Common use of CONDEMNATION OF LESS THAN A FEE Clause in Contracts

CONDEMNATION OF LESS THAN A FEE. In the event of a condemnation of a leasehold interest in all or a portion of the Leased Premises without the concurrent condemnation of the fee simple title, this Lease shall not terminate and such condemnation shall not excuse Tenant from full performance of all of its covenants hereunder, but Tenant in such event shall be entitled to present or pursue against the condemning authority its claim for and to receive all compensation or damages sustained by it by reason of such condemnation, and Landlord's right to recover compensation or damages shall be limited to compensation for and damages if any, to its reversionary interest; it being understood however, that during such time as Tenant shall be out of possession of the Leased Premises by reason of such condemnation, the lease shall not be subject to forfeiture for failure to observe and perform those covenants not calling for the payment of money. In the event the condemning authority shall fail to keep the Leased Premises in the state of repair required hereunder, or to perform any other covenant not calling for the payment of money, Tenant shall have ninety (90) days after the restoration of possession to it within which to carry out its obligations under such covenant or covenants. During such time as Tenant shall be out of possession of the Leased Premises by reason of such leasehold condemnation, Tenant shall pay to Landlord, in lieu of the Minimum Rent provided for hereunder, and in addition to any other payments required of Tenant hereunder, an annual rent equal to the average annual Minimum Rent paid by Tenant for the period from the commencement of the term until the condemning authority shall take possession, or during the preceding three full calendar years, whichever period is shorter. At any time after such condemnation proceedings are commenced Landlord shall have the right, at its option, to require Tenant to assign to Landlord all compensation and damages payable by the condemnor to Tenant, to be held without liability for interest thereon as security for the full performance of Tenant's covenants hereunder, such compensation and damages received pursuant to said assignment to be applied first to the payment of rents and all other sums from time to time payable by Tenant pursuant to the terms of this Lease as such sums fall due, and the remainder, if any, to be payable to Tenant at, the end of the term hereof, or on restoration of possession of the Leased Premises to Tenant, whichever shall first occur, it being understood and agreed that such assignment shall not relieve Tenant of any of its obligations under this Lease with respect to such rents, and other sums except as the same shall be actually received by Landlord.

Appears in 2 contracts

Samples: Lease (Embassy Bancorp, Inc.), Lease (Embassy Bancorp, Inc.)

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CONDEMNATION OF LESS THAN A FEE. In the event of a condemnation of a leasehold interest in all or a portion of the Leased Premises leased premises, without the concurrent condemnation of the fee simple title, title also. this Lease shall not terminate and such condemnation shall not no excuse Tenant from full performance of all of its covenants hereunder, but Tenant in such event shall be entitled to present or pursue against the condemning authority its claim for and to receive all compensation or damages sustained by it by reason of such condemnation, and Landlord's right to recover compensation or damages shall be limited to compensation for and damages if any, to its reversionary interest; it being understood understood, however, that during such time times as Tenant shall be out of possession of the Leased Premises leased premises by reason of such condemnation, the lease this Lease shall not be subject to forfeiture for failure to observe and perform those covenants not calling for the payment of money. In the event the condemning authority shall fail to keep the Leased Premises leased premises in the state of repair required hereunder, or to perform any other covenant not calling for the payment of money, Tenant shall have ninety (90) days after the restoration of possession to it within which to carry out its obligations under such covenant or covenants. During such time as Tenant shall be out of possession of the Leased Premises leased premises by reason of such leasehold condemnation, Tenant shall pay to LandlordLessor, in lieu of all the Minimum Rent minimum and additional rents provided for hereunder, and in addition to any other payments required of Tenant hereunder, an annual rent equal to the average annual Minimum Rent paid by Tenant for the period from the commencement of the term until the condemning authority shall take possession, or during the preceding three full calendar years, whichever period is shorter. At any time after such condemnation proceedings are commenced Landlord commenced, Lessor shall have the right, at its option, to require Tenant to assign to Landlord Lessor all compensation and damages payable by the condemnor to Tenant, to be held without liability for interest thereon thereon, as security for the full and faithful performance of Tenant's covenants hereunder, ; such compensation and damages received pursuant to said assignment to be applied first to the payment of rents and aid all other sums from time to time payable by Tenant pursuant to the terms of this Lease Lease, as such sums fall due, and the remainder, if any, to be payable to Tenant at, at the end of the term hereof, hereof or on upon restoration of possession of the Leased Premises to Tenant, whichever shall first occur, it being understood and agreed that such assignment shall not relieve Tenant of any of its obligations under this Lease with respect to such rents, and other sums except as the same shall be actually received by Landlord.

