Condemnation or Destruction. (a) In case of a taking of all or any part of the Premises or the commencement of any proceedings or negotiations which might result in a taking, for any public or quasi-public purpose by any lawful power or authority by exercise of the right of condemnation or eminent domain or by agreement between Lessor, Lessee and those authorized to exercise such right ("Taking"), Lessee will promptly give written notice thereof to Lessor, generally describing the nature and extent of such Taking. Lessee may prosecute, if permissible under the appropriate law of the jurisdiction, any award, compensation or damages resulting from a Total Taking, as that term is hereinafter defined, to which it is entitled but shall not have the right to Lessor's award, compensation or damages. (b) In case of a Taking of a whole of the Premises, other than for temporary use ("Total Taking"), this Lease shall terminate as of the date of such Total Taking and all Rent and other charges shall be apportioned and paid to the date of such Total Taking. Total Taking shall include a taking of substantially all the Premises if in the reasonable judgment of Lessor the remainder of the Premises is not useable and/or cannot be made useable for the purposes provided herein. Lessor shall be entitled to the entire award, compensation, or damages whether such award is made as compensation for dimunition in the value of the fee or leasehold, and Lessee hereby assigns to Lessor all of Lessee's right, title and interest in and to any such award. 127 and empowered, in its name or in Lessee's name, and on behalf of Lessee or otherwise, to file and prosecute Lessee's claim, if any, for an award on account of any Taking and to collect such award and apply the same, after deducting all costs, fees and expenses incident to the collection thereof, to the curing of such Default and any other then existing Default.
Appears in 1 contract
Samples: Agreement of Purchase and Sale (Argo Bancorp Inc /De/)
Condemnation or Destruction. (a) In case of a taking of all or any part of the Premises or the commencement of any proceedings or negotiations which might result in a taking, for any public or quasi-public purpose by any lawful power or authority by exercise of the right of condemnation or eminent domain or by agreement between Lessor, Lessee Lessee, and those authorized to exercise such right ("Taking"), Lessee will promptly give written notice thereof to Lessor, generally describing the nature and extent of such Taking. Lessee may prosecute, if permissible under the appropriate law of the jurisdiction, any award, compensation or damages resulting from a Total Taking, as that term is hereinafter defined, to which it is entitled but shall not have the right to Lessor's award, compensation or damages.
(b) In case of a Taking of a whole of the Premises, other than for temporary use ("Total Taking"), this Lease shall terminate as of the date of such Total Taking and all Rent and other charges shall be apportioned and paid to the date of such Total Taking. Total Taking shall include a taking of substantially all the Premises if in the reasonable judgment of Lessor the remainder of the Premises is not useable and/or cannot be made useable for the purposes provided herein. Lessor shall be entitled to the entire award, compensation, or damages whether such award is made as compensation for dimunition in the value of the fee or leasehold, and Lessee hereby assigns to Lessor all of Lessee's right, title and interest in and to any such award.
(c) In case of a temporary use of the whole or any part of the Premises by a Taking, this Lease shall remain in fall force and effect, without any reduction of rent or any other sums payable hereunder. 127 Lessee shall be entitled to the entire award for such Taking, whether paid by damages, rent or otherwise, unless the period of occupation and use by the condemning authorities shall extend beyond the date of expiration of the Lease, in which case the award made for such Taking shall be apportioned between Lessor and Lessee as of the date of expiration. At the termination of any such use or occupation of the Premises, Lessee will, at its own cost and expense, promptly commence and complete the restoration of the Premises. Lessee shall not be required to make the restoration if the term of this Lease shall expire prior to, or within one year after, the date of termination of the temporary use so taken, and in such event, Lessor shall be entitled to recover all damages and awards arising out of the failure of the condemning authority to repair and restore the building at the expiration of such temporary taking.
