Partial or Temporary Taking. If there is a Permanent Taking of a portion of the Leased Property, or if there is a temporary Taking of all or a portion of the Leased Property, this Lease shall remain in effect so long as the Leased Property is not thereby rendered permanently Unsuitable For Its Primary Intended Use or temporarily Unsuitable For Its Primary Intended Use for a period not likely to, or which does not, exceed two hundred and seventy (270) days. If, however, the Leased Property is thereby so rendered permanently or temporarily Unsuitable For Its Primary Intended Use: (a) if only rendered temporarily Unsuitable For Its Primary Intended Use, Lessee shall have the right to restore the Leased Property, at its own expense (subject to the right under certain circumstances as provided for in Section 14.5 to receive the net proceeds of an Award for reimbursement), to the extent possible, to substantially the same condition as existed immediately before the partial or (b) Lessee shall have the right to acquire the Leased Property from Lessor (i) upon payment of all Rent due through the date that the purchase price is paid, for a purchase price equal to the greater of (x) the Meditrust Investment or (y) the Fair Market Value of the Leased Property minus the Fair Market Added Value, with the Fair Market Value of the Leased Property and the Fair Market Added Value to be determined as of the day immediately prior to such partial or temporary Taking and (ii) in accordance with the terms and conditions set forth in Article 18; in which event, this Lease shall terminate upon payment of such purchase price and the consummation of such acquisition. Notwithstanding the foregoing, Lessor may overrule Lessee's election under clause (a) or (b) and instead either (1) terminate this Lease (with no obligation on the part of Lessee to acquire the Leased Property as a result thereof) as of the date when Lessee is required to surrender possession of the portion of the Leased Property so taken if (X) such portion comprises more than thirty percent (30%) of the Leased Property or of the residential building(s) located thereon or (Y) possession thereof is to be surrendered within two years of the expiration of the Term or (2) compel Lessee to keep the Lease in full force and effect and to restore the Leased Property as provided in clause (a) above, but only if the Leased Property may be operated for at least eighty percent (80%) of the licensed unit capacity of the Facility in effect prior to the Taking. Lessee shall exercise its election under this Section 14.3 by giving Lessor notice thereof ("Lessee's Election Notice") within sixty (60) days after Lessee receives notice of the Taking. Lessor shall exercise its option to overrule Lessee's election under this Section 14.3 by giving Lessee notice of Lessor's exercise of its rights under Section 14.3 within thirty (30) days after Lessor receives Lessee's Election Notice. If, as the result of any such partial or temporary Taking, this Lease is not terminated as provided above, Lessee shall be entitled to an abatement of Rent, but only to the extent, if any, provided for in Section 3.7, effective as of the date upon which the Leased Property is rendered Unsuitable For Its Primary Intended Use.
Appears in 2 contracts
Sources: Lease Agreement (Emeritus Corp\wa\), Facility Lease Agreement (Emeritus Corp\wa\)
Partial or Temporary Taking. If there is a Permanent Taking Subject to the rights of any Superior Mortgagee or Superior Lessor, and other parties having rights to condemnation proceeds, in the event of any taking of less than the whole of the Building and/or the Property, which taking does not result in termination of this Lease, or in the event of a portion of the Leased Property, or if there is taking for a temporary Taking use or occupancy of all or a portion any part of the Leased Property, this Lease shall remain in effect so long as the Leased Property is not thereby rendered permanently Unsuitable For Its Primary Intended Use or temporarily Unsuitable For Its Primary Intended Use for a period not likely toPremises, or which other partial taking of the Premises, that does not, exceed two hundred and seventy (270) days. If, however, the Leased Property is thereby so rendered permanently or temporarily Unsuitable For Its Primary Intended Use:
not result in a termination of this Lease: (a) if only rendered temporarily Unsuitable For Its Primary Intended Use, Lessee shall have the right to restore the Leased PropertyLandlord, at its own expense expense, and provided that a condemnation award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair the remaining parts of the Building and the Premises (subject other than those parts of the Premises that are Tenant's Property) to the right under certain circumstances as provided for in Section 14.5 to receive the net proceeds of an Award for reimbursement)substantially their former condition, to the extent possiblethat the same is feasible (subject to those changes which Landlord reasonably deems desirable, and to building and other governmental codes and regulations) and so as to constitute a complete and tenantable Building and Premises, and (b) Tenant, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair Tenant's Property, to substantially its former condition, to the same condition extent feasible, subject to such reasonable changes as existed immediately before Landlord and Tenant shall agree upon, in writing. Such work by Tenant shall be deemed Alterations. Furthermore, in the event of a partial taking of the Premises that does not result in a termination of this Lease, the Base Rent and Additional Rent due hereunder shall be reduced in a proportionate amount, based upon the proportion that the area that has been taken bears to the total area of the Premises. Such reduction shall be effective from the date on which the partial or
