Condemnation. if any part of the Premises shall be taken for any public or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premises.
Appears in 2 contracts
Samples: Office Lease (Actuate Software Corp), Office Lease (Actuate Software Corp)
Condemnation. if In the event of any part condemnation of all or any portion of the Premises Property, this Agreement shall be taken for any public or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, terminate as to the part so taken, terminate taken as of the date the condemning authority takes title vests in the condemnor or purchaserpossession, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or morewhichever occurs first. If all as a result of a partial condemnation of the Premises or Tower, LESSEE, in LESSEE’s sole discretion, is unable to use the Premises for the purposes intended hereunder, or if such part thereof is condemnation may reasonably be expected to disrupt LESSEE's operations at the Premises for more than forty-five (45) days, LESSEE may, at LESSEE’s option, to be exercised in writing within fifteen (15) days after LESSOR shall have given LESSEE written notice of such taking (or in the absence of such notice, within fifteen (15) days after the condemning authority shall have taken so that there possession) terminate this Agreement as of the date the condemning authority takes such possession. LESSEE may on its own behalf make a claim in any condemnation proceeding involving the Premises for losses related to the equipment, conduits, fixtures, its relocation costs and its damages and losses (but not for the loss of its leasehold interest). Any such notice of termination shall cause this Agreement to expire with the same force and effect as though the date set forth in such notice were the date originally set as the expiration date of this Agreement and the Parties shall make an appropriate adjustment as of such termination date with respect to payments due to the other under this Agreement. If LESSEE does not terminate this Agreement in accordance with the foregoing, this Agreement shall remain a in full force and effect as to the portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is takenremaining, then all compensation awarded upon such taking except that the rent shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during be reduced in the term hereof by reason same proportion as the rentable area of the purchase or condemnation of all or a part Premises taken bears to the total rentable area of the Premises. Tenant shall have In the right to separately petition and to claim and recover from the condemning authority, but event that this Agreement is 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, including without limitation the loss of goodwill terminated by reason of such condemnation, LESSOR shall promptly repair any appropriation, and for or on account of any cost or loss damage to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesPremises caused by such condemning authority.
Appears in 2 contracts
Samples: Water Tower Lease Agreement, Lease Agreement
Condemnation. if any part If the whole or substantially the whole of the Building or the Leased Premises shall should be taken for any public or ------------ quasi-public use, under any statute or by right of eminent domain, domain or private purchase otherwise or should be sold in lieu thereof, and a part thereof remains which is susceptible of occupancy hereundercondemnation, then this Lease shall, as to the part so taken, Agreement shall terminate as of the date title vests when physical possession of the Building or the Leased Premises is taken by the condemning authority. If less than the whole or substantially the whole of the Building or the Leased Premises is thus taken or sold, Landlord (whether or not the Leased Premises are affected thereby) may terminate this Lease Agreement by giving written notice thereof to Tenant, in which event this Lease Agreement shall terminate as of the condemnor date when physical possession of such portion of the Building or purchaserLeased Premises is taken by the condemning authority. If this Lease Agreement is not so terminated upon any such partial taking or sale, and the Rent rent payable hereunder shall be adjusted so that Tenant diminished by an equitable amount based on the portion of the Leased Premises taken, if any, and Landlord shall, to the extent Landlord deems feasible, restore the Building and the Leased Premises to substantially their former condition, but in no event shall Landlord be required to pay spend for the remainder such work an amount in excess of the term only amount received by Landlord as compensation for such portion damage. All amounts awarded upon a taking of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a any part or all of the Building or the Leased Premises is takenshall belong to Landlord, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no not be entitled to and expressly waives all claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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 businesscompensation, including without limitation the loss of goodwill by reason of any appropriation, and award or ascertainment for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of Tenant's leasehold estate, which value is hereby assigned to the leasehold or the bonus value Landlord. If this Lease should be terminated under any provision of this Lease. Each party waives Section, Rent shall be payable up to the provisions of Code of Civil Proceduredate that possession is taken by the taking authority, Section 1265.130and Landlord will refund to Tenant any prepaid, allowing either party unaccrued Rent less any sum then owing by Tenant to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesLandlord.
Appears in 2 contracts
Samples: Lease Agreement (Vision Bancshares Inc), Lease Agreement (Vision Bancshares Inc)
Condemnation. if If the whole or any part of the Premises shall be is taken for any public or ------------ quasi-public use, under any statute or by right the exercise of the power of eminent domain, domain so as to render the Premises unsuitable for business in the reasonable opinion of Tenant or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunderLandlord, then the term of this Lease shall, as to the part so taken, shall terminate as of the date title vests possession is taken by the condemnor. In the event of a partial taking or condemnation which is not extensive enough to render the Premises unsuitable for business in the condemnor reasonable opinion of Tenant or purchaserLandlord, then Landlord shall promptly restore the Premises to a condition comparable to its condition at the time of such condemnation less the portion lost in the taking and this Lease shall continue in full force and effect and the Rent payable hereunder rent shall be adjusted so reduced in the proportion that Tenant shall be required to pay for the remainder part of the term only such portion of the Rent as the value of the part remaining after such taking Premises which is taken bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part original area of the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more than the amount of any condemnation award it receives to restore the Premises after a taking or condemnation. Each party agrees to notify the other of a threatened condemnation promptly upon becoming aware of it. In the event of any condemnation or taking whether whole or partial, the Tenant shall not, except as provided in the next sentence, be entitled to any part of the award paid for such condemnation and Landlord is to receive the full amount of such award. Provided, however, the Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill business by reason of the condemnation (including, without limitation, any appropriation, award for business relocation) and for or on account of any loss or cost or loss to which Tenant might be put in removing and relocating or replacing Tenant's merchandise, furniture, moveable trade fixtures and fixtures, leasehold improvements or equipment. In no eventLandlord shall not be liable to Tenant for any damages Tenant may suffer as a result of any condemnation or taking, however, shall the loss of goodwill include any diminution in including without limitation the value of the leasehold unexpired lease term with respect to all or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking such part of the PremisesPremises affected by the taking or condemnation.
Appears in 2 contracts
Samples: Lease (Spacelabs Medical Inc), Lease (Quinton Cardiology Systems Inc)
Condemnation. if any part In the event the Building shall be taken, in whole or in part, by condemnation or the exercise of the Premises shall be taken for any public or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase if in lieu of any formal condemnation proceedings or actions, if any, Landlord shall sell and convey the Premises, or any portion thereof, to the governmental or other public authority, agency, body, or public utility, seeking to take the Premises, the Property or any substantial portion thereof which would materially adversely affect Tenant’s use and a part thereof remains which is susceptible occupancy of occupancy hereunderthe Building, then Landlord, at its option, may terminate this Lease shall, as upon ten (10) days’ prior written notice to the part so taken, terminate as of Tenant and any prepaid rent shall be proportionately refunded from the date title vests in of possession by the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such takingcondemning authority. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all notify Tenant of the Premises or commencement of any such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct condemnation proceeding within fourteen (14) days of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all Landlord’s receiving notice of the Premises is takensame. All damages awarded for the taking, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of paid as the purchase price for the sale and conveyance in lieu of formal condemnation proceedings, whether for the fee or condemnation the leasehold interest, shall belong to and be the property of all or a part of the Premises. Landlord; provided, however, Tenant shall have the sole right to separately petition and to claim reclaim and recover from the condemning authority, but not from Landlord, such compensation as may be separately awarded or recoverable by Tenant in Tenant's ’s own right on account of any and all damage to Tenant's costs or loss, including loss of business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's ’s merchandise, furniture, moveable trade fixtures fixtures, leasehold improvements, and equipmentequipment to a new location so long as any such separate award does not diminish Landlord’s award. In no eventTenant shall execute and deliver any instruments, at the expense of Landlord, that Landlord may deem necessary to expedite any condemnation proceedings, to effectuate a proper transfer of title to such governmental or other public authority, agency, body or public utility seeking to take or acquire the Property and Premises, or any portion thereof. Tenant shall vacate the Premises, remove all Tenant’s personal property therefrom and deliver up peaceable possession thereof to Landlord or to such other party designated by Landlord in the aforementioned notice. Failure by Tenant to comply with any provisions of this Section 14.2 shall subject Tenant to such costs, expenses, damages, and losses as Landlord may incur by reason of Tenant’s breach hereof. If Landlord chooses not to terminate this Lease, then to the extent and availability of condemnation proceeds received by Landlord and subject to the rights of any mortgagee thereto, Landlord shall, at the sole cost and expense of Landlord and with due diligence and in a good and workmanlike manner, restore and reconstruct the Premises (exclusive of any of Tenant’s property or Tenant’s improvements) within one hundred eighty (180) days from the date Landlord receives the applicable condemnation proceeds, and such restoration and reconstruction shall make the Premises reasonably tenantable and suitable for the general use being made by Tenant prior to the taking; provided, however, that Landlord shall have no obligation to restore and reconstruct Tenant’s leasehold improvements unless and to the loss extent that Landlord receives an award of goodwill include condemnation proceeds specifically designated as compensation for such improvements. Notwithstanding the foregoing, if Landlord has not substantially completed the restoration and reconstruction within one hundred eighty (180) days from the date Landlord receives the condemnation proceeds, Tenant, in addition to any diminution in other rights and remedies Tenant may have, shall have the value of the leasehold or the bonus value of right to cancel this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate If this Lease continues in effect after the event physical taking, the rent payable hereunder shall be equitably adjusted both during the period of a partial taking restoration and reconstruction and during the unexpired portion of the PremisesLease Term.
Appears in 2 contracts
Samples: Lease (Roberts Realty Investors Inc), Roberts Realty Investors Inc
Condemnation. If the Premises or any portion thereof are taken under the power of eminent domain or sold under the threat of exercise of said power (all of which are herein called “condemnation”), this Lease shall terminate as to the part so taken as of the date the condemning authority takes title or possession, whichever first occurs. If more than 10% of the floor area of the Premises, is taken by condemnation, or if there is a taking of the portion of the Common Areas designated for Tenant’s parking which would result in Tenant no longer having sufficient parking rights to conduct its business in the Premises (as conducted immediately prior to such taking) or the Premises or the Industrial Center no longer being in compliance with all applicable laws (including zoning ordinances), Tenant may, at Tenant’s option, to be exercised in writing within 30 days after Landlord shall have given Tenant written notice of such taking (or in the absence of such notice, within 30 days after the condemning authority shall have taken possession), terminate this Lease as of the date the condemning authority takes such possession. If Tenant does not terminate this Lease in accordance with the foregoing, this Lease shall remain in full force and effect as to the portion of the Premises remaining, except that the Base Rent and Tenant’s Share shall be reduced in the same proportion as the rentable floor area of the Premises bears to the total rentable floor area of the Premises. No reduction of Base Rent shall occur if the condemnation does not apply to any portion of the Premises. Any award for the taking of all or any part of the Premises under the power of eminent domain or any payment made under threat of the exercise of such power shall be taken for any public or ------------ quasi-public usethe property of Landlord, under any statute or by right of eminent domainprovided, or private purchase in lieu thereofhowever, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required entitled to pay any compensation, separately awarded to Tenant for the remainder Tenant’s relocation expenses and/or loss of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such takingTenants trade fixtures or any personal property. Landlord shall have the right to terminate this Lease in In the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof not terminated by reason of the purchase or condemnation of all or a part of the Premises. Tenant such condemnation, Landlord shall have the right to separately petition and 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 repair any and all damage to Tenant's business, including without limitation the loss of goodwill Premises caused by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisessuch condemnation authority.
Appears in 2 contracts
Samples: Lease (Extend Health Inc), Extend Health Inc
Condemnation. if If all or any part portion of the Premises shall be is taken for any public or ------------ quasi-public use, under any statute or by right the power of eminent domaindomain or sold under the threat of that power (all of which are called “Condemnation”), or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, shall terminate as to the part so takentaken or sold on the date the condemning authority takes title or possession, terminate as whichever occurs first. If more than fifty percent (50%) of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all rentable area of the Premises is taken, then all compensation awarded upon either Landlord or Tenant may terminate this Lease as of the date the condemning authority takes title or possession, whichever occurs first, by delivering written notice to the other within ten (10) days after receipt of written notice of such taking (or in the absence of such notice, within ten (10) days after the condemning authority takes title or possession, whichever occurs first). If neither Landlord nor Tenant terminates this Lease, this Lease shall go remain in full force and effect as to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason portion of the purchase or condemnation of all or a part Premises not taken, except that the Rent shall be reduced in proportion to the reduction in the square footage of the PremisesBuilding. Any Condemnation award or payment shall be the property of Landlord whether as compensation for reduction in the value of the leasehold, the taking of the fee, the taking of Landlord’s interest in any ground lease, or otherwise. Tenant shall have the right to separately petition pursue a Condemnation award to recover its damages; provided that such aware is separate from and does not otherwise reduce any award to claim and recover from Landlord. If this Lease is not terminated, Landlord shall repair any damage to the Premises caused by the Condemnation, except that Landlord shall not be obligated to repair any damage for which Tenant has been reimbursed by the condemning authority. If the damages received by Landlord for repair of the Premises are not sufficient to pay for such repair, but Landlord shall have the right to either terminate this Lease or make such repair at Landlord’s expense; provided, however, that if Landlord notifies Tenant of its intent to terminate the Lease due to insufficient funds (“Landlord Condemnation Notice”), then Tenant may by written notice to Landlord within thirty (30) days following receipt of the Landlord Condemnation Notice elect to pay the actual reasonable cost of the repair of the damage that is not from Landlordcovered by the Condemnation proceeds in which case the Lease shall not be terminated and Landlord shall commence repairs pursuant to this Article Eight. Tenant shall reimburse Landlord such repair costs within thirty (30) days following (A) receipt by Tenant of written evidence and supporting documentation reasonably acceptable to Tenant evidencing such costs and (B) completion of all repairs strictly to the condition of the Premises existing prior to the damage, such compensation as may be separately awarded or recoverable subject to changes approved by Tenant in Tenant's own right on account of any and all damage to Tenant's business, including without limitation the loss of goodwill by reason of any appropriationadvance in writing, and for receipt from the applicable governmental authorities of a fully signed certificate of occupancy or on account its local equivalent. Tenant shall provide Landlord with notice of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value such election within thirty (30) days following receipt of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesLandlord Condemnation Notice.
Appears in 2 contracts
Samples: Lease Agreement (Blue Apron Holdings, Inc.), Lease Agreement (Blue Apron Holdings, Inc.)
Condemnation. if In the event that the whole of the Premises shall be taken in any proceeding by any public authority by condemnation or otherwise, or be acquired for public or quasi-public purposes (all of which are hereinafter collectively referred to as "Condemnation"), this Lease shall terminate as of the date of the taking of possession by the condemning authority and the Rental and other charges payable by Tenant shall cease as of the date possession of the Premises is delivered to such condemning authority. In the event any part of the Premises shall be so taken for any public or ------------ quasi-public useand such taking substantially interferes with the Tenant's continued use of the Premises as reasonably determined by Tenant, under any statute or by right of eminent domainTenant may, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then at Tenant's option terminate this Lease shall, as to the part so taken, terminate as of the date title vests in of the condemnor or purchaser, taking of possession by the condemning authority and the Rent Rental and other charges payable hereunder shall be adjusted so that by Tenant shall be required to pay for the remainder cease as of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all date possession of the Premises is takendelivered to such condemning authority. If Tenant, then all compensation awarded upon pursuant to the preceding sentence, desires to exercise its option of terminating the Term of this Lease, such taking termination shall go be effective (without any payment by Landlord to Tenant therefor) by Tenant giving notice to Landlord and provided that such notice shall be given not more than thirty (30) days subsequent to the date on which Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason been deprived of possession of the purchase or condemnation of all or a part so taken as determined as an equitable basis. If this Lease is not so terminated, then Rental shall abatx xx to the portion of the PremisesPremises so taken. If the Lease is terminated pursuant to this paragraph, Rental and other charges payable by Tenant shall cease as of the date of such taking. Tenant shall have the right to separately petition and make a claim to claim and recover from the condemning authorityauthority for relocation expenses, but not from its leasehold value and the unamortized value of any improvements, alterations or additions to the Premises paid for by Tenant. Except for any claim awarded to Tenant in accordance with the preceding sentence, Tenant hereby assigns to Landlord, such compensation as may be separately awarded or recoverable by Tenant in Tenant's own right on account of interest in any and all damage to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisescondemnation award.
Appears in 2 contracts
Samples: United States Can Company /De/, United States Can Company /De/
Condemnation. if If the entire Premises shall be taken by any public authority under the power of eminent domain, then the term of this Lease (or of any option period exercised hereunder) shall cease as of the date possession shall be taken by such public authority and the Rent shall be paid up to that day with a proportionate refund by Landlord of any prepaid Rent. If any part of the Premises material to the operations of Tenant shall be permanently taken for any public or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then either party to this Lease shall, as to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate the Lease by notice in writing delivered to the other party within ten (10) days after notice of such taking and, upon such election, this Lease shall terminate as of the date when title vests in the event that such taking causes a reduction in authority and the Rent and all other sums payable hereunder by twenty-five percent (25%) or moreunder this Lease shall be prorated and paid to the date of termination. If neither party elects to terminate this Lease, Tenant shall continue in possession of the remainder of the Premises and all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct terms of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all continue in full force and effect, except that the Rent shall be reduced in proportion to the extent of the Premises is taken. All damages awarded for any taking under the power of eminent domain, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during whether for the term hereof by reason of the purchase or condemnation of all whole or a part of the Premises, shall belong to and be the property of the Landlord, whether such damages shall be awarded as compensation for diminution in value to the leasehold or to the fee of the Premises; provided, however, that Landlord shall not be entitled to any award made to Tenant for loss of business, or depreciation to, damage to, or costs of removal of, or for the value of stock, trade fixtures, furniture, and other personal property belonging to the Tenant. In the event of a taking of the whole or any part of the Premises for temporary use or occupancy, this Lease shall not terminate but shall remain in full force and effect and Tenant shall continue to pay in full the Rent and other charges payable under this Lease, without abatement, reduction or suspension. Tenant shall be entitled to receive any compensatory award made for such temporary use or occupancy provided, however, if such taking is to be for a period in excess of ninety (90) days, the Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court elect to terminate this Lease in the event of a partial taking of the PremisesLease.
Appears in 2 contracts
Samples: Lease Agreement (Medical Makeover Corp of America), Lease Agreement (Medical Makeover Corp of America)
Condemnation. if any part In the event of a condemnation or taking of the entire Premises shall be taken for any by a public or ------------ quasi-public useauthority, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, shall terminate as of the date title vests in the condemnor public or purchaserquasi-public authority. In the event of (i) a taking or condemnation of fifteen percent (15%) or more (but less than the whole) of the Building and without regard to whether the Premises are part of such taking or condemnation; (ii) a taking or condemnation which results in Landlord electing not to restore the Building; or (iii) a taking or condemnation which results in Landlord electing to change the use of the land upon which the Building is located, and either Tenant or Landlord may elect to terminate this Lease by giving notice to the other within sixty (60) days of Landlord receiving notice of such condemnation. Landlord shall promptly provide Tenant written notice thereof of any proposed taking or condemnation affecting the Building or the Property. In the event of a partial taking as described in this Article, or a sale, transfer or conveyance in lieu thereof, which does not result in the termination of this Lease by either Landlord or Tenant, Rent payable hereunder shall be adjusted so apportioned according to the ratio that the part of the Premises remaining usable by Tenant bears to the total area of the Premises. All compensation awarded for any condemnation shall be required to pay the property of Landlord, whether such damages shall be awarded as a compensation for the remainder of the term only such portion of the Rent as diminution in the value of the part remaining after such taking bears leasehold or to the value fee of the entire Premises prior Premises, and Tenant hereby assigns to Landlord all of Tenant's right, title and interest in and to any and all such takingcompensation. Providing, however that in the event this Lease is terminated, Tenant shall be entitled to make a separate claim for costs of moving, tenant's improvements not paid by the Tenant Work Allowance and Tenant's personal property, fixtures and equipment. Notwithstanding anything herein to the contrary, any condemnation award to Tenant shall be available only to the extent such award is payable separately to Tenant and does not diminish the award available to Landlord or any Lender of Landlord. Any additional portion of such award shall belong to Landlord. Tenant shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent upon written notice to Landlord where (i) more than 25%) or more. If all % of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part parking spaces are eliminated or all of (ii) Tenant's access to the Building or the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesmaterially adversely affected.
Appears in 2 contracts
Samples: Office Lease (Archemix Corp.), Lease (Archemix Corp.)
Condemnation. if any part If the whole of the Premises, or such portion thereof as will make the Premises shall unusable for the purpose herein leased, be taken condemned by any legally constituted authority for any public use or ------------ quasi-purpose or if Landlord sells the Premises under threat of condemnation, then in either of said events the term hereby granted will cease from the time when possession thereof is taken by public use, under any statute or by right of eminent domain, or private purchase in lieu thereofauthorities, and rental will be accounted for as between Landlord and Tenant as of that date. Such termination, however, will be without prejudice to the rights of either Landlord or Tenant to recover compensation and damage caused by condemnation from the condemnor. It is further understood and agreed that neither Tenant nor Landlord will have any rights in any award made to the other by any condemnation authority. If there is a part thereof remains which partial taking and if it is susceptible not so extensive as to render the remaining portion (after restorations) unsuitable for the business of occupancy hereunderTenant, then this Lease shallwill continue in effect and Landlord, upon receipt of the award in condemnation, will expeditiously commence and complete all necessary repairs and restorations to the Premises so as to constitute the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent building not taken a complete architectural unit and restore the Premises as nearly as practicable to its prior condition; provided, however, that such work does not exceed the value scope of the part remaining after such taking bears original construction, and Landlord will not be under any duty to the value expend amounts in excess of the entire Premises prior to such takingaward received by Landlord. Landlord shall have the right to terminate this Lease Rent, taxes and other charges payable by Tenant will equitably abate while Landlord's repairs and restorations are in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminateprocess. If a part xxxxial taking consists only of a street widening or all of the Premises utility easement which, at Tenant's sole discretion, is taken, then all compensation awarded upon such taking shall go determined not to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part materially affect Tenant's use of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease will continue in the event full force and effect without abatement of a partial taking of the Premisesrent, taxes or other charges.
Appears in 2 contracts
Samples: Lease Agreement (Hughes Supply Inc), Lease Agreement (Hughes Supply Inc)
Condemnation. if In the event that all or any part portion of the Premises Property shall be damaged or taken for through condemnation (which term shall include any public damage or ------------ quasi-public usetaking by any governmental authority, under quasi governmental authority, any statute or by right party having the power of eminent domaincondemnation, or any transfer by private purchase sale in lieu thereof), or any such condemnation shall be threatened, Mezzanine Borrower shall give prompt written notice to Mezzanine Lender. Mezzanine Lender acknowledges that Mortgage Borrower’s rights to any condemnation award is subject to the terms of the Loan Agreement (Mortgage). Notwithstanding the foregoing, Mezzanine Borrower may not and a part thereof remains shall not permit Mortgage Borrower to settle or compromise any claim, action or proceeding relating to such damage or condemnation without the prior written consent of Mezzanine Lender, which shall not be unreasonably withheld, delayed or denied; provided, further, that Mortgage Borrower may settle, adjust and compromise any such claim, action or proceeding which is susceptible of occupancy hereunder, then this Lease shall, an amount less than the amount set forth on Exhibit V for the applicable Individual Property so long as no Default or Event of Default has occurred and is continuing. Any Excess Proceeds shall be paid to Mezzanine Lender and applied to the part so taken, terminate as payment of the date title vests in Obligations (First Mezzanine) whether or not then due pursuant to Section 2.3.1(b). In the condemnor or purchaser, and event that Mortgage Borrower is permitted pursuant to the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder terms of the term only such Loan Agreement (Mortgage) to reconstruct, restore or repair the Property following a condemnation of any portion of the Rent as Property, Mezzanine Borrower shall cause Mortgage Borrower to promptly and diligently repair and restore the value of Property in the part remaining after such taking bears to manner and within the value of time periods required by the entire Premises prior to such takingLoan Agreement (Mortgage), the Operating Agreements and any other agreements affecting the Property. Landlord shall have the right to terminate this Lease in In the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all Mortgage Borrower is permitted pursuant to the terms of the Premises Loan Agreement (Mortgage) to elect not to reconstruct, restore or such part thereof is taken so that there does not remain repair the Property following a condemnation of any portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is takenProperty, then all compensation awarded upon such taking Mezzanine Borrower shall go not permit Mortgage Borrower to Landlord and Tenant shall have no claim theretoelect not to reconstruct, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation restore or damages to which Tenant may become entitled during repair the term hereof by reason Property without the prior written consent of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesMezzanine Lender.
Appears in 2 contracts
Samples: Mezzanine Loan and Security Agreement (Station Casinos Inc), Mezzanine Loan and Security Agreement (Station Casinos Inc)
Condemnation. if If the Premises or any portion thereof are taken ------------ under power of eminent domain, or sold under the threat of the exercise of said power (all of which are herein called "condemnation"), this Lease shall terminate as to the part so taken as of the date the condemning authority takes title or possession, whichever first occurs. If more than fifteen percent (15%) of the floor area of the Premises is taken by condemnation, Tenant may, at Tenant's option, to be exercised in writing only within ten (10) days after Landlord shall have given Tenant written notice of such taking (or in the absence of such notice, within ten [10] days after the condemning authority shall have taken possession), terminate this Lease as of the date the condemning authority takes such possession. If Tenant does not terminate the Lease in accordance with the foregoing, the Lease shall remain in full force and effect as to the portion of the Premises remaining, except that the rent shall be reduced in the proportion of the floor area taken bears to the total floor area of the Premises. Any award for the taking of all or any part of the Premises under the power of eminent domain or any payment made under threat of the power of eminent domain shall be taken for any public or ------------ quasi-public usethe property of Landlord, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder whether such award shall be adjusted so that Tenant shall be required to pay made as compensation for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or for the bonus value taking of the fee (or any interest therein), or as severance damages; provided, however, that Tenant shall be entitled to any award for loss of or damage to Tenant's trade fixtures and removable personal property, Tenant's relocation expenses and interruption of Tenant's business. In the event that this LeaseLease is not terminated by reason of such condemnation, Landlord shall, to the extent of severance damages received by Landlord in connection with such condemnation, repair any damage to the Premises caused by such condemnation except to the extent that Tenant has been reimbursed therefor by the condemning authority. Each party waives Tenant shall pay any amount in excess of such severance damages required to complete such repair. If there is a condemnation of any portion of the provisions Building or the land on which the Building is located, and such taking is of Code so much of Civil Procedurethe Building that Landlord determines that it cannot resonably and economically operate the Building for the purpose for which it was operated prior to such condemnation, Section 1265.130Landlord may, allowing either party to petition the Superior Court to in such an event terminate this Lease in the event of a partial taking by giving Tenant written notice thereof with ninety (90) days of the Premisesdate of such condemnation and, in such a case, any award will be located as provided above.
