole discretion that (i) such taking is of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion, or (ii) restoration more than the amount of the award payable to Landlord under Section 13.2 below, after deducting all costs and expenses incurred condemnation proceeds actually received by Landlord in connection with such taking, is and Landlord shall not sufficient be obligated to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given within ninety (90) days after the effective date of such taking or as soon thereafter as possible, and such termination shall be operative as of the effective date of such any temporary taking. Upon In the event of a partial taking of the Premises which that does not result in a termination of this Lease (other than as to the part entire Premises, or in the event of any temporary taking, Base Rent and Additional Rent shall be equitably adjusted in relation to the portions of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of and Building taken or rendered unusable by such taking in the proportion that the rentable area of the Premises so taken bears to the total rentable area of the Premisestaking.
Appears in 1 contract
Sources: Lease Agreement (Value Line Inc)
Effect of Taking. Except as otherwise provided in this Article 13, if If all or any part of the Premises is condemned or taken as a result of (or any transfer is made in lieu thereof) before or during the exercise of the power of eminent domain or condemned Term for any public or quasi-public purposeuse, or if any transfer is made in avoidance (each of such exercise of the power of eminent domain (collectively, “taken” or which events shall be referred to as a “taking”), this Lease shall automatically terminate as of the date of the vesting of title. If a part of the Premises is so taken, this Lease shall automatically terminate as to the part portion of the Premises so taken as of the effective date of the vesting of title as a result of such taking. On a taking of a If such portion of the PremisesReal Property is taken as to render the Building incapable of economically feasible operation as reasonably determined by Landlord, Landlord and Tenant shall each have the right to terminate this Lease may be terminated by Landlord, as of the date of the vesting of title as a result of such taking, by written notice to the other given Tenant within sixty (60) days after following notice to Landlord of the effective date on which said vesting will occur. If such portion of the Premises is taken as to render the Premises or the remaining portion thereof unusable by Tenant for the normal operation of Tenant’s business or the Premises, this Lease may be terminated by Tenant as of the date of the vesting of title as a result of such taking, if the portion by written notice to Landlord within sixty (60) days following notice to Tenant of the Premises taken 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 Landlord shall not be obligated to expend on such restoration more than the amount of condemnation proceeds actually received by Landlord, unless Tenant pays to Landlord in advance the difference between the cost of such extent restoration and nature so as to materially impair Tenant’s business use of the balance of the Premises. Such termination shall be operative as of the effective date of the taking. Landlord may also terminate this Lease on a taking of any portion of the Project if Landlord determines in its sole discretion that (i) such taking is of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion, or (ii) the amount of the award payable to Landlord under Section 13.2 below, after deducting all costs and expenses incurred condemnation proceeds received by Landlord in connection with such taking, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given within ninety (90) days after the effective date of such taking or as soon thereafter as possible, and such termination shall be operative as of the effective date of such taking. Upon a taking of the Premises which does not result in a termination of this Lease (other than as to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion that the rentable area of the Premises so taken bears to the total rentable area of the PremisesLandlord.
Appears in 1 contract
Sources: Short Term Lease (Perseon Corp)
Effect of Taking. Except as otherwise provided in this Article 13, if all or any part In the event of a Taking of the Premises is taken as a result whole of the exercise of the power of eminent domain or condemned for any public or quasi-public purpose, or if any transfer is made in avoidance of such exercise of the power of eminent domain (collectively, “taken” or a “taking”)Leased Premises, this Lease shall terminate as of the date of such Taking. If only a part of the Leased Premises shall be so taken then, except as otherwise provided in this subsection, this Lease shall continue in force and effect, but from and after the date of the Taking the Basic Rent and Additional Charges shall be equitably reduced on the basis of the Rentable Area so taken. If a part of the Building shall be taken, and if either (i) the part of the Building so taken contains more than twenty-five percent (25%) of the Rentable Area immediately before such Taking, or (ii) in Landlord's reasonable opinion, it shall be impracticable to continue to operate the Building, then Landlord, at Landlord's option, may give to Tenant within 60 days after the date upon which Landlord shall have received notice of the Taking, a 30 days' notice of termination of this Lease. If a part of the Building shall be taken, and if either (i) the part of the Building so taken contains more than thirty-five percent (35%) of the Rentable Area immediately before such Taking, or (ii) by reason of such Taking all or substantially all of the Leased Premises becomes untenantable (within the meaning of Section 13(b) and Tenant does not, in fact, use all or substantially all