Condemnation of Premises. If the whole of the Premises or reasonable access or the supply of essential utilities or other service systems thereto shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, the Term shall cease as of the day possession of the Premises shall be taken by such public authority, and Tenant shall pay rent up to that date with an appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to the date possession is taken. If less than all of the Premises shall be so taken, the Term shall cease only on the parts so taken as of the day possession shall be taken by such authority, and Tenant shall pay rent up to that day with appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to the date that possession is taken, and thereafter the Base Rent and Tenant's Proportionate Share shall be equitably adjusted. Landlord shall, at its expense, make all necessary repairs and alterations to the basic building and exterior work so as to constitute the remaining Premises a complete architectural unit, provided that Landlord shall not be obligated to undertake any such repairs and alterations to the extent the cost thereof exceeds the award received by Landlord. Tenant, at Tenant's expense, shall, upon receipt, and to the extent, of Tenant's award, make repairs and restorations to the remaining Premises of the nature required as Tenant's Work and shall also repair or replace its stock in trade, fixtures, furniture, furnishings, floor coverings, plate glass and equipment, and, if Tenant has closed, shall promptly reopen for business. If the part of the Premises so taken leaves space no longer suitable for the conduct of Tenant's business as contemplated hereunder (whether as a result of a direct taking of the Premises or deprivation of reasonable access to the Premises), then at Tenant's option, to be exercised within thirty (30) days of taking, the Term shall cease and Tenant shall pay rent up to the day possession is taken with an appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to the date of the taking of possession. If, in the determination of Landlord's lender, as specified in Landlord's mortgage, any significant portion of the Retail Area or the floor area of the building in which the Premises are located shall be taken by the exercise, or under the threat of the exercise of, the power of eminent domain and such taking has a permanent, material and adverse effect upon the operation of Tenant's business at the Premises as reasonably determined by Landlord's lender, Landlord may, by notice in writing to Tenant delivered on or before the day of surrendering possession to the public authority, terminate this Lease, and rent shall be paid or refunded, as appropriate, as of the date of termination. The Landlord shall only be entitled to exercise the termination rights described in the preceding sentence if it is determined by Landlord's lender that reasonable access or the supply of essential utilities or other service systems to the Premises cannot be restored.
Appears in 2 contracts
Samples: Retail Lease (New York Restaurant Group Inc), Retail Lease (Smith & Wollensky Restaurant Group Inc)
Condemnation of Premises. a. If the whole any part of the Premises or reasonable access or the supply of essential utilities or other service systems thereto shall be taken or acquired appropriated by any public or quasi-public authority under the power or threat of eminent domain, Landlord shall have the Term shall cease right, at its option, to terminate this Lease effective as of the day possession of the Premises shall be taken by such public authority, and Tenant shall pay rent up to that date with an appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to the date possession is takentaken by said authority (unless ten percent [10%] or more of the Premises are so taken in which case this Lease shall terminate), and shall be entitled to any and all income, rent or award and any interest thereon whatsoever which may be paid or made in connection with such public or quasi-public use or purpose. Tenant hereby assigns to Landlord its entire interest in any and all such awards, and shall have no claim against Landlord for the value of any portion of the unexpired Term. If less than all ten percent (10%) of the Premises shall be so takentaken or appropriated, and Landlord does not elect to terminate this Lease, the Term shall cease only on the parts so taken as of the day possession Base Rental thereafter to be paid shall be taken reduced by such authority, and Tenant shall pay rent up to that day with appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent an amount bearing the same ratio to the date that possession is taken, and thereafter total amount of Base Rental as the Base Rent and Tenant's Proportionate Share shall be equitably adjusted. Landlord shall, at its expense, make all necessary repairs and alterations to the basic building and exterior work so as to constitute the remaining Premises a complete architectural unit, provided that Landlord shall not be obligated to undertake any such repairs and alterations to the extent the cost thereof exceeds the award received by Landlord. Tenant, at Tenant's expense, shall, upon receipt, and to the extent, of Tenant's award, make repairs and restorations to the remaining Premises of the nature required as Tenant's Work and shall also repair or replace its stock in trade, fixtures, furniture, furnishings, floor coverings, plate glass and equipment, and, if Tenant has closed, shall promptly reopen for business. If the part rentable area of the Premises so taken leaves space no longer suitable for bears to the conduct of Tenant's business as contemplated hereunder (whether as a result of a direct taking entire Premises.
b. If any part of the Building other than the Premises shall be so taken or deprivation of reasonable access to appropriated, Landlord shall have the Premises)sole right, then at Tenant's its option, to be exercised within thirty (30) days of taking, the Term shall cease and Tenant shall pay rent up to the day possession is taken with an appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to the date of the taking of possession. If, in the determination of Landlord's lender, as specified in Landlord's mortgage, any significant portion of the Retail Area or the floor area of the building in which the Premises are located shall be taken by the exercise, or under the threat of the exercise of, the power of eminent domain and such taking has a permanent, material and adverse effect upon the operation of Tenant's business at the Premises as reasonably determined by Landlord's lender, Landlord may, by notice in writing to Tenant delivered on or before the day of surrendering possession to the public authority, terminate this Lease, Lease and rent shall be paid or refunded, as appropriate, as of the date of termination. The Landlord shall only be entitled to exercise the termination rights described entire award as above provided, and in such case Tenant shall likewise have no claim against Landlord for the preceding sentence if it is determined by value of any unexpired Term of this Lease.
c. Nothing hereinbefore contained shall be deemed to deny to Tenant its right to claim from the condemning authority compensation or damages for its trade fixtures and personal property, provided the condemning authority makes a separate award therefor and such separate award does not have the effect of reducing the amount of Landlord's lender that reasonable access or the supply of essential utilities or other service systems to the Premises cannot be restored’s award.
Appears in 1 contract
Samples: Office Lease Agreement (Surgical Care Affiliates, Inc.)