Appears in 2 contracts
Samples: Recognition and Attornment Agreement (Citysearch Inc), Recognition and Attornment Agreement (Ticketmaster Online Citysearch Inc)
Condemnation. If the Premises are taken under any public or private power of eminent domain, or sold by Landlord under the threat of the exercise of said power (all of which is herein referred to as “condemnation”), or if any portion of the Building is so condemned so that it would not be practical, in Landlord’s judgment, to continue to maintain the Building, this Lease shall terminate as of the date the condemning authority takes title or possession, whichever occurs first. If only a portion of the Premises are so condemned, Landlord or Tenant shall have the right, if more than sixty percent (60%) of rentable square feet of the Premises are so condemned, to terminate this Lease as of the date the condemning authority takes title or possession, whichever occurs first, by the terminating party giving written notice of such termination to the non-terminating party not later than thirty (30) days after said date, but should the parties not elect not to so terminate this Lease, this Lease shall remain in full force and effect as to the portion of the Premises not so taken, and Tenant’s rental obligations shall be reduced proportionately to reflect the number of rentable square feet remaining in the Premises, and such rental reduction, if any, shall take effect as of the date which is thirty (30) days after the date of which the condemning authority takes title or possession, whichever first occurs. If repairs or restorations to that portion of the Premises not so taken are deemed necessary by Landlord to render such portion reasonably suitable for the purposes for which is was leased, as determined by Landlord, Landlord shall perform such work at its own cost and expense but in no event shall Landlord be required to expend any amount greater than the amount received by Landlord as compensation for the portion of the Premises taken by the condemner. All awards for the taking of any part of the Premises or any payment made under the threat of the exercise of power of eminent domain shall be taken the property of Landlord, whether made as compensation for diminution of value of this leasehold or for the taking of the fee or as severance damages. No award for any public partial or ------------ quasi-public useentire taking shall be apportioned, under and Tenant hereby assigns to Landlord any statute award which may be made in such taking or by right condemnation, together with any and all rights of eminent domain, Tenant now or private purchase hereafter arising in lieu or to the same or any part thereof, except that any award or other compensation made for any taking is subject to the rights of the first mortgagee up to the amount of its lien and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shallany junior mortgagee, as may be permitted by the first mortgagee, up to the part so takenfull amount of such junior lien; provided, terminate as of the date title vests in the condemnor or purchaserhowever, and the Rent payable hereunder shall be adjusted so that Tenant shall be required entitled to pay any award for loss of or damage to Tenant’s trade fixtures and removable personal property and/or for the remainder interruption of the term only or damage to Tenant’s business; provided, further however, that no such portion of the Rent as claim by Tenant shall diminish or adversely affect Landlord’s award. In no event shall Tenant have or assert a claim for the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the unexpired term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party Tenant hereby waives any and all rights it might otherwise have pursuant to Section 1265.130 of the provisions of California Code of Civil ProcedureProcedure or any other California law, Section 1265.130statute or ordinance now or hereafter in effect, allowing either party to petition the Superior Court to terminate seek termination of this Lease in the event of a partial taking taking, it being the intent of the Premisesparties that the provisions of Article 15 of this Lease shall govern the rights of the parties in such event.
Appears in 2 contracts
Samples: Office Lease (Zendesk, Inc.), Office Lease (Zendesk, Inc.)
Condemnation. if any part If the whole of the Leased Premises, or such portion thereof as will make the Leased Premises shall be taken unsuitable for the purposes herein leased, is condemned for any public use or ------------ quasi-purpose by any legally constituted authority, then, in either of such events, this Lease shall cease from the time when possession is taken by such public use, under any statute or by right of eminent domain, or private purchase in lieu thereofauthority, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate rental shall be accounted for between Landlord and Tenant as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder of surrender of possession. Such termination shall be adjusted so that without prejudice to the rights of either Landlord or Tenant to recover compensation from the condemning authority for any loss or damage caused by such condemnation. Neither Landlord nor Tenant shall have any rights in or to any award made to the other by the condemning authority. If a portion of the Leased Premises is taken by condemnation but the remaining premises may be required still economically used for the purposes set forth herein, there shall be an equitable apportionment of rent. Sublet, Assignment. Tenant shall, from time to pay time, have the right to sublet all or portions of the Leased Premises for the remainder of the term only such portion or any extension thereof with the prior written approval of Landlord, which approval Landlord shall not unreasonably withhold. In the event of any sublet of the Rent as Leased Premises contemplated hereunder, Tenant shall remain primarily liable for the value payment of the part remaining after such taking bears rent herein reserved and for the performance of all other terms and conditions of this Lease required to the value be performed by Tenant. It is further understood and agreed that this Lease may be assigned by Tenant upon written approval of the entire Premises prior Landlord, such approval not to such takingbe unreasonably withheld. However, Landlord specifically agrees that this Lease may be assigned to and assumed by any parent or affiliated corporation of the Company. Landlord shall have the right to terminate may assign this Lease in the event to any person or persons without written approval of Tenant, provided that such taking causes a reduction in Rent payable hereunder any assignee of Landlord agrees to abide by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunderterms, as reasonably necessary for Tenant's conduct of its business as contemplated covenants, and conditions set forth in this Lease. Surrender at Termination. Tenant shall, then this Lease on the expiration or the sooner termination of the lease term, surrender to Landlord the Leased Premises, including all replacements, changes, additions, and improvements constructed or placed by Tenant therein, with all equipment in or appurtenant thereto, except all movable items and trade fixtures installed by Tenant, in good condition and repair, reasonable wear and tear excepted. Any movable items, trade fixtures, equipment, or personal property belonging to Tenant or to any other subtenant, if not removed at such termination and if Landlord shall thereupon terminateso elect, shall be deemed abandoned and become the property of Landlord without any payment or offset therefor. If a part Landlord shall not so elect, Landlord may remove such fixtures or all of property from the Leased Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, store them at Tenant's risk and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premisesexpense. Tenant shall have repair and restore and save Landlord harmless from all damage to the right Leased Premises caused by such removal, whether by Tenant or by Landlord. It is further understood and agreed that at the termination of this Lease or any period of extension or renewal hereunder, Tenant shall surrender the premises to separately petition and Landlord and, at the time of such surrender, remove, or cause to claim and recover be removed, 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 Leased Premises any and all damage to Tenantitems, of whatever nature and wheresoever situate on the Leased Premises, that may in any way interfere with Landlord's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value subsequent rental of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesproperty as standard commercial real estate.
Appears in 2 contracts
Samples: Agreement of Lease (Nebraska Book Co), 12 Agreement of Lease (Nebraska Book Co)
Condemnation. if In the event that all or any part portion of the Premises Property shall be damaged or taken for through condemnation (which term shall include any public damage or ------------ taking by any governmental authority, quasi-public usegovernmental authority, under any statute or by right party having the power of eminent domaincondemnation, or any transfer by private purchase sale in lieu thereof), and a part thereof remains which or any such condemnation shall be threatened, Mezzanine Borrower shall give prompt written notice to Mezzanine Lender. Mezzanine Lender acknowledges that Mortgage Borrower’s rights to any condemnation award is susceptible of occupancy hereunder, then this Lease shall, as subject to the part so taken, terminate as terms of the date title vests in Loan Agreement (Mortgage). Notwithstanding the condemnor foregoing, Mezzanine Borrower may not and shall not permit Mortgage Borrower to settle or purchasercompromise any claim, action or proceeding relating to such damage or condemnation without the prior written consent of Mezzanine Lender, which shall not be unreasonably withheld, delayed or denied; provided, further, that Mortgage Borrower may settle, adjust and compromise any such claim, action or proceeding which does not exceed forty percent (40%) of the Rent payable hereunder Allocated Loan Amount of the affected Individual Property so long as no Monetary Default or Event of Default has occurred and is continuing. Any Excess Proceeds shall be adjusted so that Tenant shall be required paid to pay for Mezzanine Lender and applied to the remainder payment of the term only such Obligations (Second Mezzanine) whether or not then due pursuant to Section 2.3.1(b). In the event that Mortgage Borrower is permitted pursuant to the terms of the Loan Agreement (Mortgage) to reconstruct, restore or repair the Property following a condemnation of any portion of the Rent as Property, Mezzanine Borrower shall cause Mortgage Borrower to promptly and diligently repair and restore the value of Property in the part remaining after such taking bears to manner and within the value of time periods required by the entire Premises prior to such takingLoan Agreement (Mortgage), the Leases and any other agreements affecting the Property. Landlord shall have the right to terminate this Lease in In the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all Mortgage Borrower is permitted pursuant to the terms of the Premises Loan Agreement (Mortgage) to elect not to reconstruct, restore or such part thereof is taken so that there does not remain repair the Property following a condemnation of any portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is takenProperty, then all compensation awarded upon such taking Mezzanine Borrower shall go not permit Mortgage Borrower to Landlord and Tenant shall have no claim theretoelect not to reconstruct, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation restore or damages to which Tenant may become entitled during repair the term hereof by reason Property without the prior written consent of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesMezzanine Lender.
Appears in 2 contracts
Samples: Mezzanine Loan and Security Agreement (Toys R Us Inc), Mezzanine Loan and Security Agreement (Toys R Us Inc)
Condemnation. if any part If the whole or substantially the whole of the Premises Complex shall be taken for any public or ------------ quasi-public use, under any statute or by right of eminent domaindomain or otherwise, or private purchase sold in lieu thereof, and a part thereof remains which is susceptible of occupancy hereundercondemnation (“Condemnation”), then this Lease shall, as to the part so taken, shall terminate as of the date that is the earlier of: (i) the date that title vests to the property taken is vested in the condemnor condemning authority or purchaser(ii) when physical possession of the property is taken by the condemning authority (“Date of Condemnation”). If the Premises is totally taken by Condemnation, this Lease shall terminate as of the Date of Condemnation. If a portion of the Premises is taken by Condemnation, and the Rent payable hereunder shall be adjusted so that Premises remaining is reasonably unfit for Tenant’s use, Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to may terminate this Lease in upon written notice to Landlord within thirty (30) days following the event that such taking causes a reduction in Rent payable hereunder by twenty-five Date of Condemnation. If fifty percent (2550%) or more. If all more of the Premises or such part thereof Rentable Area in the Building is taken so that there does by Condemnation and is no longer reasonably suitable for use as an office building, whether or not remain a any portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go either Landlord or Tenant, by written notice to Landlord and Tenant shall have no claim theretothe other party within thirty (30) days following the Date of Condemnation, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court elect to terminate this Lease which termination shall be effective as of the Date of Condemnation. If all or a portion of the Premises exceeding ten percent (10%) of the Rentable Area of the Premises is temporarily taken by Condemnation for a period of more than two hundred seventy (270) days, Tenant’s ability to use fifty percent (50%) or more of the Premises is materially impacted and eighteen (18) months or less remains of the current Lease Term, then upon at least ninety (90) days’ written notice to Landlord, Tenant may terminate this Lease as to the portion(s) of the Premises materially impacted. If this Lease is not so terminated upon any such taking or sale, the Base Rent payable hereunder shall be diminished by an amount representing that portion of Base Rent applicable to the portion of the Premises subject to such taking or sale, and Landlord shall to the extent Landlord deems feasible, restore the Building and the Premises to substantially their former condition, except that Landlord shall not be required to rebuild, repair, or replace any Alterations to the Premises made by Tenant following the earliest Commencement Date pursuant to the terms of this Lease which were not approved by Landlord in writing, nor shall Landlord in any event be required to spend for such work an amount in excess of the event of amount received by Landlord as compensation for such taking. All amounts awarded upon a partial taking of any part or all of the Premises.Property, Building or the Premises shall belong to Landlord, and Tenant shall not be entitled to and expressly waives all claims to any such compensation, except that Tenant may make a separate claim upon the condemning authority for the temporary taking or expenses related to relocation and the unamortized cost of Tenant Improvements paid for by Tenant. OFFICE LEASE AGREEMENT/TARGET CORPORATION – Page 32
Appears in 2 contracts
Samples: Office Lease Agreement, Office Lease Agreement (FSP 50 South Tenth Street Corp)
Condemnation. if Should the whole or any part of the Premises shall premises be condemned and taken by any competent authority for any public or ------------ quasi-public use, under any statute use or by right of eminent domainpurpose, or private purchase should Landlord receive written notice of any threatened condemnation or taking, Landlord shall promptly notify Tenant in lieu thereofwriting. All awards payable on account of such condemnation and taking shall be payable to Landlord, and a Tenant hereby waives all interest in or claim to said awards, or any part thereof remains which is susceptible thereof; provided, however, that nothing contained herein shall be deemed to give Landlord any interest in or require Tenant to assign to the Landlord any award made payable to Tenant and specifically designated as compensation for the taking of occupancy hereunderpersonal property and fixtures belonging to Tenant and removable by Tenant at the expiration of the term of the lease or for the interruption of or damage to Tenant's business or for any costs or expenses of relocating Tenant's business. If the whole of the premises shall be so condemned and taken, then this Lease shalllease shall terminate effective on the earlier of thirty (30) days after Landlord's delivery of a notice to Tenant to such effect or the date upon which the condemning authority takes possession. If a part only of the premises is condemned and taken and the remaining portion thereof is not suitable for the purposes of which Tenant had leased said premises, as either Landlord or Tenant may terminate this lease upon thirty days' notice to the part so takenother, terminate as which notice must be served on the other within ten (10) business days of Landlord's delivery of the date title vests in notice of condemnation to Tenant. If by such condemnation and taking a part only of the condemnor or purchaserpremises is taken, and the Rent payable hereunder remaining part thereof is suitable for the purposes for which Tenant has leased said premises, this lease shall continue, but the rental shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears reduced in an amount proportionate to the value of the entire Premises prior portion taken as it related to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the total value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisespremises.
Appears in 2 contracts
Samples: Sublease Agreement (E Stamp Corp), Sublease Agreement (Keynote Systems Inc)
Condemnation. if any part If more than fifty percent (50%) of the Premises shall Premises, or such portions of the Building as may be required for the Tenant’s reasonable use of the Premises, are taken for any public or ------------ quasi-public use, under any statute by eminent domain or by right of eminent domain, or private purchase conveyance in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, shall automatically terminate as of the date title vests in the condemnor or purchaserphysical taking occurs, and the all Base Rent, Additional Rent and other sums payable hereunder under this Lease shall be adjusted so paid to that Tenant shall be date. In case of taking of a part of the Building that is not required to pay for the remainder Tenant’s reasonable use of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this LeasePremises, then this Lease shall thereupon terminate. If a part or all continue in full force and effect and the Base Rent shall be equitably reduced based on the proportion by which the floor area of the Premises is takenreduced, then such reduction in Base Rent to be effective as of the date the physical taking occurs. Additional Rent and all compensation awarded upon such other sums payable under this Lease shall not be abated but Tenant’s Pro Rata Share (Operating Costs) and Tenant’s Pro Rata Share (Property Taxes) shall be redetermined as equitable under the circumstances. Landlord reserves all rights to damages or awards for any taking shall go by eminent domain relating to Landlord the Premises, Building, Land and the unexpired term of this Lease. Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason have to such damages or award and Tenant shall make no claim against Landlord for damages for termination of the purchase its leasehold interest or condemnation of all or a part of the Premises. interference with Tenant’s business, Tenant shall have the right to separately petition and right, however, to claim and recover from the condemning authority, but not from Landlord, such authority compensation as may be separately awarded or recoverable by Tenant in Tenant's own right on account of for any and all damage to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might may be put in removing and relocating entitled for Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in ’s moving expenses the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedurefurnishings, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease equipment and trade fixtures installed in the event of Premises at Tenant’s sole cost, or other relocation costs; provided that, such expenses or costs may be claimed only if they are awarded separately in the eminent domain proceedings and not as a partial taking part of the Premisesdamages recoverable by Landlord.
Appears in 2 contracts
Samples: Work Agreement (Opower, Inc.), Work Agreement (Opower, Inc.)
Condemnation. if any part of the Premises shall be taken for any public or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by If twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all more of the Premises is takencondemned by eminent domain, inversely condemned or sold in lieu of condemnation for any public or quasi-public use or purpose ("Condemned"), then all compensation awarded upon Tenant or Landlord may terminate this Lease as of the date when physical possession of the Premises is taken and title vests in such taking shall go to Landlord and Tenant shall have no claim theretocondemning authority, and Tenant hereby irrevocably assigns and transfers Rent shall be adjusted to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason date of the purchase or condemnation of all or a part of the Premisestermination. Tenant shall have the right to separately petition and to not because of such condemnation assert any claim and recover from against Landlord or the condemning authorityauthority for any compensation because of such condemnation, but and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate of interest or other interest of Tenant; provided, however, the foregoing provisions shall not from Landlordpreclude Tenant, such compensation as may be separately awarded or recoverable by Tenant in at Tenant's own right on account sole cost and expense, from obtaining any separate award to Tenant for loss of any and all or damage to Tenant's businesstrade fixtures and removable personal property or for damages for cessation or interruption of Tenant's business provided such award is separate from Landlord's award and provided further such separate award does not diminish nor impair the award otherwise payable to Landlord. In addition to the foregoing, including without limitation Tenant shall be entitled to seek compensation for the loss relocation costs recoverable by Tenant pursuant to the provisions of goodwill by reason California Government Code Section 7262. If a substantial portion of any appropriationthe Premises, Buildings or the Lot is so Condemned, Landlord or Tenant may terminate this Lease. If neither party elects to terminate this Lease, Landlord shall, if necessary, promptly proceed to restore the Premises or the Buildings to substantially its same condition prior to such partial condemnation, allowing for the reasonable effects of such partial condemnation, and a proportionate allowance shall be made to Tenant, as reasonably determined by Landlord, for or the Rent corresponding to the time during which, and to the part of the Premises of which, Tenant is deprived on account of any cost or loss such partial condemnation and restoration. Landlord shall not be required to which Tenant might be put spend funds for restoration in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value excess of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesamount received by Landlord as compensation awarded.
Appears in 2 contracts
Samples: Lease Agreement (Cisco Systems Inc), Lease Agreement (Cisco Systems Inc)
Condemnation. if In the event that all or any part portion of the Premises Property shall be damaged or taken for through condemnation (which term shall include any public damage or ------------ quasi-public usetaking by any governmental authority, under quasi governmental authority, any statute or by right party having the power of eminent domaincondemnation, or any transfer by private purchase sale in lieu thereof), or any such condemnation shall be threatened, Mezzanine Borrower shall give prompt written notice to Mezzanine Lender. Mezzanine Lender acknowledges that Mortgage Borrower’s rights to any condemnation award is subject to the terms of the Loan Agreement (Mortgage). Notwithstanding the foregoing, Mezzanine Borrower may not and a part thereof remains shall not permit Mortgage Borrower to settle or compromise any claim, action or proceeding relating to such damage or condemnation without the prior written consent of Mezzanine Lender, which shall not be unreasonably withheld, delayed or denied; provided, further, that Mortgage Borrower may settle, adjust and compromise any such claim, action or proceeding which is susceptible of occupancy hereunder, then this Lease shall, an amount less than the amount set forth on Exhibit V for the applicable Individual Property so long as no Default or Event of Default has occurred and is continuing. Any Excess Proceeds shall be paid to Mezzanine Lender and applied to the part so taken, terminate as payment of the date title vests in Obligations (Second Mezzanine) whether or not then due pursuant to Section 2.3.1(b). In the condemnor or purchaser, and event that Mortgage Borrower is permitted pursuant to the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder terms of the term only such Loan Agreement (Mortgage) to reconstruct, restore or repair the Property following a condemnation of any portion of the Rent as Property, Mezzanine Borrower shall cause Mortgage Borrower to promptly and diligently repair and restore the value of Property in the part remaining after such taking bears to manner and within the value of time periods required by the entire Premises prior to such takingLoan Agreement (Mortgage), the Operating Agreements and any other agreements affecting the Property. Landlord shall have the right to terminate this Lease in In the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all Mortgage Borrower is permitted pursuant to the terms of the Premises Loan Agreement (Mortgage) to elect not to reconstruct, restore or such part thereof is taken so that there does not remain repair the Property following a condemnation of any portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is takenProperty, then all compensation awarded upon such taking Mezzanine Borrower shall go not permit Mortgage Borrower to Landlord and Tenant shall have no claim theretoelect not to reconstruct, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation restore or damages to which Tenant may become entitled during repair the term hereof by reason Property without the prior written consent of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesMezzanine Lender.
Appears in 2 contracts
Samples: Mezzanine Loan and Security Agreement (Station Casinos Inc), Mezzanine Loan and Security Agreement (Station Casinos Inc)
Condemnation. if If the Premises or any part of the Premises thereof shall be taken for or threatened to be taken by any public governmental or ------------ quasi-public use, under any statute or by right governmental authority pursuant to the power of eminent domain, or private purchase by deed in lieu thereof, Tenant agrees to make no claim for compensation in the proceedings (except as specifically set forth below), and hereby assigns to Landlord any rights which Tenant may have to any portion of any award made as a part thereof remains which is susceptible result of occupancy hereunderany such taking, then and this Lease shall, shall terminate as to the part so taken, terminate as portion of the date title vests in Premises actually taken by the condemnor condemning authority and Monthly Base Rent (but not Percentage Rent or purchaser, and the Rent payable hereunder Additional Rent) shall be adjusted so that to such date. The foregoing notwithstanding, Tenant shall be required entitled to pay claim in the condemnation proceedings, such awards as may be allowed for its relocation expenses and the unamortized value (over the initial Term of this Lease) of the non-removable portions of the Tenant Work, but only if such awards shall be made by the condemnation court in addition to and stated separately from the award made by it for the remainder Land and the Building or part thereof so taken and does not reduce the amount of Landlord's recovery. In no event shall Tenant be entitled to any award for the term only such unexpired portion of the Rent as Term of this Lease. If the value nature, location or extent of any proposed condemnation affecting the Building or the Land is such that Landlord elects to demolish all or a portion of the part remaining Building, then Landlord may terminate this Lease by giving at least sixty (60) days written notice of termination to Tenant at any time after such taking bears condemnation and this Lease shall terminate on the date specified in such notice. Monthly Base Rent shall be adjusted to such date. In the value event more than twenty percent (20%) of the entire Premises prior to such taking. is taken in any condemnation or similar proceeding, either Landlord or Tenant shall have the right to terminate this Lease in by written notice to the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent other given within thirty (25%30) or moredays after the taking. If all of In the Premises or such part thereof Lease is taken not so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Leaseterminated, then this Lease shall thereupon terminate. If a part continue in full force and effect, except that the Base Rent payable hereunder (but not the Percentage Rent, Percentage Rent or all any Additional Rental obligations of Tenant hereunder) shall be equitably adjusted based upon the portion of the Premises is so taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premises.
Appears in 2 contracts
Samples: Agreement of Lease (Smith & Wollensky Restaurant Group Inc), Agreement of Lease (New York Restaurant Group Inc)
Condemnation. if If all or any part portion of the Premises shall be Property is taken for any public or ------------ quasi-public use, under any statute or by right the power of eminent domaindomain or sold under the threat of that power (all of which are called "Condemnation"), or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, shall terminate as to the part so taken or sold on the date the condemning authority takes title or possession, whichever occurs first. If more than twenty percent (20%) of the floor area of the Building is taken, or if any condemnation renders the Property unfit for Tenant's business as then being conducted, Tenant may terminate this Lease as of the date the condemning authority takes title vests or possession, by delivering written notice to the Landlord within thirty (30) days after receipt of written notice of such taking (or in the condemnor absence of such notice, within thirty (30) days after the condemning authority takes title or purchaserpossession). If Tenant does not terminate and provided that the Building can be restored to an economically usable unit, and this Lease shall remain in effect as to the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Property not taken, except that the Base Rent as and Additional Rent shall be reduced in proportion to the value reduction in the floor area of the part remaining after such taking bears to the value of the entire Premises prior to such takingProperty. Landlord Any Condemnation award or payment shall have the right to terminate this Lease be distributed in the event that such taking causes following order: (a) first, to any ground lessor, mortgagee or beneficiary under a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all deed of trust encumbering the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunderProperty, as reasonably necessary for Tenant's conduct the amount of its business as contemplated interest in this Leasethe Property; (b) second, then this Lease shall thereupon terminate. If a part or all of to Tenant, only the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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 amount of any and all award specifically designated for loss of or damage to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures or removable personal property; and equipment. In no event(c) third, howeverto Landlord, shall the loss remainder of goodwill include any diminution such award, whether as compensation for reduction in the value of the leasehold or leasehold, the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesfee, or otherwise. Tenant may also make a claim for an award for Tenant's loss of business and relocation costs. If this Lease is not terminated, Landlord shall repair any damage to the Property caused by the Condemnation, except that Landlord shall not be obligated to repair any damage for which Tenant has been reimbursed by the condemning authority.
Appears in 2 contracts
Samples: Lease Agreement (Genesis Direct Inc), Lease Agreement (Genesis Direct Inc)
Condemnation. if In the event that all or any part portion of the Premises shall be damaged or taken for through condemnation (which term shall include any public damage or ------------ taking by any governmental authority, quasi-public usegovernmental authority, under any statute or by right party having the power of eminent domaincondemnation, or any transfer by private purchase sale in lieu thereof), or any such condemnation shall be threatened, Borrower shall give prompt written notice to Lender. Lender acknowledges that Owner’s rights to any condemnation award is subject to the terms of the Mortgage and a part thereof remains the Senior Mez Loan Documents. Notwithstanding the foregoing, Borrower may not and shall not permit Owner or Senior Mez Borrower to settle or compromise any claim, action or proceeding relating to such damage or condemnation without the prior written consent of Lender, which shall not be unreasonably withheld, delayed or denied; provided, further, that either Owner or Senior Mez Borrower may settle, adjust and compromise any such claim, action or proceeding which is susceptible of occupancy hereunder, then this Lease shall, as an amount less than five percent (5%) of the Allocated Loan Amount provided no Event of Default has occurred. Any proceeds remaining after the application of any award to reconstruct or repair the Premises or to the part so taken, terminate as payment of the date title vests in the condemnor or purchaser, Mortgage Loan and the Rent payable hereunder Senior Mez Loan shall be adjusted so that Tenant shall be required paid to pay for Lender and applied to the remainder payment of the term only such Debt whether or not then due. In the event that Owner is permitted pursuant to the terms of the Mortgage to reconstruct, restore or repair the Premises following a condemnation of any portion of the Rent as Premises, Borrower shall cause Owner to promptly and diligently repair and restore the value of Premises in the part remaining after such taking bears to manner and within the value of time periods required by the entire Premises prior to such takingMortgage, the Leases and any other agreements affecting the Premises. Landlord shall have the right to terminate this Lease in In the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all Owner is permitted pursuant to the terms of the Premises Mortgage to elect not to reconstruct, restore or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of repair the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or following a condemnation of all or a part any portion of the Premises. Tenant , Borrower shall have not permit Owner to elect not to reconstruct, restore or repair the right to separately petition and to claim and recover from Property without 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 prior written consent of any and all damage to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesLender.
