Common use of Condemnation and Loss or Damage Clause in Contracts

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.

Appears in 2 contracts

Samples: Lease Agreement (Rhythm Pharmaceuticals, Inc.), Lease Agreement (Rhythm Pharmaceuticals, Inc.)

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Condemnation and Loss or Damage. (a) If the Leased Premises or any substantial portion thereof or any portion of the Building part hereof shall be taken or condemned for any public purpose to such an extent as to render the remainder of the Leased Premises or such portion untenantablePremises, in the opinion of Landlord, not reasonably suitable for Tenant’s occupancy, 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) party, forthwith cease and terminate as of the date of the takingterminate. All proceeds from any taking or condemnation of the Leased Premises shall belong to and be paid to Landlord Landlord, including any and all compensation, damages, income, rent, awards or any interest therein whatsoever which may be paid or made in connection therewith, and Tenant hereby assigns to shall have no claim against Landlord its interest in said proceeds subject to for the rights value of any holder unexpired portion of any Mortgage; providedthe Lease Term. Notwithstanding the foregoing, however, that Landlord nothing contained herein shall cooperate with prevent Tenant if Tenant seeks, in from seeking a separate proceeding, award from the condemning authority for any matters which will not interfere with or reduce any award to recover, at its cost and expense, compensation for its moving expenses and personal propertyLandlord. 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 partial taking of the Leased Premises which does not result in a termination of this Lease, the Base Rental shall be reduced in the proportion that the area of the portion of the Leased Premises not exceeding thirty (30) days, there shall be an equitable abatement of Rent with respect so taken bears to the untenantable portion total area of the Leased PremisesPremises before such taking. Landlord shall not be liable or responsible to Tenant for any loss or damage to any property or persons occasioned by theft, and Tenant shall otherwise remain fully obligated fire, act of God, public enemy, injunction, riot, strike, insurrection, war, court order, requisition or order of governmental body or authority, force majeure or any other cause beyond the control of Landlord, or for performance any damage or inconvenience which may arise through repair, alteration, or improvements of all or any part of the covenants and obligations on its part Building, or failure to be performed pursuant to the terms of this Lease and shall be entitled to any award for the use of make 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 Landlordrepairs.

Appears in 2 contracts

Samples: Office Lease Agreement (Wintegra Inc), Lease Agreement (Wintegra Inc)

Condemnation and Loss or Damage. (a) If the Leased whole or ------------------------------- any part of the Premises or any substantial portion thereof or any portion of the Building Project shall be taken by power of eminent domain or condemned by any competent authority for any public purpose to or quasi-public use or purpose, or if any adjacent property or street shall be so taken or condemned, or reconfigured or vacated by such an extent authority in such manner as to render require the Leased use, reconstruction or remodeling of any part of the Premises or such portion untenantableProject, this Lease shall, at the option of either party (provided such option or if Lessor shall be exercised by the giving of notice by the exercising party to the grant a deed or other party within sixty (60) days from the date the exercising party has been notified instrument in writing lieu of such taking by eminent domain or condemnation. Lessor shall have the option to terminate this Lease upon ninety (90) forthwith cease and terminate as of days notice, provided such notice is given no later than one hundred eighty (180) days after the date of such taking, condemnation, reconfiguration, vacation, deed or other instrument. If more than twenty-five percent (25%) of the takingrentable square feet of the Premises is taken, or if access to the Premises is substantially impaired. All proceeds from Lessee shall have the option to terminate this Lease upon ninety (90) days' notice, provided such notice is given no later than one hundred eighty (180) days after the date of such taking Lessor shall be entitled to receive the entire award or payment in connection therewith, except that Lessee shall have the right to file any separate claim available to Lessee for any taking or condemnation of Lessee's personal property and fixtures belonging to Lessee and removable by Lessee upon expiration 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 Lease Term 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 takingLease, and for any temporary taking exceeding six (6) months moving expenses, so long as such claim does not diminish the termination rights under (a) above shall applyaward available to Lessor, its ground lessor with respect to the Real Property or its mortgagee, and such claim is payable seperately to Lessee. All proceeds awarded Rental shall be apportioned as of the date of such termination, or paid with respect thereto the date of such taking, whichever shall belong to Landlordfirst occur.