Condemnation of Premises. (a) If the whole any part of the Premises or reasonable access or the supply of essential utilities or other service systems thereto shall be taken or acquired appropriated by any public or quasi-public authority under the power or threat of eminent domain, either party shall have the Term shall cease right, at its option, to terminate this Lease effective as of the day possession of the Premises shall be taken by such public authority, and Tenant shall pay rent up to that date with an appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to the date possession is takentaken by said authority, and Landlord shall be entitled to any and all income, rent or award and any interest thereon whatsoever which may be paid or made in connection with such public or quasi- public use or purpose. Tenant hereby assigns to Landlord its entire interest in any and all such awards, and shall have no claim against Landlord for the value of any portion of the unexpired Term. If less than all a part of the Premises shall be so takentaken or appropriated, and neither party elects to terminate this Lease, the Term shall cease only on the parts so taken as of the day possession Base Rental thereafter to be paid shall be taken reduced by such authority, and Tenant shall pay rent up to that day with appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent an amount bearing the same ratio to the date that possession is taken, and thereafter total amount of Base Rental as the Base Rent and Tenant's Proportionate Share shall be equitably adjusted. Landlord shall, at its expense, make all necessary repairs and alterations to the basic building and exterior work so as to constitute the remaining Premises a complete architectural unit, provided that Landlord shall not be obligated to undertake any such repairs and alterations to the extent the cost thereof exceeds the award received by Landlord. Tenant, at Tenant's expense, shall, upon receipt, and to the extent, of Tenant's award, make repairs and restorations to the remaining Premises of the nature required as Tenant's Work and shall also repair or replace its stock in trade, fixtures, furniture, furnishings, floor coverings, plate glass and equipment, and, if Tenant has closed, shall promptly reopen for business. If the part rentable area of the Premises so taken leaves space no longer suitable for bears to the conduct of Tenant's business as contemplated hereunder entire Premises.
(whether as a result of a direct taking b) If any part of the Building other than the Premises shall be so taken or deprivation of reasonable access to appropriated, either party shall have the Premises)sole right, then at Tenant's its option, to terminate this Lease and Landlord shall be exercised within thirty (30) days of takingentitled to the entire award as above provided, the Term shall cease and in such case Tenant shall pay rent up likewise have no claim against Landlord for the value of any unexpired Term of this Lease.
(c) Nothing hereinbefore contained shall be deemed to deny to Tenant its right to claim from the day possession is taken with an appropriate refund by Landlord of such rent as may have been paid in advance condemning authority compensation or damages for its trade fixtures and personal property, provided the condemning authority makes a separate award therefor.
(d) If any period subsequent to the date part of the taking of possession. If, in the determination of Landlord's lender, as specified in Landlord's mortgage, any significant portion of the Retail Area or the floor parking area of the building in which the Premises are located shall be so taken by or appropriated and Landlord is unable (within a reasonable time) to replace such parking in accordance with the exercise, or under the threat provisions of the exercise of, the power of eminent domain and such taking has a permanent, material and adverse effect upon the operation of Tenant's business at the Premises as reasonably determined by Landlord's lender, Landlord may, by notice in writing to Tenant delivered on or before the day of surrendering possession to the public authority, terminate this Lease, Tenant shall have the right to terminate and rent shall be paid or refunded, as appropriate, as of the date of termination. The Landlord shall only be entitled to exercise the termination rights described in the preceding sentence if it is determined by Landlord's lender that reasonable access or the supply of essential utilities or other service systems to the Premises cannot be restoredcancel this Lease.
Appears in 1 contract
Condemnation of Premises. If all of the whole Premises, or a portion which will make the remainder unusable for the Permitted Use, be taken under the power of eminent domain (or a conveyance in lieu thereof), then this Lease shall terminate as of the vesting of title in the condemning authority and Base Rent and Additional Rent obligations shall be adjusted between Landlord and Tenant as of that date. If only a portion of the Premises or reasonable access or the supply of essential utilities or other service systems thereto shall be are taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, the Term shall cease as and Tenant can reasonably continue use of the day possession remainder, then this Lease will not terminate, but Base Rent and Additional Rent obligations shall xxxxx in a just and proportionate amount to the loss of use occasioned by the taking. Except as otherwise provided by the authority granting an award of damages, Tenant shall have no right or claim to any part of any award made to or received by Landlord for any taking of the Premises and no right or claim for any alleged value of the unexpired portion of this Lease; provided, however, that Tenant shall not be prevented from making a claim against the condemning party (but not against Landlord) for any moving expenses, loss of profits, or taking of Tenant's personal property (including its leasehold interest) to which Tenant may be entitled. No Tenant's claim may, however, diminish Landlord's or Landlord's Xxxxxx's award with respect to the Premises. For purposes of this Section, Landlord and Tenant shall make a good faith determination as to whether or not the Premises are still suitable for the Permitted Use after a taking. If less than a fee title to all or any portion of the Premises shall be taken or condemned by such public authorityany governmental authority for temporary use or occupancy, this Lease shall continue in full force and Tenant shall pay rent up to that date effect; but with an appropriate refund by Landlord of such rent as may have been paid in advance for Rent abated during any period subsequent to the date possession is taken. If less than all when Xxxxxx's use of the Premises shall be so taken, is impaired in proportion to the Term shall cease only on the parts so taken as of the day possession shall be taken by such authority, and Tenant shall pay rent up to that day with appropriate refund by Landlord impairment of such rent as may have been paid in advance for any period subsequent to the date that possession is taken, and thereafter the Base Rent and Tenant's Proportionate Share shall be equitably adjusted. Landlord shall, at its expense, make all necessary repairs and alterations to the basic building and exterior work so as to constitute the remaining Premises a complete architectural unit, provided that Landlord shall not be obligated to undertake any such repairs and alterations to the extent the cost thereof exceeds the award received by Landlord. Tenant, at Tenant's expense, shall, upon receipt, and to the extent, of Tenant's award, make repairs and restorations to the remaining Premises of the nature required as Tenant's Work and shall also repair or replace its stock in trade, fixtures, furniture, furnishings, floor coverings, plate glass and equipment, and, if Tenant has closed, shall promptly reopen for business. If the part of the Premises so taken leaves space no longer suitable for the conduct of Tenant's business as contemplated hereunder (whether as a result of a direct taking of the Premises or deprivation of reasonable access to the Premises), then at Tenant's option, to be exercised within thirty (30) days of taking, the Term shall cease and Tenant shall pay rent up to the day possession is taken with an appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to the date of the taking of possession. If, in the determination of Landlord's lender, as specified in Landlord's mortgage, any significant portion of the Retail Area or the floor area of the building in which the Premises are located shall be taken by the exercise, or under the threat of the exercise of, the power of eminent domain and such taking has a permanent, material and adverse effect upon the operation of Tenant's business at the Premises as reasonably determined by Landlord's lender, Landlord may, by notice in writing to Tenant delivered on or before the day of surrendering possession to the public authority, terminate this Lease, and rent shall be paid or refunded, as appropriate, as of the date of termination. The Landlord shall only be entitled to exercise the termination rights described in the preceding sentence if it is determined by Landlord's lender that reasonable access or the supply of essential utilities or other service systems to the Premises cannot be restoreduse.
