Common use of Casualty and Taking Clause in Contracts

Casualty and Taking. In case during the Term all or any substantial part of the Premises, are damaged materially by fire or any other cause, or by action of public or other authority in consequence thereof, or are taken by eminent domain (any such event referred to herein as a “Casualty”), Tenant shall have the right to terminate this Lease, by notice to Landlord within 30 days after the occurrence of the event giving rise to the election to terminate, which notice shall specify the effective date of termination which shall be not less than 30 nor more than 60 days after the date of notice of such termination. If a Casualty occurs during the last two Lease Years, or if any Superior Mortgagee (as hereinafter defined) refuses to release, after receiving them, sufficient proceeds of any insurance or taking for the restoration of the Premises, then Landlord shall have the right to terminate this Lease by written notice to Tenant within 30 days after the occurrence of the event giving rise to the election to terminate, which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days after the date of notice of such termination. If neither party terminates this Lease as provided above, Landlord shall use due diligence to restore the Premises, or, in case of a taking, what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required or permitted to remove) as near as possible to the condition that existed before the Casualty, and a just proportion of the Base Rent according to the nature and extent of the injury shall be abated until the Premises or such remainder shall have been restored by Landlord to such condition; and in case of a taking which permanently reduces the area of the Premises, a just proportion of the Base Rent and shall be abated for the remainder of the Term. If Landlord shall fail for any reason to restore the Premises as near as possible to the condition that existed before the Casualty within 180 days after the Casualty (unless such failure is due to Force Majeure Delays or if Landlord, acting reasonably, has commenced restoration, is diligently continuing to restore and has not been able to complete such restoration, in which case such 180-day period shall be extended while such Force Majeure Delays, or Landlord’s diligent efforts to restore the Premises, continue, but such extension shall not exceed an additional 180 days), then Tenant shall have the right to terminate this Lease by written notice to Landlord within 10 business days after the end of the 180-day period (as so extended, as the case may be), which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days after the date of notice of such termination. Any notices delivered by Landlord or Tenant pursuant to this Section 7.1 shall be simultaneously delivered to any Superior Mortgagee or Superior Lessor (as defined in Section 8.1) of which Tenant has been given written notice.

Appears in 1 contract

Samples: Assignment and Assumption Agreement (Stratus Technologies International Sarl)

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Casualty and Taking. 6.1. In case during the Lease Term all or any substantial part of the Premises, Premises or the Building or the Lot are damaged materially by fire or any other cause, casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain (any such event referred or Landlord receives compensable damage by reason of anything lawfully done in pursuance of public or other authority, this Lease shall terminate at Landlord's election, which may be made notwithstanding Landlord's entire interest may have been divested, by notice given to herein as a “Casualty”), Tenant shall have within 90 days after the right to terminate this Leasearises specifying the effective date of termination. In case of such damage or taking, by notice to Landlord shall notify Tenant within 30 days after the occurrence thereof of Landlord's estimate of the event giving rise time needed to do the election construction work necessary to terminate, which notice shall specify put the Premises or such remainder in proper condition for use and occupancy. The effective date of termination which specified by Landlord shall be not less than 30 15 nor more than 60 30 days after the date of notice of such termination. If a Casualty occurs during in any such case the last two Premises are rendered unfit for use and occupation and the Lease Years, or if any Superior Mortgagee (as hereinafter defined) refuses to release, after receiving them, sufficient proceeds of any insurance or taking for the restoration of the Premises, then Landlord shall have the right to terminate this Lease by written notice to Tenant within 30 days after the occurrence of the event giving rise to the election to terminate, which notice shall specify the effective date of termination, which date shall is not be less than 30 days nor more than 60 days after the date of notice of such termination. If neither party terminates this Lease as provided aboveso terminated, Landlord shall use due diligence (following the expiration of all periods in which Landlord may terminate this Lease pursuant to restore the foregoing provisions of this Section 6.1) to put the Premises, or, or in case of a taking, taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required or permitted to remove) as near as possible remove pursuant to Section 5.2), into proper condition for use and occupation provided, however, that Landlord's obligations with respect to the condition restoration described in this sentence shall not require Landlord to expend more than the net proceeds of insurance recovered or damages awarded for such casualty or taking that existed before the Casualtyare made available to Landlord by Landlord's mortgagee, and a just proportion of the Base Rent fixed rent and additional rent according to the nature and extent of the injury injury, but not in excess of an equitable proportion of the net proceeds of insurance recovered by Landlord under any rental insurance coverage carried by Landlord, shall be abated until the Premises or such remainder shall have been restored put by Landlord to in such condition; and in case of a taking which permanently reduces the area of the Premises, a just proportion of the Base Rent fixed rent and additional rent shall be abated for the remainder of the Lease Term. If In the case of such damage or taking, Landlord shall fail notify Tenant of Landlord's reasonable estimate of the time needed to do the construction work necessary to put the Premises or such remainder in proper condition for any reason use and occupancy, and, if Landlord's insurance proceeds allocable to the Premises will be insufficient to permit Landlord to so restore the Premises and Landlord elects not to fund the shortfall, Landlord shall notify Tenant thereof. In the event that Landlord's notice estimates that the time required to restore the Premises as near as possible to shall exceed nine (9) months from the condition commencement of such restoration or that existed before the Casualty within 180 days after the Casualty (unless Landlord will not fund such failure is due to Force Majeure Delays or if Landlordshortfall, acting reasonably, has commenced restoration, is diligently continuing to restore and has not been able to complete such restoration, in which case such 180-day period shall be extended while such Force Majeure Delays, or Landlord’s diligent efforts to restore the Premises, continue, but such extension shall not exceed an additional 180 days), then Tenant shall have the right to may terminate this Lease by written notice to Landlord given within 10 business ten (10) days after the end of the 180-day period (as so extendedLandlord's notice, as the case may be), specifying a termination date which notice shall specify the effective date of termination, which date shall not be less than 30 days fifteen (15) nor more than 60 thirty (30) days after Tenant's notice. 6.2. Landlord reserves to itself any and all rights to receive awards made for damages to the date Premises and Building and Lot and the leasehold hereby created, or any one or more of notice them, accruing by reason of exercise of eminent domain or by reason of anything lawfully done in pursuance of public or other authority. Tenant hereby releases and assigns to Landlord all Tenant's rights to such terminationawards, and covenants to deliver such further assignments and assurances thereof as Landlord may from time to time request, hereby, irrevocably designating and appointing Landlord as its attorney-in-fact to execute and deliver in Tenant's name and behalf all such further assignments thereof. 6.3. Any notices delivered by Landlord In the event of any taking of the Premises or Tenant pursuant to any part thereof for temporary use, (i) this Section 7.1 Lease shall be simultaneously delivered and remain unaffected thereby, and (ii) Tenant shall be entitled to receive for itself such portion or portions of any Superior Mortgagee award made for such use with respect to the period of the taking which is within the Lease Term, provided that if such taking shall remain in force at the expiration or Superior Lessor (as defined in earlier termination of this Lease, Tenant shall then pay to Landlord a sum equal to the reasonable cost of performing Tenant's obligations under Section 8.1) 5.2 with respect to surrender of which Tenant has been given written noticethe Premises and upon such payment shall be excused from such obligations.

Appears in 1 contract

Samples: Lease Agreement (Internet Capital Group Inc)

Casualty and Taking. 6.1 In case during the Lease Term all the Building is damaged by fire or casualty and (i) such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred twenty (120) days from the time that repair work would commence as reasonably determined by Landlord, or (ii) in any substantial case where the holder of any mortgage which includes the Building as a part of the Premises, are damaged materially by fire mortgaged premises or any other cause, or by action ground lessor of public or other authority in consequence thereof, or are taken by eminent domain any ground lease which includes the Site as part of the demised premises does not allow the net insurance proceeds to be applied to the restoration of the Building (any such event referred to herein as a “Casualty”and/or the Site), Tenant shall have the right to Landlord may, at its election, terminate this Lease, Lease by notice given to Landlord Tenant within 30 sixty (60) days after the occurrence date of the event giving rise to the election to terminatesuch fire or other casualty, which notice shall specify specifying the effective date of termination. The effective date of termination which specified by Landlord shall not be not less than 30 thirty (30) days nor more than 60 forty-five (45) days after the date of notice of such termination. If a Casualty occurs In case during the last two Lease Years, or if any Superior Mortgagee (as hereinafter defined) refuses to release, after receiving them, sufficient proceeds of any insurance or taking for the restoration year of the PremisesLease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then Landlord shall have if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the right to circumstances given the nature of the work) from the time that repair work would commence as reasonably determined by Landlord, Tenant may, at its election, terminate this Lease by written notice given to Tenant Landlord within 30 sixty (60) days after the occurrence date of the event giving rise to the election to terminatesuch fire or other casualty, which notice shall specify specifying the effective date of termination, which . The effective date of termination specified by Tenant shall be not be less than 30 thirty (30) days nor more than 60 forty-five (45) days after the date of notice of such termination. If neither party terminates In the event that the Lease is terminated pursuant to this Lease as provided aboveArticle VI, Landlord shall use due diligence to restore the Premises, or, in case of a taking, what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required or permitted to remove) as near as possible to the condition that existed before the Casualty, and a just proportion of the Base Rent Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes and Tenant's Proportionate Share of electricity and HVAC according to the nature and extent of the injury to the Premises shall be abated from the date of such fire or other casualty until the effective termination date. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Building or any part thereof is damaged by fire or casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Building in the event of damage thereto (excluding Tenant's Property) into proper condition for use and occupation and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs, Tenant's share of real estate taxes and Tenant's Proportionate Share of electricity and HVAC according to the nature and extent of the injury to the Premises shall be abated until the Premises or such remainder shall have been restored put by Landlord substantially into such condition except for punch list items and long lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such condition; repair and restoration any amount in case excess of a taking which permanently reduces the area net insurance proceeds. Where Landlord is obligated or otherwise elects to effect restoration of the Premises, a just proportion of the Base Rent and shall be abated for the remainder of the Term. If Landlord shall fail for any reason to restore the Premises as near as possible to the condition that existed before the Casualty within 180 days after the Casualty (unless such failure restoration is due to Force Majeure Delays or if Landlord, acting reasonably, has commenced restoration, is diligently continuing to restore and has not been able to complete such restoration, in which case such 180-day period shall be extended while such Force Majeure Delays, or Landlord’s diligent efforts to restore the Premises, continue, but such extension shall not exceed an additional 180 days), then Tenant shall have the right to terminate this Lease by written notice to Landlord completed within 10 business days after the end of the 180-day period nine (as so extended, as the case may be), which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days after the date of notice of such termination. Any notices delivered by Landlord or Tenant pursuant to this Section 7.1 shall be simultaneously delivered to any Superior Mortgagee or Superior Lessor (as defined in Section 8.19) of which Tenant has been given written notice.months from the

Appears in 1 contract

Samples: Lease (Constant Contact, Inc.)

