Common use of Taking of Premises Clause in Contracts

Taking of Premises. If the whole of the Premises or the Building is taken (which term, as used in this Article, shall include any conveyance in avoidance or settlement of eminent domain, condemnation or other similar proceedings) by any governmental authority, corporation or other entity under the right of eminent domain, condemnation or similar right, or if there shall occur any partial taking of the Premises or the Building such that Tenant cannot continue to conduct its business in a manner which Tenant deems desirable, then this Lease shall, at Tenant’s sole option, terminate as of the date of the taking of possession by the condemning authorities. Upon such termination, the net proceeds of any award received by reason of such taking shall, notwithstanding anything to the contrary in Section 10.2. be released first, to Tenant in an amount equal to the unamortized cost of the Improvements (assuming that the Improvements are amortized over the Term of the Lease). Except as otherwise provided herein, in the event of a taking, and whether or not this Lease is terminated, Tenant shall have no claim with respect to the award or payment for the value of the unexpired Term. Tenant may interpose and prosecute in any proceeding with respect to the taking (which, if permitted in the jurisdiction, shall be independent of any claim of Landlord) claims for the value of Tenant’s trade fixtures, damages for interruption or dislocation of business in the Premises and loss of goodwill, and moving and remodeling expenses. If such conditions to termination are not met, then this Lease shall continue in full force and effect, and in such event, the net proceeds of any award received by reason of such condemnation shall, notwithstanding any provision to the contrary in Section 10.2, be released first to Tenant to pay for the costs of repairing and reconstructing the Building and the Premises, including all other Improvements, alterations, fixtures and personal property of Tenant, with any balance of such award not needed by Tenant to repair and reconstruct released to Landlord. Following such a taking, the Base Rent shall be proportionally reduced to reflect the amount of the Premises so taken.

Taking of Premises. If A. If, by or through condemnation proceedings, (i.e., a taking under the whole power of eminent domain or a sale under a threat of condemnation), more than fifteen (15%) percent of the Premises Property or any buildings built thereon is permanently taken or access to and from the Building Property from and to either N.W. ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇.▇. ▇▇▇▇ ▇▇▇▇▇▇ is taken or ten (10%) percent or more of the parking area of the Property is taken or if any portion of the common area of the Property is taken which termmaterially and substantially impairs access to the Property, as used in this Article, then the Tenant shall include any conveyance in avoidance or settlement of eminent domain, condemnation or other similar proceedings) by any governmental authority, corporation or other entity under have the right to terminate this Ground Lease upon giving the Landlord written notice thereof within thirty (30) days from the entry of eminent domain, an appropriate order of taking in such condemnation or similar right, or if there shall occur any partial taking proceeding. B. If a portion of the Premises Property or any buildings built thereon is taken under circumstances that do not give the Building such that Tenant cannot continue the option to conduct its business in a manner which Tenant deems desirable, then this Lease shall, at Tenant’s sole option, terminate as of the date of the taking of possession by the condemning authorities. Upon set forth above or, having such terminationoption to terminate, the net proceeds of any award received Tenant elects not to terminate, the Rent payable hereunder shall be reduced annually by reason of such taking shall, notwithstanding anything to the contrary in Section 10.2. be released first, to Tenant in an amount equal to the unamortized cost nine (9%) percent of the Improvements (assuming that the Improvements are amortized over the Term of the Lease). Except as otherwise provided herein, in the event of a taking, and whether or not this Lease is terminated, Tenant shall have no claim with respect to the award or payment for the value of the unexpired Term. Tenant may interpose and prosecute in any proceeding with respect to the taking (which, if permitted in the jurisdiction, shall be independent of any claim of Landlord) claims for the value of Tenant’s trade fixtures, damages for interruption or dislocation of business in the Premises and loss of goodwill, and moving and remodeling expenses. If such conditions to termination are not met, then this Lease shall continue in full force and effect, and in such event, the net proceeds of any award amount received by reason the Landlord (or its mortgage holder) as a result of such condemnation shallproceeding. C. If a portion of the Premises is taken under circumstances that do not give the Tenant the option to terminate as set forth above, notwithstanding any provision the Tenant shall make repairs to the contrary in Section 10.2buildings and improvements on the Property to the extent necessary to restore the same to a complete architectural unit (to the extent permitted, be released first to Tenant to pay for the costs of repairing and reconstructing the Building and the Premiseshowever, including all other Improvements, alterations, fixtures and personal property of Tenant, with any balance of such award not needed by Tenant to repair and reconstruct released to Landlord. Following such a taking, the Base Rent shall be proportionally reduced to reflect taking into consideration the amount of land remaining after any such taking or purchase). D. If a portion of the Premises Property of sufficient size and type to confer upon the Tenant the right to terminate this Ground Lease be so takentaken in such proceedings, and if the remaining Property can be substantially restored so that the Tenant in its opinion can conduct the business it is then operating upon said Property on a reasonably profitable basis, this Ground Lease shall not terminate, but shall continue with a reduction in the rental equal to nine (9%) percent of the amount received by the Landlord (or its mortgage holder) as a result of such condemnation proceeding.