Appears in 1 contract
Condemnation of Premises. (a) If the whole entire Premises, at any time during the term of the Premises this Lease or reasonable access or the supply of essential utilities or other service systems thereto shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domainextension thereof, the Term shall cease as of the day possession of the Premises shall be taken by the exercise of the power of eminent domain or under threat thereof, this Lease shall then terminate as of the date of title vesting in such public authorityproceeding, all rentals shall be paid up to that date, and Tenant shall pay rent have no claim against Landlord nor the condemning authority for the value of the unexpired term of this Lease.
(b) In the event of a partial taking of the Building or more than 25% of the land area, which leaves the Premises unfit for the normal and proper conduct of the business of Tenant, then Tenant shall have the right to cancel and terminate this Lease effective upon the actual partial taking, all rentals shall be paid up to that date with an appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to the date possession is taken. If less than all of the Premises shall be so taken, the Term shall cease only on the parts so taken as of the day possession shall be taken by such authoritydate, and Tenant shall pay rent up to that day with appropriate refund by have no claim against Landlord nor the condemning authority for the value of such rent as may have been paid in advance for any period subsequent to the date that possession is taken, and thereafter the Base Rent and Tenant's Proportionate Share shall be equitably adjustedunexpired term of this Lease. Landlord shall, at its expense, make all necessary repairs and alterations to the basic building and exterior work so as to constitute the remaining Premises a complete architectural unit, provided that Landlord If this Lease shall not be obligated to undertake any cancelled as above provided, it shall continue in effect and the rental after such repairs and alterations to the extent the cost thereof exceeds the award received by Landlord. Tenant, at Tenant's expense, shall, upon receipt, and to the extent, of Tenant's award, make repairs and restorations to the remaining Premises of the nature required as Tenant's Work and partial taking shall also repair or replace its stock in trade, fixtures, furniture, furnishings, floor coverings, plate glass and equipment, and, if Tenant has closed, shall promptly reopen for business. If the be that part of the rental herein agreed to be paid which the value of the untaken part of the Premises, immediately after the taking bears to the value of the entire Premises so taken leaves space no longer suitable for immediately before the conduct of taking. If Tenant's business as contemplated hereunder (whether as a result of a direct taking ’s continued use of the Premises or deprivation requires alterations and repairs by reason of reasonable access a partial taking, Landlord may elect to the Premises), then at Tenant's option, to be exercised terminate this Lease within thirty (30) days of after such partial taking, the Term may elect to continue it, in which event Landlord shall cease make all necessary alterations and Tenant shall pay rent up to the day possession is taken with an appropriate refund by Landlord repairs at its expense which are required because of such rent as may partial taking. Until such alterations and repairs shall have been paid in advance completed, an equitable abatement of rent shall be made to Tenant for any period subsequent to the date of the taking of possession. If, in the determination of Landlord's lender, as specified in Landlord's mortgage, any significant portion of the Retail Area or Premises unfit for occupancy and use in the floor area conduct of Tenant’s business for the building in period during which the Premises are located same is unfit for such occupancy and use.
(c) In the event of any condemnation or taking, whether whole or partial, Tenant shall be taken by the exercise, or under the threat of the exercise of, the power of eminent domain and such taking has a permanent, material and adverse effect upon the operation of Tenant's business at the Premises as reasonably determined by Landlord's lender, Landlord may, by notice in writing to Tenant delivered on or before the day of surrendering possession to the public authority, terminate this Lease, and rent shall be paid or refunded, as appropriate, as of the date of termination. The Landlord shall only not be entitled to exercise any part of the termination rights described award paid for said condemnation; Landlord is to receive the full amount of such award, Tenant hereby expressly waiving any right or claim to any part thereof. Although all such damages awarded in the preceding sentence if it is determined by event of any condemnation are to belong to Landlord's lender that reasonable access , whether such damages are awarded as compensation for diminution in value of the leasehold or the supply of essential utilities or other service systems to the Premises canPremises, Tenant shall have the right to claim and recover from the condemning authority, but not from Landlord, such compensation as may be restoredseparately awarded or recoverable by Tenant in Tenant’s own right on account of any and all damage to Tenant’s business by reason of the condemnation and for or on account of any cost or loss to which Tenant might be put in removing Tenant’s merchandise, furniture, fixtures, leasehold improvements and Equipment.