of the Leased Premises for the uses permitted by Section 6(a), then Tenant, at Tenant's option, may give to Landlord within 60 days after the date upon which Tenant shall have received notice of such Taking, a 30 days' notice of termination of this Lease. If a 30 days' notice of termination is given by Landlord or Tenant, this Lease shall terminate upon the earlier of (x) the date on which title to the part of the Premises so Building taken as of vests in the effective date of such taking. On a taking of a portion of the Premises, Landlord and Tenant shall each have the right to terminate this Lease by notice to the other given within sixty (60) days after the effective date of such taking, if the portion of the Premises taken is of such extent and nature so as to materially impair Tenant’s business use of the balance of the Premises. Such termination shall be operative as of the effective date of the taking. Landlord may also terminate this Lease on a taking of any portion of the Project if Landlord determines in its sole discretion that (i) such taking is of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portioncondemning authority, or (iiy) the amount expiration of the award payable to Landlord under Section 13.2 below, after deducting all costs and expenses incurred by Landlord in connection with such taking, 30-day period. If this Lease is not sufficient to restore the Project (including the Premises) terminated pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above the foregoing provisions of this subsection, then, to the extent permitted by notice to Tenant given within ninety (90) days after the effective date of such taking or as soon thereafter as possible, applicable law and such termination Taking, Tenant shall be operative as have access to the Leased Premises in order to remove Tenant's Personal Property and any other property which Tenant is entitled to remove pursuant to this Lease during the period of 30 days from the effective date of such takingTenant is permitted access therefor. Upon If a taking of the Premises Taking occurs which does not result in a the termination of this Lease Lease, Landlord shall repair, alter and restore the remaining portions of the Leased Premises (other than as but not Alterations) to their former condition to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion extent that the rentable area of the Premises so taken bears to the total rentable area of the Premisessame may be feasible.
Appears in 1 contract
Effect of Taking. Except On a total taking, Lessee’s obligation to pay rent shall terminate on, and Lessee’s interest in the leasehold shall continue until, the date of taking. If a taking is so substantial that it is a substantial taking, Lessee may, by notice to Lessor given within 30 days after Lessee receives notice of intended taking, elect to treat the taking as otherwise provided a substantial taking. If Lessee does not so notify Lessor, the taking shall be deemed a partial taking. If Lessee gives such notice and Lessor gives Lessee notice disputing Lessee’s contention within 15 days following Lessee’s notice, the dispute shall be promptly determined by arbitration. If Lessor gives no such notice, the taking shall be considered a substantial taking. A substantial taking shall be treated as a total taking if (1) Lessee delivers possession to Lessor within 30 days after determination that the taking was a substantial taking, and (2) Lessee is not in this Article 13default under the Lease and has complied with all Lease provisions concerning apportionment of the award. If these conditions are not met, if all the taking shall be treated as a partial taking. Lessee may continue to occupy the Premises and Improvements until the condemnor takes physical possession. However, at any time following notice of intended total taking, or any part within the time limit specified for delivering possession in the provision on substantial taking, Lessee may elect to deliver possession of the Premises is taken as a result of to Lessor before the exercise of actual taking. The election shall be made by notice declaring the power of eminent domain or condemned for any public or quasi-public purpose, or if any transfer is made in avoidance of such exercise of the power of eminent domain (collectively, “taken” or a “taking”), election and covenanting to pay all rents required under this Lease shall terminate as to the part date of taking. Lessee’s right to apportionment of or compensation from the Premises so taken award pursuant to Section XVI(E) below shall then accrue as of the effective date that Lessee goes out of such taking. On a taking of a portion of the Premises, Landlord and Tenant shall each have the right to terminate this Lease by notice to the other given within sixty (60) days after the effective date of such taking, if the portion of the Premises taken is of such extent and nature so as to materially impair Tenant’s business use of the balance of the Premises. Such termination shall be operative as of the effective date of the taking. Landlord may also terminate this Lease on a taking of any portion of the Project if Landlord determines in its sole discretion that (i) such taking is of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion, or (ii) the amount of the award payable to Landlord under Section 13.2 below, after deducting all costs and expenses incurred by Landlord in connection with such taking, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given within ninety (90) days after the effective date of such taking or as soon thereafter as possible, and such termination shall be operative as of the effective date of such taking. Upon a taking of the Premises which does not result in a termination of this Lease (other than as to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion that the rentable area of the Premises so taken bears to the total rentable area of the Premisespossession.