Appears in 1 contract

Samples: Lease Agreement (Security Associates International Inc)

CONDEMNATION OF LESS THAN A FEE. In the event of a condemnation of a leasehold interest in all or a portion of the Leased Premises leased premises without the concurrent condemnation of the fee simple titletitle also, this Lease lease shall not terminate and such condemnation shall not excuse Tenant from full performance of all of its covenants hereunder, but Tenant in such event shall be entitled to present or pursue against the condemning authority its claim for and to receive all compensation or damages sustained by it by reason of such condemnation, and Landlord's right to recover compensation or damages shall be limited to compensation for and damages damages, if any, to its reversionary interest; , it being understood understood, however, that during such time as Tenant shall be out of possession of the Leased Premises leased premises by reason of such condemnation, the lease shall not be subject to forfeiture for failure to observe and perform those covenants not calling for the payment of money. In the event the condemning authority shall fail to keep the Leased Premises premises in the state of repair required hereunder, or to perform any other covenant not calling for the payment of money, . Tenant shall have ninety (90) days after the restoration of possession to it within which to carry out its obligations under such covenant or covenants. During such time as Tenant shall be out of possession of the Leased Premises leased premises by reason of such leasehold condemnation, Tenant shall pay to Landlord, in lieu of the Minimum Rent minimum and percentage rents provided for hereunder, and in addition to any other payments payment required of Tenant hereunder, an annual rent equal to the average annual Minimum Rent minimum and percentage rents paid by Tenant for the period from the commencement of the term until the condemning authority shall take possession, or during the preceding three full calendar years, whichever period is shorter. At any time after such condemnation proceedings are commenced Landlord shall have the right, at its option, to require Tenant to assign to Landlord all compensation and damages payable by the condemnor to Tenant, to be held without liability for interest thereon as security for the full performance of TenantXxxxxx's covenants hereunder, such compensation and damages received pursuant to said assignment to be applied first to the payment of rents rents, and all other sums from time tune to time payable by Tenant pursuant to the terms of this Lease lease as such sums sums, fall due, and the remainder, if any, to be payable to Tenant at, the end of the term hereof, or on restoration of possession of the Leased Premises to Tenant, whichever which ever shall first occur, it being understood and agreed that such assignment shall not relieve Tenant of any of its obligations obligation under this Lease lease with respect to such rents, and other sums except as the same shall be actually received by Landlord.

Appears in 1 contract

Samples: Lease Agreement (United Bancshares Inc /Pa)

CONDEMNATION OF LESS THAN A FEE. In the event of a condemnation of a leasehold interest in all or a portion of the Leased Premises leased premises without the concurrent condemnation of the fee simple titletitle also, this Lease lease shall not terminate and such condemnation shall not excuse Tenant from full performance of all of its covenants hereunder, but Tenant in such event shall be entitled to present or pursue against the condemning authority its claim for and to receive all compensation or damages sustained by it by reason of such condemnation, and Landlord's right to recover compensation or damages shall be limited to compensation for and damages damages, if any, to its reversionary interest; , it being understood understood, however, that during such time as Tenant shall be out of possession of the Leased Premises leased premises by reason of such condemnation, the lease shall not be subject to forfeiture for failure to observe and perform those covenants not calling for the payment of money. In the event the condemning authority shall fail to keep the Leased Premises premises in the state of repair required hereunder, or to perform any other covenant not calling for the payment of money, . Tenant shall have ninety (90) days after the restoration of possession to it within which to carry out its obligations under such covenant or covenants. During such time as Tenant shall be out of possession of the Leased Premises leased premises by reason of such leasehold condemnation, Tenant shall pay to Landlord, in lieu of the Minimum Rent minimum and percentage rents provided for hereunder, and in addition to any other payments payment required of Tenant hereunder, an annual rent equal to the average annual Minimum Rent minimum and percentage rents paid by Tenant for the period from the commencement of the term until the condemning authority shall take possession, or during the preceding three full calendar years, whichever period is shorter. At any time after such condemnation proceedings are commenced Landlord shall have the right, at its option, to require Tenant to assign to Landlord all compensation and damages payable by the condemnor to Tenant, to be held without liability for interest thereon as security for the full performance of Tenant's covenants hereunder, such compensation and damages received pursuant to said assignment to be applied first to the payment of rents rents, and all other sums from time tune to time payable by Tenant pursuant to the terms of this Lease lease as such sums sums, fall due, and the remainder, if any, to be payable to Tenant at, the end of the term hereof, or on restoration of possession of the Leased Premises to Tenant, whichever which ever shall first occur, it being understood and agreed that such assignment shall not relieve Tenant of any of its obligations obligation under this Lease lease with respect to such rents, and other sums except as the same shall be actually received by Landlord.