(b) Lessee shall have taking occurs until the right to acquire date, if any, on which the Leased Property from Lessor (i) upon payment of all Rent due through the date that the purchase price is paid, for a purchase price equal to the greater of (x) the Meditrust Investment or (y) the Fair Market Value of the Leased Property minus the Fair Market Added Value, with the Fair Market Value of the Leased Property partial taking terminates and the Fair Market Added Value to be determined as of the day immediately prior to such partial or temporary Taking and (ii) Premises have been restored in accordance with the terms and conditions set forth in Article 18; in which event, of this Lease shall terminate upon payment of such purchase price and the consummation of such acquisition. Notwithstanding the foregoing, Lessor may overrule Lessee's election under clause (a) or (b) and instead either (1) terminate this Lease (with no obligation on the part of Lessee to acquire the Leased Property as a result thereof) as of the date when Lessee is required to surrender possession of the portion of the Leased Property so taken if (X) such portion comprises more than thirty percent (30%) of the Leased Property or of the residential building(s) located thereon or (Y) possession thereof is to be surrendered within two years of the expiration of the Term or (2) compel Lessee to keep the Lease in full force and effect and to restore the Leased Property as provided in clause (a) above, but only if the Leased Property may be operated for at least eighty percent (80%) of the licensed unit capacity of the Facility in effect prior to the Taking. Lessee shall exercise its election under this Section 14.3 by giving Lessor notice thereof ("Lessee's Election Notice") within sixty (60) days after Lessee receives notice of the Taking. Lessor shall exercise its option to overrule Lessee's election under this Section 14.3 by giving Lessee notice of Lessor's exercise of its rights under Section 14.3 within thirty (30) days after Lessor receives Lessee's Election Notice. If, as the result of any such partial or temporary Taking, this Lease is not terminated as provided above, Lessee shall be entitled to an abatement of Rent, but only to the extent, if any, provided for in Section 3.7, effective as of the date upon which the Leased Property is rendered Unsuitable For Its Primary Intended UseLease.
Appears in 2 contracts
Sources: Sublease Agreement (United Industries Corp), Industrial Building Lease (United Industries Corp)
Partial or Temporary Taking. If there is a Permanent Taking Subject to the rights of any Superior Mortgagee or Superior Lessor, and other parties having rights to condemnation proceeds, in the event of any taking of less than the whole of the Premises, which taking does not result in termination of this Lease, or in the event of a portion of the Leased Property, or if there is taking for a temporary Taking use or occupancy of all or a portion any part of the Leased Property, this Lease shall remain in effect so long as the Leased Property is not thereby rendered permanently Unsuitable For Its Primary Intended Use or temporarily Unsuitable For Its Primary Intended Use for a period not likely toPremises, or which other partial taking of the Premises, that does not, exceed two hundred and seventy (270) days. If, however, the Leased Property is thereby so rendered permanently or temporarily Unsuitable For Its Primary Intended Use:
not result in a termination of this Lease: (a) if only rendered temporarily Unsuitable For Its Primary Intended Use, Lessee shall have the right to restore the Leased PropertyLandlord, at its own expense expense, and provided that a condemnation award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair the remaining parts of the Premises (subject other than those parts of the Premises that are Tenant's Property) to the right under certain circumstances as provided for in Section 14.5 to receive the net proceeds of an Award for reimbursement)substantially their former condition, to the extent possiblethat the same is feasible (subject to those changes which Landlord reasonably deems desirable, and to building and other governmental codes and regulations) and so as to constitute a complete and tenantable Premises, and (b) Tenant, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair Tenant's Property, to substantially its former condition, to the same condition extent feasible, subject to such reasonable changes as existed immediately before Landlord and Tenant shall agree upon, in writing. Such work by Tenant shall be deemed Alterations. Furthermore, in the event of a partial taking of the Premises that does not result in a termination of this Lease, the Base Rent due hereunder shall be reduced in a proportionate amount, based upon the proportion that the area that has been taken bears to the total area of the Premises. Such reduction shall be effective from the date on which the partial or