Appears in 1 contract
Sources: Ground Lease (Venoco, Inc.)
Effect of Taking. Except as otherwise provided in this Article 13, if all If the whole or any part of the Premises is shall be taken as a result of the exercise of under the power of eminent domain or condemned for any public or quasi-public purpose, or if any transfer is made in avoidance of such exercise of the power of eminent domain (collectively, “taken” or a “taking”)domain, this Lease shall terminate as to the part of the Premises so taken as of on the effective date of such taking. On a taking of a portion of the Premises, Landlord and Tenant shall each have the right is required to terminate this Lease by notice yield possession thereof to the condemning authority. Landlord shall make such repairs and alterations as may be necessary in order to restore the part not taken to useful condition, and all rental (other given within sixty (60than any Additional Rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) days after shall be reduced in the effective date of such taking, if same proportion as the portion of the Premises taken is of such extent and nature so as to materially impair Tenant’s business use of the balance of the Premises. Such termination shall be operative as of the effective date of the taking. Landlord may also terminate this Lease on a taking of any portion of the Project if Landlord determines in its sole discretion that (i) such taking is of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion, or (ii) the amount of the award payable to Landlord under Section 13.2 below, after deducting all costs and expenses incurred by Landlord in connection with such taking, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given within ninety (90) days after the effective date of such taking or as soon thereafter as possible, and such termination shall be operative as of the effective date of such taking. Upon a taking of the Premises which does not result in a termination of this Lease (other than as to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion that the rentable area Rentable Area of the Premises so taken bears to the total rentable area original Rentable Area of the Premises. Notwithstanding anything to the contrary provided in this Lease, any obligation of Landlord hereunder to restore the Premises or any other part of the Building shall be limited to such reconstruction as can be financed by such condemnation award as shall actually be received by Landlord free and clear from collection by any Mortgagees and after deducting the cost and expense including attorney's fees, if any, of settling with the condemning authority. If the aforementioned taking renders the remainder of the Premises unsuitable for the Permitted Use, either party may terminate this Lease as of the date when Tenant is required to yield possession by giving notice to that effect within thirty (30) days after such date. If twenty (20%) percent or more of the Land is taken as aforesaid, or if parking spaces in the Building are so taken thereby substantially reducing the number of parking spaces in the Land, and Landlord does not deem it reasonably feasible to replace such parking spaces with other parking spaces on the portion of the Land not taken, then Landlord may elect to terminate this Lease as of the date on which possession thereof is required to be yielded to the condemning authority, by giving notice of such election within ninety (90) days after such date. If any notice of termination is given pursuant to this Section, this Lease, and the rights and obligations of the parties hereunder, shall cease as of the date of such notice, and rental (other than any Additional Rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be adjusted as of the date of such termination.
Appears in 1 contract
Sources: Lease Agreement (Vialog Corp)
Effect of Taking. Except as otherwise provided in this Article 13, if If all or any part of the Premises is condemned or taken as a result of (or any transfer is made in lieu thereof) before or during the exercise of the power of eminent domain or condemned Term for any public or quasi-public purposeuse, or if any transfer is made in avoidance (each of such exercise of the power of eminent domain (collectively, “taken” or which events shall be referred to as a “takingTaking”), this Lease shall automatically terminate as of the date of the vesting of title. If a part of the Premises is so taken, this Lease shall automatically terminate as to the part portion of the Premises so taken as of the effective date of the vesting of title as a result of such taking. On a taking of If a portion of the PremisesReal Property is taken as to render the Building incapable of economically feasible operation as reasonably determined by Landlord, Landlord and Tenant shall each have the right to terminate this Lease may be terminated by Landlord as of the date of the vesting of title as a result of such taking, by written notice to the other given Tenant within sixty (60) days after following notice to Landlord of the effective date on which said vesting will occur. If a portion of the Premises is taken as to render the Premises or the remaining portion thereof unusable by Tenant for the normal operation of Tenant’s business on the Premises, this Lease may be terminated by Tenant as of the date of the vesting of title as a result of such taking, if the portion by written notice to Landlord within sixty (60) days following notice to Tenant of the Premises taken 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 Landlord shall not be obligated to expend on such restoration more than the amount of condemnation proceeds actually received by Landlord nor do more work than that described in Section 14.4, unless Tenant pays to Landlord in advance the difference between the cost of such extent restoration and nature so as to materially impair Tenant’s business use of the balance of the Premises. Such termination shall be operative as of the effective date of the taking. Landlord may also terminate this Lease on a taking of any portion of the Project if Landlord determines in its sole discretion that (i) such taking is of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion, or (ii) the amount of the award payable to Landlord under Section 13.2 below, after deducting all costs and expenses incurred condemnation proceeds received by Landlord in connection with such taking, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given within ninety (90) days after the effective date of such taking or as soon thereafter as possible, and such termination shall be operative as of the effective date of such taking. Upon a taking of the Premises which does not result in a termination of this Lease (other than as to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion that the rentable area of the Premises so taken bears to the total rentable area of the PremisesLandlord.