Casualty and Taking. In case during the Term all or any substantial part of the Premises, Building, Lot or common facilities appurtenant thereto, or any one or more of them, are damaged materially by fire or any other cause, or by action of the public or other authority in consequence thereof, thereof or are taken by eminent domain (any such event referred to herein as a “Casualty”)or Landlord receives compensable damage with respect thereto by reason of anything lawfully done in pursuance of public or other authority, Tenant this Lease shall terminate at Xxxxxxxx’s election, which may be made, notwithstanding Landlord’s entire interest may have the right to terminate this Leasebeen divested, by notice to Landlord Tenant within 30 ninety (90) days after the occurrence of the event giving rise to the election to terminate, which notice shall specify the effective date of termination which shall be not less than 30 thirty (30) nor more than 60 sixty (60) days after the date of notice of such termination. If a Casualty occurs during Notwithstanding the last two Lease Yearsforegoing, or if any Superior Mortgagee (as hereinafter defined) refuses to release, after receiving them, sufficient proceeds of any insurance or taking for the restoration of the Premises, then Landlord shall have the right has not elected to terminate this Lease by written notice Lease, if Tenant is not then in default of any of its obligations under the Lease, and if there shall be damage to Tenant within 30 days after the occurrence or a permanent taking of all or a substantial portion of the event giving rise Premises which renders the Premises unfit for the Permitted Uses and such damage is of a character as cannot (in Landlord’s judgment) reasonably be expected to the election to terminate, which notice shall specify the effective date of termination, which date shall not be less than 30 repaired within one hundred eighty days nor more than 60 (180) days after from the date of notice casualty or taking, then Tenant may, at its option, terminate this Lease provided that Tenant’s election shall be made within thirty (30) days of such terminationLandlord’s delivery to Tenant of the estimate of the time period required for restoration. If neither party terminates this in any such case the Premises are rendered unfit for use and occupation for the Permitted Uses and the Lease as provided aboveis not terminated, and Tenant is not then in default of any of its obligations under the Lease, Landlord shall use due diligence to restore put that portion of the Building containing the Premises, or, in case of a taking, what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required or permitted to removeTenant) as near as possible into proper condition for use and occupation to the condition that existed before extent permitted by zoning and other codes and regulations and by the Casualtynet award of insurance or damages available to and actually received by Landlord, plus any applicable deductible, and a just proportion of the Annual Base Rent and additional rent according to the nature and extent of the injury shall be abated until such portion of the Premises Building or such remainder shall have been restored put by Landlord to in such condition; and in case of a taking which permanently reduces the area of the Premises, a just proportion of the Annual Base Rent and additional rent shall be abated for the remainder of the TermTerm and an appropriate adjustment shall be made to the Annual Estimated Operating Expenses. If Landlord shall fail for any reason to restore the Premises as near as possible to the condition that existed before the Casualty within 180 days after the Casualty (unless such failure is due to Force Majeure Delays or if Landlord, acting reasonably, has commenced restoration, is diligently continuing to restore and has not been able to complete such restoration, in which case such 180-day period shall be extended while such Force Majeure Delays, or Landlord’s diligent efforts to restore the Premises, continue, but such extension shall not exceed an additional 180 days), then Tenant shall have the right neither party elects to terminate this Lease as provided herein, Tenant shall, at its own cost and expense, repair and restore the Premises in accordance with the provisions of Section 6.1.15 hereof, including, but not limited to, the repairing and/or replacement of its trade fixtures, furnishings and equipment in a manner and to at least a condition equal to that prior to its damage or destruction. Xxxxxx agrees to commence the performance of its work when notified by written notice Landlord that the work to Landlord within 10 business days after be performed by Xxxxxx can, in accordance with good construction practices, then be commenced and Tenant shall complete such work as promptly thereafter as is practicable. Notwithstanding any other provision hereof, in the end event of any taking of the 180-day period (as so extendedPremises or any part thereof for temporary use, as the case may be), which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days after the date of notice of such termination. Any notices delivered by Landlord or Tenant pursuant to this Section 7.1 Lease shall be simultaneously delivered to any Superior Mortgagee or Superior Lessor (as defined in Section 8.1) of which Tenant has been given written noticeand remain unaffected thereby but rent shall be equitably abated.

Appears in 1 contract

Samples: Lease Agreement (Cambridge Heart Inc)

Casualty and Taking. In case during A. For the Term all or any substantial part purposes of determining whether either party may exercise its termination rights pursuant to Paragraph 23 of the Lease in the event of a casualty, the Existing Premises and the Additional Premises shall be considered to be separate premises, and, subject to the provisions of Subparagraph C of this Paragraph 14, the termination rights in respect of each portion of the Premises shall be exercised independently and separately from the termination rights with respect to the other portion of the Premises. For example, are damaged materially by fire or any other cause, or by action of public or other authority in consequence thereof, or are taken by eminent domain (any such event referred to herein as if there is a “Casualty”), Tenant shall have casualty which affects the Existing Premises which would give the Landlord the right to terminate this Lease, by notice to Landlord within 30 days after the occurrence Lease in respect of the event giving rise to Existing Premises but that casualty does not affect the election to terminate, which notice shall specify the effective date of termination which shall be not less than 30 nor more than 60 days after the date of notice of such termination. If a Casualty occurs during the last two Lease Years, or if any Superior Mortgagee (as hereinafter defined) refuses to release, after receiving them, sufficient proceeds of any insurance or taking for the restoration of the Additional Premises, then then, based upon such casualty, Landlord shall have the right to terminate this the Lease by written notice to Tenant within 30 days after the occurrence of the event giving rise with respect to the election to terminateExisting Premises, which notice shall specify the effective date of termination, which date but Landlord shall not be less than 30 days nor more than 60 days after the date of notice of such termination. If neither party terminates this Lease as provided above, Landlord shall use due diligence to restore the Premises, or, in case of a taking, what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required or permitted to remove) as near as possible to the condition that existed before the Casualty, and a just proportion of the Base Rent according to the nature and extent of the injury shall be abated until the Premises or such remainder shall have been restored by Landlord to such condition; and in case of a taking which permanently reduces the area of the Premises, a just proportion of the Base Rent and shall be abated for the remainder of the Term. If Landlord shall fail for any reason to restore the Premises as near as possible to the condition that existed before the Casualty within 180 days after the Casualty (unless such failure is due to Force Majeure Delays or if Landlord, acting reasonably, has commenced restoration, is diligently continuing to restore and has not been able to complete such restoration, in which case such 180-day period shall be extended while such Force Majeure Delays, or Landlord’s diligent efforts to restore the Premises, continue, but such extension shall not exceed an additional 180 days), then Tenant shall have the right to terminate this the Lease by written notice with respect the Additional Premises. B. For the purposes of determining whether the Lease shall terminate pursuant to Landlord within 10 business days after the end Paragraph 24 of the 180-day period (as so extendedLease in the event of a taking, as the case may be)Existing Premises and the Additional Premises shall be considered to be separate premises, which notice shall specify and, subject to the effective date provisions of terminationSubparagraph C of this Paragraph 14, which date a taking affecting only one of the portion of the Premises shall not be less than 30 days nor more than 60 days after cause the date termination of notice the Lease with respect to the other portion of such terminationthe Premises. C. Notwithstanding the provisions of Subparagraphs A and B of this Paragraph 14, in the event of a casualty or taking which affects the Existing Premises which would give Tenant the right to terminate the Lease in respect of the Existing Premises, but that casualty does not affect the Additional Premises, Tenant shall nevertheless have the right to terminate the Lease in respect of the Additional Premises, at the same time that Tenant exercises its right to terminate the Lease in respect of the Existing Premises. Any notices delivered by Landlord or Tenant pursuant to this Section 7.1 Such termination of the term of the Lease of the Additional Premises shall be simultaneously delivered to any Superior Mortgagee or Superior Lessor (effective as defined in Section 8.1) of which Tenant has been given written noticethe same date that the term of the Lease of the Existing Premises terminates.

Appears in 1 contract

Samples: Lease Amendment (Silicon Valley Bancshares)

Casualty and Taking. In case during the Term all or any substantial part of the Premises, Premises are damaged materially by fire or any other cause, or by action of the public or other authority in consequence thereof, thereof or are taken by eminent domain (any such event referred to herein as or Landlord receives compensable damage by reason of anything lawfully done in pursuance of public authority resulting in the loss of use of a “Casualty”)substantial portion of the premises, Tenant this Lease shall terminate at Landlord's election, which may be made, notwithstanding Landlord's entire interest may have the right to terminate this Leasebeen divested, by notice to Landlord Tenant within 30 days after the occurrence of the event giving rise to the election to terminate, which notice shall specify the effective date of termination which shall not be not less than 30 nor more than 60 days after the date of notice of such termination. If a Casualty occurs during in any such case the last two Premises are rendered unfit for use and occupation and the Lease Yearsis not terminated, or if any Superior Mortgagee (as hereinafter defined) refuses to release, after receiving them, sufficient proceeds of any insurance or taking for the restoration of the Premises, then Landlord shall have the right to terminate this Lease by written notice to notify Tenant within 30 thirty days after the occurrence of such event whether or not Landlord will restore the event giving rise to the election to terminate, which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days after the date of notice of such terminationPremises. If neither party terminates no such notice is given, or if Landlord states that it does not intend to restore the Premises, Tenant may thereafter terminate this Lease as provided above, by notice to Landlord. If within such thirty days period Landlord gives notice that it will restore Landlord shall use due diligence (but in no event greater than 120 days) to restore put the Premises, or, in case of a taking, what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required or permitted to remove) as near as possible into proper condition for use and occupation to the condition that existed before extent permitted by the Casualtynet award of insurance or damages available to Landlord, and a just proportion of the Base Annual Rent and additional rent according to the nature and extent of the injury shall be abated until the Premises or such remainder shall have been restored put by Landlord to in such condition; and in case of a taking which permanently reduces the area of the Premises, a just proportion of the Base Annual Rent and additional rent shall be abated for the remainder of the TermTerm and an appropriate adjustment shall be made to the Annual Estimated Operating Expenses. If Landlord shall fail for any reason to restore the Premises as near as possible to the condition that existed before the Casualty such restoration is not completed within 180 days after of the Casualty (unless date of the occurrence of such failure is due to Force Majeure Delays or if Landlordevent, acting reasonably, has commenced restoration, is diligently continuing to restore and has not been able to complete such restoration, in which case such 180-day period shall be extended while such Force Majeure Delays, or Landlord’s diligent efforts to restore the Premises, continue, but such extension shall not exceed an additional 180 days), then Tenant shall have the right to may terminate this Lease by written notice to Landlord within 10 business days after the end of the 180-day period (as so extended, as the case may be), which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days after the date of notice of such termination. Any notices delivered by Landlord or Tenant pursuant to this Section 7.1 shall be simultaneously delivered to any Superior Mortgagee or Superior Lessor (as defined in Section 8.1) of which Tenant has been given written noticeLandlord.