(d) In the event of (i) a Taking of less than all of the Premises other than a temporary use ("Partial Taking"); or (ii) of damage or destruction to all or any part of the Premises, all awards, compensation or damages shall be paid to Lessor, and Lessor shall have the option to terminate this Lease by notifying Lessee in writing within 60 days after Lessee gives Lessor notice of such damage or destruction or that title has vested in the taking authority. Lessee shall thereupon have a period of 60 days in which to elect in writing to continue this Lease on the terms herein provided. If Lessee does not elect to continue this Lease or shall fail during such 60-day period to elect to continue this Lease, then this Lease shall terminate as of the last day of the month during which such period expired. Lessee shall then immediately vacate and surrender the Premises, all obligations of either party hereunder shall cease as of the date of termination and all such awards, compensation or damages shall be paid to Lessor and Lessor shall be under no obligation make any payment therefrom to Lessee. If Lessor does not elect to terminate this Lease, or if Lessor so elects but Lessee elects to continue this Lease, then this Lease shall continue on the following terms: Rental and other sums due under this Lease shall continue unabated, and Lessee shall promptly commence and diligently prosecute restoration of the Premises to the same condition, as nearly as practicable, as prior to such partial condemnation, damage or destruction as approved by Lessor in its sole discretion. Lessor shall promptly make available in installments as restoration progresses an amount equal to any award, compensation or damages received by Lessor, (or if stemming from an event prior to the commencement of this Lease for which Lessor has an established construction escrow, from the amount held in said escrow), upon written request of Lessee accompanied by evidence reasonably satisfactory to Lessor that such amount has been paid or is due and payable and is properly a part of such costs and that. there are no mechanics' or similar liens for labor and materials theretofore supplied in connection with the restoration. Lessor shall be entitled to keep any portion of such award, compensation or damages which may be in excess of the cost of restoration, (unless the balance is from an existing construction escrow, as set forth above), and Lessee shall bear all additional costs, fees and expenses of such restoration in excess of the amount of any such award, compensation or damages.
(e) Notwithstanding the foregoing, if at the time of any Taking or at any time thereafter Lessee shall be in Default, such Default shall be continuing, Lessor is hereby authorized 100 and empowered, in its name or in Lessee's name, and on behalf of Lessee or otherwise, to file and prosecute Lessee's claim, if any, for an award on account of any Taking and to collect such award and apply the same, after deducting all costs, fees and expenses incident to the collection thereof, to the curing of such Default and any other then existing Default.
Appears in 1 contract
Samples: Agreement of Purchase and Sale (Argo Bancorp Inc /De/)
Condemnation or Destruction. (a) A. In case of a taking of all or any part of the Premises or the commencement of any proceedings or negotiations which might result in a taking, taking for any public or quasi-public purpose by any lawful power or authority by exercise of the right of condemnation or eminent domain or by agreement between Lessor, Lessee and those authorized to exercise such right ("Taking"), Lessee will promptly give written notice thereof to Lessor, generally describing the nature and extent of such Taking. Lessee may prosecute, if permissible under the appropriate law Taking and including copies of the jurisdiction, any award, compensation documents or damages resulting from a Total Taking, as that term is hereinafter defined, to which it is entitled but shall not have the right to Lessor's award, compensation or damagesnotices received in connection therewith.
(b) B. In case of a Taking of a the whole of any of the Premises, other than for temporary use ("Total Taking"), this Lease shall terminate with respect to such Premises as of the date of the Total Taking, but this Lease shall otherwise continue in full force and effect with respect to the remaining Premises. From and after the date of a Total Taking, the Base Annual Rental shall be reduced by an amount equal to the product of (i) the net award or payment resulting from such Total Taking, after deducting all costs, fees and expenses incident to the collection of such award of payment (the "Net Amount"), and (ii) 11%. If the date of such Total Taking and all Rent and is other charges than the first day of a month, the Base Annual Rental payable for the month in which such Total Taking occurs shall be apportioned based on such Adjustment as of the date of the Total Taking. Lessee's obligations to Lessor under Section 18 of this Lease with respect to such Premises and paid Lessee's obligation to pay all other sums of money under this Lease (whether payable to Lessor or to a third-party) which accrue prior to the date of such Total TakingTaking shall survive the termination of this Lease with respect to such Premises. Total Taking shall include a taking of substantially all the Premises if if, in the reasonable judgment sole determination of Lessor Lessor, the remainder of the Premises is not useable and/or and cannot be made useable for the purposes provided herein. Lessor shall be entitled to receive the entire award, compensation, award or damages whether such award is made as compensation for dimunition payment in the value connection with any taking of the fee or leasehold, and Premises without deduction for any estate vested in Lessee by this Lease. Lessee hereby expressly assigns to Lessor all of Lessee's its right, title and interest in and to every such award or payment and agrees that Lessee shall not be entitled to any award or payment for the value of Lessee's leasehold interest in the Lease. Lessee shall be entitled to claim and receive any award or payment from the condemning authority expressly granted for the taking of Lessee's Personalty, the interruption of its business and moving expenses, but only if such claim or award does not adversely affect or interfere with the prosecution of Lessor's claim for the Taking. Lessee shall promptly send Lessor copies of all correspondence and pleadings relating to any such awardclaim.