Appears in 1 contract
Effect of Taking. Except as otherwise provided in this Article 13, if If all or any part of the Premises is condemned or taken as a result of the exercise of the power of eminent domain or condemned in any manner for any public or quasi-public purposeuse, or if any transfer of the Premises is made in avoidance of such an exercise of the power of eminent domain (collectively, “taken” or each of which events shall be referred to as a “"taking”"), this Lease shall automatically terminate as of the date of the vesting of title as a result of such taking. If a part of the Premises is so taken, this Lease shall automatically terminate as to the part portion of the Premises so taken as of the effective date of the vesting of title as a result of such taking. On a taking of a If such portion of the PremisesReal Property is taken as to render the Building incapable of economically feasible operation, Landlord and Tenant shall each have the right to terminate this Lease may be terminated by Landlord, as of the date of the vesting of title as a result of such taking, by written notice to the other given Tenant within sixty (60) days after following notice to Landlord of the effective date on which said vesting will occur, provided that such termination by Landlord is made in good faith in a non-discriminatory manner. If such portion of the Premises is taken as to render the Premises or the remaining portion thereof unusable by Tenant, this Lease may be terminated by Tenant as of the date of the vesting of title as a result of such taking, if the portion by written notice to Landlord within sixty (60) days following notice to Tenant of the Premises taken 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 Landlord shall not be obligated to expend on such restoration more than the amount of condemnation proceeds actually received by Landlord, unless Tenant pays to Landlord in advance the difference between the cost of such extent restoration and nature so as to materially impair Tenant’s business use of the balance of the Premises. Such termination shall be operative as of the effective date of the taking. Landlord may also terminate this Lease on a taking of any portion of the Project if Landlord determines in its sole discretion that (i) such taking is of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion, or (ii) the amount of the award payable to Landlord under Section 13.2 below, after deducting all costs and expenses incurred condemnation proceeds received by Landlord in connection with such taking, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given within ninety (90) days after the effective date of such taking or as soon thereafter as possible, and such termination shall be operative as of the effective date of such taking. Upon a taking of the Premises which does not result in a termination of this Lease (other than as to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion that the rentable area of the Premises so taken bears to the total rentable area of the PremisesLandlord.
Appears in 1 contract
Sources: Office Building Lease (Kintera Inc)
Effect of Taking. Except as otherwise provided in this Article 13, if all If the whole or any part of the Premises is shall be taken as a result of the exercise of pursuant to the power of eminent domain domain, whether by condemnation or condemned for any public or quasi-public purpose, or if any transfer is made deed in avoidance of such exercise of the power of eminent domain (collectively, “taken” or a “taking”)lieu thereof, this Lease shall terminate as to the part of the Premises so taken as of the effective date of such taking. On Landlord shall make such repairs and alterations as may be necessary in order to restore the part of the Premises not taken to a taking useful condition and all Rent (other than any Additional Rent due Landlord by reason of a Tenant's prior failure to perform any of its obligations hereunder) shall be reduced in the same proportion as the portion of the PremisesPremises so taken. If any partial taking renders the remainder of the Premises unusable for the Permitted Use, Landlord and either party may terminate this Lease as of the date of such taking by giving notice to the other party within thirty (30) days after such date. Notwithstanding anything contained herein to the contrary, if fifty percent (50%) or more of the Premises is taken as aforesaid, Tenant shall each have the right may elect to terminate this Lease by notice to as of the other given within sixty (60) days after the effective date of such taking, if the portion by providing written notice of such termination to Landlord within thirty (30) days of such date. If ten percent (10%) or more of the Premises Building is taken is of such extent and nature so as aforesaid, Landlord may elect to materially impair Tenant’s business use of the balance of the Premises. Such termination shall be operative terminate this Lease as of the effective date of the taking. Landlord may also terminate this Lease on a taking of any portion of the Project if Landlord determines in its sole discretion that (i) such taking is by giving notice of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion, or (ii) the amount of the award payable to Landlord under Section 13.2 below, after deducting all costs and expenses incurred by Landlord in connection with such taking, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice election to Tenant given within ninety (90) days after such date. If any notice of termination is given pursuant to this Section 12.1, this Lease and the effective rights and obligations of the parties hereunder shall cease on the date specified in such notice and all Rent (other than any Additional Rent due Landlord by reason of Tenant's prior failure to perform any of its obligations hereunder) shall be adjusted as of the date of such taking or as soon thereafter as possible, and such termination shall be operative as of the effective date of such taking. Upon a taking of the Premises which does not result in a termination of this Lease (other than as to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion that the rentable area of the Premises so taken bears to the total rentable area of the Premisestermination.