Appears in 1 contract
Samples: Business Lease
Condemnation of Premises. If the whole Premises are completely taken in condemnation by any government or other entity possessing and exercising powers in the nature of eminent domain (including instances where the Premises are transferred in lieu of condemnation), this Lease shall terminate on the effective date of the taking. The taking shall be deemed to have become effective when Harsco no longer has legal or physical possession of the Premises or reasonable access or the supply of essential utilities or other service systems thereto shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domainportion thereof, the Term shall cease as of the day possession whichever first occurs. If any portion of the Premises is taken in condemnation, this Lease shall be taken by such public authority, and Tenant shall pay rent up to that date with an appropriate refund by Landlord of such rent remain in effect as may have been paid in advance for any period subsequent to the date possession is taken. If less than all remaining portion of the Premises, except that Harsco shall have the option to terminate this Lease if the remaining portion of the Premises shall be so taken, (including the Term shall cease only on the parts so taken as means of the day possession shall be taken by such authority, and Tenant shall pay rent up to that day with appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to the date that possession is taken, and thereafter the Base Rent and Tenant's Proportionate Share shall be equitably adjusted. Landlord shall, at its expense, make all necessary repairs and alterations to the basic building and exterior work so as to constitute the remaining Premises a complete architectural unit, provided that Landlord shall not be obligated to undertake any such repairs and alterations to the extent the cost thereof exceeds the award received by Landlord. Tenant, at Tenant's expense, shall, upon receipt, and to the extent, of Tenant's award, make repairs and restorations to the remaining Premises of the nature required as Tenant's Work and shall also repair or replace its stock in trade, fixtures, furniture, furnishings, floor coverings, plate glass and equipment, and, if Tenant has closed, shall promptly reopen for business. If the part of the Premises so taken leaves space no longer suitable for the conduct of Tenant's business as contemplated hereunder (whether as a result of a direct taking of the Premises or deprivation of reasonable access to the Premises and areas not occupied by building improvements and used for access, parking, storage and similar uses) is deemed unsuitable by Harsco, in Harsco's sole discretion, for Harsco's continued operation of its business on the Premises), then . Harsco may exercise this option to terminate this Lease by giving written notice to Lessor at Tenant's option, to be exercised any time which is within thirty (30) days of taking, before or after the Term shall cease and Tenant shall pay rent up to the day possession is taken with an appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to the effective date of the taking of possessiontaking. In such case, this Lease shall terminate on the date Harsco gives notice to Lessor. If, in the determination of Landlord's lender, as specified in Landlord's mortgage, any significant portion after a partial condemnation of the Retail Area or the floor area of the building in which the Premises are located shall be taken by the exercisePremises, or under the threat of the exercise of, the power of eminent domain and such taking has a permanent, material and adverse effect upon the operation of Tenant's business at the Premises as reasonably determined by Landlord's lender, Landlord may, by notice in writing to Tenant delivered on or before the day of surrendering possession to the public authority, Harsco does not terminate this Lease, and the rent payable by Harsco shall be paid abated or refunded, as appropriate, as reduced to the extent and for such period of time that the portion of the date Premises taken in condemnation is not usable by Harsco. Lessor shall notify Harsco within three (3) business days of terminationreceipt by Lessor of any notice of condemnation (including any preliminary notice). The Landlord entire condemnation award shall only belong to and be entitled paid to exercise Lessor, except that Harsco shall receive from the termination rights described in award the preceding sentence if it is determined by Landlord's lender that reasonable access following:
(a) The sum attributable to any improvements or the supply of essential utilities or other service systems alterations made to the Premises canby Harsco at Harsco's expense, which improvements or alterations Harsco has the right to remove from the Premises pursuant to this Lease but elects not to remove, if any;
(b) The sum attributable to that portion of the award constituting Harsco's relocation costs, if included in the award; and
(c) Any special damages which by their nature are awardable only to Harsco as lessee and would not, under any circumstances or under any provisions of this Lease, be restoredawarded to Lessor. In the event of any condemnation, Harsco shall be permitted to file a separate claim for any award that may be obtainable by Harsco under the terms of this Lease, or otherwise.
Appears in 1 contract
Samples: Lease Agreement (United Defense Lp)
Condemnation of Premises. If In the event that the whole of the Premises or reasonable access or the supply of essential utilities or other service systems thereto demised premises shall be condemned or taken or acquired by in anymanner for any public or any quasi-public authority under the power or threat of eminent domainuse, the Term this lease shall cease terminate as of the day possession date of vesting of title. In the event that either a portion of the Premises shall be premises or the building of which the premises are a part is condemned or taken by eminent domain proceedings so as to render the premises substantially unusable, then in such public authorityevent, Lessee shall have the right to cancel and Tenant shall pay rent up to that date with an appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to the date possession is taken. If less than all of the Premises shall be so taken, the Term shall cease only on the parts so taken terminate this agreement as of the day possession shall be taken by such authority, and Tenant shall pay rent up to that day with appropriate refund by Landlord date of such rent as may have been paid taking upon giving to Lessor notice in advance for any period subsequent to the date that possession is taken, and thereafter the Base Rent and Tenant's Proportionate Share shall be equitably adjusted. Landlord shall, at its expense, make all necessary repairs and alterations to the basic building and exterior work so as to constitute the remaining Premises a complete architectural unit, provided that Landlord shall not be obligated to undertake any writing of such repairs and alterations to the extent the cost thereof exceeds the award received by Landlord. Tenant, at Tenant's expense, shall, upon receipt, and to the extent, of Tenant's award, make repairs and restorations to the remaining Premises of the nature required as Tenant's Work and shall also repair or replace its stock in trade, fixtures, furniture, furnishings, floor coverings, plate glass and equipment, and, if Tenant has closed, shall promptly reopen for business. If the part of the Premises so taken leaves space no longer suitable for the conduct of Tenant's business as contemplated hereunder (whether as a result of a direct taking of the Premises or deprivation of reasonable access to the Premises), then at Tenant's option, to be exercised election within thirty (30) days after the receipt by Lessee from Lessor of taking, the Term shall cease and Tenant shall pay rent up to the day possession is taken with an appropriate refund by Landlord written notice of such rent as may have been paid in advance for any period subsequent to appropriation or taking. In the date event that only a part of the taking of possession. If, in the determination of Landlord's lender, as specified in Landlord's mortgage, any significant portion of the Retail Area or the floor area of the building in which the Premises are located premises shall be so condemned or taken by the exercise, or under the threat of the exercise of, the power of eminent domain and such taking has a permanentshall not render the premises substantially unusable, material and adverse effect upon the operation of Tenant's business at the Premises as reasonably determined by Landlord's lenderthen, Landlord may, by notice in writing to Tenant delivered on or before the day of surrendering possession to the public authority, terminate this Lease, and rent shall be paid or refunded, as appropriate, effective as of the date of terminationvesting of title, the rent hereunder for such part shall be equitably abated and this lease shall continue as to such part not so taken. The Landlord In the event that only a part of the building shall only be entitled to exercise so condemned or taken, then if substantial structural alteration or reconstruction of the termination rights described building shall, in the preceding sentence if it is determined reasonable opinion of Lessor, be necessary or appropriate as a result of such condemnation or taking (whether or not the premises be affected), Lessor may, at its option, terminate this lease and the term herein granted as of the date of such vesting of title by Landlord's lender that reasonable access notifying Lessee in writing within sixty (60) days following the vesting of title. Any termination hereunder shall be without prejudice to the rights of either the Lessor or the supply of essential utilities Lessee to recover compensation from such public authority for any loss or other service systems damages caused by such taking. Neither Lessor nor Lessee shall have any right in or to any award made to the Premises canother by such public authority; provided, however, to the extent that Lessee is not be restoredallowed by local law to make a recovery against such public authority, Lessor shall receive such condemnation award and Lessee hereby expressly assigns to Lessor any and all right, title and interest in and to such award.