Appears in 1 contract

Samples: Lease Agreement (Nashua Corp)

Casualty and Taking. In case during the Term all or any substantial part of the Premises, Premises are damaged materially by fire or any other cause, casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain (any such event referred to herein as a “Casualty”)or Landlord receives compensable damage by reason of anything lawfully done on pursuance of public or other authority, Tenant this Lease shall terminate at Landlord's or Tenant's election, which may be made notwithstanding the fact that Landlord's entire interest may have the right to terminate this Leasebeen divested, by notice to Landlord within 30 days after the occurrence of the event giving rise given to the election to terminate, which notice shall specify the effective date of termination which shall be not less than 30 nor more than other within 60 days after the date of notice of such termination. If a Casualty occurs during the last two Lease Years, or if any Superior Mortgagee (as hereinafter defined) refuses to release, after receiving them, sufficient proceeds of any insurance or taking for the restoration of the Premises, then Landlord shall have the right to terminate this Lease by written notice to Tenant within 30 days after the occurrence of the event giving rise to the election to terminate, which notice shall specify the effective date of termination. Tenant shall also have the right to terminate as described above, (a) in the event of substantial damage to or taking of the Building or Lot which renders Tenant unable to conduct his business in the Premises, or (b) in the event of damage to the Premises in the last ninety (90) days of the Term, or if Tenant has exercised the option to renew in Section 2.5 within the last (90) days of the Renewal Term, which damage renders the Premises untenantable for more than fifteen (15) days. In case during the Term all or any substantial part of the Building or the lot are damaged materially by fire or other casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain or Landlord receives compensable damage by reason of anything lawfully done in pursuance of public or other authority, this Lease shall terminate at Landlord's election, which may be made notwithstanding the fact that Landlord's entire interest may have been divested, by notice given to Tenant within 60 days after the occurrence of the event giving rise to the election to terminate, which notice shall specify the effective date of termination. 25 The effective date of any termination by Landlord or Tenant under this Section shall be not be less than 30 days 15 nor more than 60 30 days after the date of such notice of such termination. For all purposes of this Section 7.1, damage or taking shall be considered substantial if the time needed for Landlord to do the construction work necessary to put the Premises or such remainder in proper condition for use and occupation is reasonably estimated by Landlord to exceed six months, or it more than 30% of the Lot, the Building or the Premises are so taken. In case of any such damage or taking, Landlord shall notify Tenant within 30 days after the occurrence thereof of Landlord's estimate of the time needed to do the construction work necessary to put the premises or such remainder in proper condition for use and occupancy, or of the percentage of the Building, Lot or Premises taken. If neither party terminates this in any such case the Premises are rendered unfit for use and occupation and the Lease as provided aboveis not so terminated, Landlord shall use due diligence (following the expiration of all periods in which diligence (following the expiration of all periods in which either party may terminate this Lease pursuant to restore the foregoing Provisions of this Section 7.1) to put the Premises, or, or in case of a taking, taking what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 3.1 or permitted to remove) as near as possible to the 3.3), into proper condition that existed before the Casualty, for use and occupation and a just proportion of the Base Rent fixed rent and additional rent according to the nature and extent of the injury shall be abated until the Premises or such remainder shall have been restored put by Landlord to in such condition; condition and in case of a taking which permanently reduces the area of the Premises, a just proportion of the Base Rent fixed rent and additional rent shall be abated for the remainder of the Term. If Landlord shall fail for any reason to restore the Premises as near as possible to the condition that existed before the Casualty within 180 days after the Casualty (unless such failure is due to Force Majeure Delays or if Landlord, acting reasonably, has commenced restoration, is diligently continuing to restore and has not been able to complete such restoration, in which case such 180-day period shall be extended while such Force Majeure Delays, or Landlord’s diligent efforts to restore the Premises, continue, but such extension shall not exceed an additional 180 days), then Tenant shall have the right to terminate this Lease by written notice to Landlord within 10 business days after the end of the 180-day period (as so extended, as the case may be), which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days after the date of notice of such termination. Any notices delivered by Landlord or Tenant pursuant to this Section 7.1 shall be simultaneously delivered to any Superior Mortgagee or Superior Lessor (as defined in Section 8.1) of which Tenant has been given written notice.

Appears in 1 contract

Samples: Lease (Healthplan Services Corp)

Casualty and Taking. 6.1 In case during the Lease Term all the Building or any substantial part of the Premises, Site are damaged materially by fire or any other causecasualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days from the time that repair work would commence, Landlord or by action of public or other authority in consequence thereofTenant may, or are taken by eminent domain (any such event referred to herein as a “Casualty”)at either party's election, Tenant shall have the right to terminate this Lease, Lease by notice given to Landlord the other party within 30 sixty (60) days after the occurrence date of the event giving rise to the election to terminatesuch fire or other casualty, which notice shall specify specifying the effective date of termination. The effective date of termination which specified by such notice shall not be not less than 30 thirty (30) days nor more than 60 forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provision, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If a Casualty occurs during the last two Building or the Site or any part thereof are damaged by fire or other casualty and this Lease Yearsis not so terminated, or if Landlord or Tenant have no right to terminate this Lease, and in any Superior Mortgagee (as hereinafter defined) refuses to release, after receiving them, sufficient proceeds such case the holder of any mortgage which includes the Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance or taking for proceeds to be applied to the restoration of the Building (and/or the Site), Landlord shall, promptly after such damage and the determination of the net amount of insurance proceeds available, use due diligence to restore the Premises and the Building in the event of damage thereto (excluding any furniture, fixtures or equipment of Tenant, or any other items installed, or paid for, by Tenant) into proper condition for use and occupation and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs and Tenant's share of real estate taxes shall be abated according to the nature and extent of the injury to the Premises, until the Premises shall have been restored by Landlord substantially into such condition except for punch list items and long lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds. 6.2 Notwithstanding anything to the contrary contained in this Lease, if the Building or the Premises shall be substantially damaged by fire or casualty as the result of a risk not covered by the forms of casualty insurance at the time maintained by Landlord and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within ninety (90) days from the time that repair work would commence, Landlord or Tenant may, at either party's election, terminate the Term of this Lease by notice to the other party given within thirty (30) days after such loss. If either party shall give such notice, then this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. 6.3 If the entire Building, or such portion of the Premises as to render the balance (if reconstructed to the maximum extent practicable in the circumstances) unsuitable for Tenant's purposes, shall be taken by condemnation or right of eminent domain, Landlord or Tenant shall have the right to terminate this Lease by notice to the other of its desire to do so, provided that such notice is given not later than thirty (30) days after Tenant has been deprived of possession. If either party shall give such notice, then this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. Further, if so much of the Building shall be so taken that continued operation of the Building would be uneconomic as a result of the taking, Landlord shall have the right to terminate this Lease by written giving notice to Tenant within 30 of Landlord's desire to do so not later than thirty (30) days after the occurrence Tenant has been deprived of possession of the event giving rise to the election to terminatePremises (or such portion thereof as may be taken). If Landlord shall give such notice, which notice then this Lease shall specify the effective date terminate as of termination, which date shall not be less than 30 days nor more than 60 days after the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. Should any part of such termination. If neither party terminates the Premises be so taken or condemned during the Lease Term hereof, and should this Lease not be terminated in accordance with the foregoing provisions, and the holder of any mortgage which includes the Premises as provided abovepart of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net condemnation proceeds to be applied to the restoration of the Building, Landlord shall agrees, after the determination of the net amount of condemnation proceeds available to Landlord, to use due diligence to restore the Premises, or, in case of a taking, put what may remain thereof of the Premises into proper condition for use and occupation as nearly like the condition of the Premises prior to such taking as shall be practicable (excluding any furniture, fixtures or equipment of Tenant, or any other items installed or paid for by Tenant which Tenant may Tenant). Notwithstanding the foregoing, Landlord shall not be required or permitted obligated to remove) as near as possible to the condition that existed before the Casualty, expend for such repair and a just proportion restoration any amount in excess of the Base Rent net condemnation proceeds. If the Premises shall be affected by any exercise of the power of eminent domain, then the Annual Fixed Rent, Tenant's share of Operating Costs and Tenant's share of real estate taxes shall be justly and equitably abated and reduced according to the nature and extent of the injury shall be abated until the Premises or such remainder shall have been restored loss of use thereof suffered by Landlord to such conditionTenant; and in case of a taking which permanently reduces the area Rentable Floor Area of the Premises, a just proportion of the Base Rent Annual Fixed Rent, Tenant's share of Operating Costs and Tenant's share of real estate taxes shall be abated for the remainder of the Lease Term. If . 6.4 Landlord shall fail have and hereby reserves to itself any and all rights to receive awards made for damages to the -43- 44 Premises, the Building, the Complex and the Site and the leasehold hereby, created, or any one or more of them, accruing by reason of exercise of eminent domain or by reason of anything lawfully done in pursuance of public or other authority. Except as provided in the next paragraph, Tenant hereby grants, releases and assigns to restore Landlord all Tenant's rights to such awards, and covenants to execute and deliver such further assignments and assurances thereof as Landlord may from time to time request. Subject to the rights of any mortgagee of the Building, the Site or the Complex, nothing contained herein shall be construed to prevent Tenant from prosecuting in any condemnation proceeding a claim for the value of any of Tenant's usual trade fixtures installed in the Premises as near as possible to the condition that existed before the Casualty within 180 days after the Casualty (unless such failure is due to Force Majeure Delays or if Landlord, acting reasonably, has commenced restoration, is diligently continuing to restore by Tenant at Tenant's expense and has not been able to complete such restoration, in which case such 180-day period shall be extended while such Force Majeure Delays, or Landlord’s diligent efforts to restore the Premises, continue, but such extension shall not exceed an additional 180 days), then Tenant shall have the right to terminate this Lease by written notice to Landlord within 10 business days after the end of the 180-day period (as so extended, as the case may be), which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days after the date of notice of such termination. Any notices delivered by Landlord or Tenant pursuant to this Section 7.1 shall be simultaneously delivered to any Superior Mortgagee or Superior Lessor (as defined in Section 8.1) of which Tenant has been given written noticefor relocation and moving expenses.

Appears in 1 contract

Samples: Lease Agreement (Parexel International Corp)