Appears in 2 contracts

Samples: Office Lease (Ticketmaster Online Citysearch Inc), Office Lease (Citysearch Inc)

Condemnation and Loss or Damage. (a) If all or any portion of 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 untenantable as reasonably determined by either Landlord or such portion untenantableTenant, 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. If this Lease is not terminated in accordance with the provisions of this subparagraph (a), the Rent due shall be abated in proportion to the portion of the Leased Premises so taken, and Landlord shall be obligated to repair and restore the Leased Premises and/or the Building and shall proceed diligently to do so; provided, however, that Landlord shall have no obligation to incur costs to repair and restore the Leased Premises and/or the Building which exceeds the amount of condemnation proceeds Landlord realizes or any insurance proceeds which, as a result of such taking, Landlord realizes or would have realized had Landlord procured the insurance required by Section 5.01, and provided further Landlord shall have no obligation to repair and restore any Tenant Alterations to the extent the same were paid for by Tenant. All proceeds from any taking or condemnation of the Leased Premises shall belong to and be paid to Landlord Landlord, and Tenant hereby assigns to Landlord its interest in said proceeds proceeds, subject to the rights of any holder of any Mortgage; provided, however, that Tenant shall be entitled to any proceeds attributable to Tenant Alterations to the extent the same were paid for by Tenant, and provided further Landlord shall cooperate with Tenant if Tenant seeks, in a separate proceeding, seeks 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 all or any 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 Rent due 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 portion of the takingLeased Premises so taken. In such event, Landlord shall be obligated to .restore the Building and the Leased Premises as may reasonably be required as a result of such taking and shall proceed diligently to do so; provided, however, that Landlord shall have no obligation to incur costs to repair and restore the Leased Premises and/or the Building which exceeds the amount of condemnation proceeds Landlord realizes or any insurance proceeds which Landlord realizes or would have realized had Landlord procured the insurance required by Section 5.01, and provided further Landlord shall have no obligation to repair and restore any Tenant Alterations to the extent the same were paid 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 Landlordby Tenant.

Appears in 1 contract

Samples: Lease (Houghton Mifflin Co)

Condemnation and Loss or Damage. (a) If the Leased Premises or any substantial portion thereof (meaning at least twenty-five percent 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 expenses, personal property. In , and loss of business, provided that 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 all or any portion of the Leased Premises not exceeding thirty (30) days, there shall be an equitable no 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.

Appears in 1 contract

Samples: Lease (NewStar Financial, Inc.)

Condemnation and Loss or Damage. (a) If the Leased whole or any material part of the Premises or any substantial portion thereof or any portion of the Building Project shall be taken by power of eminent domain or condemned by any competent authority for any public purpose to or quasi-public use or purpose, or if any adjacent property or street shall be so taken or condemned, or reconfigured or vacated by such an extent authority in such manner as to render require the Leased use, reconstruction or remodeling of any part of the Premises or such portion untenantableProject, this Lease shall, at the option of either party (provided such option or if Lessor shall be exercised by the giving of notice by the exercising party to the grant a deed or other party within sixty (60) days from the date the exercising party has been notified instrument in writing lieu of such taking by eminent domain or condemnation, Lessor shall have the option to terminate this Lease upon ninety (90) forthwith cease and terminate as of days’ notice, provided such notice is given no later than one hundred eighty (180) days after the date of such taking, condemnation, reconfiguration, vacation, deed or other instrument. If more than twenty-five percent (25%) of the rentable square feet of the Premises is taken, or if access to the Premises is substantially impaired, Lessee shall have the option to terminate this Lease upon ninety (90) days’ notice, provided such notice is given no later than one hundred eighty (180) days after the date of such taking. All proceeds from Lessor shall be entitled to receive the entire award or payment in connection therewith, except that Lessee shall have the right to file any separate claim available to Lessee for any taking or condemnation of Lessee’s personal property and fixtures belonging to Lessee and removable by Lessee upon expiration 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 Lease Term pursuant to the terms of this Lease Lease, and shall be entitled for moving expenses, so long as such claim does not diminish the award available to any award for Lessor, its ground lessor with respect to the use of Project or its mortgagee, and such space during such temporary takingclaim is payable separately to Lessee. For any temporary taking exceeding thirty (30) days, Gross All Rent shall be equitably abated in proportion to the nature and extent apportioned as of the date of such termination, or the date of such taking, and for any temporary taking exceeding six (6) months the termination rights under (a) above whichever shall apply. All proceeds awarded or paid with respect thereto shall belong to Landlordfirst occur.