Taking of Premises. If the whole all or any part of the Premises or shall be taken as a result of the Building is taken (which term, as used in this Article, shall include any conveyance in avoidance or settlement exercise of the power of eminent domaindomain or any agreement in lieu thereof, condemnation or other similar proceedings) by any governmental authority, corporation or other entity under the right of eminent domain, condemnation or similar right, or if there shall occur any partial taking of the Premises or the Building such that Tenant cannot continue to conduct its business in a manner which Tenant deems desirable, then this Lease shall, at Tenant’s sole option, shall terminate as to the part so taken as of the date of the taking of possession by the condemning authorities. Upon such termination, the net proceeds of any award received by reason of such taking shall, notwithstanding anything to the contrary in Section 10.2. be released first, to Tenant in an amount equal to the unamortized cost of the Improvements (assuming that the Improvements are amortized over the Term of the Lease). Except as otherwise provided hereinand, in the event case of a partial taking, and whether or not this Lease is terminated, Tenant shall have no claim with respect the right to terminate this Lease as to the balance of the Premises by giving written notice to Landlord within thirty (30) days after such date; provided, however, that a condition to the exercise by Tenant of such right to terminate is that not less than twenty-five percent (25%) of the Premises shall have been taken and the portion of the Premises remaining is not reasonably suitable for Tenant's continued occupancy for the uses permitted under this Lease, taking into account the business operations conducted by Tenant on the Premises. If Landlord and Tenant cannot agree on whether the portion of the Premises remaining is not reasonably suitable for Tenant's continued occupancy, then either party shall have the right to refer such matter to arbitration in accordance with the provisions of Section 20.24 of this Lease. The proceeds of any xxxii TABLE OF CONTENTS (CONTINUED) PAGE condemnation award or payment any conveyance in lieu thereof shall belong to and be paid to Landlord, except that Tenant shall be entitled to petition or apply for and to receive from the condemning authority a separate award (provided that such separate award does not reduce the amount of Landlord's award) including any or all of the following: (a) A sum attributable to the taking of the alterations, additions or improvements made to the Premises by Tenant at its expense, and/or the taking of any furniture, fixtures, equipment, trade fixtures or personal property which Tenant has the right to remove from the Premises pursuant to the provisions of this Lease; (b) A sum equal to the present value of any excess of the prevailing market rental value of the unexpired Premises for the remainder of the Term. , exclusive of the alterations, additions or improvements for which Tenant may interpose is compensated under subparagraph (a) above, over the discounted sum of the Base Rent and prosecute in any proceeding with respect Taxes payable for the remainder of the Term; provided, however, that Tenant's rights under this subparagraph (b) shall be subordinate to the taking rights of the Construction Lender or the lender providing the Landlord Financing, and the appropriation of such proceeds by any such lender shall not give Tenant any recourse against Landlord by reason thereof; (which, if permitted in c) A sum attributable to that portion of the jurisdiction, shall be independent of any claim of Landlord) claims award constituting severance damages for the value restoration of Tenant’s trade fixturesthe Premises, damages compensation to Tenant for interruption business interruption, relocation or dislocation of business in the Premises and moving expenses; and (d) A sum to compensate Tenant for loss of goodwill, and moving and remodeling expenses. If such conditions to termination are not met, then this Lease shall continue in full force and effect, and in such event, the net proceeds of any award received by reason of such condemnation shall, notwithstanding any provision to the contrary in Section 10.2, be released first to Tenant to pay for the costs of repairing and reconstructing the Building and the Premises, including all other Improvements, alterations, fixtures and personal property of Tenant, with any balance of such award not needed by Tenant to repair and reconstruct released to Landlord. Following such a taking, the Base Rent shall be proportionally reduced to reflect the amount of the Premises so taken.