Casualty and Taking. 6.1 In case during the Lease Term all the Building or any substantial part of the Premises, Site are damaged materially by fire or other casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days from the time that repair work would commence, Landlord may, at its election, terminate this Lease by notice given to Tenant within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last year of the Lease Term, the Premises are damaged by fire or other casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Building or the Site or any part thereof are damaged by fire or other causecasualty and this Lease is not so terminated, or by action of public Landlord or other authority in consequence thereof, or are taken by eminent domain (any such event referred to herein as a “Casualty”), Tenant shall have the no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Building (and/or the Site), Landlord shall, promptly after such damage and the determination of the net amount of insurance proceeds available, use due diligence to restore the Premises and the Building in the event of damage thereto (excluding Tenant's Property) into substantially the same condition they were in prior to the damage and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs and Tenant's share of real estate taxes shall be abated according to the nature and extent of the injury to the Premises, until the Premises shall have been restored by Landlord substantially into such condition except for punch list items and long lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds. If such net insurance proceeds are not allowed by such mortgagee or ground lessor to be applied to, or are insufficient for, the restoration of the Building and if Landlord does not otherwise elect to restore the Building, then Landlord shall give prompt notice to Landlord within 30 days after the occurrence of the event giving rise to the election to terminateTenant terminating this Lease, which notice shall specify the effective date of which termination which shall not be not less than 30 nor more than 60 sixty (60) days after the date of notice of such termination. If such restoration is not completed within ten (10) months from the date of the fire or casualty, such period to be subject, however, to extension where the delay in completion of such work is due to causes beyond Landlord's reasonable control (but in no event beyond sixteen (16) months from the date of the fire or casualty), Tenant shall have the right to terminate this Lease at any time after the expiration of such ten-month period (as extended), which right shall continue until the restoration is substantially completed. Such termination shall be effective as of the thirtieth (30th) day after the date of receipt by Landlord of Tenant's notice, with the same force and effect as if such date were the date originally established as the expiration date hereof unless, within thirty (30) days after Landlord's receipt of Tenant's notice, such restoration is substantially completed, in which case Tenant's notice of termination shall be of no force and effect and this Lease and the Lease Term shall continue in full force and effect. 6.2 Notwithstanding anything to the contrary contained in this Lease, if the Building or the Premises shall be substantially damaged by fire or casualty as the result of a Casualty occurs during risk not covered by the last two forms of casualty insurance at the time maintained by Landlord and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within ninety (90) days from the time that repair work would commence, Landlord may, at its election, terminate the Term of this Lease Yearsby notice to the Tenant given within thirty (30) days after such loss. If Landlord shall give such notice, then this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. 6.3 If the entire Building, or if any Superior Mortgagee (as hereinafter defined) refuses to release, after receiving them, sufficient proceeds of any insurance or taking for the restoration such portion of the PremisesPremises as to render the balance (if reconstructed to the maximum extent practicable in the circumstances) unsuitable for Tenant's purposes, shall be taken by condemnation or right of eminent domain, Landlord or Tenant shall have the right to terminate this Lease by notice to the other of its desire to do so, provided that such notice is given not later than thirty (30) days after Tenant has been deprived of possession. If either party shall give such notice, then this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. Further, if so much of the Building shall be so taken that continued operation of the Building would be uneconomic as a result of the taking, Landlord shall have the right to terminate this Lease by written giving notice to Tenant within 30 of Landlord's desire to do so not later than thirty (30) days after the occurrence Tenant has been deprived of possession of the event giving rise to the election to terminatePremises (or such portion thereof as may be taken). If Landlord shall give such notice, which notice then this Lease shall specify the effective date terminate as of termination, which date shall not be less than 30 days nor more than 60 days after the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. Should any part of such termination. If neither party terminates the Premises be so taken or condemned during the Lease Term hereof, and should this Lease not be terminated in accordance with the foregoing provisions, and the holder of any mortgage which includes the Premises as provided abovepart of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net condemnation proceeds to be applied to the restoration of the Building, Landlord shall agrees, after the determination of the net amount of condemnation proceeds available to Landlord, to use due diligence to restore the Premises, or, in case of a taking, put what may remain thereof of the Premises into proper condition for use and occupation as nearly like the condition of the Premises prior to such taking as shall be practicable (excluding Tenant's Property). Notwithstanding the foregoing, Landlord shall not be obligated to expend for such repair and restoration any items installed or paid for by Tenant which Tenant may be required or permitted to remove) as near as possible to the condition that existed before the Casualty, and a just proportion amount in excess of the Base Rent net condemnation proceeds. If the Premises shall be affected by any exercise of the power of eminent domain, then the Annual Fixed Rent, Tenant's share of operating costs and Tenant's share of real estate taxes shall be justly and equitably abated and reduced according to the nature and extent of the injury shall be abated until the Premises or such remainder shall have been restored loss of use thereof suffered by Landlord to such conditionTenant; and in case of a taking which permanently reduces the area Rentable Floor Area of the Premises, a just proportion of the Base Rent Annual Fixed Rent, Tenant's share of operating costs and Tenant's share of real estate taxes shall be abated for the remainder of the Lease Term. If . 6.4 Landlord shall fail have and hereby reserves to itself any and all rights to receive awards made for any reason damages to restore the Premises as near as possible to the condition that existed before the Casualty within 180 days after the Casualty (unless such failure is due to Force Majeure Delays or if Landlord, acting reasonably, has commenced restoration, is diligently continuing to restore and has not been able to complete such restoration, in which case such 180-day period shall be extended while such Force Majeure Delays, or Landlord’s diligent efforts to restore the Premises, continuethe Building, but the Complex and the Site and the leasehold hereby created, or any one or more of them, accruing by reason of exercise of eminent domain or by reason of anything lawfully done in pursuance of public or other authority. Tenant hereby grants, releases and assigns to Landlord all Tenant's rights to such extension awards, and covenants to execute and deliver such further assignments and assurances thereof as Landlord may from time to time request, and if Tenant shall fail to execute and deliver the same within fifteen (15) days after notice from Landlord, Tenant hereby covenants and agrees that Landlord shall be irrevocably designated and appointed as its attorney-in-fact to execute and deliver in Tenant's name and behalf all such further assignments thereof which conform with the provisions hereof. Nothing contained herein shall be construed to prevent Tenant from prosecuting in any condemnation proceeding a claim for the value of any of Tenant's usual trade fixtures installed in the Premises by Tenant at Tenant's expense and for relocation and moving expenses, provided that such action and any resulting award shall not exceed an additional 180 days), then Tenant shall have affect or diminish the right to terminate this Lease by written notice to Landlord within 10 business days after the end amount of the 180-day period (as so extended, as the case may be), which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days after the date of notice of such termination. Any notices delivered compensation otherwise recoverable by Landlord or Tenant pursuant to this Section 7.1 shall be simultaneously delivered to any Superior Mortgagee or Superior Lessor (as defined in Section 8.1) of which Tenant has been given written noticefrom the taking authority.

Appears in 1 contract

Samples: Lease Agreement (Moldflow Corp)

Casualty and Taking. 6.1 In case during the Lease Term all the Building is damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred twenty (120) days from the time that repair work would commence as reasonably determined by Landlord, Landlord may, at its election, terminate this Lease by notice given to Tenant within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last year of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence as reasonably determined by Landlord, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Building or any substantial part thereof is damaged by fire or casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Building (and/or the Site), Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Building in the event of damage thereto (excluding Tenant's Property) into proper condition for use and occupation and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs and Tenant's share of real estate taxes according to the nature and extent of the injury to the Premises shall be abated until the Premises shall have been put by Landlord substantially into such condition except for punch list items and long lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds. Where Landlord is obligated or otherwise elects to effect restoration of the Premises, are damaged materially by fire unless such restoration is completed within one (1) year from the date of the casualty or any other causetaking, such period to be subject, however, to extension where the delay in completion of such work is due to causes beyond Landlord's reasonable control (but in no event beyond eighteen (18) months from the date of the casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain (any such event referred to herein as a “Casualty”taking), Tenant shall have the right to terminate this Lease, by notice to Landlord within 30 days Lease at any time after the occurrence expiration of such one-year (as extended) period until the restoration is substantially completed, such termination to take effect as of the event giving rise to the election to terminate, which notice shall specify the effective date of termination which shall be not less than 30 nor more than 60 days thirtieth (30th) day after the date of receipt by Landlord of Tenant's notice, with the same force and effect as if such date were the date originally established as the expiration date hereof unless, within thirty (30) days after Landlord's receipt of Tenant's notice, such restoration is substantially completed, in which case Tenant's notice of termination shall be of no force and effect and this Lease and the Lease Term shall continue in full force and effect. 6.2 Notwithstanding anything to the contrary contained in this Lease, if the Building or the Premises shall be substantially damaged by fire or casualty as the result of a risk not covered by the forms of casualty insurance at the time maintained by Landlord and such terminationfire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within thirty (30) days from the time that repair work would commence, Landlord may, at its election, terminate the Term of this Lease by notice to the Tenant given within thirty (30) days after such loss. If a Casualty occurs during Landlord shall give such notice, then this Lease shall terminate as of the last two Lease Yearsdate of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. 6.3 If the entire Building, or if any Superior Mortgagee (as hereinafter defined) refuses to release, after receiving them, sufficient proceeds of any insurance or taking for the restoration such portion of the PremisesPremises as to render the balance (if reconstructed to the maximum extent practicable in the circumstances) unsuitable for Tenant's purposes, shall be taken by condemnation or right of eminent domain, Landlord or Tenant shall have the right to terminate this Lease by notice to the other of its desire to do so, provided that such notice is given not later than thirty (30) days after Tenant has been deprived of possession. If either party shall give such notice, then this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. Further, if so much of the Building or Site shall be so taken that continued operation of the Building would be uneconomic as a result of the taking, Landlord shall have the right to terminate this Lease by written giving notice to Tenant within 30 of Landlord's desire to do so not later than thirty (30) days after the occurrence Tenant has been deprived of possession of the event giving rise to the election to terminatePremises (or such portion thereof as may be taken). If Landlord shall give such notice, which notice then this Lease shall specify the effective date terminate as of termination, which date shall not be less than 30 days nor more than 60 days after the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof Should any part of such termination. If neither party terminates the Premises be so taken or condemned during the Lease Term hereof, and should this Lease not be terminated in accordance with the foregoing provisions, and the holder of any mortgage which includes the Premises as provided abovepart of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net condemnation proceeds to be applied to the restoration of the Building, Landlord agrees that after the determination of the net amount of condemnation proceeds available to Landlord, Landlord shall use due diligence to restore the Premises, or, in case of a taking, put what may remain thereof of the Premises into proper condition for use and occupation as nearly like the condition of the Premises prior to such taking as shall be practicable (excluding Tenant's Property). Notwithstanding the foregoing, Landlord shall not be obligated to expend for such repair and restoration any items installed or paid for by Tenant which Tenant may be required or permitted to remove) as near as possible to the condition that existed before the Casualty, and a just proportion amount in excess of the Base Rent net condemnation proceeds made available to it. If the Premises shall be affected by any exercise of the power of eminent domain, then the Annual Fixed Rent, Tenant's share of operating costs and Tenant's share of real estate taxes shall be justly and equitably abated and reduced according to the nature and extent of the injury shall be abated until the Premises or such remainder shall have been restored loss of use thereof suffered by Landlord to such conditionTenant; and in case of a taking which permanently reduces the area Rentable Floor Area of the Premises, a just proportion of the Base Rent Annual Fixed Rent, Tenant's share of operating costs and Tenant's share of real estate taxes shall be abated for the remainder of the Lease Term. If . 6.4 Landlord shall fail have and hereby reserves to itself any and all rights to receive awards made for any reason damages to restore the Premises as near as possible to the condition that existed before the Casualty within 180 days after the Casualty (unless such failure is due to Force Majeure Delays or if Landlord, acting reasonably, has commenced restoration, is diligently continuing to restore and has not been able to complete such restoration, in which case such 180-day period shall be extended while such Force Majeure Delays, or Landlord’s diligent efforts to restore the Premises, continuethe Buildings, but the Complex and the Site and the leasehold hereby created, or any one or more of them, accruing by reason of exercise of eminent domain or by reason of anything lawfully done in pursuance of public or other authority. Tenant hereby grants, releases and assigns to Landlord all Tenant's rights to such extension awards, and covenants to execute and deliver such further assignments and assurances thereof as Landlord may from time to time request, and if Tenant shall fail to execute and deliver the same within fifteen (15) days after notice from Landlord, Tenant hereby covenants and agrees that Landlord shall be irrevocably designated and appointed as its attorney-in-fact to execute and deliver in Tenant's name and behalf all such further assignments thereof which conform with the provisions hereof. Nothing contained herein shall be construed to prevent Tenant from prosecuting in any condemnation proceeding a claim for the value of any of Tenant's usual trade fixtures installed in the Premises by Tenant at Tenant's expense and for relocation and moving expenses, provided that such action and any resulting award shall not exceed an additional 180 days), then Tenant shall have affect or diminish the right to terminate this Lease by written notice to Landlord within 10 business days after the end amount of the 180-day period (as so extended, as the case may be), which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days after the date of notice of such termination. Any notices delivered compensation otherwise recoverable by Landlord or Tenant pursuant to this Section 7.1 shall be simultaneously delivered to any Superior Mortgagee or Superior Lessor (as defined in Section 8.1) of which Tenant has been given written noticefrom the taking authority.

