Effect of Taking. If there shall be taken (the term "taken" including a voluntary conveyance in lieu thereof) during the Term of this Lease all of the Leased Premises (other than a temporary taking), by any authority having the power of eminent domain, then and in that event, the term of this Lease shall cease and terminate, and the date of such termination shall be, the date upon which possession is taken by such authority. If less than all but a substantial and material portion of the Leased Premises should be so taken which, in the sole but reasonable judgment of Tenant, renders the Leased Premises in such a condition that it can no longer be used for its intended uses as set forth in Section 1.1(n) (and Tenant must deliver notice to Landlord of such determination within thirty (30) days after such portion of the Leased Premises is taken), either Landlord or Tenant may elect to terminate this Lease or to continue this Lease in effect, but if neither Landlord nor Tenant elects to terminate this Lease within sixty (60) days after such taking, this Lease shall continue in effect and if the portion of the Leased Premises so taken diminishes the commercial value of the right to use the Leased Premises for the purposes described in Section 1.1(n) of this Lease, then a portion of the Base Rent shall be reduced by Landlord to the extent necessary to reflect such decreased value, but in no event shall the Base Rent be reduced by a proportion greater than a fraction equal to: (i) the square feet of any portion of the Building so taken divided by (ii) the total square feet of the Building. When any such reduction in Base Rent has been computed by Landlord, Landlord shall notify Tenant as to the amount of such Base Rent after the reduction and such sum shall become the Base Rent hereunder and shall be due and payable by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner of Tenant's payment of Base Rent. At the request of Landlord, Tenant will execute a letter or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to be relieved from any of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord shall have the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises should be so taken, then neither party may terminate this Lease as a result thereof; provided, however, that if less than a substantial and material portion of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access to the Leased Premises and/or the ability of Tenant's delivery trucks and/or vehicles to properly access the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent to the extent necessary to reflect such decreased value, within thirty (30) days following the date of such taking. In no event shall Base Rent be reduced by an amount greater than the amount of the net condemnation award paid to Landlord amortized over the remaining Term of this Lease on a straight line basis.
Appears in 3 contracts
Samples: Lease Agreement (Egl Inc), Lease Agreement (Egl Inc), Lease Agreement (Egl Inc)
Effect of Taking. If there shall be taken (In the term "taken" including event of a voluntary conveyance in lieu thereof) during Taking of the Term whole of the Leased Premises, this Lease all shall terminate as of the date of such Taking. If only a part of the Leased Premises (other than a temporary taking), by any authority having the power of eminent domain, then and in that event, the term of this Lease shall cease and terminate, and the date of such termination shall be, the date upon which possession is taken by such authority. If less than all but a substantial and material portion of the Leased Premises should be so taken whichthen, except as otherwise provided in the sole but reasonable judgment of Tenant, renders the Leased Premises in such a condition that it can no longer be used for its intended uses as set forth in Section 1.1(n) (and Tenant must deliver notice to Landlord of such determination within thirty (30) days after such portion of the Leased Premises is taken), either Landlord or Tenant may elect to terminate this Lease or to continue this Lease in effect, but if neither Landlord nor Tenant elects to terminate this Lease within sixty (60) days after such takingsubsection, this Lease shall continue in force and effect but, from and if after the date of the Taking, the Basic Rent and Additional Charges shall be reduced on the basis of the square footage of the portion of the Leased Premises so taken diminishes the commercial value taken. If a part of the right Building shall be taken, and if either (i) the part of the Building so taken contains more than twenty-five percent (25%) of the Rentable Area of the Leased Premises, immediately prior to such Taking, or (ii) in Landlord's reasonable opinion, it shall be impracticable to continue to operate the Building, then Landlord, at Landlord's option, may give to Tenant within 60 days after the date upon which Landlord shall have received notice of the Taking, a 30 days' notice of termination of this Lease. If a part of the Building shall be taken, and if either (i) the part of the Building taken contains more than thirty-five percent (35%) of the Rentable Area of the Leased Premises immediately prior to such Taking, or (ii) by reason of such Taking, all or substantially all of the Leased Premises becomes untenantable and Tenant is unable and does not, in fact use all or substantially all of the Leased Premises for the purposes described in uses permitted by Section 1.1(n) 6(a), then Tenant, at Tenant's option, may give to Landlord within 60 days after the date upon which Tenant shall have received notice of such Taking, a 30 days' notice of