Appears in 2 contracts
Samples: Loan and Security Agreement (Ashford Hospitality Trust Inc), Loan and Security Agreement (Ashford Hospitality Trust Inc)
Condemnation. if In the event that all or any part portion of the Premises shall be damaged or taken for through condemnation (which term shall include any public damage or ------------ taking by any governmental authority, quasi-public usegovernmental authority, under any statute or by right party having the power of eminent domaincondemnation, or any transfer by private purchase sale in lieu thereof), or any such condemnation shall be threatened, Borrower shall give prompt written notice to Lender. Lender acknowledges that Owner’s rights to any condemnation award is subject to the terms of the Mortgage. Notwithstanding the foregoing, Borrower may not and a part thereof remains shall not permit Owner to settle or compromise any claim, action or proceeding relating to such damage or condemnation without the prior written consent of Lender, which shall not be unreasonably withheld, delayed or denied; provided, further, that Owner may settle, adjust and compromise any such claim, action or proceeding which is susceptible of occupancy hereunder, then this Lease shall, as an amount less than five percent (5%) of the Allocated Loan Amount provided no Event of Default has occurred. Any proceeds remaining after the application of any award to reconstruct or repair the Premises or to the part so taken, terminate as payment of the date title vests in the condemnor or purchaser, and the Rent payable hereunder Mortgage Loan shall be adjusted so that Tenant shall be required paid to pay for Lender and applied to the remainder payment of the term only such Debt whether or not then due. In the event that Owner is permitted pursuant to the terms of the Mortgage to reconstruct, restore or repair the Premises following a condemnation of any portion of the Rent as Premises, Borrower shall cause Owner to promptly and diligently repair and restore the value of Premises in the part remaining after such taking bears to manner and within the value of time periods required by the entire Premises prior to such takingMortgage, the Leases and any other agreements affecting the Premises. Landlord shall have the right to terminate this Lease in In the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all Owner is permitted pursuant to the terms of the Premises Mortgage to elect not to reconstruct, restore or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of repair the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or following a condemnation of all or a part any portion of the Premises. Tenant , Borrower shall have not permit Owner to elect not to reconstruct, restore or repair the right to separately petition and to claim and recover from Property without 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 prior written consent of any and all damage to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesLender.
Appears in 2 contracts
Samples: Loan and Security Agreement (Ashford Hospitality Trust Inc), Loan and Security Agreement (Ashford Hospitality Trust Inc)
Condemnation. if If the Land or the Building (or any part portion of the Premises Building, the loss of which would require reconfiguration or restoration of the Building which Landlord reasonably estimates will cost in excess of 25% of the current replacement cost of the Building) shall be taken or condemned by any competent authority for any public or ------------ quasi-public useuse or purpose, under any statute Landlord shall have the right to cancel the Lease upon not less than sixty (60) days’ notice prior to the date of cancellation designated in the notice. No money or other consideration shall be payable by Landlord to Tenant for the right of eminent domaincancellation and Tenant shall have no right to share in the condemnation award or in any judgment for damages caused by such taking or condemnation except to the extent any such award or judgment includes leasehold compensation. If any such taking (i) renders 25% of the Building untenantable or (ii) renders general Building systems inoperable and such systems cannot be repaired in Landlord’s reasonable estimate within two hundred seventy (270) days from the date of such taking or (iii) renders the Premises unusable for the Tenant’s normal business operations, or private purchase in lieu thereof(iv) occurs within the last Lease Year, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as or (v) renders more than 25% of the date title vests in the condemnor onsite parking unusable (without reasonable replacement being provided), Landlord or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in as of the event that date of such taking causes a reduction in Rent payable hereunder by twenty-five percent upon written notice given to the other party at any time within one hundred twenty (25%120) or moredays after the date such taking becomes effective. If all of the Premises or such part thereof is taken so that there does Landlord shall have no liability to Tenant, and Tenant shall not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in be entitled to terminate this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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 virtue of any delays in completion of repairs or restoration following a taking. Annual Fixed Rent and all damage to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no eventadditional rent, however, shall the loss of goodwill include any diminution in the value axxxx on those portions of the leasehold or the bonus value Premises as are, from time to time, untenantable and, in fact, unoccupied by Tenant as a result of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisessuch taking.
Appears in 2 contracts
Samples: Work Letter Agreement (Olink Holding AB (Publ)), Work Letter Agreement (Olink Holding AB (Publ))
Condemnation. if any part of If the Premises shall be are taken for under any public or ------------ quasi-public use, under any statute or by right private power of eminent domain, or private purchase in lieu thereof, and a part thereof remains sold by Landlord under the threat of the exercise of said power (all of which is susceptible herein referred to as “condemnation”), or if any portion of occupancy hereunderthe Building is so condemned so that it would not be practical, then in Landlord’s reasonable judgment, to continue to maintain the Building, this Lease shall, as to the part so taken, shall terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion condemning authority takes title or possession, whichever occurs first. If more than ten percent (10%) of the Rent as the value rentable area of the part remaining after such taking bears to the value of the entire Premises prior to such taking. is so condemned, both Landlord and Tenant shall have the right to terminate this Lease as of the date the condemning authority takes title or possession, whichever occurs first, by giving written notice of such termination to the other not later than thirty (30) days after said date; provided that should neither Landlord nor Tenant elect to so terminate this Lease in a timely manner, then the Lease shall remain in full force and effect as to the portion of the Premises not so taken, Tenant’s Base Rent and Tenant’s Proportionate Share shall be reduced proportionately to reflect the reduction in the event rentable area of the Premises (such reduction, if any, to take effect as of the date which is thirty (30) days after the date of which the condemning authority takes title or possession, whichever first occurs), and if repairs or restorations to that portion of the Premises not taken are deemed reasonably necessary by Landlord to render such portion reasonably suitable for the purposes for which is was leased, Landlord shall perform such work at its own cost and expense. Notwithstanding any obligation to restore the Premises however, Landlord shall not be required to expend any amount greater than the amount actually received by Landlord as compensation for the portion of the Premises taken by the condemning authority. All awards for any taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of any part of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all any payment made under the threat of the Premises is taken, then all compensation awarded upon such taking exercise of power of eminent domain shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during be the term hereof by reason property of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and to claim and recover from the condemning authority, but not from Landlord, such whether made as compensation as may be separately awarded or recoverable by Tenant in Tenant's own right on account for diminution of any and all damage to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or for the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesfee or as severance damages, No award for any partial or entire taking shall be apportioned, and Tenant hereby assigns to Landlord any award which may be made in such taking or condemnation, together with any and all rights of Tenant now or hereafter arising in or to the same or any part thereof, except that any award or other compensation made for any taking is subject to the rights of the first mortgagee up to the amount of its lien and of any junior mortgagee, as may be permitted by the first mortgagee, up to the full amount of such junior lien; provided, however, that Tenant shall be entitled to any portion of the award allocated to loss of or damage to Tenant’s trade fixtures and removable personal property and/or for the interruption of or damage to Tenant’s business.
Appears in 2 contracts
Samples: Office Building Lease (Teladoc, Inc.), Office Building Lease (Teladoc, Inc.)
Condemnation. if In the event that all or any part portion of the Premises Mortgaged Property shall be damaged or taken for through condemnation (which term shall include any public damage or ------------ taking by any governmental authority, quasi-public usegovernmental authority, under any statute or by right party having the power of eminent domaincondemnation, or any transfer by private purchase sale in lieu thereof), or any such condemnation shall be threatened, Borrower shall give prompt written notice to the Lender. The Lender acknowledges that First Mortgage Borrower’s rights to any condemnation award is subject to the terms of the First Mortgage Loan Documents. Subject to the rights of the First Mortgage Lender contained in the First Mortgage Loan Documents, Borrower may not and a part thereof remains shall not permit First Mortgage Borrower to settle or compromise any claim, action or proceeding relating to such damage or condemnation without the prior written consent of the Lender; provided, further, that Borrower may permit First Mortgage Borrower to settle, adjust and compromise any such claim, action or proceeding which is susceptible of occupancy hereunderan amount less than $1,000,000 so long as no Default or Event of Default has occurred. Any proceeds, then this Lease shallaward or damages from such damage or condemnation which are not used to reconstruct or repair the Mortgaged Property, as or applied to the part so taken, terminate as balance of the date title vests in loan evidenced by the condemnor First Mortgage Loan Documents or purchaserthe Senior Mezzanine Loan Documents, and the Rent payable hereunder shall be adjusted so that Tenant shall be required paid to pay for the remainder Lender and applied to the payment of the term only such Indebtedness. In the event that First Mortgage Borrower is permitted pursuant to the terms of the First Mortgage Loan Documents to reconstruct, restore or repair the Mortgaged Property following a condemnation of any portion of the Rent as Mortgaged Property, Borrower shall cause First Mortgage Borrower to promptly and diligently repair and restore the value of Mortgaged Property in the part remaining after such taking bears to manner and within the value of time periods required by the entire Premises prior to such takingFirst Mortgage Loan Documents, the Leases and any other agreements affecting the Mortgaged Property. Landlord shall have the right to terminate this Lease in In the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all First Mortgage Borrower is permitted pursuant to the terms of the Premises Mortgage to elect not to reconstruct, restore or such part thereof is taken so that there does not remain repair the Mortgaged Property following a condemnation of any portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is takenMortgaged Property, then all compensation awarded upon such taking Borrower shall go not permit First Mortgage Borrower to Landlord and Tenant shall have no claim theretoelect not to reconstruct, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation restore or damages to which Tenant may become entitled during repair the term hereof by reason Mortgaged Property without the prior written consent of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesLender.
Appears in 2 contracts
Samples: Loan Agreement (Thomas Properties Group Inc), Loan Agreement (Thomas Properties Group Inc)
Condemnation. if any part If the Premises are totally taken by condemnation (by a condemning authority other than Tenant or a Joint Powers entity that Tenant is a party to), this Lease shall terminate on the date of the Premises shall be taken for any public or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase in lieu thereof, taking and a part thereof remains which is susceptible of occupancy hereunder, then this Lease the Landlord shall, as without prior notice or demand, refund to the part so taken, terminate as Tenant a prorated share of the date title vests in the condemnor or purchaser, any Rent and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay additional rent for the remainder of the term only such portion of the Rent as the value of the part remaining period immediately after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of which the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminateBuilding was taken. If a part or all any portion of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and taken by condemnation (by a condemning authority other than Tenant shall have no claim theretoor a Joint Powers entity that Tenant is a party to), and Tenant hereby irrevocably assigns and transfers to upon notice by Landlord any right to compensation or damages to which of such taking, Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right elect to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of terminate this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court If Tenant elects to terminate this Lease, Tenant must exercise its right to terminate pursuant to this Section by giving notice to Landlord within thirty (30) days after Tenant receives notice of the nature and the extent of the taking. If Tenant does not terminate this Lease within the thirty (30) day period, this Lease shall continue in full force and effect, except that: (i) the Base Rent shall be reduced by an amount that is in the event same ratio to Rent as the total number of a partial taking square feet in the Premises taken bears to the total number of square feet in the Premises.Premises immediately before the date of taking, and (ii) Tenant’s proportionate share of Operating Costs and of Real Property Taxes shall be proportionately reduced. Any condemnation award shall belong to and be paid to Landlord.
Appears in 1 contract
Samples: Office Lease
Condemnation. If the Premises or any portion thereof are taken under the power of eminent domain or sold under the threat of exercise of said power (all of which are herein called “condemnation”), this Lease shall terminate as to the part so taken as of the date the condemning authority takes title or possession, whichever first occurs. If more than 10% of the floor area of the Premises, or more than 25% of the portion of the Common Areas designated for Tenant’s parking, is taken by condemnation, Tenant may, at Tenant’s option, to be exercised in writing within 10 days after Landlord shall have given Tenant written notice of such taking (or in the absence of such notice, within 10 days after the condemning authority shall have taken possession), terminate this Lease as of the date the condemning authority takes such possession. If Tenant does not terminate this Lease in accordance with the foregoing, this Lease shall remain in full force and effect as to the portion of the Premises remaining, except that the Base Rent shall be reduced in the same proportion as the rentable floor area of the Premises taken bears to the total rentable floor area of the Premises. No reduction of Base Rent shall occur if the condemnation does not apply to any portion of the Premises. Any award for the taking of all or any part of the Premises under the power of eminent domain or any payment made under threat of the exercise of such power shall be taken for any public or ------------ quasi-public usethe property of Landlord; provided, under any statute or by right of eminent domainhowever, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required entitled to pay any compensation, separately awarded to Tenant, for the remainder Tenant’s relocation expenses and/or loss of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such takingTenant’s trade fixtures. Landlord shall have the right to terminate this Lease in In the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof not terminated by reason of such condemnation, Landlord shall to the purchase or extent of its net severance damages in the condemnation of all or a part of matter, repair any damage to the PremisesPremises caused by such condemnation authority. Tenant shall have be responsible for the right to separately petition and 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 payment of any and all damage amount in excess of such net severance damages required to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisescomplete such repair.
Appears in 1 contract
Condemnation. if any part of the Premises shall be taken for any public or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by If twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all more of the Premises is takencondemned by eminent domain, inversely condemned or sold in lieu of condemnation for any public or quasi-public use or purpose (“Condemned”), then all compensation awarded upon Tenant or Landlord may terminate this Lease as of the date when physical possession of the Premises is taken and title vests in such taking condemning authority, and Rent shall go be adjusted to Landlord and the date of termination. Tenant shall have no not because of such condemnation assert any claim theretoagainst Landlord or the condemning authority for any compensation because of such condemnation, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate of interest or other interest of Tenant; provided, however, the foregoing shall not preclude Tenant, at Tenant’s sole cost and expense, from obtaining any separate award to Tenant hereby irrevocably assigns for loss of, or damage to, Tenant’s Property or for damages for cessation or interruption of Tenant’s business provided such award is separate from Landlord’s award and transfers does not diminish nor otherwise impair the award otherwise payable to Landlord. In addition to the foregoing, Tenant shall be entitled to seek compensation for the relocation costs recoverable by Tenant pursuant to the provisions of California Government Code Section 7262. If neither party elects to terminate this Lease, Landlord any right shall, if necessary, promptly proceed to compensation restore the Premises or damages the Building, as applicable, to which Tenant may become entitled substantially the same condition prior to such partial condemnation, allowing for the reasonable effects of such partial condemnation, and a proportionate allowance shall be made to Tenant, as determined by Landlord, for the Rent corresponding to the time during which, and to the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Premises of which, Tenant shall have the right to separately petition and 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 is deprived on account of any such partial condemnation and all damage restoration. Landlord shall not be required to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and spend funds for or on account of any cost or loss to which Tenant might be put restoration in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value excess of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisescondemnation proceeds received by Landlord.
Appears in 1 contract
Samples: Lease Agreement (Gsi Group Inc)
Condemnation. if any part of (a) If the Premises shall be or any portion thereof are taken for any public or ------------ quasi-public use, under any statute or by right the power of eminent domaindomain (hereinafter referred to as "Condemnation"), or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, shall terminate as to the part so taken, terminate taken as of the date the condemning authority takes title vests in the condemnor or purchaserpossession, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder whichever occurs first. If more than fifty percent (50%) of the term only such portion floor area of the Rent as the value of the part remaining Premises is taken by Condem-nation, then at Tenant's option, exercisable only in writing and within ten (10) days after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have given Tenant written notice of such taking (or, in the right to absence of such notice, within ten (10) days after the condemning authority shall have taken possession), and provided that Tenant is not in default under this Lease, Tenant may terminate this Lease as of the date the condemning authority takes possession. If Tenant does not terminate this Lease in accordance with the event that such taking causes a reduction foregoing, this Lease shall remain in Rent payable hereunder by twenty-five percent (25%) or more. If all full force and effect as to the portion of the Premises or such part thereof is taken so remaining, except that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct the rent shall be reduced in the proportion that the floor area of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all the portions of the Premises is taken, then all compensation awarded upon such taking shall go taken bears to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason total floor area of the purchase or condemnation Premises at the time of all or a part the taking. No reduction of rent shall occur if no portion of the area taken contains any portion of the Premises. Notwithstanding the foregoing, if more than ten percent (10%) of the parking spaces allocated to Tenant are taken, within sixty (60) days after such taking, Landlord shall have the right provide alternative parking spaces to separately petition and to claim and recover from the condemning authority, but not from Landlord, such compensation as may be separately awarded or recoverable replace those parking spaces taken by Tenant in Tenant's own right on account of any and all damage Condemnation at a location reasonably acceptable to Tenant's business. If Landlord fails to deliver such parking spaces within such sixty (60) day period, including without limitation Tenant may elect to terminate the loss of goodwill Lease by reason of any appropriation, and for or on account of any cost or loss giving written notice to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value Landlord within thirty (30) days of the leasehold or the bonus value expiration of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisessuch sixty (60) day period.
Appears in 1 contract
Samples: Arris Pharmaceutical Corp/De/
Condemnation. if If Lessor or Lessee shall receive notice that all or any part of the Leased Premises shall or the Building is to be taken for by condemnation or otherwise during the Lease Term, it shall promptly notify the other parry. If all or any public part of the Leased Premises or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which the Building is susceptible of occupancy hereunder, then this Lease shall, as to the part be so taken, Lessor may elect to terminate as of the date title vests this Lease or to continue this Lease in the condemnor effect. If such taking includes all or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such a substantial portion of the Rent as Leased Premises and Lessee reasonably determines that the value portion of the part Leased Premises or the Building remaining after such taking bears condemnation is not sufficient to enable Lessee to continue the value normal operation of its business as then conducted in the entire Premises prior to such taking. Landlord Leased Premises, Lessee shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court Any election to terminate this Lease pursuant to the preceding two (2) sentences of this Section shall be made in writing given to the other party to this Lease within sixty (60) days of the date on which such party first receives notice of such taking, but such termination shall not be effective until the date on which physical possession of the Leased Premises (or such portion thereof) is taken by the condemning authority. If this Lease is not terminated in accordance with the preceding provisions of this Section, then the Rent shall be reduced in proportion to the area of the Leased Premises so taken and Lessor shall repair any damage to the remainder of the Leased Premises or the Building resulting from such taking, but in no event shall Lessor be required to spend thereon more than the amount of a partial the award received by Lessor by reason of such taking and allocable thereto. All sums awarded or agreed upon between Lessor and the condemning authority for the taking of the Premisesinterest of Lessor or Lessee, whether as damages or as compensation, shall be the property of Lessor; provided, however, that Lessee shall be entitled to seek a separate damage award for Lessee's moving and relocation expenses only. If this Lease is terminated under any provision of this Section 15, Rent shall be payable up to the date that possession is taken by the condemning authority and Lessor shall refund to Lessee any prepaid unaccrued Rent less any sums then owing by Lessee to Lessor.
Appears in 1 contract
Samples: Lease Agreement (Equallogic Inc)
Condemnation. if If the Premises or any portion thereof are taken by the power of eminent domain, or sold by Landlord under the threat of exercise of said power (all of which is herein referred to as "condemnation"), this Lease shall terminate as to the part so taken as of the date the condemning authority takes title or possession, whichever occurs first. If more than twenty (20%) percent of the floor area of any buildings on the Premises, or more than twenty (20%) percent of the land area of the Premises not covered with buildings, is taken by condemnation, either Landlord or Tenant may terminate this Lease as of the date the condemning authority takes possession by notice in writing of such election within twenty (20) days after Landlord shall have notified. Tenant of such taking or, in the absence of such notice, then within twenty (20) days after the condemning authority shall have taken possession. If this Lease is not terminated by either Landlord or Tenant as provided hereinabove, then it shall remain in full force and effect as to the portion of the Premises remaining, provided that the rental shall be reduced in proportion to the floor area of the buildings taken within the Premises as it bears to the totals floor area of all buildings located on the Premises. In the event this Lease is not so terminated, then Landlord agrees at Landlord's sole cost and expense, to as soon as reasonably possible restore the Premises to a complete unit of like quality and character as existed prior to the condemnation. All awards for the taking or any part of the Premises or any payment made under the threat of the exercise of the power of eminent domain shall be taken for any public or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as property of the date title vests in the condemnor or purchaserLandlord, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay whether made as compensation for the remainder diminution of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or for the bonus value taking of this Leasethe fee or as severance damages; provided, however, that Tenant shall be entitled to any award for loss or damage to Tenant's trade fixtures and removable personal property. Each party hereby waives the provisions of Code of Civil Procedure, Section 1265.130, Procedure 1265.130 allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premises. Rent shall be abated or reduced during the period from the date of taking until the completion of restoration by Landlord, but all other obligations of Tenant under this Lease shall remain in full force and effect. The abatement or reduction of the rent shall be based on the extent to which the restoration interferes with Tenant's use of the Premises.
Appears in 1 contract
Samples: Lease (Nara Bancorp Inc)
Condemnation. if any part If all of the Premises shall be Property is taken for any public or ------------ quasi-public use, under any statute or by right the power of eminent domaindomain or sold under the threat of that power (all of which are called “Condemnation”), or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, shall terminate as to the part so taken or sold on the date the condemning authority takes title or possession, whichever occurs first. If more than twenty percent (20%) of the floor area of the building in which the Property is located, or twenty percent (20%) of the land on which the Building is located, , is taken, so that Tenant’s business is materially affected, Tenant may terminate this Lease as of the date the condemning authority takes title vests or possession, by delivering written notice to Landlord within ten (10) days after receipt of written notice of such taking (or in the condemnor absence of such notice, within ten (10) days after the condemning authority takes title or purchaserpossession). If Tenant does not terminate this Lease, and this Lease shall remain in effect as to the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Property not taken, except that the Base Rent as and Additional Rent shall be reduced in proportion to the reduction in the floor area of the Property, regardless of the percentage taken. Any Condemnation award or payment shall be distributed in the following order: (a) first, to any ground lessor, mortgagee or beneficiary under a deed of trust encumbering the Property, the amount of its interest in the Property; (b) second, to Tenant, only the amount of any award specifically designated for loss of or damage to Tenant’s trade fixtures or removable personal property, moving expenses, or reduction in the value of the part remaining after leasehold; and (c) third, to Landlord, the remainder of such taking bears award, If this Lease is not terminated, Landlord shall repair any damage to the value of Property caused by the entire Premises prior Condemnation, except that Landlord shall not be obligated to repair any damage for which Tenant has been reimbursed by the condemning authority. If the severance damages received by Landlord are not sufficient to pay for such taking. repair, Landlord shall have the right to either terminate this Lease in the event that or make such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and to claim and recover from the condemning authority, but not from repair at 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premises’s expense.
Appears in 1 contract
Samples: Lease Agreement (Guitar Center Inc)
Condemnation. if If the whole of the Leased Premises is taken under power of eminent domain or is sold to any entity having the power of eminent domain under threat of condemnation, this Lease shall terminate on the day on which the condemnor or buyer takes possession thereof. In the event of such a taking or sale of only a part of the Leased Premises which shall be taken for any public substantially interfere with Tenant's use or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase in lieu thereof, occupancy thereof and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to shall reduce the part so taken, terminate as usable square footage of the date title vests in land or building comprising the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Leased Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all , Tenant may terminate this Lease by giving Landlord written notice thereof not more than ten (10) days after the condemnor or buyer takes possession of the Premises part taken or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminatesold. If a part partial taking or all sale shall not substantially interfere with Tenant's use or occupancy of the Leased Premises is takenand shall not reduce the usable square footage of the land or building comprising the Leased Premises by twenty-five percent (25%) or more, or if Tenant does not terminate the Lease as hereinbefore provided, then all compensation awarded upon on the day on which the condemnor or buyer takes possession of the part taken or sold, the Rent thereafter accruing shall be equitably reduced to account for that portion of the Leased Premises so taken or sold, and Landlord shall to the extent practicable restore the remaining Leased Premises to their condition prior to such partial taking or sale, anything elsewhere in this Lease regarding repair or replacement to the contrary notwithstanding. Such abatement in Rent shall be based on the before and after values of the Leased Premises as determined by, or as agreed to in, such condemnation proceedings, such that a percentage reduction in value shall result in an equal percentage reduction in Rent. Tenant shall not be entitled to any part of the award made or sales price received for such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation sale of all or a any part of the Premises. Tenant shall have the right to separately petition Leased Premises and to claim will assign, and recover from the condemning authoritydoes hereby assign, 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 award or sale price received for such taking or sale and will execute any assignments or other documents necessary to Tenant's business, including without limitation affect the loss transfer of goodwill by reason of any appropriation, and for such award or on account of any cost or loss sales price to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no eventLandlord; provided, however, Tenant shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party be entitled to petition the Superior Court receive such relocation expenses as Tenant may be entitled to terminate this Lease in the event of a partial taking of the Premisesreceive under applicable Minnesota statutes.
Appears in 1 contract
Samples: Lease (Minnesota Brewing Co)
Condemnation. if any part If the whole of the Premises shall be taken is condemned for any public use or ------------ quasi-public use, under purpose by any statute legally constituted authority (or by right of eminent domain, or private purchase is sold to such authority in lieu thereofof condemnation), and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to shall cease from the part so taken, terminate date of such taking or sale and rental shall be accounted for between Landlord and Tenant as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such surrender of possession. If any property contiguous to the Premises or any portion of the Rent as Premises is so condemned or sold and the value loss of the part remaining property so taken or sold, in Tenant's reasonable opinion, makes the Premises unsuitable for Tenant's use, Tenant may at its option within fifteen (15) days after receipt of notice by Tenant of such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in effective as of the event that date of such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or moresale and the rental shall be similarly accounted for. If all a portion of the Premises is so taken or such part thereof is taken so that there sold and Tenant does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in so elect to terminate this Lease, then this Lease from and after the date of taking or sale, the rental shall thereupon terminate. If a part or all be proportionately reduced to reflect the portion of the Premises is takenso taken or sold, then all and Landlord shall forthwith restore the remaining portion of the Premises to a complete architectural unit, provided that the award or sale proceeds received by Landlord ar sufficient for such restoration. No condemnation or condemnation award shall prejudice the rights of either Landlord or Tenant to recover compensation awarded upon such taking shall go from the condemnation but, unless the condemnation award specifically allows or clearly implies that a portion of the award be allocated to Landlord Tenant for trade fixtures, alterations, additions and improvements made at Tenant's expense, moving expense or other consequential damages, Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to right of recovery against Landlord for any right to compensation or damages to which Tenant may become entitled during the term hereof by reason portion of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesaward.