C. In case of a temporary use of all or any part of the Premises by a Taking ("Temporary Taking"), this Lease shall remain in full force and effect without any reduction of Base Annual Rental, Additional Rental or any other sum payable hereunder. 127 and empoweredExcept as provided below, in its name or in Lessee's nameLessee shall be entitled to the entire award for a Temporary Taking, and on behalf of Lessee whether paid by damages, rent or otherwise, to file unless the period of occupation and prosecute Lessee's claimuse by the condemning authorities shall extend beyond the date of expiration of this Lease, if any, in which case the award made for an award on account such Taking shall be apportioned between Lessor and Lessee as of the date of such expiration. At the termination of any Taking such Temporary Taking, Lessee will, at its own cost and to collect such award expense and apply the same, after deducting all costs, fees and expenses incident pursuant to the collection thereofterms of Section 18 above, promptly commence and complete the restoration of the Premises; provided, however, Lessee shall not be required to restore the curing Premises if the Lease Term shall expire prior to, or within one year after, the date of termination of the Temporary Taking, and in such event Lessor shall be entitled to recover all damages and awards arising out of the failure of the condemning authority to repair and restore the Premises at the expiration of such Default Temporary Taking.
D. In the event of a Taking of less than all of the Premises for other than a temporary use ("Partial Taking") or of damage or destruction to all or any part of the Premises, all awards, compensation or damages shall be paid to Lessor, and any other then existing Default.Lessor shall have the option to (i) terminate this Lease, provided that Lessor shall have obtained Lender's prior written consent, by notifying Lessee within 60 days after Lessee gives Lessor notice of such damage or destruction or that title has vested in the taking authority or (ii) continue this Lease in effect,
Appears in 1 contract
Condemnation or Destruction. (a) a. In case of a taking of all or any part of the Premises or the commencement of any proceedings or negotiations which might result in a taking, for any public or quasi-quasi public purpose by any lawful power or authority by exercise of the right of condemnation or eminent domain or by agreement between Lessor, Lessee and those authorized to exercise such right ("Taking"), Lessee will promptly give written notice thereof to Lessor, generally describing the nature and extent of such Taking. Lessee may prosecute, if permissible under the appropriate law of the jurisdiction, any award, compensation or damages resulting from a Total Taking, as that term is hereinafter defined, to which it is entitled but shall not have the right to Lessor's award, compensation or damages.
(b) b. In case of a Taking of a the whole of the PremisesProject, other than for temporary use ("Total Taking"), this Lease shall terminate as of the date of such Total Taking and all Rent rental and other sum or sums of money and other charges provided to be paid by Lessee shall be apportioned and paid to the date of such Total Taking. Total Taking shall include a taking of substantially all the Premises if in the reasonable judgment of Lessor the remainder of the Premises is not useable and/or and cannot be made useable for the purposes provided herein.
c. In case of temporary use of the whole or any part of the Premises by a Taking, this Lease shall remain in full force and effect without any reduction of rent or any other sum payable hereunder. Lessee shall be entitled to the entire award for such taking, whether paid by damages, rent or otherwise, unless the period of occupation and use by the condemning authorities shall extend beyond the date of expiration of this Lease, in which case the award made for such taking shall be apportioned between Lessor and Lessee as of the date of such expiration. At the termination of any such use or occupation of the Premises, Lessee will, at its own cost and expense, promptly commence and complete the restoration of the Premises. Lessee shall not be required to make the restoration if the term of this Lease shall expire prior to, or within one (1) year after, the date of termination of the temporary use so taken, and in such event Lessor shall be entitled to recover all damages and awards arising out of the failure of the condemning authority to repay and restore the building at the expiration of such temporary taking.