termination of this Lease. If a 30 days' notice of termination is given by Landlord or Tenant, then a portion this Lease shall terminate upon the expiration of the Base Rent shall be reduced by Landlord 30-day period. If this Lease is terminated pursuant to the foregoing provisions of this subsection, then, to the extent necessary to reflect such decreased value, but in no event shall the Base Rent be reduced permitted by a proportion greater than a fraction equal to: (i) the square feet of any portion of the Building so taken divided by (ii) the total square feet of the Building. When any such reduction in Base Rent has been computed by Landlord, Landlord shall notify Tenant as to the amount of such Base Rent after the reduction applicable law and such sum shall become the Base Rent hereunder and shall be due and payable by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner of Tenant's payment of Base Rent. At the request of LandlordTaking, Tenant will execute a letter or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to be relieved from any of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord shall have the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises should be so taken, then neither party may terminate this Lease as a result thereof; provided, however, that if less than a substantial and material portion of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access to the Leased Premises and/or the ability of in order to remove Tenant's delivery trucks and/or vehicles Special Installations and any other personal property then owned by Tenant and which Tenant is entitled to properly remove pursuant to this Lease during the period of 30 days from the date Tenant is permitted access therefor. If a Taking occurs which does not result in the termination of this Lease, Landlord shall repair, alter and restore the remaining portions of the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent their former condition to the extent necessary to reflect such decreased value, within thirty (30) days following that the date of such taking. In no event shall Base Rent same may be reduced by an amount greater than the amount of the net condemnation award paid to Landlord amortized over the remaining Term of this Lease on a straight line basisfeasible.
Appears in 2 contracts
Samples: Deed of Lease (Icf Kaiser International Inc), Deed of Lease (Icf Kaiser International Inc)
Effect of Taking. If there the whole or any part of the Premises shall be taken (the term "taken" including a voluntary conveyance in lieu thereof) during the Term of this Lease all of the Leased Premises (other than a temporary taking), by any authority having pursuant to the power of eminent domain, then and whether by condemnation or deed in that eventlieu thereof, the term of this Lease shall cease and terminate, and terminate as to the part so taken as of the date of such termination taking. Landlord shall be, make such repairs and alterations as may be necessary in order to restore the date upon which possession is part of the Premises not taken to a useful condition and all Rent (other than any Additional Rent due Landlord by such authority. If less than all but a substantial and material reason of Tenant's prior failure to perform any of its obligations hereunder) shall be reduced in the same proportion as the portion of the Leased Premises should be so taken which, in the sole but reasonable judgment of Tenant, taken. If any partial taking renders the Leased remainder of the Premises in unusable for the Permitted Use, either party may terminate this Lease as of the date of such a condition that it can no longer be used for its intended uses as set forth in Section 1.1(n) (and Tenant must deliver taking by giving notice to Landlord of such determination the other party within thirty (30) days after such portion date. If ten percent (10%) or more of the Leased Building is taken as aforesaid, Landlord may elect to terminate this Lease as of the date of such taking by giving notice of such election to Tenant within ninety (90) days after such date. If twenty-five percent (25%) or more of the Premises is takentaken (and in Tenant's good faith judgment the balance is not suitable for Tenant's business operations), either Landlord or Tenant may elect to terminate this Lease or as of the date of such taking by giving notice of that election to continue this Lease in effect, but if neither Landlord nor Tenant elects to terminate this Lease within sixty ninety (6090) days after such the date of the taking. If any notice of termination is given pursuant to this Section, this Lease shall continue in effect and if the portion rights and obligations of the Leased Premises so taken diminishes parties hereunder shall cease on the commercial value of the right to use the Leased Premises for the purposes described date specified in Section 1.1(n) of this Lease, then a portion of the Base such notice and all Rent shall be reduced (other than any Additional Rent due Landlord by Landlord to the extent necessary to reflect such decreased value, but in no event shall the Base Rent be reduced by a proportion greater than a fraction equal to: (i) the square feet of any portion of the Building so taken divided by (ii) the total square feet of the Building. When any such reduction in Base Rent has been computed by Landlord, Landlord shall notify Tenant as to the amount of such Base Rent after the reduction and such sum shall become the Base Rent hereunder and shall be due and payable by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner reason of Tenant's payment of Base Rent. At the