Appears in 1 contract

Samples: Lease (Advanced Lumitech Inc)

Casualty and Taking. In case during Nothing in this Lease to the Term all or contrary withstanding, if any substantial part of the Premises, are Premises is damaged materially by fire or any other cause, casualty or by action of public or other authority in consequence thereof, ; or are any portion of the Building is so damaged thereby that OWNER decides to demolish or alter substantially the Tower or Premises; or any portion of the Building is taken by eminent domain (or receives compensable damage by reason of anything done in pursuance of public or other authority; or any portion of the Building is so taken or receives such event referred damage that OWNER decides to herein as a “Casualty”)demolish or alter the Tower; the Lease shall terminate at OWNER's election, Tenant shall which may be made whether or not OWNER's entire interest may have been divested. In case of such taking of part of the Premises, if the remainder is insufficient for use for TENANT's purposes, or in case of such damage or taking if the time needed to do the construction work necessary to put the remaining portion of Premises in proper condition for use and occupation is reasonably estimated to exceed six months, or OWNER does not commence within sixty days after the damage or the surrender of the part taken and proceed with reasonable diligence to do such work and complete the same within six months after such commencement except for delays due to governmental regulations, unusual scarcity of or inability to obtain labor or materials, labor difficulties, or other causes reasonably beyond OWNER's control, TENANT may by notice to OWNER terminate this Lease within thirty days after the right to terminate this Lease, by notice to Landlord within 30 days after the occurrence of the event giving rise to the election to terminate, which notice shall specify the effective date of termination which shall be not less than 30 nor more than 60 days after the date of notice of such terminationarises. If a Casualty occurs during the last two Lease Years, or if any Superior Mortgagee (as hereinafter defined) refuses to release, after receiving them, sufficient proceeds of any insurance or taking for the restoration of the Premises, then Landlord shall have the right to terminate this Lease by written notice to Tenant within 30 days after the occurrence of the event giving rise to the election to terminate, which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days after the date of notice of such termination. If neither party terminates this Lease as provided above, Landlord shall use due diligence to restore the Premises, orIf, in case of a takingany such case, what may remain thereof (excluding any items installed or paid the Premises are rendered unfit for by Tenant which Tenant may be required or permitted to remove) as near as possible to use and occupation and the condition that existed before the CasualtyLease is not so terminated, and a just proportion of the Base Rent rent according to the nature and extent of the injury shall be abated until the Premises (or such remainder in the case of taking, what remains thereof), excluding any fixtures or items installed or paid for by TENANT which TENANT is entitled or required to remove by this Lease shall have been restored put by Landlord to such condition; OWNER in proper condition for use and in occupation. In case of termination by TENANT, a like proportion of the rent shall be abated until the termination. In case of taking which permanently reduces the area of the Premises, a just proportion of the Base Rent and rent shall be abated for the remainder of the TermLease term. If Landlord shall fail for TENANT will promptly notify OWNER of any reason damage to restore the Premises as near as possible from any cause. Nothing herein contained shall be deemed to obligate the OWNER to make any repairs or restoration. OWNER reserves and excepts all rights to damages to the condition that existed before Premises and Building and land on which it stands, and the Casualty within 180 days after the Casualty (unless leasehold hereby created, accruing by reason of exercise of eminent domain or by reason of anything done in pursuance of public or other authority. TENANT hereby grants to OWNER all TENANT's rights to such failure is due damages, except damages awarded to Force Majeure Delays TENANT for TENANT's cost of moving stock and fixtures, and covenants to deliver such further assignments thereof as OWNER may from time to time request, and such other documents not imposing additional expense or if Landlord, acting reasonably, has commenced restoration, is diligently continuing to restore and has not been able to complete such restoration, in which case such 180-day period shall be extended while such Force Majeure Delays, or Landlord’s diligent efforts to restore the Premises, continue, but such extension shall not exceed an additional 180 days), then Tenant shall have the right to terminate this Lease by written notice to Landlord within 10 business days after the end of the 180-day period (as so extended, obligation on TENANT as the case taking authority may be), which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days after the date of notice of such termination. Any notices delivered by Landlord or Tenant pursuant to this Section 7.1 shall be simultaneously delivered to any Superior Mortgagee or Superior Lessor (as defined in Section 8.1) of which Tenant has been given written noticerequire.

Appears in 1 contract

Samples: Office Lease (Call Points Inc)

Casualty and Taking. In case during the Term all or any substantial part more than fifty percent (50%) of the Premises, rentable area of the Demised Premises or the Building are damaged materially by fire or any other cause, casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain (any such event referred to herein as a “Casualty”)domain, Tenant this Lease shall terminate at Landlord’s election, which may be made notwithstanding Landlord’s entire interest may have the right to terminate this Leasebeen divested, by notice given to Landlord Tenant within 30 thirty (30) days after the occurrence of the event giving rise to the election to terminate. Said notice shall, which notice shall specify in the case of damage as aforesaid, be effective as of the date of such casualty event. In the case of any such taking by eminent domain, the effective date of the termination which shall be not less than 30 nor more than 60 days after the day on which the taking authority shall take title to or possession of the taken property. Fixed Rent and additional rent shall be apportioned and adjusted as of the effective date of notice of any such termination. If in any such case the Demised Premises or the Building are damaged by a Casualty occurs during the last two Lease Years, casualty or if any Superior Mortgagee (as hereinafter defined) refuses to release, after receiving them, sufficient proceeds of any insurance or eminent domain taking for the restoration of the Premises, then Landlord shall have the right to terminate and this Lease by written notice to Tenant within 30 days after the occurrence of the event giving rise to the election to terminate, which notice shall specify the effective date of termination, which date shall is not be less than 30 days nor more than 60 days after the date of notice of such termination. If neither party terminates this Lease so terminated as provided aboveaforesaid, Landlord shall use due diligence to restore the Premises, or, Demised Premises and the Building to the condition they were in case of a taking, what may remain thereof prior to such casualty or taking (excluding any items installed or paid for by Tenant which Tenant may be required or permitted to remove) as near as possible remove from the Demised Premises at the expiration of the Term), but Landlord shall not be required to spend more than the condition that existed before the Casualtynet proceeds of insurance or award of damages recoverable therefor, and a just proportion of the Base Fixed Rent and additional rent according to the nature and extent of the injury to the Demised Premises shall be abated until the Demised Premises or such remainder shall have been restored put by Landlord to in such condition; and in case of a taking which permanently reduces the area of the Demised Premises, a just proportion of the Base Fixed Rent and shall be abated for the remainder of the TermTerm and Tenant’s Share of Operating Expenses and Tenant’s Share of Taxes shall be proportionately adjusted. If Landlord shall fail for notify Tenant within thirty (30) days following the occurrence of any reason casualty or taking of the estimated time to restore the Premises as near as possible to Demised Premises, the condition that existed before Building or the Casualty within 180 days after Lot. If such estimated time is more than one (1) year from the Casualty (unless occurrence of such failure is due to Force Majeure Delays casualty or taking, or if LandlordLandlord commences its repair of the Demised Premises, acting reasonably, has commenced restoration, is diligently continuing to restore the Building or the Lot and has not been able to complete substantially completed the same within one (1) year after the occurrence of such restoration, in which case such 180-day period shall be extended while such Force Majeure Delays, casualty or Landlord’s diligent efforts to restore the Premises, continue, but such extension shall not exceed an additional 180 days)taking, then Tenant shall have the right, upon thirty (30) days prior written notice to Landlord given at any time after such one (1) year period but prior to the date Landlord has completed such restoration, to terminate this Lease. Additionally, and notwithstanding anything in this Subsection (A) to the contrary, if any casualty to or taking of the Demised Premises, the Building or the Lot occurs during the last twelve (12) months of the Term and causes the Demised Premises (or material portion thereof) to be untenable or materially impairs Tenant’s use of the Demise Premises for the Permitted Use for a period of more than ninety (90) days, then Tenant may terminate this Lease upon not less than thirty (30) days prior written notice to Landlord. Notwithstanding the foregoing, in the event Landlord receives a notice of termination from Tenant as a result of a casualty or taking pursuant to this Section (A), in the event Landlord substantially completes any applicable restoration within such thirty (30) day notice period described above, Tenant’s exercise of its right to terminate this Lease by written notice to Landlord within 10 business days after the end of the 180-day period (as so extended, as the case may be), which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days after the date of notice of such termination. Any notices delivered by Landlord or Tenant pursuant to this Section 7.1 shall be simultaneously delivered deemed to any Superior Mortgagee or Superior Lessor (as defined be rescinded and the Lease shall remain in Section 8.1) of which Tenant has been given written noticefull force and effect.

Appears in 1 contract

Samples: Lease (Finch Therapeutics Group, Inc.)

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Casualty and Taking. In case during Article 14 is hereby amended and restated in its entirety as follows: 14.1 After any casualty event, Landlord must, within 30 days after the Term all or any substantial part casualty, notify Tenant of Landlord's reasonable, good faith estimate of how long from the date of the casualty it will take Landlord to repair and restore the damaged portions of the Premises, . If the Premises or its appurtenances are damaged materially or destroyed by fire or any other causea casualty to the extent that Landlord cannot reasonably complete its restoration and repair obligations within twelve months from the date of the casualty, or by action of public or other authority in consequence thereof, or are taken by eminent domain (any such event referred to herein as a “Casualty”), then Tenant shall have the right to may terminate this Lease, Lease as of the date of the casualty by notice to Landlord within 30 days after the occurrence of the event giving rise to the election to terminate, which notice shall specify the effective date of termination which shall be not less than 30 nor more than 60 45 days after the date that Landlord notifies Tenant of notice the time period required to repair and restore the damaged portions of such terminationthe Premises. If a Casualty occurs during neither party elects to terminate the last two Lease Yearsunder the terms of this Article, or if any Superior Mortgagee (as hereinafter defined) refuses to release, after receiving them, sufficient proceeds of any insurance or taking for the then Landlord must commence its repair and restoration of the Premises, then Landlord shall have damage caused by the right to terminate this Lease by written notice to Tenant within 30 days after the occurrence of the event giving rise to the election to terminate, which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days casualty as soon as possible after the date of notice of such terminationthe casualty. If neither party terminates this Lease as provided above, Landlord shall use due diligence to must repair and restore the Premises, or, in case all portions of a taking, what may remain thereof (excluding any items installed or paid for the Premises and its appurtenances that are damaged by Tenant which Tenant may be required or permitted the casualty to remove) as near as possible substantially their condition immediately prior to the condition that existed before the Casualty, and a just proportion of the Base Rent according to the nature and extent of the injury shall be abated until the Premises or such remainder shall have been restored by Landlord to such condition; and in case of a taking which permanently reduces the area of the Premises, a just proportion of the Base Rent and shall be abated casualty except for the remainder of the Termleasehold improvements constructed by Tenant. Landlord must diligently pursue its repairs and restoration to completion. If Landlord shall fail does not complete its repairs and restoration within eighteen months from the date of the casualty (subject to extension for any reason to restore the Premises as near as possible to the condition that existed before the Casualty within 180 days after the Casualty (unless such failure is due to Force Majeure Delays or if Landlord, acting reasonably, has commenced restoration, is diligently continuing to restore and has not been able to complete such restoration, in which case such 180-day period shall be extended while such Force Majeure Delays, or Landlord’s diligent efforts to restore the Premises, continue, but such extension shall not exceed an additional 180 daysforce majeure events), then Tenant shall have the right to may terminate this Lease by written notice to Landlord at any time prior to completion. Once Landlord has completed its repair and restoration obligations, Tenant must commence the repair and restoration of the leasehold improvements constructed by Tenant that were damaged by the casualty. All rent payable under this Lease will xxxxx from the date of the casualty to the earlier of (i) 180 days following the date Landlord completes its repair and restoration obligations and (ii) the date on which Tenant completes its repairs and restoration, provided that if Tenant continues to conduct business in the Premises during the period that Landlord and Tenant are repairing and restoring the Premises, then Tenant's rent obligations during the period of repairs and restoration will xxxxx in proportion to the percentage of the Premises usable floor area damaged by the casualty. If the Premises are substantially damaged by a casualty that is covered by neither (i) the insurance actually carried by Landlord nor (ii) the insurance Landlord is required to carry under the terms of this Lease, then Landlord may elect to terminate this Lease by giving notice of its election to terminate within 10 business ninety days after the end casualty event. If Landlord elects to terminate the Lease, then the rights and obligations of the 180-day period (parties will cease as so extended, as the case may be), which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days after the date of notice Landlord's notice, and rent and additional charges will be adjusted as of the date of such termination. Any notices delivered by Landlord Damage to the Premises is substantial if the cost to repair the damage is equal to or Tenant pursuant to this Section 7.1 shall be simultaneously delivered to any Superior Mortgagee or Superior Lessor (as defined in Section 8.1) greater than 15% of which Tenant has been given written noticethe full replacement cost of the Premises.