Appears in 1 contract
Sources: Office Lease Agreement (Excalibur Technologies Corp)
Effect of Taking. Except as otherwise provided in this Article 13, if all or any part In the event of a Taking of the Premises is taken as a result whole of the exercise of the power of eminent domain or condemned for any public or quasi-public purpose, or if any transfer is made in avoidance of such exercise of the power of eminent domain (collectively, “taken” or a “taking”)Leased Premises, this Lease shall terminate as to of the date of such Taking. If only a part of the Leased Premises shall be so taken then, except as otherwise provided in this subsection, this Lease shall continue in force and effect but, from and after the date of the Taking, the Basic Rent and Additional Charges shall be reduced on the basis of the square footage of the portion of the Leased Premises so taken. If a part of the Building shall be taken, and if either (i) the part of the Premises Building so taken as contains more than twenty-five percent (25%) of the effective date of such taking. On a taking of a portion Rentable Area of the Leased Premises, Landlord and Tenant shall each have the right to terminate this Lease by notice to the other given within sixty (60) days after the effective date of immediately prior no such taking, if the portion of the Premises taken is of such extent and nature so as to materially impair Tenant’s business use of the balance of the Premises. Such termination shall be operative as of the effective date of the taking. Landlord may also terminate this Lease on a taking of any portion of the Project if Landlord determines in its sole discretion that (i) such taking is of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portionTaking, or (ii) in Landlord’s reasonable opinion, it shall be impracticable to continue to operate the amount Building, then Landlord, at Landlord’s option, may give to Tenant within 60 days after Building, then Landlord, at Landlord’s option, may give to Tenant within 60 days after the date upon which Landlord shall have received notice of the award payable to Landlord under Section 13.2 belowTaking, after deducting all costs a 30 days’ notice of termination of this Lease. If a part of the Building shall be taken, and expenses incurred by Landlord in connection with such taking, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause if either (i) the part of the Building taken contains more than thirty-five percent (35%) of the Rentable Area of the Leased Premises immediately prior to such Taking, or (ii) above by notice reason of such Taking, all or substantially all of the Leased Premises becomes untenantable and Tenant is unable and does not, in fact use all or substantially all of the Leased Premises for the uses permitted by Section 6(a), then Tenant, at Tenant’s option, may give to Tenant given Landlord within ninety (90) 60 days after the effective date upon which Tenant shall have received notice of such taking Taking, a 30 days’ notice of termination of this Lease. If a 30 days’ notice of termination is given by Landlord or as soon thereafter as possibleTenant, this Lease shall terminate upon the expiration of the 30-day period. If this Lease is terminated pursuant to the foregoing provisions of this subsection, then, to the extent permitted by applicable law and such termination Taking, Tenant shall be operative as have access to the Leased Premises in order to remove Tenant’s Special Installations and any other personal property then owned by Tenant and which Tenant is entitled to remove pursuant to this Lease during the period of 30 days from the effective date of such takingTenant is permitted access therefor. Upon If a taking of the Premises Taking occurs which does not result in a the termination of this Lease (other than as Lease, Landlord shall repair, alter and restore the remaining portions of the Leased Premises to their former condition to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion extent that the rentable area of the Premises so taken bears to the total rentable area of the Premisessame may be feasible.