Appears in 1 contract
Condemnation. if If all or any part portion of the Premises shall be Property is taken for any public or ------------ quasi-public use, under any statute or by right the power of eminent domaindomain or sold under the threat of that power (all of which are called "Condemnation"), or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, shall terminate as to the part so taken or sold on the date the condemning authority takes title or possession, whichever occurs first. If more than twenty percent (20%) of the floor area of the building in which the Property is located, or which is located on the Property, is taken, [* * *] or IF ANY OTHER PART OF THE PROPERTY IS TAKEN WHICH RESULTS, IN TENANT'S REASONABLE BUSINESS JUDGMENT, IN A SUBSTANTIAL IMPAIRMENT OF TENANT'S ABILITY TO CONDUCT ITS THEN CURRENT AND REASONABLY CONTEMPLATED FUTURE BUSINESS AT THE PROPERTY Tenant may terminate this Lease as of the date the condemning authority takes title vests or possession, by delivering written notice to [* * *] LANDLORD within [* * *] TWENTY [* * *] (20) days after receipt of written notice of such taking (or in the condemnor absence of such notice, [* * *] TWENTY [* * *] (20) days after the condemning authority takes title or purchaserpossession). If [* * *] TENANT DOES NOT TERMINATE this Lease, and this Lease shall remain in effect as to the portion of the Property not taken, except that the Base Rent payable hereunder [* * *], Additional Rent AND ANY OTHER CHARGES PAYABLE HEREUNDER shall be adjusted so that Tenant EQUITABLY reduced [* * *]. Any Condemnation award or payment shall be required distributed in the following order: (a) first, to any ground lessor, mortgagee or beneficiary under a deed of trust encumbering the Property, the amount of its Interest in the Property; (b) second, to Tenant, [* * *] THE VALUE OF ITS LEASEHOLD AND the amount of any award specifically designated for loss of or damage to Tenant's trade fixtures or removable personal property; and (e) third, to Landlord, the remainder of such award, whether as compensation for [* * *], the taking of the fee, or otherwise. If this Lease is not terminated, Landlord shall repair any damage to the Property caused by the Condemnation, except that Landlord shall not be obligated to repair any damage for which Tenant has been reimbursed by the condemning authority. If the [* * *] damages received by Landlord are not sufficient to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. repair AND IF TENANT REFUSES TO FUND THE SHORTFALL, Landlord shall have the right to either terminate this Lease in the event that or make such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenantrepair at Landlord's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesexpense.
Appears in 1 contract
Samples: Cerprobe Corp
Condemnation. if any part If by a condemnation or a transfer in lieu thereof by power of eminent domain by a public or quasi-public authority, twenty percent (20%) or more of the Premises shall be taken for any public are taken, Landlord may, upon written notice given within thirty (30) days after such taking or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase transfer in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then terminate this Lease shall, as to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Lease. Tenant shall not be required entitled to pay for the remainder of the term only such share in any portion of the Rent as award by the condemning authority, and Tenant hereby expressly waives any right or claim to any part thereof from the condemning authority and from Landlord for the value of the part remaining after such taking bears to the value of the entire Premises prior to such takingunexpired Lease Term, including all unexercised options. Landlord shall Tenant shall, however, have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and to claim and recover recover, only from the condemning authority, authority (but not from Landlord), such compensation as may be separately awarded or recoverable by any amounts necessary to reimburse Tenant in Tenant's own right on account for the cost of any removing its stock and all damage to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipmentfixtures. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of If there is a partial taking of the PremisesPremises and this Lease is not terminated, Landlord shall restore the remaining portion of the Premises as nearly as practicable to its condition before the taking to the extent of the award actually paid to Landlord. Tenant shall be responsible, at its cost, for the repair, restoration and replacement of its above-standard leasehold improvements, personal property and trade fixtures. After a partial taking, the GMMR shall be reduced on an equitable basis, taking into account the relative value of the portion taken as compared to the portion remaining. If there is a taking of the Premises for temporary use for a period not to exceed thirty (30) days, this Lease shall continue in full force without abatement of rent, and Tenant shall continue to comply with Tenant’s obligations under this Lease, except to the extent compliance shall be rendered impossible or impracticable by reason of the temporary taking. Tenant hereby waives the provisions of any statutory rights of termination that may arise by reason of any partial taking of the Premises under the power of eminent domain.
Appears in 1 contract
Samples: Center Shop Lease (Body & Mind Inc.)
Condemnation. if any part of the Premises shall be taken for any public or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises are taken by exercise of the power of eminent domain (or conveyed by Landlord in lieu of such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then exercise) this Lease shall thereupon terminatewill terminate on a date (the "termination date") which is the earlier of the date upon which the condemning authority takes possession of the premises or the date on which title to the premises is vested in the condemning authority. If a part or all more than 25% of the rentable area of the Premises is so taken, then all compensation awarded upon Tenant will have the right to cancel this Lease by written notice to Landlord given within 20 days after the termination date. If less than 25% of the rentable area of the premises is so taken, or if the Tenant does not cancel this Lease according to the preceding sentence, the monthly rent will be abated in the proportion of the rentable area of the premises so taken to the rentable area of the premises immediately and before such taking shall go and Tenant's share will be appropriately recalculated. If 25% or more of the Building or the Land is so taken, Landlord may cancel this lease by written notice to Tenant given within 30 days after the termination date. In the event of any such taking, the entire award will be paid to Landlord and Tenant shall will have no right or claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. such award; however, Tenant shall will have the right to separately petition and to assert a claim and recover from against the condemning authorityauthority in a separate action, but so long as Landlord's award is not from Landlordotherwise reduced, such compensation as may be separately awarded or recoverable by Tenant in for Tenant's own right on account moving expenses and leasehold improvements owned by Tenant. Landlord shall provide notice to Tenant promptly upon receipt of notice of proposed condemnation from any and all damage to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisescondemning authority.
Appears in 1 contract
Condemnation. Landlord shall notify Tenant if Landlord receives notice of any part potential condemnation of the Premises shall be Property or portion thereof. If all or any portion of the Property is taken for any public or ------------ quasi-public use, under any statute or by right the power of eminent domaindomain or sold under the threat of that power (all of which are called “Condemnation”), or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, shall terminate as to the part so taken or sold on the date the condemning authority takes title or possession. If such taking substantially interferes with Tenant’s use of the premises Tenant may terminate this Lease by delivering written notice to Landlord within ten (10) days after receipt of written notice of such taking (or in the absence of such notice, within ten (10) days after the condemning authority takes possession). If Tenant does not terminates this Lease, this Lease shall remain in effect as to the portion of the Property not taken, terminate as except that the rent shall be reduced in proportion to the reduction in floor area of the date title vests Property. Any Condemnation award or payment shall be distributed in the condemnor following order; (a) first, to any ground lessor, mortgagee or purchaserbeneficiary under a deed of trust encumbering the Property, the amount of its interest in the Property; (b) second, to Tenant, only the amount of any award specifically designated for loss of or damage to Tenant’s trade fixtures or removable personal property; and the Rent payable hereunder shall be adjusted so that Tenant shall be required (c) third, to pay for Landlord, the remainder of the term only such portion of the Rent award, whether as compensation for reduction in the value of the part remaining after such leasehold, the taking bears of the fee, or otherwise. If this Lease is not terminated, Landlord shall repair any damage to the value of Property caused by the entire Premises prior Condemnation, except that Landlord shall not be obligated to repair any damage for which Tenant has been reimbursed by the condemning authority. If the severance damages received by Landlord are not sufficient to pay for such taking. repair, Landlord shall have the right to either terminate this Lease in the event that or make such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and to claim and recover from the condemning authority, but not from repair at 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premises’s expense.
Appears in 1 contract
Samples: Guaranty of Lease agreement (Correctional Services Corp)
Condemnation. if (a) If there shall be a total taking of the Building in condemnation proceedings or by any right of eminent domain, this Lease and the term and estate hereby granted shall terminate as of the date of taking of possession by the condemning authority and all Rent shall be prorated and paid as of such termination date. If there shall be a taking of any material (in Landlord’s reasonable judgment) portion of the Land or the Building (whether or not the Premises are affected by such taking), then Landlord may terminate this Lease and the term and estate granted hereby by giving notice to Tenant within sixty (60) days after the date of taking of possession by the condemning authority. If there shall be a taking of the Premises of such scope (but in no event less than fifty percent (50%) thereof) that the untaken part of the Premises would in Tenant’s reasonable judgment be uneconomic to operate, then Tenant may terminate this Lease and the term and estate granted hereby by giving notice to Landlord within sixty (60) days after the date of taking of possession by the condemning authority. If either Landlord or Tenant shall give a termination notice as aforesaid, then this Lease and the term and estate granted hereby shall terminate as of the date of such notice and all Rent shall be prorated and paid as of such termination date. In the event of a taking of the Premises which does not result in the termination of this Lease (i) the term and estate hereby granted with respect to the taken part of the Premises shall be taken for any public or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as of the date title vests in of taking of possession by the condemnor or purchaser, condemning authority and the all Rent payable hereunder shall be adjusted so that Tenant shall be required to pay appropriately abated for the remainder of period from such date to the term only such Expiration Date and (ii) Landlord shall with reasonable diligence restore the remaining portion of the Rent Premises (exclusive of Tenant’s Property) as the value of the part remaining after such taking bears nearly as practicable to the value of the entire Premises its condition prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premises.
Appears in 1 contract
Condemnation. if any If all or part of the Premises shall be Premises, Building or Property is taken or condemned by any authority for any public use or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase purpose (including a deed given in lieu thereofof condemnation), and a part thereof remains which is susceptible of occupancy hereunderrenders the Premises substantially untenantable, then this Lease shall, as to the part so taken, shall terminate as of the date title vests in the condemnor or purchasersuch authority, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder apportioned as of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or moredate. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises, Building, or Property is taken or condemned but the Premises are not rendered substantially untenantable (including a deed given in lieu of condemnation), this Lease shall not terminate. If the taking reduces the rentable square feet in the Premises, Rent shall be equitably reduced for the period of such taking by an amount which bears the same ratio to the Rent then in effect as the number of square feet so taken or condemned bears to the Leased Area set forth in Section 1C. The Landlord, upon receipt and to the extent of the award in condemnation or proceeds of sale, shall make necessary repairs and restorations (exclusive of leasehold improvements and personal property installed by the Tenant) to restore the Premises remaining to as near its former condition as circumstances will permit, and to the Building and the Property to the extent necessary to constitute the portion of same not so taken or condemned as complete. The Landlord shall be entitled to receive the entire price or award from any sale, taking or condemnation without any payment to the tenant and the Tenant hereby assigns to the Landlord the Tenant's interest, if any, in such award. However, the Tenant shall have the right separately to separately petition and to claim and recover from pursue against the condemning authorityauthority an award in respect to the loss, but not from Landlordif any, such compensation as may be separately awarded to leasehold improvements paid by the Tenant without any credit or recoverable by Tenant in allowance for the Landlord and for any loss for injury, damage, or destruction of the Tenant's own right on account of any and all damage to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipmentbusiness resulting from such taking. In Under no event, however, circumstances shall the loss of goodwill include Tenant seek or be entitled to any diminution in compensation for the value of the its leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party estate which Tenant hereby assigns to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesLandlord.
Appears in 1 contract
Samples: Lease (Metris Companies Inc)
Condemnation. if any part In the event of a condemnation or taking of the entire Premises shall be taken for any by a public or ------------ quasi-public useauthority, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, shall terminate as of the date title vests in the condemnor public or purchaser, and quasi-public authority. In the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for event of a taking or condemnation of fifteen percent (15%) or more (but less than the remainder whole) of the term only such portion Building and without regard to whether the Premises are part of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. or condemnation, Landlord shall have the right may elect to terminate this Lease in by giving notice to Tenant within sixty (60) days of Landlord receiving notice of such condemnation. In the event that such of a condemnation or taking causes a reduction in Rent payable hereunder by of twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part more of the Premises. , which taking or condemnation results in (i) the Premises being no longer accessible by Tenant, or (ii) utility services no longer being provided to the Premises, either of which events prevent Tenant shall have from operating its business in the right ordinary course and if Landlord is unable to separately petition and provide reasonably acceptable alternative space to claim and recover Tenant within thirty (30) days from the condemning authority, but not from date of the court order authorizing such condemnation or taking then Tenant may elect to terminate this Lease by giving Landlord thirty (30) days prior written notice after the thirty (30) day relocation period. All compensation awarded for any condemnation shall be the property of Landlord, whether such damages shall be awarded as a 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or to the bonus value fee of this Leasethe Premises, and Tenant hereby assigns to Landlord all of Tenant's right, title and interest in and to any and all such compensation. Each party waives the provisions of Code of Civil ProcedureProviding, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease however that in the event this Lease is terminated, Tenant shall be entitled to a separate claim available to Tenant for loss of a partial leasehold improvements (including fixtures paid for by Tenant), the taking of Tenant's personal property and for costs of moving. Notwithstanding the Premisesforegoing to the contrary, any condemnation award to Tenant shall be available only to the extent such award is payable separately to Tenant and does not diminish the award available to Landlord or any Lender of Landlord and such award shall be limited to the amount of Rent actually paid by Tenant to Landlord for the period of time for which the award is given. Any additional portion of such award shall belong to Landlord.
Appears in 1 contract
Samples: Mego Mortgage Corp
Condemnation. if As used in this Paragraph the term "Condemnation Proceedings" means any part of action or proceeding in which any interest in the Premises shall be Shopping Center is taken for any public or ------------ quasi-public use, under purpose by any statute lawful authority through exercise of the power of eminent domain or by right of eminent domain, purchase or private purchase otherwise in lieu thereofof such exercise. If the whole of the Premises is taken through Condemnation Proceedings, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, shall automatically terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion taking. The phrase "as of the Rent date of the taking" means the date of taking actual physical possession by the condemning authority or such earlier date as the value of the part remaining after such taking bears condemning authority gives notice that it is deemed to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or moretaken possession. If all of the Premises or such part thereof is taken so that there does part, but not remain a portion susceptible for occupancy hereunderall, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then Landlord may terminate this Lease. Landlord may terminate this Lease if any portion of the Shopping Center (whether or not including the Premises) is taken which, in Landlord's judgment, substantially interferes with Landlord's ability to operate or use the Shopping Center for the purposes for which the Shopping Center was intended. Any such termination must be accomplished through written notice given no later than sixty (60) days after, and shall be effective as of, the date of such taking. In all other cases, or if neither Landlord nor Tenant exercises its right to terminate, this Lease shall remain in effect. If a portion of the Premises is taken and this Lease is not terminated, the Basic Monthly Rent shall be reduced in the proportion that the floor area taken bears to the total floor area of the Premises immediately prior to the taking. Whether or not this Lease is terminated as a consequence of Condemnation Proceedings, all damages or compensation awarded upon such taking for a partial or total taking, including any award for severance damage and any sums compensating for diminution in the value of or deprivation of the leasehold estate under this Lease, shall go be the sole and exclusive property of Landlord, provided that Tenant shall be entitled to Landlord any award for the loss of or damage to Tenant's trade fixtures or loss of business, provided that a separate award is actually made to Tenant and that the same will not reduce Landlord's award. Tenant shall have no claim theretoagainst Landlord for the occurrence of any Condemnation Proceedings, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during for the term hereof by reason termination of the purchase or condemnation of all this Lease or a part of reduction in the Premises. Tenant shall have the right to separately petition and to claim and recover from the condemning authority, but not from Landlord, such compensation Premises as may be separately awarded or recoverable by Tenant in Tenant's own right on account a result of any and all damage to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesCondemnation Proceedings.
Appears in 1 contract
Samples: Center Lease Willow Creek Shopping Center (MCT Holding Corp)
Condemnation. if any part of the Premises shall be taken for any public or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by If twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all more of the Premises is takencondemned by eminent domain, inversely condemned or sold in lieu of condemnation for any public or quasi-public use or purpose (“Condemned”), then all compensation awarded upon Tenant or Landlord may terminate this Lease as of the date when physical possession of the Premises is taken and title vests in such taking condemning authority, and Rent shall go be adjusted to Landlord and the date of termination. Tenant shall have no not because of such condemnation assert any claim theretoagainst Landlord or the condemning authority for any compensation because of such condemnation, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate of interest or other interest of Tenant; provided, however, the foregoing provisions shall not preclude Tenant, at Tenant’s sole cost and expense, from obtaining any separate award to Tenant hereby irrevocably assigns for loss of or damage to Tenant’s Property or for damages for cessation or interruption of Tenant’s business provided such award is separate from Landlord’s award and transfers provided further such separate award does not diminish nor otherwise impair the award otherwise payable to Landlord. In addition to the foregoing, Tenant shall be entitled to seek compensation for the relocation costs recoverable by Tenant pursuant to the provisions of California Government Code Section 7262. If neither party elects to terminate this Lease, Landlord any right shall, if necessary, promptly proceed to compensation restore the Premises or damages the Building to which Tenant may become entitled substantially its same condition prior to such partial condemnation, allowing for the reasonable effects of such partial condemnation, and a proportionate allowance shall be made to Tenant, as solely determined by Landlord, for the Rent corresponding to the time during which, and to the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Premises of which, Tenant shall have the right to separately petition and 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 is deprived on account of any such partial condemnation and all damage restoration. Landlord shall not be required to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and spend funds for or on account of any cost or loss to which Tenant might be put restoration in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value excess of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesamount received by Landlord as compensation awarded.
Appears in 1 contract
Samples: Lease Agreement (Synplicity Inc)
Condemnation. if If any part of the Premises shall be taken for any public or ------------ quasi-public use, under any statute or by right of eminent domain, domain or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy occupation hereunder, then this Lease shall, shall as to the part so taken, terminate as of the date title vests shall vest in the condemnor or purchaser, purchaser and the Rent rent payable hereunder shall be adjusted so that the Tenant shall be required to pay for the remainder of the term only such portion of the Rent such rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. ; but in such event Landlord shall have the right option to terminate this Lease as of the date when title to the part so taken vests in the event that such taking causes condemnor or purchaser. Tenant to be notified in writing by Landlord of any pending or threatened condemnation proceedings within a reduction in Rent payable hereunder by twenty-five percent (25%) or morereasonable period of time after Landlord's knowledge of same and whether Landlord intends to terminate the lease so as to give Tenant a reasonable opportunity to locate new facilities. If all of the Premises Premises, or such part thereof is be taken so that there does not remain a portion susceptible for occupancy occupation hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon there upon terminate. If a part of all of the Premises be taken, then Landlord and Tenant shall share in the balance of the compensation remaining after the application of the condemnation provisions of the Ground Lease and of the Lease Mortgage and that is payable to Landlord. The compensation shall be divided between Landlord and Tenant in proportion to the relative amounts spent by Landlord and Tenant for Tenant improvements as provided in this lease. Tenant's share of the compensation shall not exceed the depreciated value of the improvements as provided in this lease installed and paid for by Tenant less any amounts received or to be received by Tenant outside of the award as compensation for Tenant's interest in those improvements. If Tenant elects to remove some or all of the Premises is takenimprovements pursuant to California Code of Civil Procedure Section 1263.260, then all compensation awarded upon the value of such taking improvements removed shall go to be excluded from the calculation. Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the exclusive right to separately petition and to claim and recover from negotiate or litigate the condemning authority, but not from Landlord, such compensation as may be separately awarded or recoverable by award with the authority exercising the power of eminent domain. Landlord shall cooperate with Tenant in Tenant's own right on account of any and all damage efforts to Tenant's businessrecover compensation for relocation costs, including without limitation the loss of goodwill by reason of any appropriation, personal property not treated as improvements pertaining to realty and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Leasegoodwill. Each party Tenant waives the provisions of California Code of Civil Procedure, Procedure Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premises.
Appears in 1 contract
Samples: Hadco Corp
Condemnation. if any part of If the Premises shall be taken or the Building is rendered unusable by Tenant for any public or ------------ quasi-public usethe normal conduct of its business in the Premises, under any statute by reason of a condemnation (or by right of eminent domain, or private purchase a deed given in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder), then either party may terminate this Lease shall, as by giving written notice of termination to the part so takenother party within 30 days after such condemnation, in which event this Lease shall terminate effective as of the date title vests in which is the condemnor or purchaserday immediately preceding the date of such condemnation. If this Lease so terminates, and the Rent payable hereunder shall be adjusted so that Tenant paid through and apportioned as of such termination date. If such condemnation does not render the Premises or the Building unusable, this Lease shall continue in effect and Landlord shall promptly restore the portion not condemned to the extent reasonably possible to the condition existing prior to the condemnation. In such event, however, Landlord shall not be required to pay for the remainder expend an amount in excess of the term only such portion of proceeds received by Landlord from the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such takingcondemning authority. Landlord shall have the right reserves all rights to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or morecompensation for any condemnation. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. have to such compensation, and Tenant shall have the right to separately petition and to make no claim and recover from against Landlord or the condemning authority, but not from Landlord, such authority for compensation as may be separately awarded or recoverable by Tenant in for termination of Tenant's own right on account of any and all damage to leasehold interest under this Lease or interference with Tenant's business. Tenant's assignment of its interest in any condemnation award to Landlord is conditioned upon its legal right to prosecute a separate claim in the condemnation proceeding for any relocation award to which it may be entitled or for any furniture, including without limitation trade fixtures or other fixtures which Tenant is entitled to remove at the loss termination of goodwill by reason the Lease and which are subject to the taking, for the unamortized cost of any appropriation, improvements paid for by Tenant and for any relocation or on account other business disruption loss Tenant incurs as a result of any cost or loss to which Tenant might be put in removing and relocating such taking. If Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall access to the loss of goodwill include any diminution in the value Premises is permanently taken as a result of the leasehold or condemnation, the bonus value of this Lease. Each party waives Lease shall terminate upon the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking effective date of the Premisestaking unless the parties agree otherwise.
Appears in 1 contract
Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)
Condemnation. if If during the Term, or during the period of time between the execution of this Lease and the Lease Commencement Date, there is any taking of all or any part of the Premises shall be taken for or any interest in this Lease by the exercise of any governmental power, whether by legal proceedings or otherwise, by any public or ------------ quasi-public use, under any statute or by right of eminent domainquasi‑public authority, or private purchase in lieu thereofcorporation or individual, and a part thereof remains which is susceptible having the power of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as condemnation (any of the date title vests in preceding a “Condemnor”), or a voluntary sale or transfer by Landlord to any Condemnor, either under threat of condemnation or while legal proceedings for condemnation are pending (any of the condemnor or purchaserpreceding, a “Condemnation”), the rights and the Rent payable hereunder shall be adjusted so that obligations of Landlord and Tenant shall be required determined pursuant to pay for the remainder of the term only this Paragraph 30. If such portion of the Rent as the value of the part remaining after such taking bears to the value Condemnation is of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this LeasePremises, then this Lease shall thereupon terminateterminate on the date the Condemnor takes possession of the Premises (the “Date of Condemnation”). If a part or all such Condemnation is of any portion, but not all, of the Premises, then this Lease shall remain in effect, except that, if the remaining portion of the Premises is takenrendered unsuitable for Tenant's continued use of the Premises, then Tenant may elect to terminate this Lease, by so notifying Landlord in writing (the “Termination Notice”) within 30 days after the date that the nature and extent of the Condemnation have been determined. Such termination shall be effective on the earlier of (i) the date that is 30 days after the delivery of the Termination Notice, or (ii) the Date of Condemnation. If Tenant does not deliver the Termination Notice to Landlord within such 30‑day period, then all compensation awarded upon obligations of Tenant under this Lease shall remain in full force and effect, except that (unless the Premises are restored as set forth below) Basic Monthly Rent shall be reduced by the ratio of (a) the Rentable Square Footage of the Premises taken by the Condemnation to (b) the Rentable Square Footage of the Premises immediately prior to the Date of Condemnation. Notwithstanding anything to the contrary in this Paragraph, if, within 30 days after Landlord's receipt of the Termination Notice, Landlord notifies Tenant that Landlord at its cost will add to the remaining Premises (or substitute for the Premises other comparable space in the Project) so that the Rentable Square Footage of the Premises will be substantially the same after the Condemnation as they were before the Condemnation, and Landlord commences the restoration promptly and completes it within 150 days after Landlord so notifies Tenant, then all obligations of Tenant under this Lease shall remain in effect, except that Basic Monthly Rent and Additional Rent shall be abated or reduced during the period from the Date of Condemnation until the completion of such taking shall go restoration by the ratio of (A) the Rentable Square Footage of the Premises taken by the Condemnation to (B) the Rentable Square Footage of the Premises immediately prior to the Date of Condemnation. Unless Landlord restores the Premises pursuant to the preceding sentence, or unless Tenant gives to Landlord the Termination Notice within the relevant 30‑day period, Tenant at its sole cost and expense shall accomplish any restoration required by Tenant to use the Premises. A temporary Condemnation of the Premises, or any part of the Premises, for less than 180 days, shall not constitute a Condemnation under this Paragraph; but the Basic Monthly Rent shall xxxxx as to the portion of the Premises affected during such temporary Condemnation. All compensation, sums, or anything of value awarded, paid, or received as a result of a total or partial Condemnation (the “Award”) shall belong to and be paid to Landlord. Tenant shall have no claim theretoright to any part of the Award, and Tenant hereby irrevocably assigns and transfers to Landlord all of Tenant's right, title, and interest in and to any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Award, except that Tenant shall have the right to separately petition and to claim and recover receive from the condemning authority, but not Award any sum paid expressly to Tenant from Landlord, such compensation as may be separately awarded the Condemnor for Tenant’s Personal Property or recoverable by for severance damages. Landlord and Tenant in Tenant's own right on account waive the provisions of any and all damage to Tenant's business, statute (including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of California Code of Civil Procedure, Procedure Section 1265.130, allowing either party 1265.130 or any successor statute) that American Assets Trust – Lease Form 1/31/2023 allows Landlord or Tenant to petition the Superior Court superior court (or any other court) to terminate this Lease in the event of a partial taking Condemnation of the Premises.