d. In the event of a Taking of less than all of the Premises other than a temporary use ("Partial Taking") or of damage or destruction to all or any part of the Premises, all awards, compensation or damages shall be paid to Lessor and Lessor shall have the option to terminate this Lease by notifying Lessee in writing within 60 days after Lessee gives Lessor notice of such damage or destruction or that title has vested in the taking authority. Lessee shall thereupon have a period of 60 days in which to elect in writing to continue this Lease on the terms herein provided. If Lessee does not elect to continue this Lease or shall fail during such 60 day period to elect to continue this Lease, then this Lease shall terminate as of the last day of the month during which such period expired. Lessee shall then immediately vacate and surrender the Premises, all obligations of either party hereunder shall cease as of the date of termination and Lessor may retain all such awards, compensation or damages. If Lessor does not elect to terminate this Lease, or if Lessor so elects but Lessee elects to continue this Lease, then this Lease shall continue on the following terms: Rental and other sums due under this Lease shall continue unabated, and Lessee shall promptly commence and diligently prosecute restoration of the Premises to the same condition, as nearly as practicable; as prior to such partial condemnation, damage or destruction as approved by Lessor in its sole discretion. Lessor shall promptly make available in installments as restoration progresses an amount equal to any award, compensation or damages received by Lessor, upon written request of Lessee accompanied by evidence reasonably satisfactory to Lessor that such amount has been paid or is due and payable and is properly a part of such costs and that there are no mechanics or similar liens for labor and/or materials theretofore supplied in connection with the restoration. Lessor shall be entitled to the entire keep any portion of such award, compensation, compensation or damages whether such award is made as compensation for dimunition which may be in the value excess of the fee or leaseholdcost of restoration, and Lessee hereby assigns to Lessor shall bear all additional costs, fees and expenses of Lessee's right, title and interest such restoration in and to excess of the amount of the amount of any such award. 127 , compensation or damages.
e. Notwithstanding the foregoing, if at the time of any Taking or at any time thereafter Lessee shall be in default under this Lease and such default shall be continuing, Lessor is hereby authorized and empowered, in its the name or in Lessee's name, and on behalf of Lessee or and otherwise, to file and prosecute Lessee's claim, if any, for an award on account of any Taking and to collect such award and apply the same, after deducting all costs, fees and expenses incident to the collection thereof, to the curing of such Default default and any other then existing Defaultdefault and any other then existing default under this Lease.
Appears in 1 contract
Samples: Termination and Modification Agreement (Quality Dining Inc)
Condemnation or Destruction. (a) In case of a taking of all or any part of the Premises or the commencement of any proceedings or negotiations which might result in a taking, for any public or quasi-public purpose by any lawful power or authority by exercise of the right of condemnation or eminent domain or by agreement between Lessor, Lessee and those authorized to exercise such right ("Taking"), Lessee will promptly give written notice thereof to Lessor, generally describing the nature and extent of such Taking. Lessee may prosecute, if permissible under the appropriate law of the jurisdiction, any award, compensation or damages resulting from a Total Taking, as that term is hereinafter defined, to which it is entitled but shall not have the right to Lessor's award, compensation or damages.
(b) In case of a Taking of a whole of the Premises, other than for temporary use ("Total Taking"), this Lease shall terminate as of the date of such Total Taking and all Rent and other charges shall be apportioned and paid to the date of such Total Taking. Total Taking shall include a taking of substantially all the Premises if in the reasonable judgment of Lessor the remainder of the Premises is not useable and/or cannot be made useable for the purposes provided herein. Lessor shall be entitled to the entire award, compensation, or damages whether such award is made as compensation for dimunition in the value of the fee or leasehold, and Lessee hereby assigns to Lessor all of Lessee's right, title and interest in and to any such award. 127 and empowered, in its name or in Lessee's name, and on behalf of Lessee or otherwise, to file and prosecute Lessee's claim, if any, for an award on account of any Taking and to collect such award and apply the same, after deducting all costs, fees and expenses incident to the collection thereof, to the curing of such Default and any other then existing Default.
Appears in 1 contract
Samples: Agreement of Purchase and Sale (Argo Bancorp Inc /De/)
Condemnation or Destruction. (a) In case of a taking of all or any part of the Premises or the commencement of any proceedings or negotiations which might result in a taking, for any public or quasi-public purpose by any lawful power or authority by exercise of the right of condemnation or eminent domain or by agreement between Lessor, Lessee and those authorized to exercise such right ("Taking"), Lessee will promptly give written notice thereof to Lessor, generally describing the nature and extent of such Taking. Lessee may prosecute, if permissible under the appropriate law of the jurisdiction, any award, compensation or damages resulting from a Total Taking, as that term is hereinafter defined, to which it is entitled but shall not have the right to Lessor's award, compensation or damages.