Appears in 1 contract

Samples: Lease Agreement (United Bancshares Inc /Pa)

CONDEMNATION OF LESS THAN A FEE. In the event of a condemnation of a leasehold interest in all or a portion of the Leased Premises without the concurrent condemnation of the fee simple titletitle also, this Lease shall not terminate and such condemnation shall not excuse Tenant from full performance of all of its covenants hereunder, but Tenant in such event shall be entitled to present or pursue against the condemning authority its claim for and to receive all compensation or damages sustained by it by reason of such condemnation, and Landlord's right to recover compensation or damages shall be limited to compensation for and damages damages, if any, to its reversionary interest; , it being understood understood, however, that during such time as Tenant shall be out of possession of the Leased Premises by reason of such condemnation, the lease Lease shall not be subject to forfeiture for failure to observe and perform those covenants not calling for the payment of money. In the event the condemning authority shall fail to keep the Leased Premises in the state of repair required hereunder, or to perform any other covenant not calling for the payment of money, Tenant shall have ninety (90) days after the restoration of possession to it within which to carry out its obligations under such covenant or covenants. During such time as Tenant shall be out of possession of the Leased Premises by reason of such leasehold condemnation, Tenant shall pay to Landlord, in lieu of the Minimum Rent minimum and percentage rents provided for hereunder, and in addition to any other payments required of Tenant hereunder, an annual rent equal to the average annual Minimum Rent minimum and percentage rents paid by Tenant for the period from the commencement of the term until the condemning authority shall take possession, or during the preceding three (3) full calendar years, whichever period is shorter. At any time after such condemnation or proceedings are commenced commenced, Landlord shall have the right, at its option, to require Tenant to assign to Landlord all compensation and damages payable by the condemnor to Tenant, to be held without liability for interest thereon as security for the full performance of Tenant's covenants hereunder, such compensation and damages received pursuant to said assignment to be applied first to the payment of rents and all other sums from time to time payable by Tenant pursuant to the terms of this Lease as such sums fall due, and the remainder, if any, to be payable to Tenant at, at the end of the term hereof, hereof or on restoration of possession of the Leased Premises to Tenant, whichever shall first occur, it being understood and agreed that such assignment shall not relieve Tenant of any of its obligations under this Lease with respect to such rents, rents and other sums except as the same shall be actually received by Landlord.

Appears in 1 contract

Samples: Standard Shopping Center Lease (California Independent Bancorp)

CONDEMNATION OF LESS THAN A FEE. In the event of a condemnation of a leasehold interest in all or a portion of the Leased Premises without the concurrent condemnation of the fee simple titletitle also, this Lease shall not terminate and such condemnation shall not excuse Tenant from full performance of all of its covenants hereunder, but Tenant in such event shall be entitled to present or pursue against the condemning authority its claim for and to receive all compensation or damages sustained by it by reason of such condemnation, and Landlord's right to recover compensation or damages shall be limited to compensation for and damages damages, if any, to its reversionary interest; it being understood understood, however, that during such time as Tenant shall be out of possession of the Leased Premises by reason of such condemnation, the lease this Lease shall not be subject to forfeiture for failure to observe and perform those covenants not calling for the payment of money. In the event the condemning authority shall fail to keep the Leased Premises in the state of repair required hereunder, or to perform any other covenant not calling for the payment of money, Tenant shall have ninety (90) days after the restoration of possession to it within which to carry out its obligations under such covenant or covenants. During such time as Tenant shall be out of possession of the Leased Premises by reason of such leasehold condemnation, Tenant shall pay to Landlord, in lieu of the Minimum Rent rent provided for hereunder, and in addition to any other payments required of Tenant hereunder, an annual rent equal to the average annual Minimum Rent rent paid by Tenant for the period from the commencement of the term until the condemning authority shall take possession, or during the preceding three full calendar years, whichever period is shorter. At any time after such condemnation proceedings are commenced Landlord shall have the rightcommenced, at its optionTenant agrees, to require Tenant upon request of Landlord, to assign to Landlord all compensation and damages payable by the condemnor to Tenant, to be held without liability for interest thereon as security for the full performance of Tenant's covenants hereunder, such compensation and damages received pursuant to said assignment to be applied first to the payment of rents and all other sums from time to time payable by Tenant pursuant to the terms of this Lease as such sums fall due, and the remainder, if any, to be payable to Tenant at, at the end of the term hereof, hereof or on restoration of possession of the Leased Premises to Tenant, whichever shall first occur, it being understood and agreed that such assignment shall not relieve Tenant of any of its obligations under this Lease with respect to such rents, rents and other sums except as the same shall be actually received by Landlord.