Appears in 1 contract

Samples: Lease Agreement (California Culinary Academy Inc)

Casualty and Taking. In case during the Term all or any substantial part of the Premises, the Building, the Project, or Lot or any one or more of them, are damaged materially by fire or any other cause, cause or by action of public or other authority in consequence thereof, thereof or are taken by eminent domain (any such event referred to herein as a “Casualty”)or Landlord receives compensable damage by reason of anything lawfully done in pursuance of public or other authority, Tenant this Lease shall terminate at Landlord's election, which may be made, notwithstanding that Landlord's entire interest may have the right to terminate this Leasebeen divested, by notice given to Landlord Tenant within 30 thirty (30) days after the occurrence of the event giving rise to the election election, to terminate, which notice shall specify the effective date of termination which shall not be not less than 30 fifteen (15), nor more than 60 thirty (30), days after the date of notice of such termination. If a Casualty occurs during in any such case the last two Premises are rendered unfit for use and occupancy and the Lease Years, or if any Superior Mortgagee (as hereinafter defined) refuses to release, after receiving them, sufficient proceeds of any insurance or taking for the restoration of the Premises, then Landlord shall have the right to terminate this Lease by written notice to Tenant within 30 days after the occurrence of the event giving rise to the election to terminate, which notice shall specify the effective date of termination, which date shall is not be less than 30 days nor more than 60 days after the date of notice of such termination. If neither party terminates this Lease as provided aboveso terminated, Landlord shall use due diligence to restore put the Premises, or, in case of a taking, what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required or permitted to remove) as near as possible into proper condition for use and occupation to the condition that existed before extent permitted by the Casualtynet award of insurance or damages, and a just proportion of the Base Fixed Rent and Additional Rent according to the nature and extent of the injury shall be abated until the Premises or such remainder shall have been restored put by Landlord to in such condition; and in case of a taking which permanently reduces the area of the Premises, a just proportion of the Base Fixed Rent and additional rent shall be abated for the remainder of the Term. If In the event that Landlord shall fail for any reason estimates that it will take more than six (6) months to restore the Premises as near as possible premises to the condition that existed before the Casualty within 180 days after the Casualty (unless such failure is due to Force Majeure Delays or if Landlordproper condition, acting reasonably, has commenced restoration, is diligently continuing to restore and has not been able to complete such restoration, in which case such 180-day period shall be extended while such Force Majeure Delays, or Landlord’s diligent efforts to restore the Premises, continue, but such extension shall not exceed an additional 180 days), then Tenant shall have the right to may terminate this Lease by written notice to Landlord given within 10 business fifteen (15) days after the end of the 180-day period (as so extended, as the case may be), which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days after the date of Landlord's notice to Tenant. Landlord will notify Tenant within thirty (30) days of such termination. Any notices delivered by Landlord Casualty or Tenant pursuant Taking of its estimate of damage and whether it intends to this Section 7.1 shall be simultaneously delivered to any Superior Mortgagee or Superior Lessor (as defined in Section 8.1) of which Tenant has been given written noticerestore.

Appears in 1 contract

Samples: Lease (Softlock Com Inc)

Casualty and Taking. 6.1 In case during the Lease Term all the Building or the Site are damaged by fire or other casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred twenty (120) days from the time that repair work would commence, Landlord may, at its election, terminate this Lease by notice given to Tenant within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the portion of the Term prior to August 31, 2001 or last year of the Term during the Extended Tenn referred to in Section 8.20 the Premises are damaged by fire or other casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred twenty (120) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Building or the Site or any substantial part thereof are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Building as a part of the Premises, are damaged materially by fire mortgaged premises or any other causeground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Building (and/or the Site), Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Building in the event of damage thereto (excluding Tenant's Property) into proper condition for use and occupation and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Costs and Tenant's share of real estate taxes according to the nature and extent of the injury to the Premises shall be abated from the date of damage until the Premises shall have been put by Landlord substantially into such condition except for punch list items and long lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds. Unless such restoration is completed within eight (8) months from the date of the casualty or by action taking, such period to be subject, however, to extension where the delay in completion of public such work is due to causes beyond Landlord's reasonable control (but in no event beyond fifteen (15) months from the date of the casualty or other authority in consequence thereof, or are taken by eminent domain (any such event referred to herein as a “Casualty”taking), Tenant shall have the right to terminate this Lease, by notice to Landlord within 30 days Lease at any time after the occurrence expiration of such eight (8) month (as extended) period until the restoration is substantially completed, such termination to take effect as of the event giving rise to the election to terminate, which notice shall specify the effective date of termination which shall be not less than 30 nor more than 60 days thirtieth (30th) day after the date of receipt by Landlord of Tenant's notice, with the same force and effect as if such date were the date originally established as the expiration date hereof unless, within thirty (30) days after Landlord's receipt of Tenant's notice, such restoration is substantially completed, in which case Tenant's notice of termination shall be of no force and effect and this Lease and the Lease Term shall continue in full force and effect. 6.2 Notwithstanding anything to the contrary contained in this Lease, if the Building or the Premises shall be substantially damaged by fire or casualty as the result of a risk not covered by the forms of casualty insurance at the time maintained by Landlord and such terminationfire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within ninety (90) days from the time that repair work would commence, Landlord may, at its election, terminate the Term of this Lease by notice to the Tenant given within thirty (30) days after such loss. If a Casualty occurs during Landlord shall give such notice, then this Lease shall terminate as of the last two Lease Yearsdate of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. 6.3 If the entire Building, or if any Superior Mortgagee (as hereinafter defined) refuses to release, after receiving them, sufficient proceeds of any insurance or taking for the restoration such portion of the PremisesPremises as to render the balance (if reconstructed to the maximum extent practicable in the circumstances) unsuitable for Tenant's purposes, shall be taken by condemnation or right of eminent domain, Landlord or Tenant shall have the right to terminate this Lease by notice to the other of its desire to do so, provided that such notice is given not later than thirty (30) days after Tenant has been deprived of possession. If either party shall give such notice, then this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. Further, if so much of the Building shall be so taken that continued operation of the Building would be uneconomic as a result of the taking, Landlord shall have the right to terminate this Lease by written giving notice to Tenant within 30 of Landlord's desire to do so not later than thirty (30) days after the occurrence Tenant has been deprived of possession of the event giving rise to Premises (or such portion thereof as may be taken), provided, that Landlord shall terminate all other leases and occupancy agreements in the election to terminateBuilding affected by the taking. If Landlord shall give such notice, which notice then this Lease shall specify the effective date terminate as of termination, which date shall not be less than 30 days nor more than 60 days after the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. Should any part of such termination. If neither party terminates the Premises be so taken or condemned during the Lease Term hereof, and should this Lease not be terminated in accordance with the foregoing provisions, and the holder of any mortgage which includes the Premises as provided abovepart of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net condemnation proceeds to be applied to the restoration of the Building, Landlord agrees that after the determination of the net amount of condemnation proceeds available to Landlord, Landlord shall use due diligence to restore the Premises, or, in case of a taking, put what may remain thereof of the Premises into proper condition for use and occupation as nearly like the condition of the Premises prior to such taking as shall be practicable (excluding Tenant's Property). Notwithstanding the foregoing, Landlord shall not be obligated to expend for such repair and restoration any items installed or paid for by Tenant which Tenant may be required or permitted to remove) as near as possible to the condition that existed before the Casualty, and a just proportion amount in excess of the Base Rent net condemnation proceeds. If the Premises shall be affected by any exercise of the power of eminent domain, then the Annual Fixed Rent, Tenant's share of operating costs and Tenant's share of real estate taxes shall be justly and equitably abated and reduced according to the nature and extent of the injury shall be abated until the Premises or such remainder shall have been restored loss of use thereof suffered by Landlord to such conditionTenant; and in case of a taking which permanently reduces the area Rentable Floor Area of the Premises, a just proportion of the Base Rent Annual Fixed Rent, Tenant's share of operating costs and Tenant's share of real estate taxes shall be abated for the remainder of the Lease Term. If . 6.4 Landlord shall fail have and hereby reserves to itself any and all rights to receive awards made for any reason damages to restore the Premises as near as possible to the condition that existed before the Casualty within 180 days after the Casualty (unless such failure is due to Force Majeure Delays or if Landlord, acting reasonably, has commenced restoration, is diligently continuing to restore and has not been able to complete such restoration, in which case such 180-day period shall be extended while such Force Majeure Delays, or Landlord’s diligent efforts to restore the Premises, continuethe Buildings, but the Complex and the Site and the leasehold hereby created, or any one or more of them, accruing by reason of exercise of eminent domain or by reason of anything lawfully done in pursuance of public or other authority. Tenant hereby grants, releases and assigns to Landlord all Tenant's rights to such extension awards, and covenants to execute and deliver such further assignments and assurances thereof as Landlord may from time to time request. Nothing contained herein shall be construed to prevent Tenant from prosecuting in any condemnation proceeding a claim for the value of any of Tenant's usual trade fixtures installed in the Premises by Tenant at Tenant's expense and for relocation and moving expenses, provided that such action and any resulting award shall not exceed an additional 180 days), then Tenant shall have affect or diminish the right to terminate this Lease by written notice to Landlord within 10 business days after the end amount of the 180-day period (as so extended, as the case may be), which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days after the date of notice of such termination. Any notices delivered compensation otherwise recoverable by Landlord or Tenant pursuant to this Section 7.1 shall be simultaneously delivered to any Superior Mortgagee or Superior Lessor (as defined in Section 8.1) of which Tenant has been given written noticefrom the taking authority.