(b) Lessee shall have taking occurs until the right to acquire date, if any, on which the Leased Property from Lessor (i) upon payment of all Rent due through the date that the purchase price is paid, for a purchase price equal to the greater of (x) the Meditrust Investment or (y) the Fair Market Value of the Leased Property minus the Fair Market Added Value, with the Fair Market Value of the Leased Property partial taking terminates and the Fair Market Added Value to be determined as of the day immediately prior to such partial or temporary Taking and (ii) Premises have been restored in accordance with the terms and conditions set forth in Article 18; in which event, of this Lease shall terminate upon payment of such purchase price and the consummation of such acquisition. Notwithstanding the foregoing, Lessor may overrule Lessee's election under clause (a) or (b) and instead either (1) terminate this Lease (with no obligation on the part of Lessee to acquire the Leased Property as a result thereof) as of the date when Lessee is required to surrender possession of the portion of the Leased Property so taken if (X) such portion comprises more than thirty percent (30%) of the Leased Property or of the residential building(s) located thereon or (Y) possession thereof is to be surrendered within two years of the expiration of the Term or (2) compel Lessee to keep the Lease in full force and effect and to restore the Leased Property as provided in clause (a) above, but only if the Leased Property may be operated for at least eighty percent (80%) of the licensed unit capacity of the Facility in effect prior to the Taking. Lessee shall exercise its election under this Section 14.3 by giving Lessor notice thereof ("Lessee's Election Notice") within sixty (60) days after Lessee receives notice of the Taking. Lessor shall exercise its option to overrule Lessee's election under this Section 14.3 by giving Lessee notice of Lessor's exercise of its rights under Section 14.3 within thirty (30) days after Lessor receives Lessee's Election Notice. If, as the result of any such partial or temporary Taking, this Lease is not terminated as provided above, Lessee shall be entitled to an abatement of Rent, but only to the extent, if any, provided for in Section 3.7, effective as of the date upon which the Leased Property is rendered Unsuitable For Its Primary Intended UseLease.
Appears in 2 contracts
Sources: Industrial Building Lease (Sparta Foods Inc), Industrial Building Lease (Nantucket Industries Inc)
Partial or Temporary Taking. If there is a Permanent Taking Subject to the rights of a portion any --------------------------- Superior Mortgagee or Superior Lessor, the grantee of any facade or historical easement, and other appropriate parties having rights to condemnation proceeds, in the event of any taking of less than the whole of the Leased PropertyBuilding and/or the Property which does not result in termination of this Lease, or if there is in the event of taking for a temporary Taking use or occupancy of all or a portion any part of the Leased Property, this Lease shall remain in effect so long as the Leased Property is not thereby rendered permanently Unsuitable For Its Primary Intended Use or temporarily Unsuitable For Its Primary Intended Use for a period not likely to, or Premises which does notnot result in a termination of this Lease, exceed two hundred and seventy (270) days. If, however, the Leased Property is thereby so rendered permanently or temporarily Unsuitable For Its Primary Intended Use:
(a) if only rendered temporarily Unsuitable For Its Primary Intended Use, Lessee shall have the right to restore the Leased PropertyLandlord, at its own expense expense, shall proceed with reasonable diligence to repair the remaining parts of the Building and the Premises (other than those parts of the Premises which are Landlord's Property and Tenant's Property) to substantially their former condition to the extent that the same may be feasible (subject to reasonable changes which Landlord shall deem desirable) and so as to continue a complete and tenantable Building and Premises, and (b) Tenant, at its expense, and whether or not any award or awards shall be sufficient for the right under certain circumstances as provided for in Section 14.5 purpose, shall proceed with reasonable diligence to receive repair the net proceeds remaining parts of an Award for reimbursement), to the extent possiblePremises which are deemed Landlord's Property and Tenant's Property, to substantially the same condition as existed immediately before the partial or
(b) Lessee their former condition, subject to reasonable changes which Tenant shall have the right to acquire the Leased Property from Lessor (i) upon payment of all Rent due through the date that the purchase price is paid, for a purchase price equal to the greater of (x) the Meditrust Investment or (y) the Fair Market Value of the Leased Property minus the Fair Market Added Value, with the Fair Market Value of the Leased Property and the Fair Market Added Value to be determined as of the day immediately prior to such partial or temporary Taking and (ii) in accordance with the terms and conditions set forth in Article 18; in which event, this Lease shall terminate upon payment of such purchase price and the consummation of such acquisitiondeem desirable. Notwithstanding the foregoing, Lessor may overrule Lessee's election under clause (a) or (b) and instead either (1) terminate this Lease (with no obligation on the part of Lessee to acquire the Leased Property as a result thereof) as of the date when Lessee is required to surrender possession of the portion of the Leased Property so taken if (X) such portion comprises more than thirty percent (30%) of the Leased Property or of the residential building(s) located thereon or (Y) possession thereof is to be surrendered within two years of the expiration of the Term or (2) compel Lessee to keep the Lease in full force and effect and to restore the Leased Property as provided in clause (a) above, but only if the Leased Property may be operated for at least eighty percent (80%) of the licensed unit capacity of the Facility in effect prior to the Taking. Lessee shall exercise its election under this Section 14.3 Such work by giving Lessor notice thereof ("Lessee's Election Notice") within sixty (60) days after Lessee receives notice of the Taking. Lessor shall exercise its option to overrule Lessee's election under this Section 14.3 by giving Lessee notice of Lessor's exercise of its rights under Section 14.3 within thirty (30) days after Lessor receives Lessee's Election Notice. If, as the result of any such partial or temporary Taking, this Lease is not terminated as provided above, Lessee Tenant shall be entitled to an abatement of Rent, but only to the extent, if any, provided for in Section 3.7, effective deemed Alterations as of the date upon which the Leased Property is rendered Unsuitable For Its Primary Intended Usehereinabove defined.