Appears in 1 contract
Condemnation. if If all or any part portion of the Premises shall be Property is taken for any public or ------------ quasi-public use, under any statute or by right the power of eminent domaindomain or sold under the threat of that power (all of which are called “Condemnation”), or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, shall terminate as to the part so taken or sold on the date the condemning authority takes title or possession, whichever occurs first. If more than twenty percent (20%) of the floor area of the building in which the Property is located, or which is located on the Property, or material access to the Property, is taken, Tenant may terminate this Lease as of the date the condemning authority takes title vests or possession, by delivering written notice to the other within twenty (20) days after receipt of written notice of such taking (or in the condemnor absence of such notice, within twenty (20) days after the condemning authority takes title or purchaserpossession). If Tenant does not terminate this Lease, this Lease shall remain in effect as to the portion of the Property not taken, except that the Base Rent and the Additional Rent payable hereunder shall be adjusted so that Tenant reduced in proportion to the reduction in the floor area of the Property rendered unusable by Tenant. Any Condemnation award or payment shall be required distributed in the following order: (a) first, to pay Tenant, only the amount of any award specifically designated for loss of or damage to Tenant’s trade fixtures or removable personal property; and (b) second, to Landlord, the remainder of the term only such portion of the Rent award, whether as compensation for reduction in the value of the part remaining after such leasehold, the taking bears of the fee, or otherwise. If this Lease is not terminated, Landlord shall repair any damage to the value of Property caused by the entire Premises prior Condemnation, except that Landlord shall not be obligated to repair any damage for which Tenant has been reimbursed by the condemning authority. If the severance damages received by Landlord are not sufficient to pay for such taking. repair, Landlord shall have the right to either terminate this Lease in the event that or make such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and to claim and recover from the condemning authority, but not from repair at 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premises’s expense.
Appears in 1 contract
Samples: Churchill Capital Corp IV
Condemnation. if any part of If the entire Premises shall be taken for any public or ------------ quasi-public usetaken, whether in appropriation proceedings, under any statute the power of eminent domain or by right a voluntary conveyance under threat of eminent domain, or private purchase in lieu thereof, and appropriation (hereinafter a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease“Taking”), then this Lease shall thereupon terminate. If a part or all terminate on the date Tenant is required to yield possession of the Premises is to the Taking authority. If any portion of the Premises, but not the entire Premises, shall be taken, whether in appropriation proceedings or under power of eminent domain or by a voluntary conveyance under threat of appropriation (hereinafter a “partial Taking”), then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim theretothe right, but not the obligation, by notifying Tenant in writing within ninety (90) days after such Partial Taking to elect to terminate this Lease or to terminate only so much of this Lease as applies to the Partial Taking, which termination shall be effective on the date Tenant is required to yield possession of the taken portion of the Premises to the Taking authority. If Landlord elects not to terminate the entire Lease, but elects to terminate only so much of this Lease as applies to the Partial Taking, then Landlord shall make such repairs and restorations to that portion of the Premises remaining which are not affected by the Partial Taking as are necessary to put the remainder of the Premises in a fit and habitable condition. Upon Landlord’s election not to terminate the entire Lease, Landlord shall reduce Tenant’s rent for the remainder of Tenant’s term of this Lease or any holdover period by that percentage of Tenant’s total rent as corresponds to the diminution in value of Tenant’s leasehold interest. All compensation awards for any Taking or Partial Taking of the Premises shall belong to and be the sole property of Landlord, and Tenant hereby irrevocably assigns and transfers to Landlord all rights with respect to any right such compensation award. Nothing in this Section 18 shall prevent Tenant from applying for reimbursement or other compensation from the Taking authority for Tenant’s moving expenses or for Tenant’s expenses incurred in removing Tenant’s fixtures, to compensation or damages to which Tenant may become entitled during the term hereof extent Tenant’s application is otherwise permitted by reason of the purchase or condemnation of all or a part of the Premises. law; provided, however, Tenant shall have be entitled to only reimbursements and/or other compensation which shall be separately stated by the right to separately petition Taking authority and to claim and recover which do not reduce the amount otherwise recoverable by Landlord from the condemning Taking authority. Tenant, but not from Landlordupon time to time and at such times as Landlord may request and within five (5) days after Landlord has issued any written request, such compensation shall execute any and all releases, transfers or other documents as may be separately awarded deemed necessary or recoverable appropriate by Tenant in Tenant's own right on account of any Landlord or such Taking authority to effect and all damage to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, give further evidence and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value assurances of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesforegoing.
Appears in 1 contract
Samples: Residential Lease
Condemnation. if If all or any part portion of the Premises shall be is taken for any public or ------------ quasi-public use, under any statute or by right the power of eminent domaindomain or sold under the threat of that power (all of which are called "Condemnation"), or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, Sublease shall terminate as to the part so taken or sold on the date the condemning authority takes title or possession whichever occurs first. If more than twenty percent (20%) of the floor area of the Premises is taken, either Landlord or Tenant may terminate this Sublease as of the date the condemning authority take title vests or possession, by delivering written notice to the other within ten (10) days after receipt of written notice of such taking (or in the condemnor absence of such notice, within ten (10) days after the condemning authority takes possession). If more than twenty percent (20%) of all subleaseable space in the building in which the Premises are located is taken the Landlord may elect to terminate this Sublease by delivering such notice to Tenant. If neither Landlord nor Tenant terminates this Sublease, this Sublease shall remain in effect as to the portion of the Premises not taken, except that the Base Rent shall be reduced in proportion to the reduction in the floor area of the Premises. Any Condemnation award or purchaserpayment shall be distributed in the following order: (a) first, to any ground lessor, mortgagee or beneficiary under a deed of trust encumbering the Premises, the amount of its interest in the Premises and the Tenant hereby assigns any other rights which the Tenant may have now or in the future to any other award to the Landlord; (b) second, to Tenant, only the amount of any award specifically designated for loss of or damage to Tenant's trade fixtures or removable personal property, and the Rent payable hereunder shall be adjusted so that Tenant shall be required hereby assigns any other rights which the Tenant may have now or in the future to pay for any other award to the Landlord, and (c) third, to Landlord, the remainder of the term only such portion of the Rent award, whether as compensation for reduction in the value of the part remaining after such subleasehold, the taking bears of the fee, or otherwise. If this Sublease is not terminated, Landlord shall repair any damage to the value of Premises caused by the entire Premises prior Condemnation, except that Landlord shall not be obligated to repair any damage for which Tenant has been reimbursed by the condemning authority. If the severance damages received by Landlord are not sufficient to pay for such taking. repair, Landlord shall have the right to either terminate this Lease in the event that Sublease or make such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenantrepair at Landlord's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesexpense.
Appears in 1 contract
Samples: Integra Lifesciences Holdings Corp
Condemnation. if any part If the entire Premises is taken by eminent domain or transferred under threat of the Premises shall be taken for any public or ------------ quasi-public usesuch taking, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, shall automatically terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such taking. If a portion of the Rent as the value Premises, or portion of the part remaining after such taking bears to the value Building, or good and sufficient access thereto or a material portion of the entire parking, is taken by eminent domain and it is unfeasible, in Tenant's reasonable judgment, for Tenant to continue to operate its business in the portion of the Premises prior remaining, Tenant shall have the right to such terminate this Lease as of the date of taking by giving written notice thereof to Landlord within ninety (90) days after the date of taking. If a material portion of the Building is taken by eminent domain (i.e. more than twenty-five percent (25%), Landlord shall have the right to terminate this Lease in as of the event that such date of taking causes a reduction in Rent payable hereunder by twenty-five percent giving written notice thereof to Tenant within ninety (25%90) or moredays after the date of taking. If all neither Landlord nor Tenant elects to terminate this Lease, Landlord shall, at its expense, restore the Premises, including any improvements or other changes made therein by Tenant, to as near the condition which existed immediately prior to the date of taking as reasonably possible, and to the extent that the Premises or such part the Building , including the access thereto or the use thereof by Tenant is taken so that there does not remain adversely affected, the rent shall equitably xxxxx. All damages awarded for a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct taking under the power of its business as contemplated in this Lease, then this Lease eminent domain shall thereupon terminate. If a part or all belong to and be the exclusive property of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and to claim and recover from the condemning authority, but not from Landlord, whether such damages be awarded as 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold estate hereby created or to the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking fee of the Premises; provided, however, that Landlord shall not be entitled to any separate award made to Tenant for the value and cost of its personal property and fixtures or for relocation benefits.
Appears in 1 contract
Samples: Lease Agreement (Department 56 Inc)
Condemnation. if If all of any part portion of the Leased Premises shall be is taken for any public or ------------ quasi-public use, under any statute or by right the power of eminent domaindomain or sold under the threat of that power (all of which are called “Condemnation”), or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, shall terminate as to the part so takentaken or sold on the date the condemning authority takes title or possession, whichever occurs first, and Tenant shall not incur any further liability to Landlord from and after such date. If more than twenty percent (20%) of the floor area of the Leased Premises is taken or the portion taken renders the balance of the Leased Premises unsuitable for Tenant’s use, either Landlord or Tenant may terminate this Lease without incurring any further liability to each other as of the date the condemning authority takes title vests or possession, by delivering written notice to the other within ten (10) days after receipt of written notice of such taking (or in the condemnor or purchaserabsence of such notice, and within ten (10) days after the Rent payable hereunder shall be adjusted so that condemning authority takes possession); provided, however, Tenant shall be required have not less than ninety (90) days after the effective date of such termination to pay remove its property from the Leased Premises without additional liability for Rent. If neither Landlord nor Tenant terminates this Lease, this Lease shall remain in effect as to the remainder of the term only such portion of the Leased Premises not taken, except that the Base Rent as shall be reduced in proportion to the value reduction in the floor area of the part remaining after such Leased Premises. All amounts awarded upon a taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a any part or all of the Property, Building, or Premises is takenshall belong to Landlord, then all compensation awarded upon such taking shall go to Landlord and Tenant shall not be entitled to any part thereof, provided however, that Tenant shall be entitled to retain any amount separately awarded to it for its trade fixtures or moving expenses if such award to Tenant does not reduce Landlord’s award. If this Lease is not terminated, Landlord shall repair any damage to the Leased Premises caused by the Condemnation, except that Landlord shall not be obligated to repair any damage for which Tenant has been reimbursed by the condemning authority. If the severance damages received by Landlord are not sufficient to pay for such repair, Landlord shall have no claim theretothe right, either (i) upon written notice to Tenant to terminate this Lease, without Tenant incurring any further liability to Landlord, or (ii) make such repair at Landlord’s expense. In the event that Landlord elects to terminate this Lease, Landlord’s notice of termination will include the amount in excess of the severance damages necessary to pay for the repair of the damage caused by the Condemnation (the “Repair Shortfall”), and Tenant hereby irrevocably assigns and transfers may rescind Landlord’s termination by written notice delivered to Landlord any right within ten (10) days after receipt of Landlord’s termination notice, provided further that Tenant agrees to compensation or damages to which Tenant may become entitled during the term hereof by reason pay all of the purchase or condemnation of all or Repair Shortfall pursuant to a part of the Premises. Tenant shall have the right separate agreement mutually acceptable to separately petition both Landlord and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premises.
Appears in 1 contract
Samples: Warehouse Space Lease Agreement (Body Central Corp)
Condemnation. if If all or any part portion of the Premises shall be Property is taken for any public or ------------ quasi-public use, under any statute or by right the power of eminent domaindomain or sold under the threat of that power (all of which are called “Condemnation”), or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, shall terminate as to the part so taken or sold on the date the condemning authority takes title or possession, whichever occurs first. If more than twenty percent (20%) of the floor area of the Building is taken, either Landlord or Tenant may terminate this Lease as of the date the condemning authority takes title vests or possession, by delivering written notice to the other within ten (10) days after receipt of written notice of such taking (or in the condemnor absence of such notice, within ten (10) days after the condemning authority takes title or purchaserpossession). If neither Landlord nor Tenant terminates this Lease, this Lease shall remain in effect as to the portion of the Property not taken, except that the Base Rent and the Additional Rent payable hereunder shall be adjusted so reduced in proportion to the reduction in the floor area of the Property. Landlord shall be entitled to receive the entire award or payment in connection therewith, except that Tenant shall have the right to file any separate claim available to Tenant for any taking of Tenant’s personal property and fixtures belonging to Tenant and removable by Tenant upon expiration of the Lease Term pursuant to the terms of this Lease, and for moving expenses, so long as such claim does not diminish the award available to Landlord, its ground lessor with respect to the real property or its lender, and such claim is payable separately to Tenant. If this Lease is not terminated, Landlord shall repair any damage to the Property caused by the Condemnation, except that Landlord shall not be required obligated to repair any damage for which Tenant has been reimbursed by the condemning authority. If the severance damages received by Landlord are not sufficient to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. repair, Landlord shall have the right to either terminate this Lease in the event that or make such taking causes a reduction in Rent payable hereunder by twenty-five repair at Landlord’s expense if more than twenty percent (2520%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all floor area of the Premises is Building has been taken. Industrial Lease—Las Vegas, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim theretoNevada 0000 X. Xxxxxxx Xxxx. Xxx Xxxxx, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason Xxxxxx Switch Communications Group, L.L.C. Table of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premises.Contents ARTICLE NINE ASSIGNMENT AND SUBLETTING
Appears in 1 contract
Samples: Nondisturbance and Attornment Agreement (Switch, Inc.)
Condemnation. if any 7.1 In the event the Leased Premises or a material part thereof shall be taken, in whole or in part, by condemnation or the exercise of the Premises shall be taken for any public or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase if in lieu of any formal condemnation proceedings or actions, if any, Landlord shall sell and convey the Leased Premises, or any portion thereof, and a part thereof remains which is susceptible of occupancy hereunderto the governmental or other public authority, agency, body or public utility, seeking to take said Leased Premises or any portion thereof, then this Lease shall, as to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord either party shall have the right option to terminate this Lease in upon ten (10) days’ prior written notice to the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim theretoother party, and Tenant hereby irrevocably assigns Base Rent and transfers to Landlord any right to compensation additional rent shall be pro-rated from the date of possession by the condemning authority. All damages awarded for such taking, or damages to which Tenant may become entitled during the term hereof by reason of paid as the purchase price for such sale and conveyance in lieu of formal condemnation proceedings, whether for the fee or condemnation landlord’s reversionary interest, shall be long to and be the property of all or a part of the Premises. Landlord; provided, however, Tenant shall have the sole right to separately petition and to claim reclaim and recover from the condemning authority, but not from Landlord, such compensation condemnation as may be separately awarded or recoverable by Tenant in Tenant's ’s own right on account of Tenant’s leasehold interest and any and all damage to Tenant's business, costs or loss (including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss business) to which Tenant might be put in removing and relocating Tenant's merchandise, ’s furniture, moveable trade fixtures fixtures, leasehold improvements and equipmentequipment to a new location. In no eventIf Landlord or Tenant do not terminate this Lease, howeverthen to the extent and availability of condemnation proceeds received by Landlord and Tenant and subject to the rights of any secured lender thereto, Landlord and Tenant shall with due diligence and in good and workmanlike manner, restore and reconstruct the loss Leased Premises to the extent reasonably possible within a period of goodwill include any diminution in one hundred twenty (120) days after the value date of the leasehold or physical taking, and such restoration and reconstruction shall make the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesLeased Premises reasonably tenantable.
Appears in 1 contract
Samples: Triple Net Lease Agreement (Greenway Medical Technologies Inc)
Condemnation. if If all or any part portion of the Premises shall be Property is taken for any public or ------------ quasi-public use, under any statute or by right the power of eminent domaindomain or sold under the threat of that power (all of which are called "Condemnation"), or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, shall terminate as to the part so taken, terminate as of taken or sold on the date the condemning authority takes title vests in the condemnor or purchaserpossession, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such takingwhichever occurs first. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by If more than twenty-five percent (25%) of the Building, or morethe Property, is taken, either Landlord or Tenant may terminate this Lease as of the date the condemning authority takes title or possession, by delivering written notice to the other within ten (10) days after receipt of written notice of such taking (or in the absence of such notice, within ten (10) days after the condemning authority takes title or possession). If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in neither Landlord nor Tenant terminates this Lease, then Lease this Lease shall thereupon terminateremain in effect as to the portion of the Property not taken, except that the Base Rent and Additional Rent shall be reduced in proportion to the reduction of the Property not taken, except that the Base Rent and Additional Rent shall be reduced in proportion to the deduction in the floor area of the Property. Any Condemnation award or payment shall be distributed in the following order: (a) first, to any ground lessor, mortgagee or beneficiary under a deed of trust encumbering the Property, the amount of its interest in the Property; (b) second, to Tenant, only the amount of any aware specifically designated for loss of or damage to Tenant's trade fixtures or removable personal property; and (c) third, to Landlord, the remainder of such award, whether as compensation for reduction in the value of the leasehold, the taking of the fee, or otherwise. If a part or all of this Lease is not terminated, Landlord shall repair any damage to the Premises is takenProperty caused by the Condemnation, then all compensation awarded upon such taking except that Landlord shall go not be obligated to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord repair any right to compensation or damages to damage for which Tenant may become entitled during has been reimbursed by the term hereof condemning authority. If the severance damages received by reason of the purchase or condemnation of all or a part of the Premises. Tenant Landlord are not sufficient to pay for such repair, Landlord shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesor make such repair at Landlord's expense.
Appears in 1 contract
Samples: Iomega Corp
Condemnation. if any If all or part of the Premises shall be Premises, Building or Property is taken or condemned by any authority for any public use or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase purpose (including a deed given in lieu thereofof condemnation). which renders the Premises substantially untenantable, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, shall terminate as of the date title vests in the condemnor or purchasersuch authority, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder apportioned as of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or moredate. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises, Building, or Property is taken or condemned but the Premises are not rendered substantially untenantable (including a deed given in lieu of condemnation), this Lease shall not terminate. If the taking reduces the rentable square feet in the Premises, Rent shall be equitably reduced for the period of such taking by an amount which bears the same ratio to the Rent then in effect as the number of square feet so taken or condemned bears to the Leased Area set forth in Section 1C. The Landlord. upon receipt and to the extent of the award in condemnation or proceeds of sale, shall make necessary repairs and restorations (exclusive of leasehold improvements and personal property installed by the Tenant) to restore the Premises remaining to as near its former condition as circumstances will permit, and to the Building and the Property to the extent necessary to constitute the portion of same not so taken or condemned as complete. The Landlord shall be entitled to receive the entire price or award from any sale, taking or condemnation without any payment to the Tenant and the Tenant hereby assigns to the Landlord the Tenant's interest, if any. in such award. However, the Tenant shall have the right separately to separately petition and to claim and recover from pursue against the condemning authorityauthority an award with respect to the loss, but not from Landlordif any, such compensation as may be separately awarded to leasehold improvements paid by the Tenant without any credit or recoverable by Tenant in allowance for the Landlord and for any loss for injury, damage, or destruction of the Tenant's own right on account of any and all damage to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipmentbusiness resulting from such taking. In Under no event, however, circumstances shall the loss of goodwill include Tenant seek or be entitled to any diminution in compensation for the value of the its leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party estate which Tenant hereby assigns to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesLandlord.
Appears in 1 contract
Condemnation. if If all or any part portion of the Premises shall be are taken for any public or ------------ quasi-public use, under any statute or by right the power of eminent domaindomain or sold under the threat of that power (all of which are called “Condemnation”), or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, shall terminate as to the part so taken or sold on the date the condemning authority takes title or possession, whichever occurs first. If more than fifty percent (50%) of the floor area of the building in which the Premises are located, or which is located on the Premises, is taken, either Landlord or Tenant may terminate this Lease as of the date the condemning authority takes title vests or possession, by delivering written notice to the other within ten (10) days after receipt of written notice of such taking (or in the condemnor absence of such notice, within ten (10) days after the condemning authority takes title or purchaserpossession). If neither Landlord nor Tenant terminates this Lease, this Lease shall remain in effect as to the portion of the Premises not taken, except that the Base Rent and the Additional Rent payable hereunder shall be adjusted so that Tenant reduced in proportion to the reduction in the floor area of the Premises. Any Condemnation award or payment shall be required distributed in the following order: (a) first, to pay any ground lessor, mortgagee or beneficiary under a deed of trust encumbering the Premises, the amount of its interest in the Premises; (b) second, to Tenant, only the amount of any award specifically designated for loss of or damage to Tenant’s trade fixtures or removable personal property; and (c) third, to Landlord, the remainder of the term only such portion of the Rent award, whether as compensation for reduction in the value of the part remaining after such leasehold, the taking bears of the fee, or otherwise. If this Lease is not terminated, Landlord shall repair any damage to the value of Premises caused by the entire Premises prior Condemnation, except that Landlord shall not be obligated to repair any damage for which Tenant has been reimbursed by the condemning authority. If the severance damages received by Landlord are not sufficient to pay for such taking. repair, Landlord shall have the right to either terminate this Lease in the event that or make such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and to claim and recover from the condemning authority, but not from repair at 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premises’s expense.
Appears in 1 contract
Condemnation. if any If all or part of the Premises shall be Premises, Building or Property is taken or condemned by any authority for any public use or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase purpose (including a deed given in lieu thereofof condemnation), and a part thereof remains which is susceptible of occupancy hereunderrenders the Premises substantially untenantable, then this Lease shall, as to the part so taken, shall terminate as of the date title vests in the condemnor or purchasersuch authority, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder apportioned as of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or moredate. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises, Building, or Property is taken or condemned but the Premises are not rendered substantially untentable (including a deed given in lieu of condemnation), this Lease shall not terminate. If the taking reduces the rentable square feet in the Premises, Rent shall be equitably reduced for the period of such taking by an amount which bears the same ratio to the Rent then in effect as the number of square feet so taken or condemned bears to the Leased Area set forth in Section 1C. The Landlord, upon receipt and to the extent of the award in condemnation or proceeds of sale, shall make necessary repairs and restorations (exclusive of leasehold improvements and personal property installed by the Tenant) to restore the Premises remaining to as near its former condition as circumstances will permit, and to the Building and the Property to the extent necessary to constitute the portion of same not so taken or condemned as complete. The Landlord shall be entitled to receive the entire price or award from any sale, taking or condemnation without any payment to the Tenant and the Tenant hereby assigns to the Landlord the Tenant's interest, if any, in such award. However, the Tenant shall have the right separately to separately petition and to claim and recover from pursue against the condemning authorityauthority an award with respect to the loss, but not from Landlordif any, such compensation as may be separately awarded to leasehold improvements paid by the Tenant without any credit or recoverable by Tenant in allowance for the Landlord and for any loss for injury, damage, or destruction of the Tenant's own right on account of any and all damage to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipmentbusiness resulting from such taking. In Under no event, however, circumstances shall the loss of goodwill include Tenant seek or be entitled to any diminution in compensation for the value of the its leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party estate which Tenant hereby assigns to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesLandlord.
Appears in 1 contract
Condemnation. if If the Property or any part of portion thereof is taken under the Premises shall be taken for any public or ------------ quasi-public use, under any statute or by right power of eminent domain, or private purchase in lieu thereof, and a part thereof remains sold under the threat of the exercise of said power (either of which is susceptible of occupancy hereunderherein called “condemnation”), then this Lease shall, shall terminate as to the part so taken, terminate taken as of the date the condemning authority takes title vests or possession, whichever first occurs. If more than twenty percent (20%) of the Property or such portion thereof as will make the Property unusable for the purposes herein leased is taken by condemnation, either party may terminate this Lease by notice to the other, in writing, only within ten (10) days after Landlord shall have given Tenant written notice of such condemnation or pending condemnation (or in the condemnor or purchaserabsence of such notice, and within ten (10) days after the Rent payable hereunder condemning authority shall be adjusted so that Tenant shall be required have taken possession), such termination to pay for the remainder take effect as of the term only such date the condemning authority takes possession. If neither party terminates this Lease in accordance with the foregoing, this Lease shall remain in full force and effect as to the portion of the Rent as Property remaining, except that the value of rent shall be reduced in the part remaining after such taking proportion that the floor area taken bears to the value total floor area of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord Property and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation other rights or damages to which Tenant may become entitled during remedies as a result of such condemnation. Any award or payment made in connection with a condemnation shall be the term hereof by reason property of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and to claim and recover from the condemning authority, but not from Landlord, whether such award shall be made in settlement of contemplated condemnation proceedings or as 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or for the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesfee, or as severance or other damages; provided, however, that Tenant shall be entitled to any separate award made to Tenant which does not diminish Landlord’s award, such as for loss of or damage to Tenant’s trade fixtures and removable personal property and Tenant’s moving expenses. In the event that this Lease is not terminated by reason of such condemnation, Landlord shall, to the extent of severance damages received by Landlord in connection with such condemnation, repair any damage to the Property caused by such condemnation except to the extent that Tenant has been reimbursed therefor by the condemning authority. Tenant shall pay any amount in excess of such severance damages required to complete such repair. Landlord shall in no event be obligated to repair or replace any items other than those installed by or at the expense of Landlord.
Appears in 1 contract
Samples: Commercial Lease (Drugmax Inc)
Condemnation. if 14.1 Tenant shall promptly notify Landlord of any part notice received in connection with any pending or contemplated condemnation of all or a any portion of the Premises Premises. If more than twenty percent (20%) of the rentable area of a Building shall be taken or condemned by any governmental or quasi-governmental authority for any public or ------------ quasi-public useuse or purpose or sold under threat of such a taking or condemnation (collectively, under any statute or "condemned") and the remainder of a Building would not be usable for the conduct of Tenant’s business as reasonably determined by right Tenant and Landlord, and in such case, this Lease shall terminate on the date title vests in such authority and rent shall be apportioned as of eminent domainsuch date. If less than twenty percent (20%) of the rentable area of a Building is condemned, or private purchase more than twenty percent (20%) is taken, but the Lease is not terminated, then Landlord shall rebuild (or Landlord may cause Tenant to rebuild) the condemned portions of such Building after receipt of all awards, damages and other compensation due from the condemning authority; provided, however, that if the amount of such awards, damages and other compensation is not sufficient to cover the cost of rebuilding the condemned portions of the Building, then Landlord shall have and is hereby given the option to terminate the Lease upon notifying Tenant in lieu thereofwriting of Landlord's intention to so terminate within sixty (60) days of the date of receipt of all awards, damages and other compensation due from the condemning authority, and, in that event, the Lease shall be deemed to be terminated as of the date of Landlord's notice, and a part thereof remains which is susceptible rent shall be apportioned as of occupancy hereunderthat date, then provided however, Tenant shall have the right to nullify Landlord’s termination of this Lease by agreeing to reimburse Landlord for the costs not covered by such condemnation proceeds. To the extent that any portion of the Building is taken such that there is any decrease in the rentable area of the Building in connection with any such condemnation the rent payable hereunder shall, as to the part so taken, terminate effective as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and to claim and recover from the condemning authority, but not from Landlord, such compensation as may be separately awarded or recoverable by Tenant reduced in Tenant's own right on account proportion to the amount of any and all damage to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value rentable area of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party Building that is no longer available to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesTenant hereunder.