Appears in 1 contract

Samples: Lease Agreement (Centra Software Inc)

Casualty and Taking. In case during the Term all or any substantial part more than fifty percent (50%) of the Premises, rentable area of the Demised Premises or the Building are damaged materially by fire or any other cause, casualty or by action of public or other authority in consequence thereof, or are taken by eminent domain (any such event referred to herein as a “Casualty”)domain, Tenant this Lease shall terminate at Landlord’s election, which may be made notwithstanding Landlord’s entire interest may have the right to terminate this Leasebeen divested, by notice given to Landlord Tenant within 30 thirty (30) days after the occurrence of the event giving rise to the election to terminate, which notice shall specify provided however, if such termination is due to damage to or taking of a portion of the effective date of termination which shall be not Building and less than 30 nor more than 60 days after the date of notice of such termination. If a Casualty occurs during the last two Lease Years, or if any Superior Mortgagee fifty percent (as hereinafter defined50%) refuses to release, after receiving them, sufficient proceeds of any insurance or taking for the restoration of the PremisesDemised Premises are damaged or taken, then Landlord shall not have the right to terminate this the Lease by written in connection with such casualty or taking unless Landlord terminates all other tenancies in the Building. Said notice to Tenant within 30 days after shall, in the occurrence case of damage as aforesaid, be effective as of the event giving rise to date of such casualty event. In the election to terminatecase of any such taking by eminent domain, which notice shall specify the effective date of termination, the termination shall be the day on which date the taking authority shall not take title to or possession of the taken property. Fixed Rent and additional rent shall be less than 30 days nor more than 60 days after apportioned and adjusted as of the effective date of notice of any such termination. If neither party terminates in any such case the Demised Premises or the Building are damaged by a casualty or eminent domain taking and this Lease is not so terminated as provided aboveaforesaid, Landlord shall use Landlord, at its sole cost and expense, and proceeding with due diligence to and all reasonable dispatch, shall restore the Premises, or, Demised Premises and the Building to the condition they were in case of a taking, what may remain thereof prior to such casualty or taking (excluding any items installed or paid for by Tenant which Tenant may be required or permitted to remove) as near as possible remove from the Demised Premises at the expiration of the Term), but Landlord shall not be required to spend more than the condition that existed before the Casualtynet proceeds of insurance or award of damages recoverable therefor, and a just proportion of the Base Fixed Rent and additional rent according to the nature and extent of the injury to the Demised Premises shall be abated until the Demised Premises or such remainder shall have been restored put by Landlord to in such condition; and in case of a taking which permanently reduces the area of the Demised Premises, a just proportion of the Base Fixed Rent and shall be abated for the remainder of the TermTerm and Tenant’s Share of Operating Expenses and Tenant’s Share of Taxes shall be proportionately adjusted. Landlord shall notify Tenant within thirty (30) days following the occurrence of any casualty or taking of the estimated time to restore the Demised Premises, or the Building. If Landlord shall fail for any reason to restore commences its repair of the Demised Premises as near as possible to or the condition that existed before the Casualty within 180 days after the Casualty (unless such failure is due to Force Majeure Delays or if Landlord, acting reasonably, has commenced restoration, is diligently continuing to restore Building and has not been able to complete substantially completed the same within one (1) year after the occurrence of such restoration, in which case such 180-day period shall be extended while such Force Majeure Delays, casualty or Landlord’s diligent efforts to restore the Premises, continue, but such extension shall not exceed an additional 180 days)taking, then Tenant shall have the right, upon thirty (30) days prior written notice to Landlord given at any time after such one (1) year period but prior to the date Landlord has completed such restoration, to terminate this Lease. If (a) such estimated time is more than {W12939071.11} 30 one (1) year from the occurrence of such casualty or taking, or (b) if such casualty or taking occurs during the last two (2) years of the Term and the estimated time to restore such damage exceeds ninety (90) days, then Tenant shall have the right, upon thirty (30) days prior written notice to Landlord to terminate this Lease. Notwithstanding the foregoing, in the event Landlord receives a notice of termination from Tenant as a result of a casualty or taking pursuant to this Section (A), in the event Landlord substantially completes any applicable restoration within such thirty (30) day notice period described above, Tenant’s exercise of its right to terminate this Lease by written notice to Landlord within 10 business days after the end of the 180-day period (as so extended, as the case may be), which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days after the date of notice of such termination. Any notices delivered by Landlord or Tenant pursuant to this Section 7.1 shall be simultaneously delivered deemed to any Superior Mortgagee or Superior Lessor (as defined be rescinded and the Lease shall remain in Section 8.1) of which Tenant has been given written noticefull force and effect.

Appears in 1 contract

Samples: Lease Agreement (Solid Biosciences Inc.)

Casualty and Taking. In case during the Term any substantial part of the Premises, or all or any substantial part of the PremisesBuilding, are or Lot or any one or more of them, are, in the reasonable, good faith judgment of Landlord’s architect, damaged materially by fire or any other cause, or by action of public or other authority in consequence thereof, thereof or are taken by eminent domain (any such event referred to herein as a “Casualty”)or Landlord receives compensable damage by reason of anything lawfully done in pursuance of public or other authority, Tenant this Lease shall terminate at Landlord’s or Tenant’s election, which may be made, notwithstanding Landlord’s entire interest may have the right to terminate this Leasebeen divested, by notice given to Landlord the other within 30 sixty (60) days after the occurrence of the event giving rise to the election to terminate, which notice shall specify the effective date of termination which shall be not less than 30 thirty (30) nor more than 60 sixty (60) days after the date of notice of such termination. Landlord shall cause its architect to deliver to Tenant a certification as to such restoration period within forty-five (45) days after the casualty. For purposes of this Section 7.1, a substantial part of the Building or Lot or material damage to the Premises or Building shall be damage that a will take, using reasonable diligence, more than nine (9) months from the date of such casualty to repair. If a Casualty occurs during in any such case the last two Premises are rendered unfit for use and occupation and the Lease Yearsis not terminated, or if any Superior Mortgagee (as hereinafter defined) refuses to release, after receiving them, sufficient proceeds of any insurance or taking for Landlord shall promptly commence and diligently prosecute the restoration of the Premises, then Landlord shall have the right to terminate this Lease by written notice to Tenant within 30 days after the occurrence of the event giving rise to the election to terminate, which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days after the date of notice of such termination. If neither party terminates this Lease as provided above, Landlord shall use due diligence to restore the Premises, or, or in case of a taking, what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required or permitted to remove) as near as possible thereof, into substantially the condition immediately prior to the condition that existed before casualty, subject to applicable law to the Casualtyextent permitted by the net award of insurance or damages, and a just proportion of the Base Fixed Rent and additional rent according to the nature and extent of the injury shall be abated until the Premises or such remainder shall have been restored put by Landlord to in such condition; and in case of a taking which permanently reduces the area of the Premises, a just proportion of the Base Fixed Rent and additional rent shall be abated for the remainder of the Term. If Landlord Term and an appropriate adjustment shall fail for any reason to restore the Premises as near as possible be made to the condition Annual Estimated Operating Expenses. In the event that existed before the Casualty such restoration is not completed within 180 days twelve (12) months after the Casualty date of such casualty (unless as such failure is due to period may be extended by Force Majeure Delays or if Landlord, acting reasonably, has commenced restoration, is diligently continuing [not to restore and has not been able to complete such restoration, in which case such 180-day period shall be extended while such Force Majeure Delays, or Landlord’s diligent efforts to restore the Premises, continue, but such extension shall not exceed an additional 180 thirty (30) days] and/or Tenant Delays), then Tenant shall have the right to terminate this the Lease by written notice to Landlord within 10 business days after the end of the 180-day period (as so extended, as the case may be), which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days after the date of notice of such termination. Any notices delivered by Landlord or Tenant pursuant to this Section 7.1 shall be simultaneously delivered to any Superior Mortgagee or Superior Lessor (as defined in Section 8.1) of which Tenant has been given written noticeLandlord.

Appears in 1 contract

Samples: Lease Agreement (Zoran Corp \De\)