Appears in 1 contract

Samples: Lease Agreement (Great Plains Software Inc)

CONDEMNATION OF LESS THAN A FEE. In the event of a condemnation of a leasehold interest in all or a portion of the Leased Premises without the concurrent condemnation of the fee simple titletitle also, this Lease shall not terminate and such condemnation shall not excuse Tenant from full performance of all of its covenants hereunder, but Tenant in such event shall be entitled to present or pursue against the condemning authority its claim for and to receive all compensation or damages sustained by it by reason of such condemnation, and Landlord's right to recover compensation or damages shall be limited to compensation for and damages damages, if any, to its reversionary interest; it being understood understood, however, that during such time as Tenant shall be out of possession of the Leased Premises by reason of such condemnation, the lease this Lease shall not be subject to forfeiture for failure to observe and perform those covenants not calling for the payment of money. In the event the condemning authority shall fail to keep the Leased Premises in the state of repair required hereunder, or to perform any other covenant not calling for the payment of money, Tenant shall have ninety (90) days after the restoration of possession to it within which to carry out its obligations under such covenant or covenants. During such time as Tenant shall be out of possession of the Leased Premises by reason of such leasehold condemnation, Tenant shall pay to Landlord, in lieu of the Minimum Rent fixed minimum rent and percentage rents provided for hereunder, and in addition to any other payments required of Tenant hereunder, an annual rent equal to the average annual Minimum Rent fixed minimum rent and percentage rents paid by Tenant for the period from the commencement of the term until the condemning authority shall take possession, or during the preceding three full calendar years, whichever period is shorter. At any time after such condemnation proceedings are commenced Landlord shall have the rightcommenced, at its optionTenant agrees, to require Tenant upon request of Landlord, to assign to Landlord all compensation and damages payable by the condemnor to Tenant, to be held without liability for interest thereon as security for the full performance of Tenant's covenants hereunder, such compensation and damages received pursuant to said assignment to be applied first to the payment of rents and all other sums from time to time payable by Tenant pursuant to the terms of this Lease as such sums fall due, and the remainder, if any, to be payable to Tenant at, at the end of the term hereof, hereof or on restoration of possession of the Leased Premises to Tenant, whichever shall first occur, it being understood and agreed that such assignment shall not relieve Tenant of any of its obligations under this Lease with respect to such rents, rents and other sums except as the same shall be actually received by Landlord.

Appears in 1 contract

Samples: Ground Lease (Founders Food & Firkins LTD /Mn)