Appears in 1 contract

Samples: Office Lease

Condemnation and Loss or Damage. (a) If the Leased Premises or any substantial portion thereof (meaning at least twenty-five percent 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 all or any portion of the Leased Premises not exceeding thirty (30) days, there shall be an equitable no 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.

Appears in 1 contract

Samples: Lease (NewStar Financial, Inc.)

Condemnation and Loss or Damage. (a) If the Leased Premises whole or any substantial portion thereof or any portion substantially the whole of the Building shall or the Premises should be taken or condemned for any public purpose or quasi-public use under any governmental law, ordinance, or regulation, or by right of eminent domain or should be sold to such an extent as to render the Leased Premises or such portion untenantablecondemning authority in lieu of condemnation, then this Lease shall, at shall terminate as of the option date when physical possession of either party (provided such option shall be exercised the Building or the Premises is taken by the condemning authority. If less than the whole or substantially the whole of the Building or the Premises is thus taken or sold, Lessor (whether or not the Premises are affected thereby) may terminate this Lease by giving of written notice by the exercising party thereof to the other party Lessee within sixty (60) days from the date the exercising party has been notified in writing after Lessor receives notice of such taking or condemnation) forthwith cease and taking, in which event this Lease shall terminate as of the date when physical possession of such portion of the takingBuilding or Premises is taken by the condemning authority. If upon any such taking or sale of less than the whole or substantially the whole of the Building or the Premises this Lease shall not be thus terminated, the Basic Rental payable hereunder shall be diminished based upon the area of the Premises, if any, which was so taken or sold; and Lessor shall, at Lessor's sole expense, restore and reconstruct the Building and the Premises to substantially their former condition to the extent that the same, in Lessor's judgement, may be feasible, but such work shall not exceed the scope of the work done by Lessor in originally constructing the Building and installing building standard items in the Premises, nor shall Lessor in any event be required to spend for such work an amount in excess of the amount received by Lessor as compensation awarded upon a taking of any part or all of the Building or the Premises. All proceeds payable as a lump sum 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 Lessor. Nothing contained herein shall cooperate with Tenant if Tenant seeks, in prevent Lessee from seeking 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 award from the effect of diminishing or delaying the award payable to Landlord on account of any taking or condemnationcondemning authority. (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.