Casualty and Taking. 6.1 In case during the last ten (10) years of the Initial Term or the last ten (10) years of any extension thereof all or any substantial part of the Premises, are Main Building containing in excess of fifty (50%) percent of the Net Rentable Area thereof is damaged materially by fire or any other causecasualty to the extent that such part is unsuitable for Tenant's use, or this Lease shall, except as hereinafter provided, terminate at Landlord's election by action of public or other authority notice given to Tenant within 90 days after such damage and in consequence thereof, or are taken by eminent domain (any such event referred this Lease shall terminate on the 60th day after such notice is given unless within such 60 day period Tenant shall exercise any option then available to herein as a “Casualty”)it to extend the Term, in which case such notice of termination by Landlord shall have no force or effect. In case Landlord shall not elect to terminate this Lease, Landlord shall notify Tenant within 90 days following such damage to the Main Building of the time within which Landlord reasonably expects the damage can be repaired, including the basis for such estimate, and Tenant shall have the right to terminate this LeaseLease (a) if the time estimated by Landlord shall exceed eighteen (18) months and (b) if the remainder of the Premises not damaged is insufficient for use for Tenant's purposes as determined in good faith by Tenant and Landlord receives with the notice hereinafter referred to a certificate to that effect signed by Tenant, by notice given to Landlord within 30 60 days after the occurrence Landlord's notice of the event giving rise to the election to terminateits estimated time for repair, which notice shall specify specifying the effective date of termination which shall be not less than 30 nor 60 days after the date on which such notice of termination is given. 1) restore the Premises to substantially their condition prior to such damage, provided, however, that Landlord shall not be required to restore items installed or paid for entirely by Tenant which Tenant is required to remove, or may remove, pursuant to Section 5.2, other than those items which have been constructed or installed by Landlord and paid for by Tenant as of the date of this Fourth Amendment and Restatement of Lease and which (a) is insured at Tenant's expense pursuant to Section 4.4 or (b) Tenant requests Landlord (in a timely manner following such damage) to restore and agrees to reimburse Landlord for the expenses of such restoration. All proceeds of fire and other casualty insurance shall be held by the institutional Mortgagee holding the first mortgage on the Premises for application to or toward the cost of restoration upon such conditions as such mortgagee may prescribe. If at the time of occurrence of any fire or other casualty covered by insurance there shall be no mortgage of the Premises which is held by an Institutional Mortgagee which is required to apply such insurance proceeds toward the cost of such restoration, then such proceeds shall be held, as a segregated fund to be applied to or toward the cost of restoration, by a bank or trust company designated by Landlord with the approval of Tenant, which approval shall not unreasonably be withheld, and any charges of such bank or trust company shall be paid out of the insurance proceeds. 6.2 In case during the Term (a) all or any part of the Main Building containing in excess of fifty (50%) percent of the Net Rentable Area thereof is taken by eminent domain, or (b) twenty-five (25%) percent or more of the Net Rentable Area of the Main Building is taken by eminent domain and the eminent domain proceeds are not sufficient to restore the remaining portion of the Main Building to a condition satisfactory to Tenant for its use of such remaining portion (unless Tenant shall agree to supply the deficiency), this Lease shall terminate at Landlord's election, which may be made notwithstanding Landlord's entire interest may have been divested, by notice given to Tenant within 90 days after the taking in the case of (a) or the determination of the pro tanto award in the case of (b) and in such event this Lease shall terminate on the 60th day after such notice is given. In case of such taking of more than fifty (50%) percent of the Net Rentable Area of the Main Building or more than thirty-five (35%) percent of the Net Rentable Area on the ground floor of the Main Building and the remainder of the Premises is insufficient for use for Tenant's purposes as determined in good faith by Tenant and Landlord receives with the notice hereinafter referred to a certificate to that effect signed by Tenant, Tenant may terminate this Lease by notice given to Landlord within 60 days after such taking specifying the effective date of termination which shall be not less than 60 days after the date of on which such notice of such terminationtermination is given. If a Casualty occurs during in any case of taking the last two Premises are rendered unfit for use and occupation and this Lease Yearsis not so terminated, or if any Superior Mortgagee (as hereinafter defined) refuses to release, after receiving them, sufficient proceeds of any insurance or taking for the restoration of the Premises, then Landlord shall have promptly and diligently (commencing not later than the right to expiration of all periods in which either party may terminate this Lease by written notice pursuant to Tenant within 30 days after the occurrence foregoing provisions of this Section 6.2) put the remaining portion of the event giving rise Premises into substantially their condition prior to the election to terminatesuch taking and as nearly as possible suitable for Tenant's continued use, which notice shall specify the effective date of terminationprovided, which date however, that Landlord shall not be less than 30 days nor more than 60 days after the date of notice of such termination. If neither party terminates this Lease as provided above, Landlord shall use due diligence required to restore the Premises, or, in case of a taking, what may remain thereof (excluding any items installed or paid for entirely by Tenant which Tenant may be is required or permitted to remove) , or may remove, pursuant to Section 5.2 other than those items which are incorporated in the Buildings as near as possible of the date of this Fourth Amendment and Restatement of the Lease or which Landlord has agreed to restore pursuant to a separate written agreement. 6.3 In the condition that existed before the Casualtyevent of any casualty or taking, and a just proportion of the Base Rent fixed rent and additional rent according to the nature and extent of the injury shall be abated until the Premises or such remainder what remains thereof after a taking shall have been restored put by Landlord in proper condition for use and occupancy; plus a reasonable time not in any event exceeding six months for Tenant to such condition; restore its leasehold improvements and move in personal property and in case of a taking which permanently reduces the area of the PremisesPremises or otherwise permanently affects the Buildings or Lot, a just proportion of the Base Rent fixed rent and additional rent shall be abated for the remainder of the Term. If . 6.4 Landlord shall fail reserves to itself any and all rights to receive awards made for any reason damages to restore the Premises as near as possible to and the condition that existed before the Casualty within 180 days after the Casualty (unless such failure is due to Force Majeure Delays or if Landlord, acting reasonably, has commenced restoration, is diligently continuing to restore and has not been able to complete such restoration, in which case such 180-day period shall be extended while such Force Majeure Delaysleasehold hereby created, or Landlord’s diligent efforts any one or more of them, accruing by reason of exercise of eminent domain or by reason of anything lawfully done in pursuance of public or other authority. Tenant hereby releases and assigns to restore Landlord all Tenant's rights to such awards, and covenants to deliver such further assignment and assurances thereof as Landlord may from time to time request, hereby irrevocably designating and appointing Landlord as its attorney-in-fact to execute and deliver in Tenant's name and behalf all such further assignments thereof. (a) that the mortgages to which Tenant's rights are subordinated are held by Institutional Mortgagees and such mortgages do not encumber property other than the Premises or secure obligations unrelated to the Premises, continue(b) that such subordination shall be effective in the event the holder of such mortgage or mortgages applies the eminent domain award toward full payment of the amount secured by such mortgage or mortgages, but and (c) that in applying such extension awards to the payment of such mortgages, Landlord's share of such award shall not exceed be applied and exhausted first before any portion of Tenant's share of such award is so applied. Further notwithstanding the foregoing provisions, Tenant and anyone claiming under it shall be entitled to appear, claim, prove and receive, if allowed, an additional 180 days)award for personal property, then relocation and moving expenses. 6.5 In the event of any taking of the Premises or any part thereof for temporary use, (i) this Lease shall be and remain unaffected thereby, and (ii) Tenant shall have be entitled to receive for itself such portion or portions of any award made for such use with respect to the right to terminate period of the taking which is within the Term, provided that if such taking shall remain in force at the expiration or earlier termination of this Lease by written notice Lease, Tenant shall then pay to Landlord within 10 business days after a sum equal to the end reasonable cost of performing Tenant's obligations under Section 5.2 with respect to surrender of the 180-day period (as so extended, as Premises or that portion thereof which is subject to the case may be), which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days after the date of notice of temporary taking and upon such termination. Any notices delivered by Landlord or Tenant pursuant to this Section 7.1 payment shall be simultaneously delivered to any Superior Mortgagee or Superior Lessor (as defined in Section 8.1) of which Tenant has been given written noticeexcused from such obligations.

Appears in 1 contract

Samples: Lease Agreement (Beacon Capital Partners Inc)

Casualty and Taking. 6.1 In case during the Lease Term all the Building or any substantial part of the Premises, Site are damaged materially by fire or any other causecasualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days from the time that repair work would commence, Landlord or by action of public or other authority in consequence thereofTenant may, or are taken by eminent domain (any such event referred to herein as a “Casualty”)at either party’s election, Tenant shall have the right to terminate this Lease, Lease by notice given to Landlord the other party within 30 sixty (60) days after the occurrence date of the event giving rise to the election to terminatesuch fire or other casualty, which notice shall specify specifying the effective date of termination. The effective date of termination which specified by such notice shall not be not less than 30 thirty (30) days nor more than 60 forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provision, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If a Casualty occurs during the last two Building or the Site or any part thereof are damaged by fire or other casualty and this Lease Yearsis not so terminated, or if Landlord or Tenant have no right to terminate this Lease, and in any Superior Mortgagee (as hereinafter defined) refuses to release, after receiving them, sufficient proceeds such case the holder of any mortgage which includes the Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance or taking for proceeds to be applied to the restoration of the Building (and/or the Site), Landlord shall, promptly after such damage and the determination of the net amount of insurance proceeds available use due diligence to restore the Premises and the Building in the event of damage thereto (excluding any furniture, fixtures or equipment of Tenant, or any other items installed, or paid for, by Tenant) into proper condition for use and occupation and a just proportion of the Annual Fixed Rent, Tenant’s share of Operating Costs and Tenant’s share of real estate taxes shall be abated according to the nature and extent of the injury to the Premises, until the Premises shall have been restored by Landlord substantially into such condition except for punch list items and long lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds. 6.2 Notwithstanding anything to the contrary contained in this Lease, if the Building or the Premises shall be substantially damaged by fire or casualty as the result of a risk not covered by the forms of casualty insurance at the time maintained by Landlord and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within ninety (90) days from the time that repair work would commence, Landlord or Tenant may, at either party’s election, terminate the Term of this Lease by notice to the other party given within thirty (30) days after such loss. If either party shall give such notice, then this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. 6.3 If the entire Building, or such portion of the Premises as to render the balance (if reconstructed to the maximum extent practicable in the circumstances) unsuitable for Tenant’s purposes, shall be taken by condemnation or right of eminent domain, Landlord or Tenant shall have the right to terminate this Lease by notice to the other of its desire to do so, provided that such notice is given not later than thirty (30) days after Tenant has been deprived of possession. If either party shall give such notice, then this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. Further, if so much of the Building shall be so taken that continued operation of the Building would be uneconomic as a result of the taking, Landlord shall have the right to terminate this Lease by written giving notice to Tenant within 30 of Landlord’s desire to do so not later than thirty (30) days after the occurrence Tenant has been deprived of possession of the event giving rise to the election to terminatePremises (or such portion thereof as may be taken). If Landlord shall give such notice, which notice then this Lease shall specify the effective date terminate as of termination, which date shall not be less than 30 days nor more than 60 days after the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. Should any part of such termination. If neither party terminates the Premises be so taken or condemned during the Lease Term hereof, and should this Lease not be terminated in accordance with the foregoing provisions, and the holder of any mortgage which includes the Premises as provided abovepart of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net condemnation proceeds to be applied to the restoration of the Building, Landlord shall agrees, after the determination of the net amount of condemnation proceeds available to Landlord, to use due diligence to restore the Premises, or, in case of a taking, put what may remain thereof of the Premises into proper condition for use and occupation as nearly like the condition of the Premises prior to such taking as shall be practicable (excluding any furniture, fixtures or equipment of Tenant, or any other items installed or paid for by Tenant which Tenant may Tenant). Notwithstanding the foregoing, Landlord shall not be required or permitted obligated to remove) as near as possible to the condition that existed before the Casualty, expend for such repair and a just proportion restoration any amount in excess of the Base Rent net condemnation proceeds. If the Premises shall be affected by any exercise of the power of eminent domain, then the Annual Fixed Rent, Tenant’s share of Operating Costs and Tenant’s share of real estate taxes shall be justly and equitably abated and reduced according to the nature and extent of the injury shall be abated until the Premises or such remainder shall have been restored loss of use thereof suffered by Landlord to such conditionTenant; and in case of a taking which permanently reduces the area Rentable Floor Area of the Premises, a just proportion of the Base Rent Annual Fixed Rent, Tenant’s share of Operating Costs and Tenant’s share of real estate taxes shall be abated for the remainder of the Lease Term. If . 6.4 Landlord shall fail have and hereby reserves to itself any and all rights to receive awards made for any reason damages to restore the Premises as near as possible to the condition that existed before the Casualty within 180 days after the Casualty (unless such failure is due to Force Majeure Delays or if Landlord, acting reasonably, has commenced restoration, is diligently continuing to restore and has not been able to complete such restoration, in which case such 180-day period shall be extended while such Force Majeure Delays, or Landlord’s diligent efforts to restore the Premises, continuethe Building, but such extension shall not exceed an additional 180 days)the Complex and the Site and the leasehold hereby created, then or any one or more of them, accruing by reason of exercise of eminent domain or by reason of anything lawfully done in pursuance of public or other authority. Except as provided in the next paragraph, Tenant shall have the right to terminate this Lease by written notice hereby grants, releases and assigns to Landlord within 10 business days after all Tenant’s rights to such awards, and covenants to execute and deliver such further assignments and assurances thereof as Landlord may from time to time request. Subject to the end rights of any mortgagee of the 180-day period (as so extendedBuilding, as the case may be)Site or the Complex, which notice shall specify the effective date of termination, which date shall not be less than 30 days nor more than 60 days after the date of notice of such termination. Any notices delivered by Landlord or Tenant pursuant to this Section 7.1 nothing contained herein shall be simultaneously delivered construed to prevent Tenant from prosecuting in any Superior Mortgagee or Superior Lessor (as defined condemnation proceeding a claim for the value of any of Tenant’s usual trade fixtures installed in Section 8.1) of which the Premises by Tenant has been given written noticeat Tenant’s expense and for relocation and moving expenses.

Appears in 1 contract

Samples: Sublease (SALARY.COM, Inc)

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