(b) In case of a Taking of a whole of the Premises, other than for temporary use ("Total Taking"), this Lease shall terminate as of the date of such Total Taking and all Rent and other charges shall be apportioned and paid to the date of such Total Taking. Total Taking shall include a taking of substantially all the Premises if in the reasonable judgment of Lessor the remainder of the Premises is not useable and/or cannot be made useable for the purposes provided herein. Lessor shall be entitled to the entire award, compensation, or damages whether such award is made as compensation for dimunition in the value of the fee or leasehold, and Lessee hereby assigns to Lessor all of Lessee's right, title and interest in and to any such award.
(c) In case of a temporary use of the whole or any part of the Premises by a Taking, this Lease shall remain in full force and effect, without any reduction of rent or any other sums payable hereunder. 127 and empoweredLessee shall be entitled to the entire award for such Taking, in its name or in Lessee's namewhether paid by damages, and on behalf of Lessee rent or otherwise, to file unless the period of occupation and prosecute Lessee's claimuse by the condemning authorities shall extend beyond the date of expiration of the Lease, if any, in which case the award made for an award on account such Taking shall be apportioned between Lessor and Lessee as of the date of expiration. At the termination of any such use or occupation of the Premises, Lessee will, at its own cost and expense, promptly commence and complete the restoration of the Premises. Lessee shall not be required to make the restoration if the term of this Lease shall expire prior to, or within one year after, the date of termination of the temporary use so taken, and in such event, Lessor shall be entitled to recover all damages and awards arising out of the failure of the condemning authority to repair and restore the building at the expiration of such temporary taking.
(d) In the event of (i) a Taking of less than all of the Premises other than a temporary use ("Partial Taking"); or (ii) of damage or destruction to all or any part of the Premises, all awards, compensation or damages shall be paid to Lessor, and Lessor shall have the option to collect terminate this Lease by notifying Lessee in writing within 60 days after Lessee gives Lessor notice of such award damage or destruction or that title has vested in the taking authority. Lessee shall thereupon have a period of 60 days in which to elect in writing to continue this Lease on the terms herein provided. If Lessee does not elect to continue this Lease or shall fail during such 60day period to elect to continue this Lease, then this Lease shall terminate as of the last day of the month during which such period expired. Lessee shall then immediately vacate and apply surrender the samePremises, after deducting all obligations of either party hereunder shall cease as of the date of termination and all such awards, compensation or damages shall be paid to Lessor and Lessor shall be under no obligation make any payment therefrom to Lessee. If Lessor does not elect to terminate this Lease, or if Lessor so elects but Lessee elects to continue this Lease, then this Lease shall continue on the following terms: Rental and other sums due under this Lease shall continue unabated, and Lessee shall promptly commence and diligently prosecute restoration of the Premises to the same condition, as nearly as practicable, as prior to such partial condemnation, damage or destruction as approved by Lessor in its sole discretion. Lessor shall promptly make available in installments as restoration progresses an amount equal to any award, compensation or damages received by Lessor, (or if stemming from an event prior to the commencement of this Lease for which Lessor has an established construction escrow, from the amount held in said escrow), upon written request of Lessee accompanied by evidence reasonably satisfactory to Lessor that such amount has been paid or is due and payable and is properly a part of such costs and that there are no mechanics' or similar liens for labor and materials theretofore supplied in connection with the restoration. Lessor shall be entitled to keep any portion of such award, compensation or damages which may be in excess of the cost of restoration, (unless the balance is from an existing construction escrow, as set forth above), and Lessee shall bear all additional costs, fees and expenses incident to the collection thereof, to the curing of such restoration in excess of the amount of any such award, compensation or damages.
(e) Notwithstanding the foregoing, if at the time of any Taking or at any time thereafter Lessee shall be in Default, such Default and any other then existing Default.shall be continuing, Lessor is hereby authorized
Appears in 1 contract
Samples: Agreement of Purchase and Sale (Argo Bancorp Inc /De/)
Condemnation or Destruction. (a) In case of a taking of all or any part of the Premises or the commencement of any proceedings or negotiations which might result in a taking, for any public or quasi-public purpose by any lawful power or authority by exercise of the right of condemnation or eminent domain or by agreement between Lessor, Lessee and those authorized to exercise such right ("Taking"), Lessee will promptly give written notice thereof to Lessor, generally describing the nature and extent of such Taking. Lessee may prosecute, if permissible under the appropriate law of the jurisdiction, any award, compensation or damages resulting from a Total Taking, as that term is hereinafter defined, to which it is entitled but shall not have the right to Lessor's award, compensation or damages.