request of Landlord, Tenant will execute a letter or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected prior failure to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of perform any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to hereunder) shall be relieved from any adjusted as of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord shall have the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises should be so taken, then neither party may terminate this Lease as a result thereof; provided, however, that if less than a substantial and material portion of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access to the Leased Premises and/or the ability of Tenant's delivery trucks and/or vehicles to properly access the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent to the extent necessary to reflect such decreased value, within thirty (30) days following the date of such taking. In no event shall Base Rent be reduced by an amount greater than the amount of the net condemnation award paid to Landlord amortized over the remaining Term of this Lease on a straight line basistermination.
Appears in 2 contracts
Samples: Office Lease Agreement (NHP Inc), Office Lease Agreement (Teligent Inc)
Effect of Taking. If there the whole or any part of the Premises shall be taken (the term "taken" including a voluntary conveyance in lieu thereof) during the Term of this Lease all of the Leased Premises (other than a temporary taking), by any authority having under the power of eminent domain, then and in that event, the term of this Lease shall cease and terminate, and terminate as to the part so taken on the date of such termination shall be, Tenant is required to yield possession thereof to the date upon which possession is taken by such condemning authority. If less Landlord shall make, or cause to be made, such repairs and alterations as may be necessary in order to restore the part not taken to useful condition and all Rental (other than all but a substantial and material any Additional Rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be reduced in the same proportion as the portion of the Leased floor area of the Premises should be so taken which, in bears to Tenant's Floor Area. If the sole but reasonable judgment of Tenant, aforementioned taking renders the Leased remainder of the Premises in such a condition that it can no longer be used unsuitable for its intended uses the Permitted Use, either party may terminate this Lease as set forth in Section 1.1(n) (and of the date when Tenant must deliver is required to yield possession by giving notice to Landlord of such determination that effect within thirty (30) days after such date. If twenty percent (20%) or more of Landlord's Floor Area is taken as aforesaid, or if parking spaces in the Shopping Center are so taken thereby reducing the number of parking spaces to less than the number required by law and Landlord does not deem it reasonably feasible to replace such parking spaces with other parking spaces on the portion of the Leased Premises is Shopping Center not taken), either then Landlord or Tenant may elect to terminate this Lease or as of the date on which possession thereof is required to continue this Lease in effectbe yielded to the condemning authority, but if neither Landlord nor Tenant elects to terminate this Lease by giving notice of such election within sixty ninety (6090) days after such takingdate. If any notice of termination is given pursuant to this Section, this Lease shall continue in effect and if the portion rights and obligations of the Leased Premises so taken diminishes the commercial value parties hereunder shall cease as of the right to use the Leased Premises for the purposes described in Section 1.1(n) of this Lease, then a portion of the Base Rent shall be reduced by Landlord to the extent necessary to reflect such decreased value, but in no event shall the Base Rent be reduced by a proportion greater than a fraction equal to: (i) the square feet of any portion of the Building so taken divided by (ii) the total square feet of the Building. When any such reduction in Base Rent has been computed by Landlord, Landlord shall notify Tenant as to the amount date of such Base Rent after the reduction notice and such sum shall become the Base Rent hereunder and shall be Rental (other than any Additional Rental due and payable Landlord by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner reason of Tenant's payment of Base Rent. At the request of Landlord, Tenant will execute a letter or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected failure to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of perform any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to hereunder) shall be relieved from any adjusted as of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord shall have the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises should be so taken, then neither party may terminate this Lease as a result thereof; provided, however, that if less than a substantial and material portion of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access to the Leased Premises and/or the ability of Tenant's delivery trucks and/or vehicles to properly access the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent to the extent necessary to reflect such decreased value, within thirty (30) days following the date of such taking. In no event shall Base Rent be reduced by an amount greater than the amount of the net condemnation award paid to Landlord amortized over the remaining Term of this Lease on a straight line basistermination.