Appears in 1 contract
Condemnation of Premises. (a) If the whole any part of the Premises or reasonable access or the supply of essential utilities or other service systems thereto shall be taken or acquired appropriated by any public or quasi-public authority under the power or threat of eminent domain, Landlord shall have the Term shall cease right, at its option, to terminate this Lease effective as of the day possession of the Premises shall be taken by such public authority, and Tenant shall pay rent up to that date with an appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to the date possession is takentaken by said authority (unless all of the Premises are so taken in which case this Lease shall terminate), and shall be entitled to any and all income, rent or award and any interest thereon whatsoever which may be paid or made in connection with such public or quasi-public use or purpose, provided, however, Tenant shall be entitled to make a claim in any condemnation proceeding, action or ruling related to the Building for Tenant's moving expenses or the unamortized value of leasehold improvements in the Premises actually paid for by Tenant in the Premises. Tenant shall have no claim against Landlord for the value of any portion of the unexpired Term. If less than all a part of the Premises shall be so takentaken or appropriated, and Landlord does not elect to terminate this Lease, the Term shall cease only on the parts so taken as of the day possession Base Rental thereafter to be paid shall be taken reduced by such authority, and Tenant shall pay rent up to that day with appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent an amount bearing the same ratio to the date that possession is taken, and thereafter total amount of Base Rental as the Base Rent and Tenant's Proportionate Share shall be equitably adjusted. Landlord shall, at its expense, make all necessary repairs and alterations to the basic building and exterior work so as to constitute the remaining Premises a complete architectural unit, provided that Landlord shall not be obligated to undertake any such repairs and alterations to the extent the cost thereof exceeds the award received by Landlord. Tenant, at Tenant's expense, shall, upon receipt, and to the extent, of Tenant's award, make repairs and restorations to the remaining Premises of the nature required as Tenant's Work and shall also repair or replace its stock in trade, fixtures, furniture, furnishings, floor coverings, plate glass and equipment, and, if Tenant has closed, shall promptly reopen for business. If the part rentable area of the Premises so taken leaves space no longer suitable for bears to the conduct of Tenant's business as contemplated hereunder entire Premises.
(whether as a result of a direct taking b) If any part of the Building other than the Premises shall be so taken or deprivation of reasonable access to appropriated, Landlord shall have the Premises)sole right, then at Tenant's its option, to be exercised within thirty terminate this Lease (30) days of taking, the Term shall cease and Tenant shall pay rent up to the day possession is taken with an appropriate refund by provided Landlord of such rent as may have been paid in advance for any period subsequent to the date of the taking of possession. If, terminates all leases in the determination of Landlord's lender, as specified in Landlord's mortgage, any significant portion of the Retail Area or the floor area of the building in which the Premises are located Building) and shall be taken by the exercise, or under the threat of the exercise of, the power of eminent domain and such taking has a permanent, material and adverse effect upon the operation of Tenant's business at the Premises as reasonably determined by Landlord's lender, Landlord may, by notice in writing to Tenant delivered on or before the day of surrendering possession to the public authority, terminate this Lease, and rent shall be paid or refunded, as appropriate, as of the date of termination. The Landlord shall only be entitled to exercise the termination rights described entire award as above provided, and in such case Tenant shall likewise have no claim against Landlord for the preceding sentence if it is determined by Landlord's lender that reasonable access value of any unexpired Term of this Lease.
(c) Nothing hereinbefore contained shall be deemed to deny to Tenant its right to claim from the condemning authority compensation or damages for its trade fixtures and personal property, provided the supply of essential utilities or other service systems to the Premises cannot be restoredcondemning authority makes a separate award therefor.
Appears in 1 contract
Condemnation of Premises. 18.1 If the whole any governmental, public body or other condemning authority takes, or if Licensor transfers in lieu of such taking, all or part of the Premises, Access Easement or Utility Easement thereby making it physically or financially infeasible for the Premises or reasonable access or to License Agreement Tower Top Investments Inc. & Elandia Crown Mountain, St. Xxxxxx be used in the supply of essential utilities or other service systems thereto manner intended by the License Agreement, Licensee shall be taken or acquired by any public or quasi-public authority under have the power or threat of eminent domain, the Term shall cease right to terminate this License effective as of the day possession date of the Premises taking by the condemning party and the license fees shall be taken by such public authority, and Tenant shall pay rent up to that date with an appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to the date possession is takenprorated appropriately. If less than all only a portion of the Premises shall be so takenPremises, the Term shall cease only on the parts so taken as of the day possession shall be taken by such authority, and Tenant shall pay rent up to that day with appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to the date that possession Access Easement or Utility Easement is taken, and thereafter Licensee does not elect to terminate this License under this provision, then the Base Rent License Agreement shall continue but license payments provided under this License shall xxxxx proportionately as to the portion taken which is not then usable by Licensee, and Tenant's Proportionate Share Licensor shall be equitably adjusted. Landlord shall, at its expense, make all necessary repairs and alterations to restore the basic building and exterior work so as to constitute the remaining Premises a complete architectural unit, provided that Landlord shall not be obligated to undertake any such repairs and alterations to the extent the cost thereof exceeds the award received by Landlord. Tenant, at Tenant's expense, shall, upon receipt, and to the extent, of Tenant's award, make repairs and restorations to the remaining Premises of the nature required as Tenant's Work and shall also repair or replace its stock in trade, fixtures, furniture, furnishings, floor coverings, plate glass and equipment, and, if Tenant has closed, shall promptly reopen for business. If the part of the Premises so taken leaves space no longer suitable for the conduct of Tenant's business as contemplated hereunder (whether as a result of a direct taking of the Premises or deprivation of reasonable access to the Premises), then at Tenant's option, to be exercised within thirty (30) days of taking, the Term shall cease and Tenant shall pay rent up to the day possession is taken with an appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to the date of the taking of possession. If, in the determination of Landlord's lender, as specified in Landlord's mortgage, any significant portion of the Retail Area Premises, Access Easement and Utility Easement remaining to as near their former condition as circumstances will permit (at a cost not to exceed Landlord’s proceeds from said condemnation or transfer).
18.2 In the floor area event of any condemnation, taking or conveyance in lieu thereof which results in a termination of the building in which the Premises are located shall be taken by the exerciseLicense Agreement, or under the threat of the exercise of, the power of eminent domain and such taking has a permanent, material and adverse effect upon the operation of Tenant's business at the Premises as reasonably determined by Landlord's lender, Landlord may, by notice in writing to Tenant delivered on or before the day of surrendering possession to the public authority, terminate this Lease, and rent shall be paid or refunded, as appropriate, as of the date of termination. The Landlord shall only Licensor will not be entitled to exercise that portion, if any, of an award made to or for the termination rights described in benefit of Licensee for loss of Licensee’s business or depreciation, the preceding sentence if it is determined by Landlord's lender that reasonable access cost of removal of Licensee’s trade fixtures and equipment or the supply value of essential utilities or other service systems to the Premises cannot be restoredany unexpired term of this License.