CONDEMNATION OF LESS THAN A FEE. In the event of a condemnation of a leasehold interest in all or a portion of the Leased Premises without the concurrent condemnation of the fee simple titletitle also, if the Premises no longer has any access to public streets or roads contiguous to the Premises and Landlord fails to make available reasonable alternate legal access, or, if, as the result of a condemnation, the available remaining parking is no longer adequate for the operation of Tenant’s or its subtenants’ business at the Premises (as determined in good faith by Tenant), then Tenant shall have the right to terminate this Lease on thirty (30) days notice to Landlord given within ninety (90) days after the date of such condemnation. If Tenant decides not to terminate the Lease after such a condemnation, Tenant shall not terminate and such condemnation shall not excuse Tenant be excused from full performance of all of its covenants hereunder. However, but Tenant in such event event, Tenant shall be entitled to present or pursue against the condemning authority its claim for and to receive all compensation or damages sustained by it by reason of such condemnation. In such event, and Landlord's ’s right to recover compensation or damages shall be limited to compensation for and damages damages, if any, to its reversionary interest; it being understood understood, however, that during such time as Tenant shall be out of possession of the Leased Premises by reason of such condemnation, the lease this Lease shall not be subject to forfeiture for failure to observe and perform those covenants not calling for the payment of money. In the event the condemning authority shall fail to keep the Leased Premises in the state of repair required hereunder, or to perform any other covenant not calling for the payment of money, Tenant shall have ninety (90) days days, or such other amount of time mutually agreed in writing by the parties, after the restoration of possession to it within which to carry out its obligations under such covenant or covenants. During such time as Tenant shall be out of possession of the Leased Premises by reason of such leasehold condemnation, Tenant shall pay to Landlord, in lieu of the Minimum Rent fixed minimum rent provided for hereunder, and in addition to any other payments required of Tenant hereunder, an annual rent equal to the average annual Minimum Rent fixed minimum rent paid by Tenant for the period from the commencement of the term Full Rent Commencement Date until the condemning authority shall take took possession, or during the preceding three full calendar years, whichever period is shorter. At any time after such condemnation proceedings are commenced Landlord shall have the rightcommenced, at its optionTenant agrees, to require Tenant upon request of Landlord, to assign to Landlord all compensation and damages payable by the condemnor to Tenant, to be held without liability for interest thereon as security for the full performance of Tenant's ’s covenants hereunder, . Landlord shall apply such compensation and damages received pursuant to said assignment to be applied first to the payment of rents and all other sums from time to time payable by Tenant pursuant to the terms of this Lease as such sums fall due, and the remainder, if any, to be payable to Tenant at, at the end of the term hereof, hereof or on restoration of possession of the Leased Premises to Tenant, whichever shall first occur, it being understood and agreed that such assignment shall not relieve Tenant of any of its obligations under this Lease with respect to such rents, rents and other sums except as the same shall be actually received by Landlord.

Appears in 1 contract

Samples: Ground Lease (Alien Technology Corp)

CONDEMNATION OF LESS THAN A FEE.  In the event of a condemnation of a leasehold interest in all or a portion of the Leased Premises without the concurrent condemnation of the fee simple title, this Lease shall not terminate and such condemnation shall not excuse Tenant from full performance of all of its covenants hereunder, but Tenant in such event shall be entitled to present or pursue against the condemning authority its claim for and to receive all compensation or damages sustained by it by reason of such condemnation, and Landlord's right to recover compensation or damages shall be limited to compensation for and damages if any, to its reversionary interest; it being understood however, that during such time as Tenant shall be out of possession of the Leased Premises by reason of such condemnation, the lease shall not be subject to forfeiture for failure to observe and perform those covenants not calling for the payment of money. In the event the condemning authority shall fail to keep the Leased Premises in the state of repair required hereunder, or to perform any other covenant not calling for the payment of money, Tenant shall have ninety (90) days after the restoration of possession to it within which to carry out its obligations under such covenant or covenants. During such time as Tenant shall be out of possession of the Leased Premises by reason of such leasehold condemnation, Tenant shall pay to Landlord, in lieu of the Minimum Rent provided for hereunder, and in addition to any other payments required of Tenant hereunder, an annual rent equal to the average annual Minimum Rent paid by Tenant for the period from the commencement of the term until the condemning authority shall take possession, or during the preceding three full calendar years, whichever period is shorter. At any time after such condemnation proceedings are commenced Landlord shall have the right, at its option, to require Tenant to assign to Landlord all compensation and damages payable by the condemnor to Tenant, to be held without liability for interest thereon as security for the full performance of Tenant's covenants hereunder, such compensation and damages received pursuant to said assignment to be applied first to the payment of rents and all other sums from time to time payable by Tenant pursuant to the terms of this Lease as such sums fall due, and the remainder, if any, to be payable to Tenant at, the end of the term hereof, or on restoration of possession of the Leased Premises to Tenant, whichever shall first occur, it being understood and agreed that such assignment shall not relieve Tenant of any of its obligations under this Lease with respect to such rents, and other sums except as the same shall be actually received by Landlord.. 

Appears in 1 contract

Samples: Lease (Embassy Bancorp, Inc.)