(b) In case of a Taking of a whole of the Premises, other than for temporary use ("Total Taking"), this Lease shall terminate as of the date of such Total Taking and all Rent and other charges shall be apportioned and paid to the date of such Total Taking. Total Taking shall include a taking of substantially all the Premises if in the reasonable judgment of Lessor the remainder of the Premises is not useable and/or cannot be made useable for the purposes provided herein. Lessor shall be entitled to the entire award, compensation, or damages whether such award is made as compensation for dimunition diminution in the value of the fee or leasehold, and Lessee hereby assigns to Lessor all of Lessee's right, title and interest in and to any such award.
(c) In case of a temporary use of the whole or any part of the Premises by a Taking, this Lease shall remain in full force and effect, without any reduction of rent or any other sums payable hereunder. 127 Lessee shall be entitled to the entire award for such Taking, whether paid by damages, rent or otherwise, unless the period of occupation and use by the condemning authorities shall extend beyond the date of expiration of the Lease, in which case the award made for such taking shall be apportioned between Lessor and Lessee as of the date of expiration. At the termination of any such use or occupation of the Premises, Lessee will, at its own cost and expense, promptly commence and complete the restoration of the Premises. Lessee shall not be required to make the restoration if the term of this Lease shall expire prior to, or within one year after, the date of termination of the temporary use so taken, and in such event, Lessor shall be entitled to recover all damages and awards arising out of the failure of the condemning authority to repair and restore the building at the expiration of such temporary taking.
(d) In the event of (i) a Taking of less than all of the Premises other than a temporary use ("Partial Taking"); or (ii) of damage or destruction to all or any part of the Premises, all awards, compensation or damages shall be paid to Lessor, and Lessor shall have the option to terminate this Lease by notifying Lessee in writing within 60 days after Lessee gives Lessor notice of such damage or destruction or that title has vested in the taking authority. Lessee shall thereupon have a period of 60 days in which to elect in writing to continue this Lease on the terms herein provided. If Lessee does not elect to continue this Lease or shall fail during such 60-day period to elect to continue this Lease, then this Lease shall terminate as of the last day of the month during which such period expired. Lessee shall then immediately vacate and surrender the Premises, all obligations of either party hereunder shall cease as of the date of termination and all such awards, compensation or damages shall be paid to Lessor and Lessor shall be under no obligation make any payment therefrom to Lessee. If Lessor does not elect to terminate this Lease, or if Lessor so elects but Lessee elects to continue this Lease, then this Lease shall continue on the following terms: Rental and other sums due under this Lease shall continue unabated, and Lessee shall promptly commence and diligently prosecute restoration of the Premises to the same condition, as nearly as practicable, as prior to such partial condemnation, damage or destruction as approved by Lessor in its sole discretion. Lessor shall promptly make available in installments as restoration progresses an amount equal to any award, compensation or damages received by Lessor, (or if stemming from an event prior to the commencement of this Lease for which Lessor has an established construction escrow, from the amount held in said escrow), upon written request of Lessee accompanied by evidence reasonably satisfactory to Lessor that such amount has been paid or is due and payable and is properly a part of such costs and that there are no mechanics' or similar liens for labor and materials theretofore supplied in connection with the restoration. Lessor shall be entitled to keep any portion of such award, compensation or damages which may be in excess of the cost of restoration, (unless the balance is from an existing construction escrow, as set forth above), and Lessee shall bear all additional costs, fees and expenses of such restoration in excess of the amount of any such award, compensation or damages.
(e) Notwithstanding the foregoing, if at the time of any Taking or at any time thereafter Lessee shall be in Default, such Default shall be continuing, Lessor is hereby authorized 11 72 and empowered, in its name or in Lessee's name, and on behalf of Lessee or otherwise, to file and prosecute Lessee's claim, if any, for an award on account of any Taking and to collect such award and apply the same, after deducting all costs, fees and expenses incident to the collection thereof, to the curing of such Default and any other then existing Default.