Appears in 1 contract
Partial or Temporary Taking. If there is a Permanent Taking Subject to the rights of any Superior Mortgagee or Superior Lessor, and other parties having rights to condemnation proceeds, in the event of any taking of less than the whole of the Premises, which taking does not result in termination of this Lease, or in the event of a taking for a temporary use or occupancy of all or any part of the Premises, or other partial taking of the Premises, that in any such case does not result in a termination of this Lease: (a) Landlord, at its expense, and to the extent that a condemnation award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair the remaining parts of the Premises (inclusive of that portion of the Leased PropertyPremises that represents Tenant Funded Improvements, or if there is a temporary Taking of all or a portion but other than those parts of the Leased Property, this Lease shall remain in effect so long as the Leased Premises that are Tenant's Property and Tenant's Improvements that Tenant is not thereby rendered permanently Unsuitable For Its Primary Intended Use or temporarily Unsuitable For Its Primary Intended Use for a period not likely to, or which does not, exceed two hundred and seventy (270entitled to remove) days. If, however, the Leased Property is thereby so rendered permanently or temporarily Unsuitable For Its Primary Intended Use:
(a) if only rendered temporarily Unsuitable For Its Primary Intended Use, Lessee shall have the right to restore the Leased Property, at its own expense (subject to the right under certain circumstances as provided for in Section 14.5 to receive the net proceeds of an Award for reimbursement)substantially their former condition, to the extent possiblethat the same is feasible (subject to those changes which Landlord reasonably deems desirable and Tenant reasonably accepts, and to building and other governmental codes and regulations) and so as to constitute a complete and tenantable Premises, and (b) Tenant, at its expense, and to the extent any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair Tenant's Property and Tenant's Improvements, to substantially its former condition, to the same condition extent feasible, subject to such reasonable changes as existed immediately before Landlord and ▇▇▇▇▇▇ shall agree upon, in writing. Such work by Tenant shall be deemed Alterations (the approval for which Alterations shall not be unreasonably withheld by Landlord). Furthermore, in the event of a partial taking of the Premises that does not result in a termination of this Lease, the Net Base Rent due hereunder shall be reduced in a proportionate amount, based upon the proportion that the area that has been taken bears to the total area of the Premises. Such reduction shall be effective from the date on which the partial or
(b) Lessee shall have taking occurs until the right to acquire date, if any, on which the Leased Property from Lessor (i) upon payment of all Rent due through the date that the purchase price is paid, for a purchase price equal to the greater of (x) the Meditrust Investment or (y) the Fair Market Value of the Leased Property minus the Fair Market Added Value, with the Fair Market Value of the Leased Property partial taking terminates and the Fair Market Added Value to be determined as of the day immediately prior to such partial or temporary Taking and (ii) Premises have been restored in accordance with the terms and conditions set forth in Article 18; in which event, of this Lease shall terminate upon payment of such purchase price and the consummation of such acquisition. Notwithstanding the foregoing, Lessor may overrule Lessee's election under clause (a) or (b) and instead either (1) terminate this Lease (with no obligation on the part of Lessee to acquire the Leased Property as a result thereof) as of the date when Lessee is required to surrender possession of the portion of the Leased Property so taken if (X) such portion comprises more than thirty percent (30%) of the Leased Property or of the residential building(s) located thereon or (Y) possession thereof is to be surrendered within two years of the expiration of the Term or (2) compel Lessee to keep the Lease in full force and effect and to restore the Leased Property as provided in clause (a) above, but only if the Leased Property may be operated for at least eighty percent (80%) of the licensed unit capacity of the Facility in effect prior to the Taking. Lessee shall exercise its election under this Section 14.3 by giving Lessor notice thereof ("Lessee's Election Notice") within sixty (60) days after Lessee receives notice of the Taking. Lessor shall exercise its option to overrule Lessee's election under this Section 14.3 by giving Lessee notice of Lessor's exercise of its rights under Section 14.3 within thirty (30) days after Lessor receives Lessee's Election Notice. If, as the result of any such partial or temporary Taking, this Lease is not terminated as provided above, Lessee shall be entitled to an abatement of Rent, but only to the extent, if any, provided for in Section 3.7, effective as of the date upon which the Leased Property is rendered Unsuitable For Its Primary Intended UseLease.