Appears in 1 contract
Samples: License Agreement (Elandia, Inc.)
Condemnation of Premises. a. If the whole entire Premises, at any time during the term of the Premises this Lease or reasonable access or the supply of essential utilities or other service systems thereto any extension thereof, shall be taken or acquired by any public or quasi-public authority under the exercise of a power or threat of eminent domain, the Term this Lease shall cease then terminate as of the day possession date of the Premises title vesting in such proceeding, all rentals shall be taken by such public authoritypaid up to that date, and Tenant shall pay rent have no claim against Landlord or the condemning authority for the value of the unexpired term of this Lease.
b. In the event of a taking of more than twenty-five (25%) percent of the Building or the Premises which renders the Premises or Building unfit for the normal and proper conduct of the business of Tenant, Tenant shall have the right to cancel and terminate this Lease effective upon the actual taking. Tenant must exercise such option to terminate no later than thirty (30) days after such partial taking. All rentals shall be paid up to that date with an appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to the date possession is taken. If less than all of the Premises shall be so taken, the Term shall cease only on the parts so taken as of the day possession shall be taken by such authoritydate, and Tenant shall pay rent up have no claim against Landlord or the condemning authority for the value of any unexpired term of this Lease. If this Lease shall not be canceled as above provided, it shall continue in effect; and the rental after such partial taking shall be that part of the rental herein agreed to that day with appropriate refund by Landlord be paid which the value of such rent as may have been paid in advance for any period subsequent the untaken part of the Premises, immediately after the taking, bears to the date that possession is taken, and thereafter value of the Base Rent and entire Premises immediately before the taking. If Tenant's Proportionate Share continued use of the Premises requires alterations and repairs by reason of a partial taking, Landlord may elect to terminate this Lease within thirty (30) days after the actual taking or, subject to Tenant's right of termination above provided, may elect to continue this Lease, in which event Landlord shall be equitably adjusted. Landlord shall, at its expense, make all necessary alterations and repairs at its expense which are required because of such partial taking. Until such alterations and alterations repairs are completed, an equitable abatement of rent shall be made to the basic building and exterior work so as to constitute the remaining Premises a complete architectural unit, provided that Landlord shall not be obligated to undertake Tenant for any such repairs and alterations to the extent the cost thereof exceeds the award received by Landlord. Tenant, at Tenant's expense, shall, upon receipt, and to the extent, of Tenant's award, make repairs and restorations to the remaining Premises of the nature required as Tenant's Work and shall also repair or replace its stock in trade, fixtures, furniture, furnishings, floor coverings, plate glass and equipment, and, if Tenant has closed, shall promptly reopen for business. If the part portion of the Premises so taken leaves space no longer suitable unfit for occupancy and use in the conduct of Tenant's business or inaccessible for the period during which same is unfit for such occupancy and use or inaccessible.
c. In the event of any condemnation or taking as contemplated hereunder (aforesaid, whether as a result of a direct taking whole or partial, Tenant shall not be entitled to any part of the Premises award paid for such condemnation, Tenant hereby expressly waiving any right or deprivation claim to any part thereof. Although all such damages awarded in the event of reasonable access any condemnation are to belong to Landlord, whether such damages are awarded as compensation for diminution in value of the leasehold or to the fee of the Premises), then at Tenant shall have the right to claim and recover from the condemning authority, but not from Landlord, such compensation as may be separately awarded or recoverable by Tenant in Tenant's own right on account of any and all damage to Tenant's business by reason of the condemnation and for or on account of any cost or loss to which Tenant might be put in removing Tenant's merchandise, furniture, fixtures, leasehold improvements, and equipment.
d. Notwithstanding anything to the contrary contained in this section, Tenant may, in the event any full taking contemplated by this section occurs, at its option, elect to be exercised within thirty (30) days purchase the Premises in accordance with Section 34 of taking, the Term shall cease this Lease; and Tenant shall pay rent be entitled to the whole of any award paid for such condemnation or taking up to the day possession is taken with an appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to the date amount of the taking of possession. If, in the determination of Landlord's lender, as specified in Landlord's mortgage, any significant portion of the Retail Area or the floor area of the building in which the Premises are located shall be taken by the exercise, or under the threat of the exercise of, the power of eminent domain and such taking has a permanent, material and adverse effect upon the operation of Tenant's business at the Premises as reasonably determined by Landlord's lender, Landlord may, by notice in writing to Tenant delivered on or before the day of surrendering possession to the public authority, terminate this Lease, and rent shall be paid or refunded, as appropriate, as of the date of termination. The Landlord shall only be entitled to exercise the termination rights described in the preceding sentence if it is determined by Landlord's lender that reasonable access or the supply of essential utilities or other service systems to the Premises cannot be restoredpurchase price.