Appears in 1 contract

Samples: Office Lease Agreement (U S Long Distance Corp)

Condemnation and Loss or Damage. A. If a substantial portion of the Building or the Leased Premises shall be taken or condemned for any public purpose, this Lease shall, at the option of Lessor upon thirty (a30) If days' prior written notice to Lessee, forthwith cease and terminate. Additionally, if a substantial portion of the Building or the Leased Premises is taken under the power of eminent domain (including any conveyance made in lieu thereof) or if any taking of the Building or the Leased Premises or any substantial portion thereof or shall materially impair the normal operation of Lessee's business operations in the Leased Premises, then Lessee shall have the right to terminate this Lease by giving written notice of such termination within thirty (30) days after such taking. If any portion part of the Building Leased Premises shall be taken or condemned for any public purpose to such an extent and neither Lessor nor Lessee terminates this Lease as provided herein, this Lease shall be terminated only as to render the portion of the Leased Premises taken 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 takingcondemned. All proceeds from any taking or condemnation of the Leased Premises shall belong to and be paid to Landlord Lessor and Tenant Lessee hereby assigns to Landlord Lessor all of its right, title and interest in said proceeds subject and to the rights of any holder of any Mortgage; such award (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 Lessee shall be entitled to pursue a separate award relative to any award relevant condemnation on account of loss of business, for the use unamortized value of such space during such temporary taking. For any temporary taking exceeding thirty (30) daysleasehold improvements paid for by Lessee, Gross Rent shall be equitably abated in proportion for moving expenses or for the value of Lessee's leasehold estate). B. Except to the nature and extent caused by the gross negligence of the takingLessor or Lessor's agents or employees, and Lessor shall not be liable or responsible to Lessee for any temporary taking exceeding six (6) months 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 government body or authority, or any other cause beyond the termination rights under (a) above shall apply. All proceeds awarded or paid with respect thereto shall belong to Landlordcontrol of Lessor.

Appears in 1 contract

Samples: Lease Contract (Charys Holding Co Inc)

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Condemnation and Loss or Damage. (a) If the Leased whole or any material part of the Premises or any substantial portion thereof or any portion of the Building Project shall be taken by power of eminent domain or condemned by any competent authority for any public purpose to or quasi-public use or purpose, or if any adjacent property or street shall be so taken or condemned, or reconfigured or vacated by such an extent authority in such manner as to render require the Leased use, reconstruction or remodeling of any part of the Premises or such portion untenantableProject, this Lease shall, at the option of either party (provided such option or if Lessor shall be exercised by the giving of notice by the exercising party to the grant a deed or other party within sixty (60) days from the date the exercising party has been notified instrument in writing lieu of such taking by eminent domain or condemnation, Lessor shall have the option to terminate this Lease upon ninety (90) forthwith cease and terminate as of days’ notice, provided such notice is given no later than one hundred eighty (180) days after the date of such taking, condemnation, reconfiguration, vacation, deed or other instrument. If more than twenty-five percent (25%) of the rentable square feet of the premises is taken, or if access to the Premises is substantially impaired, Lessee shall have the option to terminate this Lease upon ninety (90) days’ notice, provided such notice is given no later than one hundred eighty (180) days after the date of such taking. All proceeds from Lessor shall be entitled to receive the entire award or payment in connection therewith, except that Lessee shall have the right to file any separate claim available to Lessee for any taking or condemnation of Lessee’s personal property and fixtures belonging to Lessee and removable by Lessee upon expiration 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 Lease Term pursuant to the terms of this Lease Lease, and shall be entitled for moving expenses or other claims permitted by applicable Laws, so long as such claim does not diminish the award available to any award for Lessor, its ground lessor with respect to the use of Project or its mortgagee, and such space during such temporary takingclaim is payable separately to Lessee. For any temporary taking exceeding thirty (30) days, Gross All Rent shall be equitably abated in proportion to the nature and extent apportioned as of the date of such termination, or the date of such taking, and for any temporary taking exceeding six (6) months the termination rights under (a) above whichever shall apply. All proceeds awarded or paid with respect thereto shall belong to Landlordfirst occur.

Appears in 1 contract

Samples: Office Lease (Atara Biotherapeutics, Inc.)