Appears in 1 contract
Condemnation. if If, in the opinion of Landlord, the whole or any part of the Premises Property or the Building is taken or condemned (including, without limitation, a sale in lieu of condemnation) which renders the Property untenantable or inaccessible for use by Tenant for the purposes stated in this Lease ("Substantial Taking"), then the term of this Lease shall cease and terminate from the date on which possession of the part is so taken or condemned; the full amount of any resulting condemnation award shall be taken for any public or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase in lieu thereofpaid to Landlord, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate Base Rent and Additional Rent shall be adjusted as of the date title vests of such Substantial Taking. However, if such taking or condemnation does not result in a Substantial Taking, then, subject to rights of any mortgagee in the condemnor condemnation award, Landlord shall repair any damage caused by such taking with reasonable promptness and dispatch and shall allow Tenant an abatement or purchaser, reduction in Base Rent and the Additional Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such time and for such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof which is taken so that there does not remain a portion susceptible for occupancy hereunderuntenantable, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then and this Lease shall thereupon terminatenot be otherwise affected. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go Landlord reserves to Landlord and Tenant shall have no claim theretoitself, and Tenant hereby irrevocably assigns and transfers Tenaxx xxxigns to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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 all rights to damages accruing on account of any and all damage to Tenant's business, including without limitation the loss of goodwill taking or condemnation by or by reason of any appropriationact of any public or quasi-public authority for which damages are payable. Tenaxx xxxees to execute such instruments of assignments as may be required by Landxxxx, xx join with Landlord in any petition for the recovery of damages if requested by Landxxxx, xxd to turn over to Landlord any such damages that may be recovered in any such proceeding. Landlord does not reserve to itself, and Tenaxx xxxs not assign to Landlord, any damages payable for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures installed by Tenant at its own cost and equipment. In no event, however, shall the loss of goodwill include any diminution in the value expense and which are not part of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesrealty.
Appears in 1 contract
Condemnation. if If all or any part portion of the Premises shall be is taken for any public or ------------ quasi-public use, under any statute or by right the power of eminent domaindomain or sold under the threat of that power (all of which are called "Condemnation"), or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, shall terminate as to the part so taken or sold on the date the condemning authority takes title or possession, whichever occurs first. If more than twenty percent (20%) of the floor area Initials: ________ ________ of the building in which the Premises is located, or which is located on the Premises, is taken, either Landlord or Tenant may terminate this Lease as of the date the condemning authority takes title vests or possession, by delivering written notice to the other within ten (10) days after receipt of written notice of such taking (or in the condemnor absence of such notice, within ten (10) days after the condemning authority takes title or purchaserpossession). If neither Landlord nor Tenant terminates this Lease, this Lease shall remain in effect as to the portion of the Premises not taken, except that the Base Rent and the Additional Rent payable hereunder shall be adjusted so that Tenant reduced in proportion to the reduction in the floor area of the Premises. Any Condemnation award or payment shall be required distributed in the following order: (a) first, to pay any ground lessor, mortgagee or beneficiary under a deed of trust encumbering the Premises, the amount of its interest in the Premises; (b) second, to Tenant, only the amount of any award specifically designated for loss of or damage to Tenant's trade fixtures or removable personal property but only if such an award is specifically made by the condemning authority; and (c) third, to Landlord, the remainder of the term only such portion of the Rent award, whether as compensation for reduction in the value of the part remaining after such leasehold, the taking bears of the fee, or otherwise. If this Lease is not terminated, Landlord shall repair any damage to the value of Premises caused by the entire Premises prior Condemnation, except that Landlord shall not be obligated to repair any damage for which Tenant has been reimbursed by the condemning authority. If the severance damages received by Landlord are not sufficient to pay for such taking. repair, Landlord shall have the right to either terminate this Lease in the event that or make such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenantrepair at Landlord's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesexpense.
Appears in 1 contract
Samples: D & K Healthcare Resources Inc
Condemnation. If the whole or any material part of the Premises or Property shall be taken by power of eminent domain or condemned by any competent authority for any public or quasi-public use or purpose; if any adjacent property or street shall be so taken or condemned or shall be reconfigured or vacated by such authority in such manner as to require the use, reconstruction or remodeling of any part of the Premises or Property; or if Landlord shall grant a deed or other instrument in lieu of such taking by eminent domain or condemnation; then Landlord shall have the option to terminate this Lease upon ninety (90) days notice, provided such notice is given no later than one hundred eighty (180) days after the date of such taking, condemnation, reconfiguration, vacation, deed or other instrument. Tenant shall have reciprocal termination rights if the whole or any material part of the Premises is permanently taken or if access to the Premises is permanently materially impaired. Landlord shall be entitled to receive the entire award or payment in connection therewith, except that Tenant shall have the right to file any separate claim available to Tenant for any taking of Tenant's personal property and fixtures which belong to Tenant and are removable by Tenant upon expiration of the Term and for moving expenses (so long as such claim does not diminish the award available to Landlord or any Holder and such claim is payable separately to Tenant). All Rent shall be apportioned as of the date of such termination or the date of such taking, whichever shall first occur. If any part of the Premises shall be taken for and this Lease shall not be so terminated, the Rent shall be proportionately abated. Notwithstanding the foregoing, if only the temporary use of the whole or any public part of the Premises shall be taken by condemnation or ------------ quasi-public use, under any statute or by right of eminent domain, the Term shall not be reduced or private purchase affected in lieu thereofany way. In such event Tenant shall continue to pay the Rent and other charges herein reserved, and a part thereof remains which is susceptible of occupancy hereunderwithout reduction or abatement and, then this Lease shall, as except to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so extent that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken prevented from so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof doing by reason of the purchase or condemnation any order of all or a part of the Premises. Tenant shall have the right to separately petition and to claim and recover from the condemning authority, but not from LandlordTenant shall continue to perform and observe all of the other covenants, such compensation as may conditions and agreements of this Lease to be separately awarded performed or recoverable observed by Tenant as though such taking had not occurred. In the event of any such temporary condemnation Tenant shall also, so long as it is otherwise in Tenant's own right on account compliance with the provisions of this Lease, be entitled to receive for itself any and all awards or payments made for such use of that portion of the Premises so taken; provided, however, that Tenant shall repair any and all damage to the Premises (whether or not covered by any award to Tenant's business, including without limitation the loss of goodwill ) caused by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisessuch temporary condemnation.
Appears in 1 contract
Condemnation. if any part of If the Premises shall be taken for any public or ------------ quasi-public use, under any statute the Building is rendered untenantable by reason of a condemnation (or by right of eminent domain, or private purchase a deed given in lieu thereof), and a part thereof remains then either party may terminate this Lease by giving written notice of termination to the other party within 30 days after such condemnation, in which event this Lease shall terminate effective as of the date which is susceptible the day immediately preceding the date of occupancy hereunder, then such condemnation. If this Lease shallso terminates, Rent shall be paid through and apportioned as of such termination date. If such condemnation does not render the Premises or the Building untenantable, this Lease shall continue in effect and Landlord shall promptly restore the portion not condemned to the part so takencondition existing prior to the condemnation. In such event, however, Landlord shall not be required to expend an amount in excess of the proceeds received by Landlord from the condemning authority (in which case if Landlord elects not to restore, this Lease shall terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such takingcondemnation). Landlord shall have the right reserves all rights to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or morecompensation for any condemnation. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. have to such compensation, and Tenant shall have the right to separately petition and to make no claim and recover from against Landlord or the condemning authority, but not from Landlord, such authority for compensation as may be separately awarded or recoverable by Tenant in for termination of Tenant's own right on account of any and all damage to leasehold interest under this Lease or interference with Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no eventprovided, however, shall Tenant may pursue a separate claim against the loss of goodwill include any diminution in condemning authority for Tenant's moving costs and the book value of any leasehold improvements to the leasehold Premises paid for by Tenant so long as such claim will not adversely affect or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesdiminish any award or compensation otherwise recoverable by Landlord.
Appears in 1 contract
Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)
Condemnation. if any part If all of the Premises shall be taken for any public or ------------ quasi-public use, under any statute or by right of eminent domainComplex is Taken, or private purchase if so much of the Complex is Taken that, in lieu thereofLandlord’s opinion, and the remainder cannot be restored to an economically viable, quality office building, or if the awards payable to Landlord as a part thereof remains which is susceptible result of occupancy hereunderany Taking are, then in Landlord’s opinion, inadequate to restore the remainder to an economically viable, quality office building, Landlord may, at its election, exercisable by the giving of written notice to Tenant within sixty (60) days after the date of the Taking, terminate this Lease shall, as to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion Taking or the date Tenant is deprived of possession of the Rent as the value of the part remaining after such taking bears Premises (whichever is later). Tenant may, at its election, exercisable by giving sixty (60) days’ written notice to the value of the entire Premises prior to such taking. Landlord shall have the right to Landlord, terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent substantial (greater than 25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is takentaken rendering the Premises inadequate for its continued use and occupancy by Tenant. If this Lease is not terminated as a result of a Taking, then all Landlord shall restore the Premises remaining after the Taking to a Building Standard condition. During the period of restoration, Base Rent shall be abated to the extent the Premises are rendered untenantable and, after the period of restoration, Base Rent and Tenant’s Share shall be reduced in the proportion that the area of the Premises Taken or otherwise rendered untenantable bears to the area of the Premises just prior to the Taking. If any portion of Base Rent is abated under this Section 14, Landlord may elect to extend the expiration date of the Term for the period of the abatement. All awards, proceeds, compensation awarded upon such taking or other payments from or with respect to any Taking of the Complex or any portion thereof shall go belong to Landlord and Tenant shall have no claim theretoLandlord, and Tenant hereby irrevocably assigns and transfers to Landlord all of its right, title, interest and claim to same. Whether or not this Lease is terminated as a consequence of a Taking, all damages or compensation awarded for a partial or total Taking, including any right to compensation award for severance damage and any sums compensating for diminution in the value of or damages to which deprivation of the leasehold estate under this Lease, shall be the sole and exclusive property of Landlord. Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or assert a part of the Premises. Tenant shall have the right to separately petition and to claim for 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 Tenant’s moving and all damage relocation expenses, and depreciation to Tenant's business, including without limitation the and loss of goodwill by reason Tenant’s moveable personal property. Tenant shall have no claim against Landlord for the occurrence of any appropriationTaking, and or for the termination of this Lease or on account a reduction in the Premises as a result of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesTaking.
Appears in 1 contract
Samples: Lease Agreement (Skullcandy, Inc.)
Condemnation. if As used in this Paragraph 13, "Condemnation Proceedings" means any part of actions or proceedings in which any interest in the Premises shall be is taken for any public or ------------ quasi-public use, under purpose by any statute lawful authority through exercise of the poser of eminent domain or by right of eminent domain, purchase or private purchase otherwise in lieu thereofof such exercise. If the whole of the Premises is taken through Condemnation Proceedings, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, shall automatically terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. The phrase "as of the date of the taking" means the date of taking actual physical possession by the condemning authority or such earlier date as the condemning authority gives notice that it is deemed to have taken possession. Landlord shall have the right to may terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by if more than twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is takentaken or any portion of the Premises is taken that, then in Landlord's judgment, substantially interferes with Landlord's ability to operate or use the Premises for the purposes for which it was intended. Any such termination must be accomplished through written notice to Tenant given no later than sixty (60) days after, and shall be effective as of, the date of such taking. In all other cases, or if Landlord does not exercise its right to terminate, this Lease shall remain in effect. If a portion of the Premises is taken and this Lease is not terminated, the Basic Monthly Rent shall be reduced in the proportion that the floor area of buildings taken bears to the total floor area of the Premises immediately prior to the taking. Whether or not this Lease is terminated as a consequence of Condemnation Proceedings, all damages or compensation awarded upon such taking for a partial or total taking, including any award for severance damage and any sums compensating for diminution in the value of or deprivation of the leasehold estate under this Lease, shall go be the sloe and exclusive property of Landlord. Tenant shall be entitled to Landlord any award for the loss of or damage to Tenant's trade fixtures or loss of business, provided that a separate award is actually made therefore to Tenant and that the same will not reduce Landlord's award. Tenant shall have no claim theretoagainst Landlord for the occurrence of any Condemnation Proceedings, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during for the term hereof by reason termination of the purchase or condemnation of all this Lease or a part of reduction in the Premises. Tenant shall have the right to separately petition and to claim and recover from the condemning authority, but not from Landlord, such compensation Premises as may be separately awarded or recoverable by Tenant in Tenant's own right on account a result of any and all damage to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesCondemnation Proceedings.
Appears in 1 contract
Samples: Herbst Gaming Inc
Condemnation. if any part If the whole of the Leased Premises, or such portion thereof as will make the Leased Premises shall be taken unsuitable for the purposes herein leased, is condemned for any public use or ------------ quasi-purpose by any legally constituted authority, then, in either of such events, this Lease shall cease from the time when possession is taken by such public use, under any statute or by right of eminent domain, or private purchase in lieu thereofauthority, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate rental shall be accounted for between Landlord and Tenant as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder of surrender of possession. Such termination shall be adjusted so that without prejudice to the rights of either Landlord or Tenant to recover compensation from the condemning authority for any loss or damage caused by such condemnation. Neither Landlord nor Tenant shall have any rights in or to any award made to the other by the condemning authority. If a portion of the Leased Premises is taken by condemnation but the remaining premises may be required still economically used for the purposes set forth herein, there shall be an equitable apportionment of rent. Sublet, Assignment. Tenant shall, from time to pay time, have the right to sublet all or portions of the Leased Premises for the remainder of the term only such portion or any extension thereof with the prior written approval of Landlord, which approval Landlord shall not unreasonably withhold. In the event of any sublet of the Rent as Leased Premises contemplated hereunder, Tenant shall remain primarily liable for the value payment of the part remaining after such taking bears rent herein reserved and for the performance of all other terms and conditions of this Lease required to the value be performed by Tenant. It is further understood and agreed that this Lease may be assigned by Tenant upon written approval of the entire Premises prior Landlord, such approval not to such takingbe unreasonably withheld. However, Landlord specifically agrees that this Lease may be assigned to and assumed by any parent or affiliated corporation of the Company. Landlord shall have the right to terminate may assign this Lease in the event to any person or persons without written approval of Tenant, provided that such taking causes a reduction in Rent payable hereunder any assignee of Landlord agrees to abide by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunderterms, as reasonably necessary for Tenant's conduct of its business as contemplated covenants, and conditions set forth in this Lease. Surrender at Termination. Tenant shall, then this Lease on the expiration or the sooner termination of the lease term, surrender to Landlord the Leased Premises, including all replacements, changes, additions, and improvements constructed or placed by Tenant therein, with all equipment in or appurtenant thereto, except all movable items and trade fixtures installed by Tenant, in good condition and repair, reasonable wear and tear excepted. Any movable items, trade fixtures, equipment, or personal property belonging to Tenant or to any other subtenant, if not removed at such termination and if Landlord shall thereupon terminateso elect, shall be deemed abandoned and become the property of Landlord without any payment or offset therefor. If a part Landlord shall not so elect, Landlord may remove such fixtures or all of property from the Leased Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, store them at Tenant's risk and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premisesexpense. Tenant shall have repair and restore and save Landlord harmless from all damage to the right Leased Premises caused by such removal, whether by Tenant or by Landlord. It is further understood and agreed that at the termination of this Lease or any period of extension or, renewal hereunder, Tenant shall surrender the premises to separately petition and Landlord and, at the time of such surrender, remove, or cause to claim and recover be removed, 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 Leased Premises any and all damage to Tenantitems, of whatever nature and wheresoever situate on the Leased Premises, that may in any way interfere with Landlord's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value subsequent rental of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesproperty as standard commercial real estate.
Appears in 1 contract
Condemnation. If the entire Leased Premises are taken or condemned by a governmental authority or if any part there is a taking or condemnation of so much of the Leased Premises shall be taken that the remainder is rendered unusable for any public or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunderTenant's business purposes, then this Lease shall, as to the part so taken, will terminate as of the date on which title vests in the condemnor or purchasercondemning governmental authority with the same effect as if such date were the original termination date of this Lease, and the Rent payable hereunder all rent shall be adjusted so that Tenant shall be required to pay for the remainder paid through such date. If there is a taking or condemnation of the term only such a portion of the Rent as Leased Premises that does not cause the value termination of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Leaseaforesaid, then this Lease shall thereupon terminate. If a part or all remain in effect, and Tenant's rent will be reduced to an amount that is proportionate to the portion of the Leased Premises is takenthat remains after the taking or condemnation. Tenant will not be entitled to any part of any award that may be made or for any damages that may be paid by reason of any taking or condemnation of all or any part of the Leased Premises, then all and Tenant will have no claim whatsoever against Landlord or the governmental authority for Tenant's leasehold interest or otherwise arising or resulting in any way from such taking or condemnation. All compensation awarded upon or by reason of such taking or condemnation shall go belong and be paid to Landlord and Tenant shall have no claim theretoLandlord, and Tenant hereby irrevocably assigns and transfers to Landlord any and all right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase taking or condemnation of all or a any part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Leased Premises.
Appears in 1 contract
Samples: Lease Agreement (GolfSuites 1, Inc.)
Condemnation. if 23.01. If any part portion of the Premises shall be is taken for any public or ------------ quasi-public usepurpose by any lawful government power or authority, under any statute or by exercise of the right of appropriation, reverse condemnation, condemnation or eminent domain, or private purchase sold to prevent such taking, and if the remaining portion of the Premises will not be reasonably adequate for the operation of Tenant's business after Landlord completes such repairs or alterations as Landlord elects to make, either Tenant or the Landlord may at its option terminate this Lease by notifying the other party hereto of such election in lieu thereofwriting within twenty (20) days after such taking. Tenant will not because of such taking assert any claim against the Landlord or the taking authority for any compensation because of such taking, and Landlord will be entitled to receive the entire amount of any award without deduction for any estate of interest of Tenant. If Landlord elects to make repairs, Landlord will promptly proceed to restore the Premises to substantially its same condition prior to such partial taking, allowing for any reasonable effects of such taking, and a part thereof remains which is susceptible proportionate allowance based on the loss of occupancy hereunder, then this Lease shall, as square footage will be made to Tenant for the Base Monthly Rent and Additional Rent corresponding to the part so taken, terminate as of the date title vests in the condemnor or purchasertime during which, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises, which, Tenant is deprived on account of such taking and restoration. Notwithstanding the foregoing, Tenant shall have be entitled to assert a claim against the right condemning authority for compensation for alterations made by Tenant to separately petition and to claim and recover from the Premises, for trade fixtures or other property of Tenant acquired by 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss relocation expenses, to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in extent the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party foregoing does not reduce compensation payable to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesLandlord hereunder.
Appears in 1 contract
Samples: Brightpoint Inc
Condemnation. if any part If the Landlord or Tenant terminate the Master Lease based on a provision in the Master Lease relating to eminent domain or conveyance under threat of condemnation, this Sublease shall terminate on the same date. If the Subleased Premises, the portion of the Premises shall be taken property necessary for any public Subtenant's occupancy, or ------------ quasi-public use, under any statute 50% or more of the rentable area of the property are made untenantable by right of eminent domain, or private purchase in lieu thereofconveyed under a threat of condemnation, and a part thereof remains which is susceptible this Sublease shall terminate at the option of occupancy hereunder, then this Lease shall, Tenant or Subtenant as to of the part so taken, terminate as earlier of the date title vests in the condemnor condemning authority or purchaserthe condemning authority first has possession of the portion of the property taken by the condemning authority. All Rent and other payments shall be paid to that date. If the condemning authority takes a portion of the Subleased Premises or the portion of the property necessary for Subtenant's occupancy that does not render them untenantable, then this Sublease shall continue in full force and effect and the base Rent payable hereunder shall be adjusted so that equitably reduced based on the proportion by which the floor area of any structures is reduced. The reduction in Rent shall be effective on the earlier of the date the condemning authority first has possession of such portion or title vests in the condemning authority. The Subleased Premises or the portion of the property necessary for Subtenant's occupancy shall not be deemed untenantable if 25% or less of each of those areas is condemned. As between Tenant and Subtenant, Tenant shall be required entitled to pay for the remainder of entire award from the term only such portion of the Rent as the value of the part remaining after such taking bears condemning authority attributable to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Subleased Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord property and Tenant shall have make no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of its leasehold. Subtenant shall be permitted to make a separate claim against the leasehold condemning authority for moving expenses or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to damages resulting from interruption in its business if Subtenant may terminate this Lease Sublease under this Section, provided that in the no event of a partial taking of the Premisesshall Subtenant's claim reduce Landlord's or Tenant's award.
Appears in 1 contract
Condemnation. if If all or any part portion of the Demised Premises is taken under the power of eminent domain or sold under the threat of that power (all of which are called "Condemnation"), this Lease shall terminate as to the part taken or sold on the date the condemning authority takes title or possession, whichever occurs first. If more than ten percent (10%) of the floor area of the building in which the Demised Premises is located is taken, either Landlord or Tenant may terminate this Lease as of the date the condemning authority takes title or possession, by delivering written notice to the other within ten (10) days after receipt of written notice of such taking (or in the absence of such notice, within ten (10) days after the condemning authority takes title or possession). If neither Landlord nor Tenant terminates this Lease, this Lease shall remain in effect as to the portion of the Demised Premises not taken, except that the Base Rent and Additional Rent shall be taken for reduced in proportion to the reduction in the floor area of the Demised Premises. If the Demised Premises or the rights of Tenant under this Lease shall be affected in any public way by any condemnation or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase conveyance in lieu thereof, Tenant waives all claims of any nature whatsoever against Landlord and a part thereof remains which is susceptible assigns to Landlord all claims of occupancy hereunderany nature against the condemning authority arising by reason of such condemnation or conveyance in lieu thereof, then including without limitation all claims for loss of Tenant's leasehold estate. Notwithstanding the foregoing, Tenant may file such claims with the condemning authority as may be permitted by applicable law for removal expenses, business dislocation damages, and moving expenses but only so long as such claims do not reduce any award otherwise payable to Landlord. If this Lease shallis not terminated, as Landlord shall repair any damage to the part so takenDemised Premises caused by the Condemnation, terminate as of except that Landlord shall not be obligated to repair any damage for which Xxxxxx has been reimbursed by the date title vests in condemning authority. If the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required severance damages received by Landlord are not sufficient to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. repair, Landlord shall have the right to either terminate this Lease in the event that or make such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenantrepair at Landlord's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesexpense.
Appears in 1 contract
Samples: Real Estate Lease
Condemnation. if any part of the Premises shall be taken for any public or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by If twenty-five percent (25%) or more. If all more of the Premises is ------------ condemned by eminent domain, inversely condemned or such part thereof sold in lieu of condemnation for any public or quasi-public use or purpose ("Condemned"), then Tenant or Landlord may terminate this Lease as of the date when physical possession of the Premises is taken so that there does and title vests in such condemning authority, and Rent shall be adjusted to the date of termination. Tenant shall not remain a portion susceptible because of such condemnation assert any claim against Landlord or the condemning authority for occupancy hereunderany compensation because of such condemnation, as reasonably necessary and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate of interest or other interest of Tenant's conduct of its business as contemplated . Notwithstanding anything to the contrary contained in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers entitled to Landlord any right separate award made to compensation or damages to which Tenant may become entitled during the term hereof it by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and to claim and recover from the condemning authority, but not from Landlordincluding, without limitation, an award for moving expenses, relocation costs, loss of goodwill and the unamortized cost of any improvements installed by or at the cost of Tenant. If neither party elects to terminate this Lease, Landlord shall, if necessary, promptly proceed to restore the Premises or the Building to substantially its same condition prior to such compensation as may partial condemnation, allowing for the reasonable effects of such partial condemnation, and a proportionate allowance shall be separately awarded or recoverable by made to Tenant, for the Rent corresponding to the time during which, and to the part of the Premises of which, Tenant in Tenant's own right is deprived on account of any such partial condemnation and all damage restoration. Landlord shall not be required to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and spend funds for or on account of any cost or loss to which Tenant might be put restoration in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value excess of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesamount received by Landlord as compensation awarded.
Appears in 1 contract
Condemnation. if If all or any part portion of the Premises shall be is taken for any public or ------------ quasi-public use, under any statute or by right the power of eminent domaindomain or sold under the threat of that power (all of which are called "Condemnation"), or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, shall terminate as to the part so taken or sold on the date the condemning authority takes title or possession, whichever occurs first. If more than twenty percent (20%) of the floor area of the Building is taken, Landlord may terminate this Lease as of the date the condemning authority takes title vests or possession by delivering written notice to the other within ten (10) days after receipt of written notice of such taking (or in the condemnor or purchaserabsence of such notice, and within ten (10) days after the condemning authority takes possession). If Landlord does not terminate this Lease, this Lease shall remain in effect as to the portion of the Premises not taken, except that the Base Rent payable hereunder shall be adjusted so that Tenant reduced in proportion to the reduction in floor area of the Premises. A Condemnation award or payment shall be required distributed in the following order: (a) to pay for any ground lessor, mortgagee or beneficiary under a deed of trust encumbering the Premises, the amount of its interest in the Premises; and (b) to Landlord, the remainder of the term only such portion of the Rent award, whether as compensation for reduction in the value of the part remaining after such leasehold, the taking bears of the fee, or otherwise. If this Lease is not terminated, Landlord shall repair any damage to the value of Premises caused by the entire Premises prior Condemnation, except that Landlord shall not be obligated to repair any damage for which Tenant has been reimbursed by the condemning authority. If the severance damages received by Landlord are not sufficient to pay for such taking. repair, Landlord shall have the right to either terminate this Lease in the event that or make such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or morerepair at Landlord's expense. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunderExhibit 10.6 - Lease Agreement Dated September 20, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premises.2005
Appears in 1 contract
Condemnation. if If all or any part portion of the Premises shall be Property is taken for any public or ------------ quasi-public use, under any statute or by right the power of eminent domaindomain or sold under the threat of that power (all of which are called "Condemnation"), or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, shall terminate as to the part so taken or sold on (Single-Tenant Net Form) 11 the date the condemning authority takes title or possession, whichever occurs first. If more than twenty percent (20%) of the floor area of the building in which the Property is located, or which is located on the Property, is taken, either Landlord or Tenant may terminate this Lease as of the date the condemning authority takes title vests or possession, by delivering written notice to the other within ten (10) days after receipt of written notice of such taking (or in the condemnor absence of such notice, within ten (10) days after the condemning authority takes title or purchaserpossession). If neither Landlord nor Tenant terminates this Lease, this Lease shall remain in effect as to the portion of the Property not taken, except that the Base Rent and the Additional Rent payable hereunder shall be adjusted so that Tenant reduced in proportion to the reduction in the floor area of the Property. Any Condemnation award or payment shall be required distributed in the following order: (a) first, to pay any ground lessor, mortgagee or beneficiary under a deed of trust encumbering the Property, the amount of its interest in the Property; (b) second, to the Tenant, only the amount of any award specifically designated for loss of or damage to Tenant's trade fixtures or removable personal property; and (c) third, to Landlord, the remainder of the term only such portion of the Rent award, whether as compensation for reduction in the value of the part remaining after such leasehold, the taking bears of thee fee, or otherwise. If this Lease is not terminated, Landlord shall repair any damage to the value of Property caused by the entire Premises prior Condemnation, except that Landlord shall not be obligated to repair any damage for which Tenant has been reimbursed by the condemning authority. If the severance damages received by Landlord are not sufficient to pay for such taking. repair, Landlord shall have the right to either terminate this Lease in the event that or make such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenantrepair at Landlord's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesexpense.