Appears in 1 contract
Sources: Industrial Building Lease (Golden Books Family Entertainment Inc)
Partial or Temporary Taking. If there is a Permanent Taking In the event of a portion partial taking or a taking for temporary use that does not result in the termination or this Lease or any sublease or assignment of any interest thereunder, Lessee, or sublessee or assignee as the case may be, shall, with due diligence following the taking, commence all work to remedy any physical damage done to the improvements by such taking, to restore them for the continuation of the Leased Property, or if there is a temporary Taking of all or a portion of the Leased Property, this Lease shall remain in effect so long as the Leased Property is not thereby rendered permanently Unsuitable For Its Primary Intended Use or temporarily Unsuitable For Its Primary Intended Use for a period not likely to, or which does not, exceed two hundred and seventy (270) days. If, however, the Leased Property is thereby so rendered permanently or temporarily Unsuitable For Its Primary Intended Use:
(a) if only rendered temporarily Unsuitable For Its Primary Intended Use, Lessee shall have the right to restore the Leased Property, at its own expense (subject to the right under certain circumstances as provided for in Section 14.5 to receive the net proceeds of an Award for reimbursement), to the extent possible, to substantially the same condition as existed immediately before the partial or
(b) Lessee shall have the right to acquire the Leased Property from Lessor (i) upon payment of all Rent due through the date that the purchase price is paid, for a purchase price equal to the greater of (x) the Meditrust Investment or (y) the Fair Market Value of the Leased Property minus the Fair Market Added Value, with the Fair Market Value of the Leased Property and the Fair Market Added Value to be determined as of the day immediately use being made thereof prior to such partial taking and thereafter prosecute the same to completion with all due diligence. If Lessee, sublessee or temporary Taking assignee, jointly herein called “Lessee” does not commence to repair, alter, modify or reconstruct as above (herein called “repair”) within a reasonable time, not to exceed 180 days, the cost of such repair shall be deducted from Lessee’s share of the award and (ii) in accordance with the terms and conditions set forth in Article 18paid to The Regents; in which event, this Lease shall terminate upon payment of such purchase price and the consummation award to The Regents, shall not be deemed a waiver by The Regents of such acquisition. Notwithstanding the foregoing, Lessor may overrule Lessee's election under clause (a) or (b) and instead either (1) terminate this Lease (with no obligation a default on the part of Lessee to acquire the Leased Property as a result thereof) as for not making such repair, and The Regents shall have all remedies available for such default. Lessee is relieved of the date when Lessee is required to surrender possession of duty to, but may repair, alter, modify or reconstruct the portion of improvements if a partial taking occurs during the Leased Property so taken if final five (X5) such portion comprises more than thirty percent (30%) of the Leased Property or of the residential building(s) located thereon or (Y) possession thereof is to be surrendered within two years of the expiration term. The conditions for such relief are:
17.8.1 The work of repair, alteration, modification or reconstruction would constitute a “major” repair or alteration as defined in the Term or provisions of this Lease relating to maintenance, repair and alteration of improvements;
17.8.2 Within thirty (2) compel Lessee to keep the Lease in full force and effect and to restore the Leased Property as provided in clause (a) above, but only if the Leased Property may be operated for at least eighty percent (80%) of the licensed unit capacity of the Facility in effect prior to the Taking. Lessee shall exercise its election under this Section 14.3 by giving Lessor notice thereof ("Lessee's Election Notice") within sixty (6030) days after Lessee receives notice of the Taking. Lessor shall exercise its option to overrule Lessee's election under this Section 14.3 by giving intended taking, Lessee gives The Regents notice of Lessor's exercise election to claim the relief described in this provision;
17.8.3 Lessee complies with all conditions described as conditions in the provisions of its rights under Section 14.3 within thirty (30) days after Lessor receives Lessee's Election Notice. If, as the result of any such partial or temporary Taking, this Lease is not terminated as provided aboverelating to damage or destruction during the final years of the term. If the conditions described in this provision are met, Lessee the award shall be entitled apportioned as for a substantial taking, applying the requirements of this provision relating to an abatement Lessee’s obligations; provided Lessee’s right, title and interest in the land, improvements and leasehold estate shall continue until the taking is completed by deed, contract or final order of Rent, but only to the extent, if any, provided for in Section 3.7, effective as of the date upon which the Leased Property is rendered Unsuitable For Its Primary Intended Usecondemnation.