Condemnation and Loss or Damage. (a) If the Leased Premises (or any substantial portion material part thereof covering at least one-fourth of the Net Rentable Area of Leased Premises) or any portion of the Building (including access to the Leased Premises) shall be taken or condemned for any public purpose to such an extent as to render the Leased Premises or such remaining portion untenantablethereof unfit for use and occupancy in accordance with standards generally applicable to first-class high-rise office buildings in downtown Boston, this Lease shall, at the option of either party Tenant (provided such option shall be exercised by the Tenant giving of notice by the exercising party to the other party Landlord within sixty (60) days from the date the exercising party Tenant has been notified in writing of such taking or condemnation) forthwith cease and terminate as of the date of the taking. If the Leased Premises (or any material part thereof covering at least one-fourth of the Net Rentable Area of Leased Premises) or a substantial portion of the Building (including access to the Building that renders the Building unfit for use and occupancy in accordance with standards generally applicable to first-class high-rise office buildings in downtown Boston) shall be taken or condemned for any public purpose, this Lease shall, at the option of Landlord (provided such option shall be exercised by Landlord giving of notice to Tenant within sixty (60) days from the date Landlord has been notified in writing of such taking or condemnation) forthwith cease and terminate as of the date of the taking. Landlord’s right to terminate as set forth in the immediately preceding sentence shall be effective only if Landlord terminates the leases of all tenants, in the Office Section of the Building that are similarly situated with respect to the taking or condemnation (regardless of the amount of space demised to such tenants). All proceeds from any taking or condemnation of the Leased Premises shall belong to and be paid to Landlord Landlord, and Tenant hereby assigns to Landlord its interest in said proceeds 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 and relocation expenses and personal propertyTenant’s 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. If in any such case the Leased Premises or any portion thereof are rendered unfit for use and occupation in accordance with standards generally applicable to first-class high-rise office buildings in downtown Boston (or any common areas or facilities required for access to the Leased Premises are taken) and this Lease is not terminated, Landlord shall use due diligence (following the expiration of the period in which Landlord may terminate this Lease pursuant to the foregoing provisions of this Section and subject to the extent and availability of the condemnation proceeds received by Landlord) to put the Leased Premises, or any common areas or facilities required for access to the Leased Premises, or what may remain of either (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 4.07), into proper condition for use and occupation, and a just proportion of the Gross Rent according to the nature and extent of the taking shall be abated until the Leased Premises or such remainder shall have been put by Landlord in such condition; and in case of a taking which permanently reduces the area of the Leased Premises, a just proportion of the Gross Rent shall be abated for the remainder of the Term. (b) In the event of a temporary taking of a portion of the Leased Premises or any part thereof not exceeding thirty sixty (3060) days, there a just proportion of the Gross Rent according to the nature and extent of the taking shall be an equitable abatement abated for the period of Rent with respect to the untenantable portion of the Leased Premisessuch temporary taking, and Tenant shall otherwise remain fully obligated for performance of all of the other 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 applyLease. All proceeds awarded or paid with respect thereto shall belong to Landlord.

Appears in 1 contract

Samples: Sublease Agreement (NewStar Financial, Inc.)

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 untenantableunsuitable for Tenant's use as reasonably determined by Landlord, 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 property diminishing or delaying the award payable to Landlord on account of any taking or condemnation. (b) In the event of a temporary taking (i.e. less than ninety (90) days) of a portion of the Leased Premises not exceeding thirty (30) daysPremises, there shall be an equitable no 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 applyLease. All proceeds awarded or paid with respect thereto shall belong to Landlord.