Appears in 2 contracts
Samples: Lease Agreement (Boston Restaurant Associates Inc), Lease Agreement (Ciao Cucina Corp)
Effect of Taking. If there shall be fifty percent (50%) or more of the Premises is permanently condemned or taken (the term "taken" including a voluntary conveyance or any transfer is made in lieu thereof) before or during the Term for public or quasi-public use, (each of this Lease all of the Leased Premises (other than which events shall be referred to as a temporary "taking"), by any authority having the power of eminent domain, then and in that event, the term of this Lease shall cease and terminate, and automatically terminate as of the date of such termination shall be, the date upon which possession is taken by such authorityvesting of title. If less than all but a substantial and material fifty percent (50%) of the Premises is so taken, this Lease shall automatically terminate as to the portion of the Leased Premises should be so taken whichas of the date of the vesting of title as a result of such taking. If fifty percent (50%) or more of the Real Property is taken as to render the Building incapable of economically feasible operation as reasonably determined by Landlord, in this Lease may be terminated by Landlord, as of the sole but reasonable judgment date of Tenantthe vesting of title as a result of such taking, renders the Leased Premises in such a condition that it can no longer be used for its intended uses as set forth in Section 1.1(n) (and Tenant must deliver by written notice to Landlord of such determination within thirty (30) days after such portion of the Leased Premises is taken), either Landlord or Tenant may elect to terminate this Lease or to continue this Lease in effect, but if neither Landlord nor Tenant elects to terminate this Lease within sixty (60) days after such taking, this Lease shall continue in effect and if the portion following notice to Landlord of the Leased Premises so taken diminishes the commercial value of the right to use the Leased Premises for the purposes described in Section 1.1(n) of this Lease, then a portion of the Base Rent shall be reduced by Landlord to the extent necessary to reflect such decreased value, but in no event shall the Base Rent be reduced by a proportion greater than a fraction equal to: (i) the square feet of date on which said vesting will occur. If any portion of the Building so Premises is permanently taken divided as to render the Premises or the remaining portion thereof unusable by (ii) Tenant for the total square feet normal operation of Tenant's business or the Premises, this Lease may be terminated by Tenant as of the Buildingdate of the vesting of title as a result of such taking, by written notice to Landlord within sixty (60) days following notice to Tenant of the date on which said vesting will occur. When If this Lease is not terminated as a result of any such reduction in Base Rent has been computed by Landlordtaking, Landlord shall notify Tenant as restore the Building to the amount of such Base Rent after the reduction and such sum shall become the Base Rent hereunder and shall be due and payable by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner of Tenant's payment of Base Rent. At the request of Landlord, Tenant will execute a letter or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to be relieved from any of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord shall have the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises should be so taken, then neither party may terminate this Lease as a result thereofarchitecturally whole unit; provided, however, that if less Landlord shall not be obligated to expend on such restoration more than a substantial the amount of condemnation proceeds actually received by Landlord nor do more work than that described in Section 14.3, unless Tenant pays to Landlord in advance the difference between the cost of such restoration and material portion the amount of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access to the Leased Premises and/or the ability of Tenant's delivery trucks and/or vehicles to properly access the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent to the extent necessary to reflect such decreased value, within thirty (30) days following the date of such takingcondemnation proceeds received by Landlord. In no event shall Base Rent be reduced by an amount greater than the amount Landlord have any obligation to repair or replace any of the net condemnation award paid to Landlord amortized over the remaining Term of this Lease on a straight line basisTenant's personal property, trade fixtures, or Alterations.