Appears in 1 contract
Sources: Common Areas Lease
Partial or Temporary Taking. If there is a Permanent Taking Subject to the rights of any Superior Mortgagee or Superior Lessor, and other parties having rights to condemnation proceeds, in the event of any taking of less than the whole of the Premises, which taking does not result in termination of this Lease, or in the event of a portion of the Leased Property, or if there is taking for a temporary Taking use or occupancy of all or a portion any part of the Leased Property, this Lease shall remain in effect so long as the Leased Property is not thereby rendered permanently Unsuitable For Its Primary Intended Use or temporarily Unsuitable For Its Primary Intended Use for a period not likely toPremises, or which other partial taking of the Premises, that does not, exceed two hundred and seventy (270) days. If, however, the Leased Property is thereby so rendered permanently or temporarily Unsuitable For Its Primary Intended Use:
not result in a termination of this Lease: (a) if only rendered temporarily Unsuitable For Its Primary Intended Use, Lessee shall have the right to restore the Leased PropertyLandlord, at its own expense expense, shall proceed with reasonable diligence to repair the remaining parts of the Premises (subject other than those parts of the Premises that are Tenant's Property) to the right under certain circumstances as provided for in Section 14.5 to receive the net proceeds of an Award for reimbursement)substantially their former condition, to the extent possiblethat the same is feasible (subject to those changes which Landlord reasonably deems desirable, and to building and other governmental codes and regulations) and so as to constitute a complete and tenantable Premises; provided, however, that if a condemnation award is not sufficient to pay for such repairs, Landlord may, in its sole and absolute discretion, terminate this Lease or perform such repairs to the extent of such condemnation award, and (b) Tenant, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair Tenant's Property, to substantially the same condition as existed immediately before the partial or
(b) Lessee shall have the right to acquire the Leased Property from Lessor (i) upon payment of all Rent due through the date that the purchase price is paidits former condition, for a purchase price equal to the greater of (x) the Meditrust Investment or (y) the Fair Market Value of the Leased Property minus the Fair Market Added Valueextent feasible, with the Fair Market Value of the Leased Property and the Fair Market Added Value to be determined as of the day immediately prior subject to such reasonable changes as Landlord and Tenant shall agree upon, in writing. Furthermore, in the event of a partial or temporary Taking and (ii) in accordance with the terms and conditions set forth in Article 18; in which event, this Lease shall terminate upon payment of such purchase price and the consummation of such acquisition. Notwithstanding the foregoing, Lessor may overrule Lessee's election under clause (a) or (b) and instead either (1) terminate this Lease (with no obligation on the part of Lessee to acquire the Leased Property as a result thereof) as taking of the date when Lessee is required Premises that does not result in a termination of this Lease, the Base Rent due hereunder shall be reduced in a proportionate amount, based upon the proportion that the area that has been taken bears to surrender possession the total area of the portion of the Leased Property so taken if (X) such portion comprises more than thirty percent (30%) of the Leased Property or of the residential building(s) located thereon or (Y) possession thereof is to be surrendered within two years of the expiration of the Term or (2) compel Lessee to keep the Lease in full force and effect and to restore the Leased Property as provided in clause (a) above, but only if the Leased Property may be operated for at least eighty percent (80%) of the licensed unit capacity of the Facility in effect prior to the TakingPremises. Lessee shall exercise its election under this Section 14.3 by giving Lessor notice thereof ("Lessee's Election Notice") within sixty (60) days after Lessee receives notice of the Taking. Lessor shall exercise its option to overrule Lessee's election under this Section 14.3 by giving Lessee notice of Lessor's exercise of its rights under Section 14.3 within thirty (30) days after Lessor receives Lessee's Election Notice. If, as the result of any such partial or temporary Taking, this Lease is not terminated as provided above, Lessee Such reduction shall be entitled to an abatement of Rent, but only to the extent, if any, provided for in Section 3.7, effective as of from the date upon on which the Leased Property is rendered Unsuitable For Its Primary Intended Usepartial taking occurs.