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CONDEMNATION OF LESS THAN A FEE. In the event of a -------------- ------------------------------- condemnation of a leasehold interest in all or a portion of the Leased Premises demised premises without the concurrent condemnation of the fee simple titletitle thereto, this Lease lease shall not terminate and such condemnation shall not excuse Tenant Lessee from full performance of all of its covenants hereunder, but Tenant Lessee in such event shall be entitled to present or pursue against the condemning authority its claim for and to receive all compensation or damages sustained by it by reason of such condemnation, and LandlordLessor's right to recover compensation or damages shall be limited to compensation for and damages damages, if any, to its reversionary interest; it being understood however, that during such time as Tenant shall be Lessee is out of possession of the Leased Premises demised premises by reason of such condemnation, the this lease shall not be subject to forfeiture for failure to observe and perform those covenants not calling for the payment of money. In the event the condemning authority shall fail fails to keep the Leased Premises demised premises in the state of repair required hereunder, or to perform any other covenant not calling for the payment of money, Tenant Lessee shall have ninety (90) days after the restoration of possession to it within which to carry out its obligations under such covenant or covenants. During such time as Tenant Lessee shall be out of possession of the Leased Premises demised premises by reason of such leasehold condemnation, Tenant Lessee shall continue to be obligated to pay to Landlord, in lieu of the Minimum Rent provided for all rentals due hereunder, and in addition to any other payments required of Tenant hereunder, an annual rent equal to the average annual Minimum Rent paid by Tenant for the period from the commencement of the term until the condemning authority shall take possession, or during the preceding three full calendar years, whichever period is shorter. At any time after such condemnation proceedings are commenced Landlord have commenced, Lessor shall have the right, at its option, option to require Tenant Lessee to assign to Landlord Lessor all compensation and damages payable by the condemnor to TenantLessee, to be held by Lessor without liability for interest thereon as security for the full performance of TenantLessee's covenants hereunder, such compensation and damages received pursuant to said assignment to be applied first to the payment of rents rents, taxes, assessments, insurance premiums and all other sums from time to time payable by Tenant Lessee pursuant to the terms of this Lease lease as such sums fall due, and the remainder, if any, to be payable to Tenant at, the end of the term hereof, or on restoration of possession of the Leased Premises to Tenant, whichever shall first occurLessee, it being understood and agreed that such assignment shall not relieve Tenant Lessee of any of its obligations under this Lease indenture with respect to such rents, taxes, assessments, insurance premiums and other sums except as the same shall be are actually received by LandlordLessor.

Appears in 1 contract

Samples: Lease Agreement (Cost U Less Inc)

CONDEMNATION OF LESS THAN A FEE. In the event of a condemnation of a leasehold interest in all or a portion of the Leased Premises without the concurrent lie condemnation of the fee simple titletitle also, this thus Lease shall not terminate and such condemnation shall not excuse Tenant from full performance of all of its covenants hereunder, but Tenant in such event shall be entitled to present or pursue against the condemning authority its claim for and to receive all compensation or damages sustained by it by reason of such condemnation, and Landlord's ’s right to recover compensation or damages shall be limited to compensation for and damages damages, if any, to its reversionary interest; , it being understood understood, however, that during such time as Tenant shall be out of possession of the Leased Premises by reason of such condemnation, the lease Lease shall not be subject to forfeiture for failure to observe and perform those covenants not calling for the payment of money. In the event the condemning authority shall fail to keep the Leased Premises in the state of repair required hereunder, or to perform any other covenant not calling for the payment of money, Tenant shall have ninety (90) days after the restoration of possession to it within which to carry out its obligations under such covenant or covenants. During such time as Tenant shall be out of possession of the Leased Premises by reason of such leasehold condemnation, Tenant shall pay to Landlord, in lieu of the Minimum Rent provided for hereunderRents, and in addition to any other payments required of Tenant hereunder, an annual rent equal to the average annual Minimum Rent Rents paid by Tenant for far the period from the commencement of the term Tenant until the condemning authority shall take possession, or during the preceding three (3) full calendar years, whichever period is shorter. At any time after such condemnation or proceedings are commenced commenced, Landlord shall have the right, at its option, to require Tenant to assign to Landlord all compensation and damages payable by the condemnor to Tenant, to be held without liability for interest thereon as security for the full performance of Tenant's ’s covenants hereunder, such compensation and damages received pursuant to said assignment to be applied first to the payment of rents and all other sums from time to time payable by Tenant pursuant to the terms of this Lease as such sums fall due, and the remainder, if any, to be payable to Tenant at, at the end of the term hereof, Term hereof or on restoration of possession of the Leased Premises to Tenant, whichever shall first occur, it being understood and agreed that such assignment shall not relieve Tenant of any of its obligations under this Lease with respect to such rents, rents and other sums except as the same shall be actually received by Landlord.