Appears in 1 contract
Effect of Taking. Except as otherwise provided in this Article 13, if If all or any part of the Premises is condemned or taken as a result of the exercise of the power of eminent domain or condemned in any manner for any public or quasi-public purposeuse, or if any transfer of the Premises is made in avoidance of such an exercise of the power of eminent domain (collectively, “taken” or each of which events shall be referred to as a “"taking”"), this Lease shall automatically terminate as of the date of the vesting of title as a result of such taking. If a part of the Premises is so taken, this Lease shall automatically terminate as to the part portion of the Premises so taken as of the effective date of the vesting of title as a result of such taking. On a taking of a If such portion of the PremisesReal Property is taken as to render the Building incapable of economically feasible operation, Landlord and Tenant shall each have the right to terminate this Lease may be terminated by Landlord, as of the date of the vesting of title as a result of such taking, by written notice to the other given Tenant within sixty (60) days after following notice to Landlord of the effective date on which said vesting will occur. If such portion of the Premises is taken as to render the Premises or the remaining portion thereof unusable by Tenant, this Lease may be terminated by Tenant as of the date of the vesting of title as a result of such taking, if the portion by written notice to Landlord within sixty (60) days following notice to Tenant of the Premises taken 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 Landlord shall not be obligated to expend on such restoration more than the amount of condemnation proceeds actually received by Landlord, unless Tenant pays to Landlord in advance the difference between the cost of such extent restoration and nature so as to materially impair Tenant’s business use of the balance of the Premises. Such termination shall be operative as of the effective date of the taking. Landlord may also terminate this Lease on a taking of any portion of the Project if Landlord determines in its sole discretion that (i) such taking is of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion, or (ii) the amount of the award payable to Landlord under Section 13.2 below, after deducting all costs and expenses incurred condemnation proceeds received by Landlord in connection with such taking, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given within ninety (90) days after the effective date of such taking or as soon thereafter as possible, and such termination shall be operative as of the effective date of such taking. Upon a taking of the Premises which does not result in a termination of this Lease (other than as to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion that the rentable area of the Premises so taken bears to the total rentable area of the PremisesLandlord.
Appears in 1 contract
Sources: Office Building Lease (Omm Inc)
Effect of Taking. Except as otherwise provided in this Article 13, if If all or any part of the Premises is condemned or taken as a result of the exercise of the power of eminent domain or condemned ---------------- in any manner for any public or quasi-public purposeuse, or if any transfer of the Premises is made in avoidance of such an exercise of the power of eminent domain (collectively, “taken” or each of which events shall be referred to as a “"taking”"), this Lease shall automatically terminate as of the date of the vesting of title as a result of such taking. If a part of the Premises is so taken, this Lease shall automatically terminate as to the part portion of the Premises so taken as of the effective date of the vesting of title as a result of such taking. On a taking of a If such portion of the PremisesReal Property is taken as to render the Building incapable of economically feasible operation, Landlord and Tenant shall each have the right to terminate this Lease may be terminated by Landlord, as of the date of the vesting of title as a result of such taking, by written notice to the other given Tenant within sixty (60) days after following notice to Landlord of the effective date on which said vesting will occur. If such portion of the Premises or the Building or the Project is taken as to render the Premises or the remaining portion thereof unusable by Tenant, this Lease may be terminated by Tenant as of the date of the vesting of title as a result of such taking, if the portion by written notice to Landlord within sixty (60) days following notice to Tenant of the Premises taken 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 Landlord shall not be obligated to expend on such restoration more than the amount of condemnation proceeds actually received by Landlord, unless Tenant pays to Landlord in advance the difference between the cost of such extent restoration and nature so as to materially impair Tenant’s business use of the balance of the Premises. Such termination shall be operative as of the effective date of the taking. Landlord may also terminate this Lease on a taking of any portion of the Project if Landlord determines in its sole discretion that (i) such taking is of such extent and nature as to render the operation of the remaining Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion, or (ii) the amount of the award payable to Landlord under Section 13.2 below, after deducting all costs and expenses incurred condemnation proceeds received by Landlord in connection with such taking, is not sufficient to restore the Project (including the Premises) pursuant to Section 13.3 below. Landlord shall elect termination under clause (i) or (ii) above by notice to Tenant given within ninety (90) days after the effective date of such taking or as soon thereafter as possible, and such termination shall be operative as of the effective date of such taking. Upon a taking of the Premises which does not result in a termination of this Lease (other than as to the part of the Premises so taken), the Base Rent shall thereafter be reduced as of the effective date of such taking in the proportion that the rentable area of the Premises so taken bears to the total rentable area of the PremisesLandlord.
Appears in 1 contract
Sources: Office Building Lease (Inflow Inc)