Appears in 1 contract
Samples: Lease Agreement (Citi Trends Inc)
Condemnation of Premises. If as the whole result of the Premises or reasonable access or the supply of essential utilities or other service systems thereto shall be taken or acquired a taking by any public or quasi-public authority under the power or threat of eminent domaindomain or sold to a public authority under threat or in lieu of such taking (a) all of the Premises, or so much thereof as renders the Premises wholly unusable by Tenant, is taken, (b) Tenant no longer has reasonable access to or use of the Premises, (c) all or substantially all of the building where the Premises is located is taken, (d) a portion of the building is taken resulting in Xxxxxxxx’s determination to demolish such building, or (e) the number of parking spaces in or serving the Development are reduced by such taking below the number of spaces required by applicable laws and such reduction adversely impacts the use of the Premises, the Term shall cease as expire on the date of the day possession vesting of title as fully and completely as if such date were the stated Expiration Date. In the event of any such taking of all or any part of the Premises or the Development, Landlord shall be taken by such public authorityentitled to receive the entire award. Tenant shall have no claim against Landlord or any authority for the value of the unexpired portion of the Term or Tenant’s Work, and Tenant shall pay rent up hereby assigns to that date with an appropriate refund by Landlord all of its right in and to any such rent as may have been paid in advance for any period subsequent award. Tenant may, however, at Xxxxxx’s expense, make a separate claim to the date possession is takenappropriate authority for the value of its Personal Property, the value of its business or goodwill, and its moving expenses, provided such claim and award, if any, do not result in a reduction of the award which would otherwise be paid to Landlord. If less than all a taking does not result in the termination of the Premises shall be so taken, the Term shall cease only on the parts so taken as of the day possession shall be taken by such authority, and Tenant shall pay rent up to that day with appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to the date that possession is taken, and thereafter the Base Rent and Tenant's Proportionate Share shall be equitably adjusted. this Lease (i) Landlord shall, at its expense, make all necessary repairs and alterations to the basic building and exterior work so as to constitute the remaining Premises a complete architectural unit, provided that Landlord shall not be obligated to undertake any such repairs and alterations Landlord’s expense to the extent the cost thereof exceeds the award received by Landlord. Tenant, at Tenant's expense, shall, upon receipt, and to the extent, of Tenant's any available condemnation award, make repairs and restorations to the remaining Premises of the nature required as Tenant's Work and shall also repair or replace its stock in tradesoon as practicable, fixtures, furniture, furnishings, floor coverings, plate glass and equipment, and, if Tenant has closed, shall promptly reopen for business. If the restore that part of the Premises not taken to the extent reasonably practicable, so taken leaves space no longer suitable for the conduct of Tenant's business as contemplated hereunder (whether as a result of a direct taking of that the Premises or deprivation of reasonable access to the Premises)is usable, then at Tenant's option, to be exercised within thirty and (30ii) days of taking, the Term shall cease from and Tenant shall pay rent up to the day possession is taken with an appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to after the date of the taking vesting of possession. Iftitle, the Minimum Annual Rental, Additional Rent and Annual Breakpoint shall be reduced in proportion to the determination of Landlord's lender, as specified in Landlord's mortgage, any significant portion remaining Floor Area of the Retail Area or the floor area of the building in which the Premises are located shall be taken by the exercise, or under the threat of the exercise of, the power of eminent domain and such taking has a permanent, material and adverse effect upon the operation of Tenant's business at the Premises as reasonably determined by Landlord's lender, Landlord may, by notice in writing to Tenant delivered on or before the day of surrendering possession to the public authority, terminate this Lease, and rent shall be paid or refunded, as appropriate, as of the date of terminationPremises. The Landlord shall only be entitled to exercise the termination rights described in the preceding sentence if it is determined by Landlord's lender that reasonable access or the supply of essential utilities or other service systems to the Premises cannot be restored.ROS/Impossible Kicks 20 Form Rev. [02/2023]
Appears in 1 contract
Samples: Lease Agreement (Impossible Kicks Holding Company, Inc.)
Condemnation of Premises. If the whole of the Premises or reasonable access or the supply of essential utilities or other service systems thereto shall be taken or acquired by a. Should any public or quasi-public authority under or private corporation or individual having the power of condemnation ("Condemnor") exercise any governmental power, whether by legal proceedings or otherwise or by a voluntary sale or transfer by Landlord to any Condemnor under threat of eminent domaincondemnation or other legal proceedings for condemnation ("Condemnation") against the Premises during the Term, the Term shall cease as rights and obligations of the day parties shall be determined pursuant to this Section 15. If the Premises is totally taken by Condemnation, the Lease shall terminate on the date the Condemnor has the right to possession of the Premises ("Date of Taking"). Should a phased condemnation occur, Tenant may terminate at the point Tenant's business is substantially prevented or impaired.
b. Tenant shall have the right to elect to terminate this Lease should a Condemnor by Condemnation acquire any of the following:
i. Any portion of the Building;
ii. In excess of ten percent (1O%) of the parking spaces within the Premises;
iii. Any part of the Shopping Center, provided the Premises is located within a Shopping Center, such as would result in a substantial impairment of ingress or egress from or to the Shopping Center or the Premises as a consequence;
iv. In excess of twenty-five percent (25%) of the gross leasable area of the Shopping Center other than the Premises; or
v. Any taking of the Premises, Common Area, or adjacent streets, highways or properties that would reasonably be anticipated to substantially diminish Tenant's business or any taking as a result of which Tenant would not thereafter be in conformance with governmental ordinances.
c. If Tenant elects to terminate this Lease, Tenant must exercise its right to terminate pursuant to this Section by giving notice to Landlord within ninety (90) days after the nature and extent of the taking has been ascertained. The effective date of the termination shall be taken by such public authoritythe Date of Taking.
d. If the Lease is terminated, the Minimum Monthly Rent and all other obligations of Tenant shall be prorated to the Date of Taking and Landlord shall pay rent up to that date with an appropriate refund Tenant the Minimum Monthly Rent and any other payments made by Landlord of such rent as may have been paid in advance Tenant for any period subsequent to beyond the date possession is taken. Date of Taking.
e. If less than all any portion of the Premises is taken by Condemnation and this Lease remains in full force and effect, then on the Date of Taking the following shall occur:
i. The Minimum Monthly Rent, Percentage Rent (and break point for such Rent) and other obligations of Tenant hereunder shall be so taken, reduced for the remainder of the Term shall cease only on in the parts so taken as same proportion that the number of the day possession shall be taken by such authority, and Tenant shall pay rent up to that day with appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to the date that possession is taken, and thereafter the Base Rent and Tenant's Proportionate Share shall be equitably adjusted. Landlord shall, at its expense, make all necessary repairs and alterations to the basic building and exterior work so as to constitute the remaining Premises a complete architectural unit, provided that Landlord shall not be obligated to undertake any such repairs and alterations to the extent the cost thereof exceeds the award received by Landlord. Tenant, at Tenant's expense, shall, upon receipt, and to the extent, of Tenant's award, make repairs and restorations to the remaining Premises of the nature required as Tenant's Work and shall also repair or replace its stock in trade, fixtures, furniture, furnishings, floor coverings, plate glass and equipment, and, if Tenant has closed, shall promptly reopen for business. If the part square feet of the Premises so taken leaves space no longer suitable bears to the original number of square feet in the Premises.
ii. Landlord shall promptly restore the Premises to a condition substantially similar to that which existed prior to the Condemnation. The restoration shall be subject to and shall be performed in accordance with the provisions of Section 14.
iii. Tenant shall be entitled to a reasonable abatement or diminution of the Minimum Monthly Rent and any other monetary obligation to be paid under this Lease during the time required by Landlord to restore the Premises, taking into consideration the time and extent of interference with Tenant's business.