Appears in 1 contract
Samples: Agreement of Purchase and Sale (Argo Bancorp Inc /De/)
Condemnation or Destruction. (a) a. In case of a taking of all or any part of the Premises or the commencement of any proceedings or negotiations which might result in a taking, for any public or quasi-quasi public purpose by any lawful power or authority by exercise of the right of condemnation or eminent domain or by agreement between Lessor, Lessee and those authorized to exercise such right ("Taking"), Lessee will promptly give written notice thereof to Lessor, generally describing the nature and extent of such Taking. Lessee may prosecute, if permissible under the appropriate law of the jurisdiction, any award, compensation or damages resulting from a Total Taking, as that term is hereinafter defined, to which it is entitled but shall not have the right to Lessor's awardward, compensation or damages.
(b) b. In case of a Taking of a the whole of the PremisesProject, other than for temporary use ("Total Taking"), this Lease shall terminate as of the date of such Total Taking and all Rent rental and other sum or sums of money and other charges provided to be paid by Lessee shall be apportioned and paid to the date of such Total Taking. Total Taking shall include a taking of substantially all the Premises premises if in the reasonable judgment of Lessor the remainder of the Premises is not useable and/or and cannot be made useable for the purposes provided herein.
c. In case of temporary use of the whole or any part of the Premises by a Taking, this Lease shall remain in full force and effect without any reduction of rent or any other sum payable hereunder. Lessee shall be entitled to the entire award for such taking whether paid by damages, rent or otherwise, unless the period of occupation and use by the condemning authorities shall extend beyond the date of expiration of this Lease, in which case the award made for such taking shall be apportioned between Lessor arid Lessee as of the date of such expiration. At the termination of any such use or occupation of the Premises, Lessee will, at its own cost and expense, promptly commence and complete the restoration of the Premises. Lessee shall not be required to make the restoration if the term of this Lease shall expire prior to, or within one (1) year after, the date of termination of the temporary use so taken, and in such event Lessor shall be entitled to recover all damages and awards arising out of the failure of the condemning authority to repay and restore the building at the expiration of such temporary taking.
d. In the event of a Taking of less than all of the Premises other than a temporary use (Partial Taking) or of damage or destruction to all or any part of the Premises, all awards, compensation or damages shall be paid to Lessor and Lessor shall have the option to terminate this Lease by notifying Lessee in writing within 60 days after Lessee gives Lessor notice of such damage or destruction or that title as vested in the taking authority. Lessee shall thereupon have a period of 60 days in which to elect in writing to continue this Lease on the terms herein provided. If Lessee does not elect to continue this Lease or shall fail during such 60 day period to elect to continue this Lease, then this Lease shall terminate as of the last day of the month during which such period expired. Lessee shall then immediately vacate and surrender the premises, all obligations of either party hereunder shall cease as of the date of termination and Lessor may retain all such awards, compensation or damages. If Lessor does not elect to terminate this Lease, or if Lessor so elects but Lessee elects to continue this Lease, then this Lease shall continue on the following terms: Rental and other sums due under this Lease shall continue unabated, and Lessee shall promptly commence and diligently prosecute restoration of the Premises to the same condition, as nearly as practicable, as prior to such partial condemnation, damage or destruction as approved by Lessor in its sole discretion. Lessor shall promptly make available in installments as restoration progresses an amount equal to any award, compensation or damages received by Lessor, upon written request of Lessee accompanied by evidence reasonably satisfactory to Lessor that such amount has been paid or is due and payable and is properly a part of such costs and that there are no mechanics or similar liens for labor and/or materials theretofore supplied in connection with the restoration. Lessor shall be entitled to the entire keep any portion of such award, compensation, compensation or damages whether such award is made as compensation for dimunition which may be in the value excess of the fee or leaseholdcost of restoration, and Lessee shall bear all additional costs, fees and expenses of such restoration in excess of the amount of the amount of any such- award, compensation or damages.
e. Notwithstanding the foregoing, if at the time of any Taking or at any time thereafter Lessee shall be in default under this Lease and such default shall be continuing, Lessor is hereby assigns to Lessor all of Lessee's right, title and interest in and to any such award. 127 authorized and empowered, in its the name or in Lessee's name, and on behalf of Lessee or and otherwise, to file and prosecute Lessee's claim, if any, any for an award on account of any Taking and to collect such award and apply the same, after deducting all costs, fees and expenses incident to the collection thereof, to the curing of such Default default and any other then existing Defaultdefault and any other then existing default under this Lease.
Appears in 1 contract
Samples: Termination and Modification Agreement (Quality Dining Inc)