Condemnation and Loss or Damage. (a) If the Leased Premises or any substantial portion thereof or any portion of the Building shall be taken or condemned for any public purpose to such an extent as to render the Leased Premises or such portion untenantable, this Lease shall, at the option of either party (provided such option shall be exercised by the giving of notice by the exercising party to the other party within sixty (60) days from the date the exercising party has been notified in writing of such taking or condemnation) forthwith cease and terminate as of the date of the taking. All proceeds from any taking or condemnation of the Leased Premises shall belong to and be paid to Landlord and Tenant hereby assigns to Landlord its interest in said proceeds subject to the rights of any holder of any Mortgage; provided, however, that Landlord shall cooperate with Tenant if Tenant seeks, in a separate proceeding, to recover, at its cost and expense, compensation for its moving expenses and personal property. In no event shall any such recovery by Tenant have the effect of diminishing or delaying the award payable to Landlord on account of any taking or condemnation.
(b) In the event of a temporary taking of a portion of the Leased Premises not exceeding thirty (30) days, there shall be an equitable abatement of Rent with respect to the untenantable portion of the Leased Premises, and Tenant shall otherwise remain fully obligated for performance of all of the covenants and obligations on its part to be performed pursuant to the terms of this Lease and shall be entitled to any award for the use of such space during such temporary taking. For any temporary taking exceeding thirty (30) days, Gross Rent shall be equitably abated in proportion to the nature and extent of the taking, and for any temporary taking exceeding six (6) months the termination rights under (a) above shall apply. All proceeds awarded or paid with respect thereto shall belong to Landlord.
Condemnation and Loss or Damage. If the Leased Premises shall be taken or condemned for any public purpose to the extent as to render the Leased Premises untentantable, this Lease shall, at the option of either party, forthwith cease and terminate. All proceeds from any taking or condemnation of the Leased Premises shall belong to and be paid to Lessor and Lessee, as their interests may appear.
Condemnation and Loss or Damage. If the Premises or any material part thereof shall be taken or condemned for any public purpose to such an extent as to render the remainder of the Premises, in the opinion of Lessor and Lessee, not reasonably suitable for Xxxxxx’s intended use this lease shall, at the option of either party forthwith cease and terminate. All proceeds from any taking or condemnation of the Premises shall belong to and be paid to Lessor. In addition the Lessor shall not be liable or responsible to Lessee for any loss or damage to any property or persons occasioned by theft, fire, act of God, public enemy, injunction, riot, strike, insurrection, war, court order, requisition or order of governmental body or authority, force majeur or any other cause beyond the control of Lessor, or for any damage or inconvenience which may arise through repair or alteration of any part of the Building, or failure to make such repairs. If additional proceeds from any taking are specifically to reimburse Lessee for moving costs or business loss then Xxxxxx will be entitled to those proceeds only.
Condemnation and Loss or Damage. Lessor agrees that if 25% or more of the Lease Premises shall be taken or condemned (or sold in lieu thereof) for any public purpose to such an extent as to render the Leased Premises untenantable, this Agreement shall, at Lessee’s option, forthwith cease and terminate upon written notification from Lessee to Lessor. All proceeds from any taking or condemnation (or sale in lieu thereof) of the Leased Premises shall belong to and be paid to Lessor.
Condemnation and Loss or Damage. 23. Lessor and Lessee mutually covenant and agree that if the Leased Premises shall be taken or condemned for any public purpose, or sold under threat of such exercise to the agency or instrumentality possessing such power, to such an extent as to render the Leased Premises untenantable, this Lease shall, at the option of either party, forthwith cease and terminate. Lessee shall have no rights or claims to any part of any award made to or received by Lessor for such taking or to any part of the purchase price, if so sold under threat of exercise of the power of eminent domain, or against Lessor for the value of any unexpired term of this Lease.
Condemnation and Loss or Damage. (a) If the Leased Premises or any portion of the Project shall be taken or condemned for any public purpose to such an extent as to render the Leased Premises untenantable as reasonably determined by Landlord, this Lease shall, at the option of either party, forthwith cease and terminate as of the date of taking. All proceeds from any taking or condemnation of the Leased Premises shall belong to and be paid to Landlord subject to the rights of any Mortgage Lender; provided, however, that Landlord shall cooperate with Tenant if Tenant seeks to recover at its cost and expense, proceeds, damages or awards paid to compensate for damage to or taking of Tenant's Personal Property.
(b) If a temporary taking of all or a portion of the Leased Premises occurs, there shall be no abatement of Rent and Tenant shall remain fully obligated for performance of all of the covenants and obligations on its part to be performed pursuant to the terms of this Lease. All proceeds awarded or paid with respect thereto shall belong to Tenant.
Condemnation and Loss or Damage. If the Leased Premises, the Building, or any part thereof shall be taken or condemned for any public purpose (or conveyed in lieu or in settlement thereof to such an extent as to render the remainder of the Building or Leased Premises, in the reasonable opinion of Landlord, not suitable for occupancy, this Lease shall, at the option of either party, forthwith cease and terminate, and all proceeds from any taking or condemnation of the Building and the Leased Premises shall belong to and be paid to Landlord. If this Lease is not so terminated, Landlord shall repair any damage resulting from such taking, to the extent and in the manner provided herein, and rental hereunder shall be abated to the extent the Leased Premises are rendered untenantable during the period of repair, and thereafter be adjusted on a proportionate basis considering the areas of the Leased Premises taken and remaining.
Condemnation and Loss or Damage. If the Leased Premises shall be taken or condemned in whole or in substantial part as determined by Landlord, for any public purpose, this lease shall at the option of either party, forthwith cease and terminate. All sums awarded or agreed upon for such condemnation or taking shall be the property of Landlord. If a portion of the Building shall be taken or condemned such that in Landlord's sole judgment it shall be no longer economically feasible to operate the Building, this Lease shall, at the option of Landlord, forthwith cease and terminate.
Condemnation and Loss or Damage. If the Leased Premises shall be taken or condemned for any public purpose to such an extent as to render a material portion of the Leased Premises untenantable, this Lease shall, at the option of either party, forthwith cease and terminate. Otherwise, this Lease shall not terminate on account of condemnation. All proceeds from any taking or condemnation of the Leased Premises shall belong to and be paid to Landlord except that Tenant shall be entitled to any element of damage attributable to Tenant's business or injury thereto, Tenant Extra Improvements (and other improvements made by or at the expense of Tenant) and/or the relocation of Tenant provided that Landlord's award is not affected.
Condemnation and Loss or Damage. 27.1 Lessor and Lessee mutually covenant and agree as follows: If the Leased Premises shall be taken or condemned for any public purpose, or if a condemnation results in the loss of so many parking spaces or common areas as to make it impossible for Lessee to reasonably carry on his business (or if a voluntary conveyance in lieu thereof is made) this lease shall cease and terminate. All proceeds from any taking or condemnation of the Leased Premises shall belong to and be paid to Lessor, and Lessor shall have the sole right and authority to negotiate with any public or condemning authorities with respect thereto. However, Lessee shall have the right to file a separate claim.