Appears in 1 contract
Samples: Office Lease (Peoplesoft Inc)
Effect of Taking. If there shall be taken (In the term "taken" including event of a voluntary conveyance in lieu thereof) during Taking of the Term whole of the Leased Premises, this Lease all shall terminate as of the date of such Taking. If only a part of the Leased Premises (other than a temporary taking), by any authority having the power of eminent domain, then and in that event, the term of this Lease shall cease and terminate, and the date of such termination shall be, the date upon which possession is taken by such authority. If less than all but a substantial and material portion of the Leased Premises should be so taken whichthen, except as otherwise provided in the sole but reasonable judgment of Tenant, renders the Leased Premises in such a condition that it can no longer be used for its intended uses as set forth in Section 1.1(n) (and Tenant must deliver notice to Landlord of such determination within thirty (30) days after such portion of the Leased Premises is taken), either Landlord or Tenant may elect to terminate this Lease or to continue this Lease in effect, but if neither Landlord nor Tenant elects to terminate this Lease within sixty (60) days after such takingsubsection, this Lease shall continue in effect force and effect, but from and after the date of the Taking the Basic Rent and Additional Charges shall be equitably reduced on the basis of the Rentable Area so taken. If a part of the Building shall be taken, and if either (i) the portion part of the Building so taken contains more than twenty-five percent (25%) of the Rentable Area immediately before such Taking, or (ii) in Landlord's reasonable opinion, it shall be impracticable to continue to operate the Building, then Landlord, at Landlord's option, may give to Tenant within 60 days after the date upon which Landlord shall have received notice of the Taking, a 30 days' notice of termination of this Lease. If a part of the Building shall be taken, and if either (i) the part of the Building so taken contains more than thirty-five percent (35%) of the Rentable Area immediately before such Taking, or (ii) by reason of such Taking all or substantially all of the Leased Premises so taken diminishes becomes untenantable (within the commercial value meaning of the right to Section 13(b) and Tenant does not, in fact, use all or substantially all of the Leased Premises for the purposes described in uses permitted by Section 1.1(n) 6(a), then Tenant, at Tenant's option, may give to Landlord within 60 days after the date upon which Tenant shall have received notice of such Taking, a 30 days' notice of termination of this Lease. If a 30 days' notice of termination is given by Landlord or Tenant, then a portion this Lease shall terminate upon the earlier of (x) the date on which title to the part of the Base Rent shall be reduced by Landlord Building taken vests in the condemning authority, or (y) the expiration of the 30-day period. If this Lease is terminated pursuant to the foregoing provisions of this subsection, then, to the extent necessary to reflect such decreased value, but in no event shall the Base Rent be reduced permitted by a proportion greater than a fraction equal to: (i) the square feet of any portion of the Building so taken divided by (ii) the total square feet of the Building. When any such reduction in Base Rent has been computed by Landlord, Landlord shall notify Tenant as to the amount of such Base Rent after the reduction applicable law and such sum shall become the Base Rent hereunder and shall be due and payable by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner of Tenant's payment of Base Rent. At the request of LandlordTaking, Tenant will execute a letter or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to be relieved from any of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord shall have the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises should be so taken, then neither party may terminate this Lease as a result thereof; provided, however, that if less than a substantial and material portion of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access to the Leased Premises and/or the ability of in order to remove Tenant's delivery trucks and/or vehicles Personal Property and any other property which Tenant is entitled to properly remove pursuant to this Lease during the period of 30 days from the date Tenant is permitted access therefor. If a Taking occurs which does not result in the termination of this Lease, Landlord shall repair, alter and restore the remaining portions of the Leased Premises for its intended use as set forth in Section 1.1(n(but not Alterations) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent their former condition to the extent necessary to reflect such decreased value, within thirty (30) days following that the date of such taking. In no event shall Base Rent same may be reduced by an amount greater than the amount of the net condemnation award paid to Landlord amortized over the remaining Term of this Lease on a straight line basisfeasible.