Appears in 1 contract
Partial or Temporary Taking. If there is a Permanent Taking Subject to the rights of any Superior Mortgagee or Superior Lessor, and other parties having rights to condemnation proceeds, in the event of any taking of less than the whole of the Property, which taking does not result in termination of this Lease, or in the event of a portion of the Leased Property, or if there is taking for a temporary Taking use or occupancy of all or a portion any part of the Leased Property, this Lease shall remain in effect so long as the Leased Property is not thereby rendered permanently Unsuitable For Its Primary Intended Use or temporarily Unsuitable For Its Primary Intended Use for a period not likely toPremises, or which other partial taking of the Premises, that does not, exceed two hundred and seventy (270) days. If, however, the Leased Property is thereby so rendered permanently or temporarily Unsuitable For Its Primary Intended Use:
not result in a termination of this Lease: (a) if only rendered temporarily Unsuitable For Its Primary Intended Use, Lessee shall have the right to restore the Leased PropertyLandlord, at its own expense expense, and provided that a condemnation award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair the remaining parts of the Property and the Premises (subject other than those parts of the Premises that are Tenant's Property) to the right under certain circumstances as provided for in Section 14.5 to receive the net proceeds of an Award for reimbursement)substantially their former condition, to the extent possiblethat the same is feasible (subject to those changes which Landlord reasonably deems desirable, and to building and other governmental codes and regulations) and so as to constitute a complete and tenantable Property and Premises, and (b) Tenant, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair Tenant's Property, to substantially its former condition, to the same condition extent feasible, subject to such reasonable changes as existed immediately before Landlord and Tenant shall agree upon, in writing. Such work by Tenant shall be deemed Alterations. Furthermore, in the event of a partial taking of the Premises that does not result in a termination of this Lease, the Base Rent and Additional Rent due hereunder shall be reduced in a proportionate amount, based upon the proportion that the area that has been taken bears to the total area of the Premises. Such reduction shall be effective from the date on which the partial or
(b) Lessee shall have taking occurs until the right to acquire date, if any, on which the Leased Property from Lessor (i) upon payment of all Rent due through the date that the purchase price is paid, for a purchase price equal to the greater of (x) the Meditrust Investment or (y) the Fair Market Value of the Leased Property minus the Fair Market Added Value, with the Fair Market Value of the Leased Property partial taking terminates and the Fair Market Added Value to be determined as of the day immediately prior to such partial or temporary Taking and (ii) Premises have been restored in accordance with the terms and conditions set forth in Article 18; in which event, of this Lease shall terminate upon payment of such purchase price and the consummation of such acquisition. Notwithstanding the foregoing, Lessor may overrule Lessee's election under clause (a) or (b) and instead either (1) terminate this Lease (with no obligation on the part of Lessee to acquire the Leased Property as a result thereof) as of the date when Lessee is required to surrender possession of the portion of the Leased Property so taken if (X) such portion comprises more than thirty percent (30%) of the Leased Property or of the residential building(s) located thereon or (Y) possession thereof is to be surrendered within two years of the expiration of the Term or (2) compel Lessee to keep the Lease in full force and effect and to restore the Leased Property as provided in clause (a) above, but only if the Leased Property may be operated for at least eighty percent (80%) of the licensed unit capacity of the Facility in effect prior to the Taking. Lessee shall exercise its election under this Section 14.3 by giving Lessor notice thereof ("Lessee's Election Notice") within sixty (60) days after Lessee receives notice of the Taking. Lessor shall exercise its option to overrule Lessee's election under this Section 14.3 by giving Lessee notice of Lessor's exercise of its rights under Section 14.3 within thirty (30) days after Lessor receives Lessee's Election Notice. If, as the result of any such partial or temporary Taking, this Lease is not terminated as provided above, Lessee shall be entitled to an abatement of Rent, but only to the extent, if any, provided for in Section 3.7, effective as of the date upon which the Leased Property is rendered Unsuitable For Its Primary Intended UseLease.