Appears in 1 contract

Samples: Office Lease (Wellpoint Health Networks Inc /Ca/)

Condemnation and Loss or Damage. (a) If the Leased whole or any material part of ------------------------------- the Premises or any substantial portion thereof or any portion of the Building Project shall be taken by power of eminent domain or condemned by any competent authority for any public purpose to or quasi-public use or purpose, or if any adjacent property or street shall be so taken or condemned, or reconfigured or vacated by such an extent authority in such manner as to render require the Leased use, reconstruction or remodeling of any part of the Premises or such portion untenantableProject, this Lease shall, at the option of either party (provided such option or if Lessor shall be exercised by the giving of notice by the exercising party to the grant a deed or other party within sixty (60) days from the date the exercising party has been notified instrument in writing lieu of such taking by eminent domain or condemnation, Lessor shall have the option to terminate this Lease upon ninety (90) forthwith cease and terminate as of days' notice, provided such notice is given no later than one hundred eighty (180) days after the date of such taking, condemnation, reconfiguration, vacation, deed or other instrument. If more than twenty-five percent (25%) of the rentable square feet of the Premises is taken, or if access to the Premises is substantially impaired, Lessee shall have the option to terminate this Lease upon ninety (90) days' notice, provided such notice is given no later than one hundred eighty (180) days after the date of such taking. All proceeds from Lessor shall be entitled to receive the entire award or payment in connection therewith, except that Lessee shall have the right to file any separate claim available to Lessee for any taking or condemnation of Lessee's personal property and fixtures belonging to Lessee and removable by Lessee upon expiration 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 Lease Term pursuant to the terms of this Lease Lease, and shall be entitled for moving expenses, so long as such claim does not diminish the award available to any award for Lessor, its ground lessor with respect to the use of Project or its mortgagee, and such space during such temporary takingclaim is payable separately to Lessee. For any temporary taking exceeding thirty (30) days, Gross All Rent shall be equitably abated in proportion to the nature and extent apportioned as of the date of such termination, or the date of such taking, and for any temporary taking exceeding six (6) months the termination rights under (a) above whichever shall apply. All proceeds awarded or paid with respect thereto shall belong to Landlordfirst occur.

Appears in 1 contract

Samples: Office Lease (Plumtree Software Inc)

Condemnation and Loss or Damage. (a) If all or any portion of 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 untenantable as reasonably determined by either Landlord or such portion untenantableTenant, 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. If this Lease is not terminated in accordance with the provisions of this subparagraph (a), the Rent due shall be abated in proportion to the portion of the Leased Premises so taken, and Landlord shall be obligated to repair and restore the Leased Premises and/or the Building and shall proceed diligently to do so; provided, however, that Landlord shall have no obligation to incur costs to repair and restore the Leased Premises and/or the Building which exceeds the amount of condemnation proceeds Landlord realizes or any insurance proceeds which, as a result of such taking, Landlord realizes or would have realized had Landlord procured the insurance required by Section 5.01, and provided further Landlord shall have no obligation to repair and restore any Tenant Alterations, Excess Building Standard Improvements or Premium Tenant Improvements to the extent the same were paid for by Tenant. All proceeds from any taking or condemnation of the Leased Premises shall belong to and be paid to Landlord Landlord, and Tenant hereby assigns to Landlord its interest in said proceeds proceeds, subject to the rights of any holder of any Mortgage; provided, however, that Tenant shall be entitled to any proceeds attributable to Tenant Alterations, Excess Building Standard Improvements or Premium Tenant Improvements to the extent the same were paid for by Tenant, and provided further Landlord shall cooperate with Tenant if Tenant seeks, in a separate proceeding, seeks 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 all or any 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 Rent due 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 portion of the takingLeased Premises so taken. In such event, Landlord shall be obligated to restore the Building and the Leased Premises as may reasonably be required as a result of such taking and shall proceed diligently to do so; provided, however, that Landlord shall have no obligation to incur costs to repair and restore the Leased Premises and/or the Building which exceeds the amount of condemnation proceeds Landlord realizes or any insurance proceeds which Landlord realizes or would have realized had Landlord procured the insurance required by Section 5.01, and provided further Landlord shall have no obligation to repair and restore any Tenant Alterations, Excess Building Standard Improvements or Premium Tenant Improvements to the extent the same were paid 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 Landlordby Tenant.

Appears in 1 contract

Samples: Lease (Houghton Mifflin Co)

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