Appears in 1 contract

Samples: Lease Agreement (Bank Holdings)

CONDEMNATION OF LESS THAN A FEE. In the event If as a result of a condemnation of proceeds, a leasehold interest in all or a portion right of possession only is taken by condemnation under the Leased Premises without power of eminent domain, and is for a limited period of time less than the concurrent condemnation of the fee simple titlethen unexpired Term, this Lease shall not continue in full force and effect and the award shall be payable to Landlord and shall be credited by Landlord against the rentals payable by Tenant hereunder; provided, however, that if the taking is for a period of more than one (1) year, Tenant shall have the right to terminate and the Lease by giving written notice of termination to Landlord within thirty (30) days following such condemnation shall not excuse taking. If the award received by Landlord is in excess of the Rent due, Tenant from full performance of all of its covenants hereunder, but Tenant in such event shall be entitled to present or pursue against receive such excess, and, if the condemning authority its claim amount go received by Landlord is less than Rent due, then Tenant shall pay the amount of such deficiency. If such condemnation shall be for a period of time extending beyond the expiration of the Term, the foregoing provisions shall apply only to the date of termination of the Term, and to upon the expiration of said Term, Landlord shall receive all compensation or damages sustained by it by reason awards thereafter payable and no accounting shall be made to Tenant for such period extending beyond the termination of such condemnationthe Term, and Landlord's right to recover compensation or damages shall be limited to compensation for and damages if any, to its reversionary interest; it being understood however, that during such time as Tenant shall be out of possession of the Leased Premises by reason of such condemnation, the lease shall not be subject to forfeiture for failure to observe and perform those covenants not calling for the payment of money. In the event the condemning authority shall fail to keep the Leased Premises in the state of repair required hereunder, or to perform any other covenant not calling for the payment of money, Tenant shall have ninety (90) days no liability whatsoever under the terms of this Lease after such termination date. If the restoration of possession to taking is such that it within which to carry out its obligations under such covenant or covenants. During such time as Tenant shall be out of possession will render the Premises unsuitable for the business of the Leased Premises by reason of such leasehold condemnation, Tenant shall pay to Landlord, in lieu of the Minimum Rent provided for hereunder, and in addition to any other payments required of Tenant hereunder, an annual rent equal to the average annual Minimum Rent paid by Tenant for the a period from the commencement of the term until the condemning authority shall take possessionexceeding one hundred twenty (120) days, or during the preceding three full calendar years, whichever period is shorter. At any time after such condemnation proceedings are commenced Landlord shall have the rightthen Tenant, at its option, to require Tenant to assign to Landlord all compensation and damages payable by may terminate the condemnor to Tenant, to be held without liability for interest thereon as security for the full performance of Tenant's covenants hereunder, such compensation and damages received pursuant to said assignment to be applied first to the payment of rents and all other sums from time to time payable by Tenant pursuant to the terms of this Lease as such sums fall due, and the remainder, if any, to be payable to Tenant at, the end of the term hereof, or on restoration of possession of the Leased Premises to Tenant, whichever shall first occur, it being understood and agreed that such assignment shall not relieve Tenant of any of its obligations under this Lease with respect to such rents, and other sums except as the same shall be actually received by LandlordLease.

Appears in 1 contract

Samples: Lease (Community Bancorp Inc)