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Partial or Temporary Taking. If there is a Permanent Taking Subject to the rights of any ---------------------------- Superior Mortgagee or Superior Lessor, and other parties having rights to condemnation proceeds, in the event of any taking of less than the whole of the Premises, which taking does not result in termination of this Lease, or in the event of a portion of the Leased Property, or if there is taking for a temporary Taking use or occupancy of all or a portion any part of the Leased Property, this Lease shall remain in effect so long as the Leased Property is not thereby rendered permanently Unsuitable For Its Primary Intended Use or temporarily Unsuitable For Its Primary Intended Use for a period not likely toPremises, or which other partial taking of the Premises, that does not, exceed two hundred and seventy (270) days. If, however, the Leased Property is thereby so rendered permanently or temporarily Unsuitable For Its Primary Intended Use:
not result in a termination of this Lease: (a) if only rendered temporarily Unsuitable For Its Primary Intended Use, Lessee shall have the right to restore the Leased PropertyLandlord, at its own expense expense, and provided that a condemnation award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair the remaining parts of the Premises (subject other than those parts of the Premises that are Tenant's Property) to the right under certain circumstances as provided for in Section 14.5 to receive the net proceeds of an Award for reimbursement)substantially their former condition, to the extent possiblethat the same is feasible (subject to those changes which Landlord reasonably deems desirable, and to building and other governmental codes and regulations) and so as to constitute a complete and tenantable Premises, and (b) Tenant, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair Tenant's Property, to substantially its former condition, to the same condition extent feasible, subject to such reasonable changes as existed immediately before Landlord and Tenant shall agree upon, in writing. Such work by Tenant shall be deemed Alterations. Furthermore, in the event of a partial taking of the Premises that does not result in a termination of this Lease, the Base Rent due hereunder shall be reduced in a proportionate amount, based upon the proportion that the area that has been taken bears to the total area of the Premises. Such reduction shall be effective from the date on which the partial or
(b) Lessee shall have taking occurs until the right to acquire date, if any, on which the Leased Property from Lessor (i) upon payment of all Rent due through the date that the purchase price is paid, for a purchase price equal to the greater of (x) the Meditrust Investment or (y) the Fair Market Value of the Leased Property minus the Fair Market Added Value, with the Fair Market Value of the Leased Property partial taking terminates and the Fair Market Added Value to be determined as of the day immediately prior to such partial or temporary Taking and (ii) Premises have been restored in accordance with the terms and conditions set forth in Article 18; in which event, of this Lease shall terminate upon payment of such purchase price and the consummation of such acquisition. Notwithstanding the foregoing, Lessor may overrule Lessee's election under clause (a) or (b) and instead either (1) terminate this Lease (with no obligation on the part of Lessee to acquire the Leased Property as a result thereof) as of the date when Lessee is required to surrender possession of the portion of the Leased Property so taken if (X) such portion comprises more than thirty percent (30%) of the Leased Property or of the residential building(s) located thereon or (Y) possession thereof is to be surrendered within two years of the expiration of the Term or (2) compel Lessee to keep the Lease in full force and effect and to restore the Leased Property as provided in clause (a) above, but only if the Leased Property may be operated for at least eighty percent (80%) of the licensed unit capacity of the Facility in effect prior to the Taking. Lessee shall exercise its election under this Section 14.3 by giving Lessor notice thereof ("Lessee's Election Notice") within sixty (60) days after Lessee receives notice of the Taking. Lessor shall exercise its option to overrule Lessee's election under this Section 14.3 by giving Lessee notice of Lessor's exercise of its rights under Section 14.3 within thirty (30) days after Lessor receives Lessee's Election Notice. If, as the result of any such partial or temporary Taking, this Lease is not terminated as provided above, Lessee shall be entitled to an abatement of Rent, but only to the extent, if any, provided for in Section 3.7, effective as of the date upon which the Leased Property is rendered Unsuitable For Its Primary Intended UseLease.
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Sources: Industrial Building Lease (Lasermaster Technologies Inc)