Appears in 1 contract
Samples: Natural Nutrition Group Inc
Condemnation. if any part If all of the Premises shall be taken for any public or ------------ quasi-public use, under any statute or by right of eminent domainComplex is Taken, or private purchase if so much of the Complex is Taken that, in lieu thereofLandlord's opinion, and the remainder cannot be restored to an economically viable, quality office building, or if the awards payable to Landlord as a part thereof remains which is susceptible result of occupancy hereunderany Taking are, then in Landlord's opinion, inadequate to restore the remainder to an economically viable, quality office building, Landlord may, at its election, exercisable by the giving of written notice to Tenant within 60 days after the date of the Taking, terminate this Lease shall, as to the part so taken, terminate as of the date title vests of the Taking or the date Tenant is deprived of possession of the Premises (whichever is later). If this Lease is not terminated as a result of a Taking, Landlord shall restore the Premises remaining after the Taking to a Building Standard condition. During the period of restoration, Base Rent shall be abated to the extent the Premises are rendered untenantable and, after the period of restoration, Base Rent and Tenant's Share shall be reduced in the condemnor or purchaser, and proportion that the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder area of the term only such portion of the Rent as the value of the part remaining after such taking Premises Taken or otherwise rendered untenantable bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all area of the Premises just prior to the Taking. If any portion of Base Rent is abated under this Section 14, Landlord may elect to extend the expiration date of the Term for the period of the abatement. All awards, proceeds, compensation or such part other payments from or with respect to any Taking of the Complex or any portion thereof is taken so that there does not remain a portion susceptible for occupancy hereundershall belong to Landlord, as reasonably necessary for Tenant's conduct Tenant hereby assigning to Landlord all of its business as contemplated in this Leaseright, then this Lease shall thereupon terminatetitle, interest and claim to same. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or assert a part of the Premises. Tenant shall have the right to separately petition and to claim for 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 businessmoving and relocation expenses, including without limitation the and depreciation to and loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipmentpersonal property. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesREMAINDER OF PAGE LEFT INTENTIONALLY BLANK.
Appears in 1 contract
Condemnation. if As used in this Section 18.01, the term “Condemnation Proceeding(s)” means any part of action or proceeding in which any interest in the Leased Premises shall be or the Building is taken for any public or ------------ quasi-public use, under purpose by any statute lawful authority through exercise of the power of eminent domain or right of condemnation or by right of eminent domain, purchase or private purchase otherwise in lieu thereof. If the whole of the Leased Premises is taken through Condemnation Proceedings, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, shall automatically terminate as of the date title vests possession is taken by the condemning authority. If in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder excess of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Leased Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant either party hereto shall have the right option to separately petition terminate this Lease by giving the other written notice of such election at any time within thirty (30) days after the date of taking. If less than twenty-five percent (25%) of the space is taken and Landlord determines, in Landlord’s sole discretion, that a reasonable amount of reconstruction thereof shall not result in the Leased Premises or the Building becoming a practical improvement reasonably suitable for use for the purpose for which it is designed, then Landlord may elect to claim and recover terminate this Lease by giving thirty (30) days written notice as provided hereinabove. If Landlord does not commence to repair or rebuild for a period equaling one hundred eighty (180) days from the condemning authoritydate of the insurance settlement, but not Tenant may terminate this Lease upon thirty (30) days’ prior written notice to Landlord. In all other cases, or if neither party exercises its option to terminate, this Lease shall remain in effect and the rent payable hereunder from Landlord, such compensation as may and after the date of taking shall be separately awarded or recoverable by Tenant proportionately reduced in Tenant's own right on account proportion to the ratio of: (i) the area contained in the Leased Premises which is capable of occupancy after the taking; to (ii) the total area contained in the Leased Premises which was capable of occupancy prior to the taking. In the event of any termination or rental reduction provided for in this Section 18.01, there shall be a proration of the rent payable under this Lease and Landlord shall refund any excess theretofore paid by Tenant. Whether or not this Lease is terminated as a consequence of Condemnation Proceedings, all damage to Tenant's businessdamages or compensation awarded for a partial or total taking, including without limitation the loss of goodwill by reason of any appropriation, and sums compensating Tenant for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of or deprivation of its leasehold estate, shall be the leasehold or the bonus value sole and exclusive property of this Lease. Each party waives the provisions Landlord, except that Tenant shall be entitled to any awards intended to compensate Tenant for expenses of Code of Civil Procedure, Section 1265.130, allowing either party locating and moving Tenant’s operations to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesnew space.
Appears in 1 contract
Samples: Lease (Sera Prognostics, Inc.)
Condemnation. if If during the Term, or during the period of time between the execution of this Lease and the Lease Commencement Date, there is any taking of all or any part of the Premises shall be taken for or any interest in this Lease by the exercise of any governmental power, whether by legal proceedings or otherwise, by any public or ------------ quasi-public use, under any statute or by right of eminent domainauthority, or private purchase in lieu thereofcorporation or individual, and a part thereof remains which is susceptible having the power of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as condemnation (any of the date title vests in preceding a “Condemnor”), or a voluntary sale or transfer by Landlord to any Condemnor, either under threat of condemnation or while legal proceedings for condemnation are pending (any of the condemnor or purchaserpreceding, a “Condemnation”), the rights and the Rent payable hereunder shall be adjusted so that obligations of Landlord and Tenant shall be required determined pursuant to pay for the remainder of the term only this Paragraph. If such portion of the Rent as the value of the part remaining after such taking bears to the value Condemnation is of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this LeasePremises, then this Lease shall thereupon terminateterminate on the date the Condemnor takes possession of the Premises (the “Date of Condemnation”). A temporary Condemnation of the Premises, or any part of the Premises, for less than one hundred eighty (180) days, shall not constitute a Condemnation under this Paragraph; but the Basic Monthly Rent shall xxxxx as to the portion of the Premises affected during such temporary Condemnation. If a part or all such Condemnation is of any portion, but not all, of the Premises, then this Lease shall remain in effect, except that, if the remaining portion of the Premises is takenrendered unsuitable for Tenant’s continued use of the Premises, then Tenant may elect to terminate this Lease, by so notifying Landlord in writing (the “Termination Notice”) within thirty (30) days after the date that the nature and extent of the Condemnation have been determined. Such termination shall be effective on the earlier of (i) the date that is thirty (30) days after the giving of the Termination Notice, or (ii) the Date of Condemnation. If Tenant does not give to Landlord the Termination Notice within such thirty (30) day period, then all compensation awarded upon obligations of Tenant under this Lease shall remain in effect, except that (unless the Premises or restored as set forth bellow) Basis Monthly Rent shall be reduced by the ratio of (a) the area of the Premises taken to (b) the area of the Premises immediately prior to the Date of Condemnation. Notwithstanding anything to the contrary in this Paragraph, if, within twenty (20) days after Landlord’s receipt of the Termination Notice, Landlord notifies Tenant that Landlord at its cost will add to the remaining Premises (or substitute for the Premises other comparable space in the Project) so that the area of the Premises will be substantially the same after the Condemnation as they were before the Condemnation, and Landlord commences the restoration promptly and completes it within one hundred fifty (150) days after Landlord so notifies Tenant, then all obligations of Tenant under this Lease shall remain in effect, except that Basic Monthly Rent shall be abated or reduced during the period from the Date of Condemnation until the completion of such taking shall go restoration by the ratio of (A) the area of the Premises taken to (B) the area of the Premises immediately prior to the Date of Condemnation. Unless Landlord restores the Premises pursuant to the preceding sentence, or unless Tenant gives to Landlord and the Termination Notice within the relevant thirty (30) day period, Tenant at its sole cost shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord accomplish any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and to claim and recover from the condemning authority, but not from Landlord, such compensation as may be separately awarded or recoverable restoration required by Tenant in Tenant's own right on account of any to use the 525-937-A, B and all damage to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which C Landmark National Ban—Revised 8-16-01 Standard Shopping Lease FINAL 8-16-01 Landlord /s/ [ILLEGIBLE] Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premises./s/ [ILLEGIBLE]
Appears in 1 contract
Condemnation. if any If all or part of the Premises shall be Building is taken or condemned by any authority for any public use or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase purpose (including a deed given in lieu thereofof condemnation), and a part thereof remains which is susceptible of occupancy hereunderrenders the Premises substantially untenable, then this Lease shall, as to the part so taken, shall terminate as of the date title vests in the condemnor or purchasersuch authority, and the Rent payable hereunder shall be adjusted so that Tenant apportioned as of such date. If any part of the Building is taken or condemned but the Premises are still substantially tenable (including a deed given in lieu of condemnation), this Lease shall not terminate. If the taking reduces the leased area in the Premises, Rent shall be required to pay equitably reduced for the remainder period of such taking by an amount which bears the term only such portion of same ratio to the Rent then in effect as the value of the part remaining after such taking Leased Area so taken or condemned bears to the value Leased Area set forth in Section 1B. Landlord, upon receipt and to the extent of the entire award in condemnation or proceeds of sale, shall make necessary repairs and restorations (exclusive of leasehold improvements and personal property installed by Tenant) to restore the Premises prior remaining to such takingas near their former condition as circumstances will permit, and to the Building and the Property to the extent necessary to constitute the portion not so taken or condemned as complete. Landlord shall have be entitled to receive the right to terminate this Lease in the event that such entire price or award from any sale, taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premiseswithout any payment to Tenant. Tenant shall have the right separately to separately petition and to claim and recover from pursue against the condemning authorityauthority an award in respect to the loss, but not from Landlordif any, such compensation as may be separately awarded or recoverable to leasehold improvements paid by Tenant in without any credit or allowance for Landlord and for any loss for injury, damage, or destruction of Tenant's own right on account of business resulting from such taking. Under no circumstances shall Tenant seek or be entitled to any and all damage to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and compensation for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the its leasehold estate which Tenant hereby assigns to Landlord, except to retain at least those sums necessary (or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party in part) to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesrelocate its personnel and equipment.
Appears in 1 contract
Samples: Lease Agreement (Insurance Management Solutions Group Inc)
Condemnation. if If the Property or any part of portion thereof is taken under the Premises shall be taken for any public or ------------ quasi-public use, under any statute or by right power of eminent domain, or private purchase in lieu thereof, and a part thereof remains sold under the threat of the exercise of said power (either of which is susceptible of occupancy hereunderherein called "condemnation"), then this Lease shall, shall terminate as to the part so taken, terminate taken as of the date the condemning authority takes title vests or possession, whichever first occurs. If more than twenty percent (20%) of the Property or such portion thereof as will make the Property unusable for the purposes herein leased is taken by condemnation, either party may terminate this Lease by notice to the other, in writing, only within ten (10) days after Landlord shall have given Tenant written notice of such condemnation or pending condemnation (or in the condemnor or purchaserabsence of such notice, and within ten (10) days after the Rent payable hereunder condemning authority shall be adjusted so that Tenant shall be required have taken possession), such termination to pay for the remainder take effect as of the term only such date the condemning authority takes possession. If neither party terminates this Lease in accordance with the foregoing, this Lease shall remain in full force and effect as to the portion of the Rent as Property remaining, except that the value of rent shall be reduced in the part remaining after such taking proportion that the floor area taken bears to the value total floor area of the entire Premises prior to such takingProperty. Landlord Any award or payment made in connection with a condemnation shall have be the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all property of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and to claim and recover from the condemning authority, but not from Landlord, whether such award shall be made in settlement of contemplated condemnation proceedings or as 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or for the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesfee, or as severance or other damages; provided, however, that Tenant shall be entitled to any separate award made to Tenant which does not diminish Landlord's award, such as for loss of or damage to Tenant's trade fixtures and removable personal property and Tenant's moving expenses, Tenant's option rights and any Tenant Improvements made by Tenant. In the event that this Lease is not terminated by reason of such condemnation, Landlord shall, to the extent of severance damages received by Landlord in connection with such condemnation, repair any damage to the Property caused by such condemnation except to the extent that Tenant has been reimbursed therefor by the condemning authority. Tenant shall pay any amount in excess of such severance damages required to complete such repair. Landlord shall in no event be obligated to repair or replace any items other than those installed by or at the expense of Landlord.
Appears in 1 contract
Condemnation. if If any part of the Premises shall be taken for any public or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises Townhome is takentaken by a governmental agency or other body having the right to take property, then all compensation awarded upon such this Lease shall end on the date of the taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold Lease or any part of any award for the bonus value taking, all of which shall belong to Landlord. Any rent paid by Tenant after the date of the taking shall be refunded to Tenant, pro-rated to date of taking. Upon termination of this Lease, Tenant shall deliver the Townhome to Landlord together with any and all sums due to that date. Each party waives Removal at End of Term At the provisions end of Code this Lease, Tenant will leave the Townhome by 12:00 noon on the last day of Civil Procedurethe Lease Term or date of termination, Section 1265.130and leave the Townhome in good condition and substantially the same condition as delivered to Tenant, allowing either party subject to petition only reasonable wear and tear, vacuum cleaned. Tenant will remove all Tenants’ personal property from the Superior Court Townhome. If Tenant fails to terminate leave the Townhome when the Lease ends, Tenant shall be in default of the Lease and shall pay rent for any holdover period at the rate per month of 200% of the monthly installments for the immediately previous Lease Term and also pay Landlord for any and all damages Landlord sustains as a result of the Tenant’s failure to vacate the Townhome. In the event that Tenant vacates the Townhome and leaves behind personal property or any type, Tenant hereby consents to Landlord disposing of such property as determined by Landlord and to immediately pay all costs of such disposal, with interest at the maximum rate allowed by law. Default Tenant will be in default under this Lease if Tenant does any of the following: Tenant fails to pay rent or additional rent when due; or Tenant assigns this Lease or sublets the Townhome without Landlord’s written consent; or Tenant violates any term of this Lease, any Term of any signed Addendum to this Lease, the Rules and Regulations or any other agreement between the parties; or Tenant or Tenant’s family, guests, or visitors engage in illegal, improper or objectionable conduct. Landlord will give Tenant written notice of default specifying the default and Tenant will have three (3) days to cure the default, except in the event of default in payment of rent or Additional Rent. If Tenant fails to cure the default within the three (3) day period, Landlord shall have the option to terminate the Lease by giving written notice to Tenant and/or Landlord may turn Tenant over to a partial taking collection agency and/or bring legal action against Tenant to recover possession of the PremisesTownhome and all amounts Tenant may owe including rent, Additional Rent, expenses incurred in recovering possession, re-renting or repairing the Townhome or Community, attorneys’ fees resulting from attempts to take possession of the Townhome and amounts due under the Lease, disbursements, penalties and interest. In the event of default in payment of rent or Additional Rent, Landlord shall have the option to deliver notices as provided above for other defaults or to give a single written notice of default specifying the default and terminating the lease effective immediately, and/or Landlord may turn Tenant over to a collection agency and/or bring legal action against Tenant to recover possession of the Townhome and all amounts Tenant may owe including rent, Additional Rent, expenses incurred in recovering possession, re-renting or repairing the Townhome or Community, attorneys’ fees resulting from attempts to take possession of the Townhome and amounts due under the Lease, disbursements, penalties and interest. Tenant shall pay all Landlord’s costs and expenses in the enforcement of this Lease, including all reasonable attorney’s fees, collections fees, costs and expenses. In the event of default under this Lease, Landlord may re-rent the Townhome and any rent received shall be applied to all amounts Tenant may owe including rent, Additional Rent, expenses incurred in recovering possession, re-renting or repairing the Townhome or Community, attorneys’ fees, disbursements, penalties and interest. In the event of default by the Tenant under this Lease, Tenant agrees that Landlord may apply the Security Deposit to any and/or all amounts Tenant may owe including rent, additional rent, expenses incurred in recovering possession, re-renting or repairing the Townhome or complex, or in enforcing the terms of this lease; attorneys’ fees; collections fees; disbursements; and penalties.
Appears in 1 contract
Samples: Lease Agreement
Condemnation. if If Landlord’s mortgagee elects to apply all or any part of the Premises shall be taken for any public or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears condemnation award for damage to the value of remainder to the entire Premises prior indebtedness secured by such mortgagee’s deed to secure debt on the Premises, then, no later than thirty (30) days after Landlord has been notified by Landlord’s mortgagee that such taking. mortgagee intends to apply such condemnation award to the mortgage debt, Landlord shall have elect, which election shall be made in writing to Tenant, to either: (a) pay into the right Depositary an amount equal to the condemnation award for damage to the remainder applied by Landlord’s mortgagee to the mortgage debt, or (b) terminate this Lease Lease, which termination shall be effective on the date set forth in the Landlord’s notice, but in no event that such taking causes a reduction in Rent payable hereunder by twenty-five percent sooner than sixty (25%60) or moredays and no later than one hundred twenty (120) days after delivery of Landlord’s notice when Tenant elects to proceed under option (a) above within thirty (30) days after receipt of Landlord’s termination notice. If all of the Premises Landlord (or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunderTenant) elects option (a) above, then Landlord (or Tenant, as reasonably necessary for applicable) shall deposit into the Depositary the amount due from Landlord (or Tenant's conduct ) no later than thirty (30) days after Landlord has delivered written notice of its business election to Tenant (or Tenant has delivered its election notice to Landlord, as contemplated applicable). Notwithstanding anything to the contrary in this Section 24.3.3, if the sole reason Landlord’s mortgagee is applying the condemnation award to the mortgage indebtedness is because Landlord is in default under such mortgage, and Landlord’s default is solely the direct result of a Default by Tenant under this Lease, then this Lease Tenant shall thereupon terminate. If a part or all be liable for the payment into the Depositary of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason amount of the purchase or condemnation of all or a part of award applied to the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesmortgage indebtedness.
Appears in 1 contract
Samples: Agreement (Cryolife Inc)
Condemnation. if any part of If the Premises shall be taken for any public or ------------ quasi-public use, under any statute the Building is rendered untenantable by reason of a condemnation (or by right of eminent domain, or private purchase a deed given in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder), then either party may terminate this Lease shall, as by giving written notice of termination to the part so takenother party within thirty (30) days after such condemnation, in which event this Lease shall terminate effective as of the date title vests that possession of such property is required to be delivered to the condemning authority. If this Lease so terminates, Rent shall be paid through and apportioned as of the date of such condemnation. If such condemnation does not render the Premises or the Building untenantable, or if such condemnation affects the Common Areas but not the Premises, and after such condemnation Landlord shall have sufficient Common Areas in the condemnor or purchaserProject to enable it to meet all of its obligations to tenants of the Project, including Tenant, this Lease shall continue in effect and Landlord shall promptly restore the Rent payable hereunder shall be adjusted so that portion not condemned to the extent reasonably possible to the condition existing prior to the condemnation and Tenant shall be entitled to an abatement of Rent based on the extent of Tenant's impairment of the use of its Premises. In such event, however, Landlord shall not be required to pay for the remainder expend an amount in excess of the term only proceeds received by Landlord from the condemning authority. Landlord reserves all rights to compensation for any condemnation, except for such portion of amount the Rent as the value of the part remaining after such taking bears condemning authority attributes to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease Tenant's leasehold interest in the event Premises and relocation expenses, but only to the extent that any such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there award to Tenant does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of reduce the Premises is taken, then all compensation awarded upon such taking shall go amount payable to Landlord and Tenant shall have no claim thereto, and on account of such condemnation. Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. have to such compensation, and Tenant shall have the right to separately petition and to make no claim and recover from against Landlord or the condemning authority, but not from Landlord, such authority for compensation as may be separately awarded or recoverable by Tenant in for termination of Tenant's own right on account of any and all damage to leasehold interest under this Lease or interference with Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premises.
Appears in 1 contract
Samples: Tenant Improvements Construction Agreement (Silicon Gaming Inc)
Condemnation. if If Premises or any part portion thereof are taken under the power of eminent domain or sold under the threat of the Premises shall be taken for any public or ------------ quasi-public useexercise of said power (all of which are herein called "condemnation"), under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, shall terminate as to the part so taken, terminate taken as of the date the condemning authority takes title vests in the condemnor or purchaserpossession, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder whichever first occurs. If more than 10% of the term only such portion floor area of Premises, or more than 25% of the Rent as the value area of the part remaining Building, is taken by condemnation, Tenant may, at Tenant's option, to be exercised in writing only within ten (10) days after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have given Tenant written notice of such taking (or in the right to absence of such notice, within ten (10) days after the condemning authority shall have taken possession) terminate this Lease as of the date the condemning authority takes such possession. If Tenant does not terminate this Lease in accordance with the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunderforegoing, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminateremain in full force and effect as to the portion of Premises remaining, except that the rent shall be reduced in the proportion that the floor area taken bears to the total floor area of Premises. If a part or all of Any award for the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a any part of Premises under the Premises. Tenant power of eminent domain or any payment made under threat of the exercise of such power shall have be the right to separately petition and to claim and recover from the condemning authority, but not from property of Landlord, whether such award shall be made as 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or for the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesfee, or as severance damages; provided, however, that Tenant shall be entitled to any award for loss of or damage to Tenant's trade fixtures and removable personal property. If this Lease is not terminated by reason of such condemnation, Landlord shall to the extent of severance damages received by Landlord in connection with such condemnation, repair any damage to the Premises caused by such condemnation except to the extent that Tenant has been reimbursed therefor by the condemning authority. Tenant shall pay any amount in excess of such severance damages required to complete such repair.
Appears in 1 contract
Samples: Lease Agreement
Condemnation. If all or any substantial part of the Property (including, without limitation, any parking area serving the Building) is taken by or under threat of condemnation so as to render the Property wholly untenantable, then this Lease will automatically terminate as of the date of the vesting of title to such part of the Property in the condemning authority. If a taking does not render the Property wholly untenantable, then this Lease will not terminate but will continue in full force and effect in accordance with its terms, except that the Base Rent will be proportionately reduced to reflect the number of rentable square feet of space, if any, in the Building which was so taken. Landlord will not be liable to Tenant for any inconvenience or interruption to Tenant's business occasioned by any such taking. Landlord will promptly notify Tenant of the institution of any condemnation proceeding effecting the Property. If any taking does not result in the termination of this Lease, then Landlord will, at its sole expense, make all repairs to the Property which are necessary to constitute the Property as a complete architectural unit. Landlord will be entitled to receive the entire award made by the condemning authority for any such taking, provided, however, that Tenant will have the right to receive any separate award made by the condemning authority with respect to the value of any improvements made to the Building at Tenant's sole cost and expense. Notwithstanding anything to the contrary contained herein, if any part of the Premises shall be Property is taken for by or under threat of condemnation at any public or ------------ quasi-public usetime during the last six months of the Lease Term, under any statute or by right such that at least 51% of eminent domain, or private purchase in lieu thereof, and a part thereof remains which the rentable square footage of the Building is susceptible of occupancy hereunderrendered untenantable, then this Lease shall, as to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall will have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all delivering written notice of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go termination to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers within thirty days after the vesting of title to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a such part of the Premises. Tenant shall have the right to separately petition and to claim and recover from Property in 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premises.
Appears in 1 contract
Samples: Lease Agreement (Hte Inc)
Condemnation. if In the event that all or any part portion of the Premises shall be damaged or taken for through condemnation (which term shall include any public damage or ------------ taking by any governmental authority, quasi-public usegovernmental authority, under any statute or by right party having the power of eminent domaincondemnation, or any transfer by private purchase sale in lieu thereof), or any such condemnation shall be threatened, Borrower shall give prompt written notice to Lender. Lender acknowledges that Owner’s rights to any condemnation award is subject to the terms of the Mortgage. Notwithstanding the foregoing, Borrower may not and a part thereof remains shall not permit Owner, Senior Mezz Borrower or Intermediate Mezz Borrower to settle or compromise any claim, action or proceeding relating to such damage or condemnation without the prior written consent of Lender, which shall not be unreasonably withheld, delayed or denied; provided, further, that either Owner, Senior Mezz Borrower or Intermediate Mezz Borrower may settle, adjust and compromise any such claim, action or proceeding which is susceptible of occupancy hereunder, then this Lease shall, as an amount less than $250,000 provided no Event of Default has occurred. Any proceeds remaining after the application of any award to reconstruct or repair the Premises or to the part so taken, terminate as payment of the date title vests in Mortgage Loan, the condemnor or purchaser, Senior Mezz Loan and the Rent payable hereunder Intermediate Mezz Loan shall be adjusted so that Tenant shall be required paid to pay for Lender and applied to the remainder payment of the term only such Debt whether or not then due. In the event that Owner is permitted pursuant to the terms of the Mortgage to reconstruct, restore or repair the Premises following a condemnation of any portion of the Rent as Premises, Borrower shall cause Owner to promptly and diligently repair and restore the value of Premises in the part remaining after such taking bears to manner and within the value of time periods required by the entire Premises prior to such takingMortgage, the Leases and any other agreements affecting the Premises. Landlord shall have the right to terminate this Lease in In the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all Owner is permitted pursuant to the terms of the Premises Mortgage to elect not to reconstruct, restore or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of repair the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or following a condemnation of all or a part any portion of the Premises. Tenant , Borrower shall have not permit Owner to elect not to reconstruct, restore or repair the right to separately petition and to claim and recover from Premises without 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 prior written consent of any and all damage to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesLender.
Appears in 1 contract
Samples: Loan and Security Agreement (Morgans Hotel Group Co.)