CONDEMNATION OF LESS THAN A FEE. In the event of a condemnation of a leasehold interest in all or a portion of the Leased Premises demised premises without the concurrent condemnation of the fee simple titletitle thereto, this Lease lease shall not terminate and such condemnation shall not excuse Tenant Lessee from full performance of all of its covenants hereunder, but Tenant Lessee in such event shall be entitled to present or pursue against the condemning authority its claim for and to receive all compensation or damages sustained by it by reason of such condemnation, and LandlordLessor's right to recover compensation or damages shall be limited to compensation for and damages damages, if any, to its reversionary interest; it being understood however, that during such time as Tenant shall be Lessee is out of possession of the Leased Premises demised premises by reason of such condemnation, the this lease shall not be subject to forfeiture for failure to observe and perform those covenants not calling for the payment of money. In the event the condemning authority shall fail fails to keep the Leased Premises demised premises in the state of repair required hereunder, or to perform any other covenant not calling for the payment of money, Tenant Lessee shall have ninety (90) days after the restoration of possession to it within which to carry out its obligations under such covenant or covenants. During such time as Tenant Lessee shall be out of possession of the Leased Premises demised premises by reason of such leasehold condemnation, Tenant Lessee shall continue to be obligated to pay to Landlord, in lieu of the Minimum Rent provided for all rentals due hereunder, and in addition to any other payments required of Tenant hereunder, an annual rent equal to the average annual Minimum Rent paid by Tenant for the period from the commencement of the term until the condemning authority shall take possession, or during the preceding three full calendar years, whichever period is shorter. At any time after such condemnation proceedings are commenced Landlord have commenced, Lessor shall have the right, at its option, option to require Tenant Lessee to assign to Landlord Lessor all compensation and damages payable by the condemnor .condemnor to TenantLessee, to be held by Lessor without liability for interest thereon as security for the full performance of TenantLessee's covenants hereunder, such compensation and damages received pursuant to said assignment to be applied first to the payment of rents rents, taxes, assessments, insurance premiums and all other sums from time to time payable by Tenant Lessee pursuant to the terms of this Lease lease as such sums fall due, and the remainder, if any, to be payable to Tenant at, the end of the term hereof, or on restoration of possession of the Leased Premises to Tenant, whichever shall first occurLessee, it being understood and agreed that such assignment shall not relieve Tenant believe Lessee of any of its obligations under this Lease with indenture respect to such rentsrents taxes, assessments, insurance premiums and other sums except as the same shall be are actually received by LandlordLessor.

Appears in 1 contract

Samples: Lease Agreement (Cost U Less Inc)

CONDEMNATION OF LESS THAN A FEE. In the event of a condemnation of a leasehold interest in all or a portion of the Leased Premises leased premises without the concurrent condemnation of the fee simple titletitle also, this Lease lease shall not terminate and such condemnation shall not excuse Tenant FEDERAL from full performance of all of its covenants hereunder, but Tenant FEDERAL in such event shall be entitled to present or pursue against the condemning authority its claim for and to receive all compensation or damages sustained by it by reason of such condemnation, and LandlordLEHIGH's right to recover compensation or damages shall be limited to compensation for and damages damages, if any, to its reversionary interest; it being understood understood, however, that during such time as Tenant FEDERAL shall be out of possession of the Leased Premises leased premises by reason of such condemnation, the lease shall not be subject to forfeiture for failure to observe and perform those covenants not calling for the payment of money. In the event the condemning authority shall fail to keep the Leased Premises premises in the state of repair required hereunder, or to perform any other covenant not calling for the payment of money, Tenant FEDERAL shall have ninety (90) days after the restoration of possession to it within which to carry out its obligations under such covenant or covenants. During such time as Tenant FEDERAL shall be out of possession of the Leased Premises leased premises by reason of such leasehold condemnation, Tenant FEDERAL shall pay to Landlord, in lieu of LEHIGH the Minimum Rent provided for hereunder, and in addition to any other payments required of Tenant hereunder, an annual rent equal to due under the average annual Minimum Rent paid by Tenant for the period from the commencement terms of the term until the condemning authority shall take possession, or during the preceding three full calendar years, whichever period is shorterthis agreement. At any time after such condemnation condemnor proceedings are commenced Landlord commenced, LEHIGH shall have the right, at its option, to require Tenant FEDERAL to assign to Landlord LEHIGH all compensation and damages payable by the condemnor condemnation to TenantFEDERAL, to be held without liability for interest thereon as security for the full performance of TenantFEDERAL's covenants hereunder, such compensation and damages received pursuant to said assignment to be applied first to the payment of rents and all other sums from time to time payable by Tenant FEDERAL pursuant to the terms of this Lease lease as such sums fall due, and the remainder, if any, to be payable to Tenant at, FEDERAL at the end of the term hereof, hereof or on restoration of possession of the Leased Premises to TenantFEDERAL, whichever shall first occur, it being understood and agreed that such assignment shall not relieve Tenant FEDERAL of any of its obligations under this Lease lease with respect to such rents, and other sums except as the same shall be actually received by LandlordLEHIGH.

Appears in 1 contract

Samples: Lease (Lehigh Acres First National Bancshares Inc)

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