Appears in 1 contract
Effect of Taking. If there shall be taken (In the term "taken" including event of a voluntary conveyance in lieu thereof) during Taking of the Term whole of the Leased ---------------- Premises, this Lease all shall terminate as of the date of such Taking. If only a part of the Leased Premises (other than a temporary taking)shall be so taken then, by any authority having the power of eminent domainexcept as otherwise provided in this subsection, then and in that event, the term of this Lease shall cease continue in force and terminateeffect but, from and after the date of such termination shall bethe Taking, the date upon which possession is taken by such authorityBasic Rent and Additional Charges shall be equitably reduced on the basis of the Rentable Area so taken. If less than all but a substantial and material portion part of the Leased Premises should Building shall be taken, and if either (i) the part of the Building so taken which, in the sole but reasonable judgment of Tenant, renders the Leased Premises in such a condition that it can no longer be used for its intended uses as set forth in Section 1.1(ncontains more than twenty-five percent (25%) (and Tenant must deliver notice to Landlord of such determination within thirty (30) days after such portion of the Leased Premises is taken)Rentable Area immediately before such Taking, either Landlord or Tenant may elect to terminate this Lease or (ii) in Landlord's reasonable opinion, it shall be impracticable to continue this Lease in effectto operate the Building, but if neither Landlord nor then Landlord, at Landlord's option, may give to Tenant elects to terminate this Lease within sixty (60) days after such taking, this Lease the date upon which Landlord shall continue in effect and if the portion have received notice of the Leased Premises so taken diminishes the commercial value Taking, a thirty (30) days' notice of the right to use the Leased Premises for the purposes described in Section 1.1(n) termination of this Lease, then . If a portion part of the Base Rent Building shall be reduced by Landlord to the extent necessary to reflect such decreased valuetaken, but in no event shall the Base Rent be reduced by a proportion greater than a fraction equal to: and if either (i) the square feet of any portion part of the Building so taken divided by contains more than twenty-five percent (25%) of the Rentable Area immediately before such Taking, or (ii) the total square feet of the Building. When any such reduction in Base Rent has been computed by Landlord, Landlord shall notify Tenant as to the amount reason of such Base Rent after the reduction and such sum shall become the Base Rent hereunder and shall be due and payable by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner of Tenant's payment of Base Rent. At the request of Landlord, Tenant will execute a letter Taking all or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession substantially all of the Leased Premises or becomes untenantable (within the meaning of Section 13(b)), then Tenant, at Tenant's option, may give to Landlord within sixty (60) days after the date upon which Tenant shall have received notice of such Taking, a breach thirty (30) days' notice of termination of this Lease. If a thirty (30) days' notice of termination is given by Landlord or Tenant, this Lease shall terminate upon the earlier of any of its obligations hereunder or render Landlord liable for damages or entitle Tenant (x) the date on which title to be relieved from any of its obligations hereunder (with the exception part of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest Building taken vests in the Leased Premisescondemning authority, whether or (y) the expiration of the thirty (30) day period. If a Taking occurs which does not result in the payment to such lienholder is with the approval termination of Landlordthis Lease, then Landlord shall have repair, alter and restore the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion remaining portions of the Leased Premises should be so taken, then neither party may terminate this Lease as a result thereof; provided, however, that if less than a substantial and material portion of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access (but not Alterations) to the Leased Premises and/or the ability of Tenant's delivery trucks and/or vehicles to properly access the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent their former condition to the extent necessary to reflect such decreased value, within thirty (30) days following that the date of such taking. In no event shall Base Rent same may be reduced by an amount greater than the amount of the net condemnation award paid to Landlord amortized over the remaining Term of this Lease on a straight line basisfeasible.