f. All the compensation, sums or anything of Value awarded, paid, or received for Premises on a total or partial Condemnation ("Award") shall belong to and be paid to Landlord, except that Tenant shall receive from the Award the value of Tenant's leasehold interest in the Premises and the value of Tenant's trade fixtures to the extent taken in the Condemnation. Tenant shall also be entitled to compensation for the conduct cost of removal of and relocation of Tenant's furniture, trade fixtures and equipment and Tenant's loss of goodwill. It is agreed, with respect to this Section, that the 'tenant' fixtures installed in or at the Premises prior to the date of this Lease by the previous landlord are the property of Landlord and Landlord shall be entitled to any Award made with respect thereto.
g. Should the Premises be subject to Condemnation for a period of less than one (1) year, then this shall constitute a Temporary Condemnation, during which time all the provisions of this Lease shall remain in full force and effect, except that all Rental obligations and all other monetary obligations shall be abated or reduced to the extent to which the Condemnation interferes with Tenant's use of the Premises. Landlord shall be entitled to damages against the Condemnor for loss of Rent hereunder and such other relief as provided by law as a result of any such temporary Condemnation, and Tenant shall be entitled to damages against the Condemnor for the interruption of Tenant's business and such other relief as contemplated hereunder (whether provided by law as a result of any such temporary Condemnation.
h. Each party waives the provisions of any law allowing either party to petition a direct court to terminate this Lease in the event of a partial taking of the Premises or deprivation of reasonable access to the Premises), then at Tenant's option, to be exercised within thirty (30) days of taking, the Term shall cease and Tenant shall pay rent up to the day possession is taken with an appropriate refund by Landlord of such rent except as may have been paid in advance for any period subsequent to the date of the taking of possession. If, in the determination of Landlord's lender, as specified in Landlord's mortgage, any significant portion of the Retail Area or the floor area of the building in which the Premises are located shall be taken by the exercise, or under the threat of the exercise of, the power of eminent domain and such taking has a permanent, material and adverse effect upon the operation of Tenant's business at the Premises as reasonably determined by Landlord's lender, Landlord may, by notice in writing to Tenant delivered on or before the day of surrendering possession to the public authority, terminate this Lease, and rent shall be paid or refunded, as appropriate, as of the date of termination. The Landlord shall only be entitled to exercise the termination rights described in the preceding sentence if it is determined by Landlord's lender that reasonable access or the supply of essential utilities or other service systems to the Premises cannot be restoredotherwise provided herein.
Appears in 1 contract
Samples: Lease (Westland Development Co Inc)
Condemnation of Premises. (a) If the whole any part of the Premises or reasonable access or the supply of essential utilities or other service systems thereto shall be taken or acquired appropriated by any public or quasi-public authority under the power or threat of eminent domain, Landlord shall have the Term shall cease right, at its option, to terminate this Lease effective as of the day date possession is taken by said authority (unless all of the Premises are so taken in which case this Lease shall terminate), and shall be entitled to any and all income, rent or award and any interest thereon whatsoever which may be paid or made in connection with such public or quasi-public use or purpose. Tenant hereby assigns to Landlord its entire interest in any and all such awards, and shall have no claim against Landlord for the value of any portion of the unexpired Term. If a part of the Premises shall be so taken or appropriated, and Landlord does not elect to terminate this Lease, the Base Rental thereafter to be paid shall be reduced by an amount bearing the same ratio to the total amount of Base Rental as the rentable area of the Premises so taken bears to the entire Premises.
(b) If any part of the Building other than the Premises shall be so taken or appropriated, Landlord shall have the sole right, at its option, to terminate this Lease and shall be entitled to the entire award as above provided, and in such case Tenant shall likewise have no claim against Landlord for the value of any unexpired Term of this Lease.
(c) Nothing hereinbefore contained shall be deemed to deny to Tenant its right to claim from the condemning authority compensation or damages for its trade fixtures and personal property, provided the condemning authority makes a separate award therefor that does not in any way decrease or reduce Landlord's right to any compensation or damages from such condemnation.
(d) If more than 25% of the Premises shall be taken by or appropriated (or a smaller portion which includes a critical function of Tenant's business operation such public authority, as the computer room and Tenant shall pay rent up to that date with an appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to the date possession is taken. If less than all Tenant's use of the Premises shall be so takento conduct its normal business operations are materially and adversely affected) and Landlord does not elect to terminate this Lease, the Term shall cease only on the parts so taken as of the day possession shall be taken by such authority, and Tenant shall pay rent up have the right to that day with appropriate refund terminate this Lease by written notice to Landlord of such rent as may have been paid in advance for any period subsequent to if the date that possession is taken, and thereafter the Base Rent and Tenant's Proportionate Share shall be equitably adjusted. Landlord shall, at its expense, make all necessary repairs and alterations to the basic building and exterior work so as to constitute the remaining Premises a complete architectural unit, provided that Landlord shall not be obligated to undertake any such repairs and alterations to the extent the cost thereof exceeds the award received by Landlord. Tenant, at Tenant's expense, shall, upon receipt, and to the extent, of Tenant's award, make repairs and restorations to the remaining Premises of the nature required as Tenant's Work and shall also repair or replace its stock in trade, fixtures, furniture, furnishings, floor coverings, plate glass and equipment, and, if Tenant has closed, shall promptly reopen for business. If the part portion of the Premises so taken leaves space no longer remaining after such taking or appropriation is not reasonably suitable for the continued conduct of Tenant's business therein in substantially the same manner as contemplated hereunder (whether as a result of a direct taking of the Premises or deprivation of reasonable access such business was conducted immediately prior to the Premises), then at Tenant's option, to be exercised within thirty (30) days of taking, the Term shall cease and Tenant shall pay rent up to the day possession is taken with an appropriate refund by Landlord of such rent as may have been paid in advance for any period subsequent to the date of the taking of possession. If, in the determination of Landlord's lender, as specified in Landlord's mortgage, any significant portion of the Retail Area or the floor area of the building in which the Premises are located shall be taken by the exercise, or under the threat of the exercise of, the power of eminent domain and such taking has a permanent, material and adverse effect upon the operation of Tenant's business at the Premises as reasonably determined by Landlord's lender, Landlord may, by notice in writing to Tenant delivered on or before the day of surrendering possession to the public authority, terminate this Lease, and rent shall be paid or refunded, as appropriate, as of the date of termination. The Landlord shall only be entitled to exercise the termination rights described in the preceding sentence if it is determined by Landlord's lender that reasonable access or the supply of essential utilities or other service systems to the Premises cannot be restoredappropriation.
Appears in 1 contract
Samples: Lease Agreement (Infinity Property & Casualty Corp)