Condemnation. if If all or any part portion of the Premises shall be Property ------------ is taken for any public or ------------ quasi-public use, under any statute or by right the power of eminent domaindomain or sold under the threat of that power (all of which are called "Condemnation"), or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, shall terminate as to the part so takentaken or sold on the date the condemning authority takes title or possession, whichever occurs first. If in the reasonable judgment of Tenant the Condemnation renders the Property substantially unusable to Tenant for the intended purposes of the Lease, either Landlord or Tenant may terminate this Lease as of the date the condemning authority takes title vests or possession, by delivering written notice to the other within ten (10) days after receipt of written notice of such taking (or in the condemnor or purchaserabsence of such notice, and within ten (10) days after the condemning authority takes possession). If neither Landlord nor Tenant terminates this Lease, this Lease shall remain in effect as to the portion of the Property not taken, except that the Base Rent payable hereunder shall be adjusted so that Tenant reduced in proportion to the reduction in the floor area of the Property. Any Condemnation award or payment shall be required distributed in the following order: (a) first, to pay any ground lessor, mortgagee or beneficiary under a deed of trust encumbering the Property, the amount of its interest in the Property; (b) second, to Tenant only the amount of any award specifically designated for loss of or damage to Tenant's trade fixtures or removable personal property; and (c) third, to Landlord, the remainder of the term only such portion of the Rent award, whether as compensation for reduction in the value of the part remaining after such leasehold, the taking bears of the fee, or otherwise. If this Lease is not terminated, then subject to the value terms of any debt lien against the entire Premises prior Property, Landlord shall repair any damage to the Property caused by the Condemnation, except that Landlord shall not be obligated to repair any damage for which Tenant has been reimbursed by the condemning authority. If the severance damages received by Landlord are not sufficient to pay for such taking. repair, Landlord shall have the right to either terminate this Lease in the event that or make such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or morerepair at Landlord's expense. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated Nothing in this Lease, then this Lease Section shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go be construed to Landlord and prevent Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord from exercising any right it may have under the law to prosecute its own separate claim for damages or compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and to claim and recover obtain an award independent from the condemning authority, but not from award due to 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premises.
Appears in 1 contract
Samples: United Natural Foods Inc
Condemnation. if A. If there is taken by a condemnation proceeding or sought to be taken by a governmental authority under threat of condemnation any part of the Premises, the Drive-In Facilities or the Building, excluding any part not interfering with maintenance, operation or use of the Premises, Landlord may elect to terminate this Lease or to continue same in effect. If Landlord elects to continue the Lease, the Base Rent, as adjusted in accordance with Section 7 hereof shall be abated in proportion to the area of the Premises so taken and Landlord shall repair any damage to the Premises or Building resulting from such taking. If any part of the Premises shall be is taken for any public or ------------ quasi-public useby condemnation, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right may elect to terminate this Lease or to continue same in effect. If Tenant elects to continue this Lease, the event that Base Rent, as adjusted in accordance with Section 7 hereof, shall be abated in proportion to the area of the Premises so taken and Landlord shall repair any damage to the Premises resulting from such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or moretaking. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunderby condemnation, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminateterminate on the date of taking. If a part All sums awarded or all of the Premises is taken, then all compensation awarded agreed upon such taking shall go to between Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of condemning authority for the purchase or condemnation of all or a part taking of the Premises, or the total or partial taking, will be property of Landlord. Tenant If this Lease is terminated under the provisions of this Section, tenant shall have pay Landlord all sums, owing hereunder up to the right to separately petition and to claim and recover from date possession is taken by the condemning authority, but not from Landlord, such compensation as may be separately awarded . Tenant’s right to abatement of rent or recoverable by Tenant in Tenant's own right on account of any and all damage to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value cancellation of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease shall be Tenant’s sole remedy in the event of a partial taking condemnation except that Tenant may maintain any action for recovery of the Premisesloss of its Improvements.
Appears in 1 contract
Condemnation. if If the Premises or any portion of the Premises is taken under the power of eminent domain, or sold under the threat of the exercise of this power (“condemnation”), this Lease shall terminate as to any part of the Premises so taken as of the earliest date the condemning authority takes title or possession. If more than ten (10%) percent of the floor area of the Premises is taken by the condemnation, Lessee may, on written notice to Lessor within ten (10) days after Lessor shall be taken for any public have given Lessee written notice of the taking (or ------------ quasi-public usein the absence of that notice, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then within ten (10) days after the condemning authority takes possession) terminate this Lease shall, as to the part so taken, terminate as of the date title vests the condemning authority takes possession. If Lessee does not so terminate this Lease this Lease shall remain in full force and effect as to the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Premises remaining, except that the Adjusted Base Rent as shall be reduced in the value proportion that the floor area of the part remaining after such taking Premises taken bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part total area of the Premises. Tenant Any award for the taking of all or any part of the Premises under the power of eminent domain or any payment made under threat of the exercise of such power shall have be property of Lessor, whether the right to separately petition and to claim and recover from the condemning authority, but not from Landlord, such award is made as 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesfee, or as severance damages; provided, however, that Lessee shall be entitled to any award for loss of or damage to Lessee’s trade fixtures and removable personal property. If this Lease is not terminated by reason of a condemnation, Lessor shall repair any damage to the Premises caused by that condemnation except to the extent that Lessee has been reimbursed for that damage by the condemning authority. If the damages received by Lessor in connection with that condemnation are not sufficient to effect repair, Lessor may either make that repair at Lessor’s expense or terminate this Lease.
Appears in 1 contract
Samples: Bway Corp
Condemnation. if If all or any part portion of the Premises shall be Property is taken for any public or ------------ quasi-public use, under any statute or by right the power of eminent domaindomain or sold under the threat of that power (all of which are called “Condemnation”), or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, shall terminate as to the part so taken or sold on the date the condemning authority takes title or possession, whichever occurs first. If more than twenty percent (20%) of the floor area of the building in which the Property is located, or which is located on the Property, is taken, either Landlord or Tenant may terminate this Lease as of the date the condemning authority takes title vests or possession, by delivering written notice to the other within ten (10) days after receipt of written notice of such taking (or in the condemnor absence of such notice, within ten (10) days after the condemning authority takes title or purchaserpossession). If neither Landlord nor Tenant terminates this Lease, this Lease shall remain in effect as to the portion of the Property not taken, except that the Base Rent, or the Option Rent, as the case may be, and the Additional Rent payable hereunder shall be adjusted so that Tenant reduced in proportion to the reduction in the floor area of the Property. Any Condemnation award or payment shall be required distributed in the following order: (a) first, to pay any ground lessor, mortgagee or beneficiary under a deed of trust encumbering the Property, the amount of its interest in the Property; (b) second, to Tenant, only the amount of any award specifically designated for loss of or damage to Tenant’s trade fixtures or removable personal property; and (c) third, to Landlord, the remainder of the term only such portion of the Rent award, whether as compensation for reduction in the value of the part remaining after such leasehold, the taking bears of the fee, or otherwise. If this Lease is not terminated, Landlord shall repair any damage to the value of Property caused by the entire Premises prior Condemnation, except that Landlord shall not be obligated to repair any damage for which Tenant has been reimbursed by the condemning authority. If the severance damages received by Landlord are not sufficient to pay for such taking. repair, Landlord shall have the right to either terminate this Lease or make such repair at Landlord’s expense. In the alternative, Tenant may make up the deficiency in such reimbursement to make the event that such taking causes a reduction in Rent payable hereunder repairs and offset the rent by twenty-five amortizing the cost (including an interest factor of eight percent (258%) or more. If all of per annum to account for the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the time value of the leasehold or capital outlay) over the bonus value remaining term of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in equal monthly amounts and the event of a partial taking of the PremisesLease shall continue in effect.
Appears in 1 contract
Samples: Industrial Real Estate Lease (Dicks Sporting Goods Inc)
Condemnation. if any part If all or a portion of the Leased Premises shall be taken for any public or ------------ quasi-public use, use under any statute governmental law, ordinance or regulation, or by right of eminent domain, domain or private by purchase in lieu thereof, and a part thereof remains which the Leased Premises in whole is susceptible of occupancy hereunderrendered untenantable in the Landlord's reasonable discretion, then Tenant, at its option may terminate this Lease. Otherwise, this Lease shallshall at the option of Landlord, as either (I) terminate and the rent shall be abated during the unexpired portion of this Lease effective on the date physical possession is taken by the condemnation authority, if the damage to the part so takenLeased Premises is material and the Leased Premises is substantially untenantable, or (ii) this Lease shall not terminate and Landlord shall restore and reconstruct, to the extent of condemnation proceeds (excluding any proceeds for land) actually received after the exercise by any mortgagee of the Property of an option to apply such proceeds against Landlord's debt to such mortgagee, the Property and other improvements on the Leased Premises to the extent necessary to make it reasonably tenantable. The Base Rent payable under this Lease during the unexpired portion of the term shall be reduced to an amount determined by multiplying the Base Rent that would otherwise be payable for this provision by the ratio that the portion of the Leased Premises not rendered untenantable bears to the total net rentable area of the Leased Premises prior to the casualty, until such time as the whole of the Leased Premises is restored, at which time the Tenant's obligation to pay full rent shall resume. If Landlord fails to substantially complete such restoration and reconstruction within one hundred and twenty (120) working days of the date title vests in of physical possession by the condemnor or purchasercondemning authority, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to may at its option terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder lease by twenty-five percent (25%) or more. If delivering written notice of termination to Landlord, whereupon all rights and obligations of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminatecease to exist. If a part or all of the Premises is taken, then all All compensation awarded upon such for any taking shall go to Landlord and Tenant shall have no claim thereto(or the proceeds of private sale in lieu thereof), and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during whether for the term hereof by reason of the purchase or condemnation of all whole or a part of the Leased Premises. Tenant , shall have be the right property of Landlord (whether such award is compensation for damaged to separately petition and to claim and recover from the condemning authority, but not from Landlord, such compensation as may be separately awarded 's or recoverable by Tenant in Tenant's own right on account of any and all damage to Tenant's business, including without limitation interest in the loss of goodwill by reason of any appropriationLeased Premises), and for or on account Tenant hereby assigns all of its interest in any cost or loss such award to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no eventLandlord; provided, however, Landlord shall the have no interest in any award made to Tenant for loss of goodwill include any diminution in the value of the leasehold business or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial for taking of Tenant's fixtures and other property within the PremisesLeased Premises if a separate award for such items is made to Tenant.
Appears in 1 contract
Samples: Admiralty Bancorp Inc
Condemnation. if If the Land or the Building (or any part portion of the Premises Building, the loss of which would require reconfiguration or restoration of the Building which Landlord reasonably estimates will cost in excess of 25% of the current replacement cost of the Building) shall be taken or condemned by any competent authority for any public or ------------ quasi-public useuse or purpose, under any statute Landlord shall have the right, exercisable at its sole direction, to cancel the Lease upon not less than sixty (60) days' notice prior to the date of cancellation designated in the notice. No money or other consideration shall be payable by Landlord to Tenant for the right of eminent domain, cancellation and Tenant shall have no right to share in the condemnation award or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as any judgment for damages caused by such taking or condemnation. If any such taking (i) renders 25% or more of the Building untenantable or (ii) renders general Building systems inoperable and such systems cannot be repaired in Landlord's reasonable estimate within three hundred sixty-five (365) days from the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to or (iii) occurs within the value of the entire Premises prior to such taking. last two (2) Lease Years, Landlord or Tenant shall have the right to terminate this Lease in as of the event that date of such taking causes a reduction in Rent payable hereunder by twenty-five percent upon written notice given to the other at any time within one hundred twenty (25%120) or moredays after the date of such taking. If all of the Premises or such part thereof is taken so that there does Landlord shall have no liability to Tenant, and Tenant shall not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in be entitled to terminate this Lease, then this Lease shall thereupon terminate. If a part or all by virtue of the Premises is takenany delays in completion of such repairs and restoration unless such repairs are not completed within such 365-day period, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to in which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. event Tenant shall have the right to separately petition terminate the Lease if such repairs are not completed within such 365-day period, subject to extension under Section 12.15, by notice given within 30 days after such repair period expires, which notice shall be deemed withdrawn if the restoration is completed within 30 days after such notice is delivered to Landlord. Annual Fixed Rent and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no eventadditional rent, however, shall the loss of goodwill include any diminution in the value abate on those portions of the leasehold or Premises as are, from time to time, xxtenantable and, in fact, unoccupied by Tenant as a result of such taking. Exhibit E Form of SNDA SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT Tenant Name: ___________________________ Trade Name: ____________________________ Room/Unit No.: _________________________ THIS AGREEMENT is dated the bonus value _____ day of this Lease. Each party waives the provisions ____________________, 20__, and is made by and among CONNECTICUT GENERAL LIFE INSURANCE COMPANY, having an address c/o CIGNA Investments, Inc., 900 Cottage Grove Road, Hartford, Connecticut 06152, Attn: Debt Asset Xxxxxxxxxx, X-000 ("Xxxxxxxxx"), _______________________________________________________, d/b/a _____________________________________________________, having an address of Code ________________________________________________________ ("Tenant"), and _____________________________________________________, having an address of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premises________________________________________ ("Landlord).
Appears in 1 contract
Samples: Lease (Dayton Superior Corp)
Condemnation. if If all or any part portion of the Premises shall be Property is taken for any public or ------------ quasi-public use, under any statute or by right the power of eminent domaindomain or sold under the threat of that power (all of which are called "Condemnation"), or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, shall terminate as to the part so taken or sold on the date the condemning authority takes title or possession, whichever occurs first. If more than twenty percent (20%) of the floor area of the building in which the Property is located, or which is located on the Property, is taken, either Landlord or Tenant may terminate this Lease as of the date the condemning authority takes title vests or possession, by delivering written notice to the other within ten (10) days after receipt of written notice of such taking (or in the condemnor absence of such notice, within ten (10) days after the condemning authority takes title or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only possession). If such portion of the Rent parking areas and/or driveways serving the Property is taken and, as a result, Tenant's ingress and egress to and from the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord Property is materially axx xxxstantially impaired, Tenant shall have the right to terminate this Lease as of the date the condemning authority takes title or possession, by delivering written notice to Landlord as provided in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or morepreceding sentence. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in neither Landlord nor Tenant terminates this Lease, then this Lease shall thereupon terminateremain in effect as to the portion of the Property not taken, except that the Base Rent and Additional Rent shall be reduced in proportion to the reduction in the floor area of the Property. Any condemnation award or payment shall be distributed in the following order: (a) first, to any ground lessor, mortgagee or beneficiary under a deed of trust encumbering the Property, the amount of its interest in the property; (b) second, to Tenant, only the amount of any award specifically designated for loss of or damage to Tenant's trade fixtures or removable personal property; and (c) third, to Landlord, the remainder of such award, whether as compensation for reduction in the value of the leasehold, the taking of the fee, or otherwise. If a part or all of this Lease is not terminated, Landlord shall repair any damage to the Premises is takenProperty caused by the condemning authority. If the severance damages received by Landlord are not sufficient to pay for such repair, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premises.or make such repair at Landlord's expense. ARTICLE NINE:
Appears in 1 contract
Samples: Service 1st Bancorp
Condemnation. If the Premises or any portion thereof or the ------------ Industrial Center are taken under the power of eminent domain, or sold under the threat of the exercise of said power (all of which are herein called "condemnation"), this Lease shall terminate as to the part so taken as of the date the condemning authority takes title or possession, whichever first occurs. If more than ten percent of the floor area of the Premises, or more than twenty-five percent of that portion of the Common Area designated as parking for the Industrial Center is taken by condemnation, Tenant may, at Tenant's option, to be exercised in writing only within ten (10) days after Landlord shall have given Tenant written notice of such taking (or in the absence of such notice, within ten (10) days after the condemning authority shall have taken possession) terminate this Lease as of the date the condemning authority takes such possession. If Tenant does not terminate this Lease in accordance with the foregoing, this Lease shall remain in full force and effect as to the portion of the Premises remaining, except that the rent shall be reduced in the proportion that the floor area of the Premises taken bears to the total floor area of the Premises. No reduction of rent shall occur if the only area taken is that which does not have the Premises located thereon. Any award for the taking of all or any part of the Premises under the power of eminent domain or any payment made under threat of the exercise of such power shall be taken for any public or ------------ quasi-public usethe property of Landlord, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder whether such award shall be adjusted so that Tenant shall be required to pay made as compensation for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or for the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesfee, or as severance damages; provided, however, that Tenant shall be entitled to any award for loss of or damage to Tenant's trade fixtures and removable personal property and Tenant's moving expense. In the event that this Lease is not terminated by reason of such condemnation, Landlord shall to the extent of severance damages received by Landlord in connection with such condemnation, repair any damage to the Premises caused by such condemnation except to the extent that Tenant has been reimbursed therefor by the condemning authority. Tenant shall pay any amount in excess of such severance damages required to complete such repair.
Appears in 1 contract
Samples: Lease (Qualstar Corp)
Condemnation. if If all or any part of the Leased Premises shall be are taken for under power of eminent domain or like power, or sold under imminent threat thereof to any public or ------------ quasi-public use, under any statute or by right of eminent domain, authority or private purchase in lieu thereofentity having such power, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, shall terminate as to the part of the Leased Premises so takentaken or sold, terminate effective as of the date title vests possession is required to be delivered to such authority or entity. Rent for the remaining Lease Term shall be reduced in the condemnor proportion that the Tenant’s Total Square Footage is reduced by the taking. If a partial taking or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder sale of the term only such portion Building or the Leased Premises (i) substantially reduces the area of the Rent Leased Premises resulting in a substantial inability of Tenant to use the Leased Premises for Tenant’s business purposes as determined by Tenant in its reasonable business judgment exercised in good faith, or (ii) renders the value Building unviable to Landlord, Tenant, in the case of clause (i), or Landlord, in the part remaining after such taking bears to the value case of the entire Premises prior to such taking. Landlord shall have the right to clause (ii) may terminate this Lease in by notice to the event that such taking causes other party within thirty (30) days after the terminating party receives a reduction in Rent payable hereunder by twenty-five percent (25%) or more. If all written notice of the Premises portion to be taken or sold, such part thereof termination to be effective one-hundred- eighty (180) days thereafter, or when the portion is taken so that there does not remain a portion susceptible for occupancy hereunderor sold, as reasonably necessary whichever is sooner. All condemnation awards and similar payments shall be paid and belong to Landlord, except any amounts awarded or paid specifically for Tenant's conduct of its business as contemplated in this Lease’s trade fixtures and relocation costs, then this Lease provided such awards do not reduce Landlord’s award. Nothing contained herein shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any diminish Tenant’s right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and to claim and recover from deal on its own behalf with 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premises.17 – PLAZA TOWER ONE LEASE
Appears in 1 contract
Samples: Lease (Lifeline Therapeutics, Inc.)
Condemnation. if A. If there is taken by a condemnation proceeding or sought to be taken by a governmental authority under threat of condemnation any part of the Premises, the Drive-In Facilities or the Building, excluding any part not interfering with maintenance, operation or use of the Premises, Landlord may elect to terminate this Lease or to continue same in effect. If Landlord elects to continue the Lease, the Base Rent, as adjusted in accordance with Section 7 hereof shall be abated in proportion to the area of the Premises so taken and Landlord shall repair any damage to the Premises or Building resulting from such taking. If any part of the Premises shall be is taken for any public or ------------ quasi-public useby condemnation, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right may erect to terminate this Lease or to continue same in effect. If Tenant elects to continue this Lease, the event that Base Rent, as adjusted in accordance with Section 7 hereof, shall be abated in proportion to the area of the Premises so taken and Landlord shall repair any damage to the Premises resulting from such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or moretaking. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunderby condemnation, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminateterminate on the date of taking. If a part All sums awarded or all of the Premises is taken, then all compensation awarded agreed upon such taking shall go to between Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of condemning authority for the purchase or condemnation of all or a part taking of the Premises, or the total or partial taking, will be property of Landlord. Tenant If this Lease is terminated under the provisions of this Section, tenant shall have pay Landlord all sums, owing hereunder up to the right to separately petition and to claim and recover from date possession is taken by 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 to abatement of any and all damage to rent or cancellation of this Lease shall be Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease sole remedy in the event of a partial taking condemnation except that Tenant may maintain any action for recovery of the Premisesloss of its Improvements.
Appears in 1 contract
Condemnation. if any part of If the Premises shall be taken for any public or ------------ quasi-public use, under any statute the Building is rendered untenantable by reason of a condemnation (or by right of eminent domain, or private purchase a deed given in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder), then either party may terminate this Lease shallby giving, as written notice of termination to the part so takenother party within thirty (30) days after such condemnation, in which event this Lease shall terminate effective as of the date title vests in the condemnor or purchaserof such condemnation. If this Lease so terminates, and the Rent payable hereunder shall be adjusted so that paid through and apportioned as of the date on which Tenant is legally obligated to vacate the Premises. If such condemnation does not render the Premises or the Building untenantable, this Lease shall continue in effect and Landlord shall promptly restore the portion not condemned to the extent reasonably possible to the condition in which they were delivered to Tenant. In such event, however, Landlord shall not be required to pay for the remainder expend an amount in excess of the term only such portion proceeds received by Landlord from the condemning authority less any amounts applied by a holder of the Rent as the value any mortgage, deed of the part remaining after such taking bears to the value of the entire Premises prior to such takingtrust or similar instrument against its loan balance. Landlord shall have the right reserves all rights to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) or morecompensation for any condemnation. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. have to such compensation, and Tenant shall have the right to separately petition and to make no claim and recover from against Landlord or the condemning authorityauthority for compensation for termination of Tenant's leasehold interest under this Lease or interference with Tenant's business; provided, but not from Landlordhowever, that Tenant may assert any claim that it may have against the condemning authority for compensation for any fixtures owned by Tenant and for any relocation expense compensable by statute, and receive such compensation award therefor 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, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution allowed in the value of condemnation proceedings, if such award shall be made in addition to and stated separately from the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party award made to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesLandlord.
Appears in 1 contract
Condemnation. if any part of 22. If the entire Leased Premises shall be taken for any public by reason of condemnation or ------------ quasi-public useunder eminent domain proceedings, under any statute Landlord or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then Tenant may terminate this Lease shall, as to the part so taken, terminate as of the date title vests when possession of the Leased Promises is taken. If a portion of the Leased Premises shall be taken under eminent domain or by reason of condemnation and if in the condemnor or purchaseropinion of Tenant, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for reasonably exercised, the remainder of the term only Leased Premises are no longer suitable for Tenant's business, this Lease, at Tenant's option, to be exercised by notice to Landlord within sixty (60) clays of such taking, shall terminate; any unearned rents paid or credited in advance shall be refunded to Tenant, If this Lease is not so terminated, Landlord forthwith and with due diligence, shall restore the Leased Premises. Until so restored, fixed rent shall xxxxx to the extent that Tenant shall not be able to conduct business, and thereafter fixed rent for the remaining portion of the Rent Term shall be proportionately reduced. Tenant shall be entitled to the award in connection with any condemnation insofar as the value same represents compensation for or damage to Tenant's fixtures, equipment, leasehold improvements or other property, moving expenses as well as the loss of leasehold (i.e. the unexpired balance of the part remaining after such taking bears to the value of the entire Premises lease Term immediately prior to such taking. ), Landlord shall have be entitled to the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by twenty-five percent (25%) award insofar as same represents compensation for or more. If all of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all of the Premises is taken, then all compensation awarded upon such taking shall go to Landlord and Tenant shall have no claim thereto, and Tenant hereby irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Premises. Tenant shall have the right to separately petition and 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 Tenantthe fee remainder. Any mortgagee of Landlord shall be compensated out of Landlord's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Premisesaward.
Appears in 1 contract
Samples: Lease (Westland Development Co Inc)
Condemnation. if any part of the Premises shall be taken for any public or ------------ quasi-public use, under any statute or by right of eminent domain, or private purchase in lieu thereof, and a part thereof remains which is susceptible of occupancy hereunder, then this Lease shall, as to the part so taken, terminate as of the date title vests in the condemnor or purchaser, and the Rent payable hereunder shall be adjusted so that Tenant shall be required to pay for the remainder of the term only such portion of the Rent as the value of the part remaining after such taking bears to the value of the entire Premises prior to such taking. Landlord shall have the right to terminate this Lease in the event that such taking causes a reduction in Rent payable hereunder by If more than twenty-five percent (25%) of the floor area of the Leased Premises is taken or morecondemned for a public or quasi-public use (a sale in lieu of condemnation to be deemed a taking or condemnation for purposes of this Lease), this Lease will, at either party’s option, upon written notice to the other within fifteen (15) days of the date of such taking or condemnation, terminate as of the date the right of possession in the Leased Premises or portion thereof terminates. The Minimum Rent and Additional Rent herein reserved will be apportioned and paid in full by Tenant to Landlord to that date and all Minimum Rent and Additional Rent prepaid for periods beyond that date will forthwith be repaid by Landlord to Tenant and neither party will thereafter have any liability hereunder. If all less than twenty-five percent (25%) of the Premises or such part thereof is taken so that there does not remain a portion susceptible for occupancy hereunder, as reasonably necessary for Tenant's conduct of its business as contemplated in this Lease, then this Lease shall thereupon terminate. If a part or all floor area of the Leased Premises is taken, then or if neither Landlord nor Tenant has elected to terminate this Lease pursuant to the above paragraph, Minimum Rent and Additional Rent will be equitably reduced in proportion to the area of the Leased Premises which has been take for the balance of the Term. If all or part of the Leased Premises are taken or condemned, Landlord will be entitled to all compensation awarded upon such taking shall go to Landlord condemnation or taking, and Tenant shall will have no claim thereto, and Tenant hereby expressly waives, relinquishes and releases to Landlord any claim for damages or other compensation to which Tenant might otherwise be entitled because of any such taking or limitation of the leasehold estate hereby created, and irrevocably assigns and transfers to Landlord any right to compensation or damages to which Tenant may become be entitled during the term hereof by reason of the purchase or condemnation of all or a part of the Leased Premises, or the leasehold estate. Notwithstanding the foregoing, Tenant shall will have the right to separately petition make a claim for removal and to claim moving expenses and recover from the condemning authority, but not from Landlord, such compensation as business dislocation damages which may be separately awarded or recoverable by Tenant payable to tenants in Tenant's own right on account of any and all damage general under New Jersey law, provided such payment does not reduce the award otherwise payable to Tenant's business, including without limitation the loss of goodwill by reason of any appropriation, and for or on account of any cost or loss to which Tenant might be put in removing and relocating Tenant's merchandise, furniture, moveable trade fixtures and equipment. In no event, however, shall the loss of goodwill include any diminution in the value of the leasehold or the bonus value of this Lease. Each party waives the provisions of Code of Civil Procedure, Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the PremisesLandlord.
Appears in 1 contract
Samples: Lease Agreement (TRM Corp)