Appears in 1 contract
Effect of Taking. If there the whole or any part of the Premises shall be taken (the term "taken" including a voluntary conveyance in lieu thereof) during the Term of this Lease all of the Leased Premises (other than a temporary taking), by any authority having pursuant to the power of eminent domain, then and whether by condemnation or deed in that eventlieu thereof, the term of this Lease shall cease and terminate, and terminate as to the part so taken as of the date of such termination taking. Landlord shall be, make such repairs and alterations as may be necessary in order to restore the date upon which possession is part of the Premises not taken to a useful condition and all Rent (other than any Additional Rent due Landlord by such authority. If less than all but a substantial and material reason of Tenant's prior failure to perform any of its obligations hereunder) shall be reduced in the same proportion as the portion of the Leased Premises should be so taken which, in the sole but reasonable judgment of Tenant, taken. If any partial taking renders the Leased remainder of the Premises in unusable for the Permitted Use, either party may terminate this Lease as of the date of such a condition that it can no longer be used for its intended uses as set forth in Section 1.1(n) (and Tenant must deliver taking by giving notice to Landlord of such determination the other party within thirty (30) days after such portion date. Notwithstanding anything contained herein to the contrary, if fifty percent (50%) or more of the Leased Premises is taken)taken as aforesaid, either Landlord or Tenant may elect to terminate this Lease or to continue this Lease in effect, but if neither Landlord nor Tenant elects to terminate this Lease within sixty (60) days after as of the date of such taking, this Lease shall continue in effect and if the portion of the Leased Premises so taken diminishes the commercial value of the right to use the Leased Premises for the purposes described in Section 1.1(n) of this Lease, then a portion of the Base Rent shall be reduced by Landlord to the extent necessary to reflect such decreased value, but in no event shall the Base Rent be reduced by a proportion greater than a fraction equal to: (i) the square feet of any portion of the Building so taken divided by (ii) the total square feet of the Building. When any such reduction in Base Rent has been computed by Landlord, Landlord shall notify Tenant as to the amount providing written notice of such Base Rent after the reduction and such sum shall become the Base Rent hereunder and shall be due and payable by Tenant termination to Landlord in accordance with the provisions of Article 4 relating to the time and manner of Tenant's payment of Base Rent. At the request of Landlord, Tenant will execute a letter or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to be relieved from any of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord shall have the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises should be so taken, then neither party may terminate this Lease as a result thereof; provided, however, that if less than a substantial and material portion of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access to the Leased Premises and/or the ability of Tenant's delivery trucks and/or vehicles to properly access the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent to the extent necessary to reflect such decreased value, within thirty (30) days following of such date. If ten percent (10%) or more of the Building is taken as aforesaid, Landlord may elect to terminate this Lease as of the date of such takingtaking by giving notice of such election to Tenant within ninety (90) days after such date. In no event shall Base Rent be reduced by an amount greater than If any notice of termination is given pursuant to this Section 12.1, this Lease and the amount rights and obligations of the net condemnation award paid parties hereunder shall cease on the date specified in such notice and all Rent (other than any Additional Rent due Landlord by reason of Tenant's prior failure to Landlord amortized over perform any of its obligations hereunder) shall be adjusted as of the remaining Term date of this Lease on a straight line basissuch termination.
Appears in 1 contract
Samples: Office Lease Agreement (Excalibur Technologies Corp)
Effect of Taking. If there shall be taken Except as otherwise provided in this Article 13, if (the term "taken" including a voluntary conveyance in lieu thereofa) during the Term of this Lease all or any part of the Leased Premises (other than is taken as a temporary taking), by any authority having result of the exercise of the power of eminent domaindomain or condemned for any public or quasi-public purpose, then and or if any transfer is made in that event, the term of this Lease shall cease and terminate, and the date avoidance of such termination shall be, the date upon which possession is taken by such authority. If less than all but a substantial and material portion exercise of the Leased Premises should be so taken whichpower of eminent domain (collectively, in the sole but reasonable judgment of Tenant, renders the Leased Premises in such “taken” or a condition that it can no longer be used for its intended uses as set forth in Section 1.1(n) (and Tenant must deliver notice to Landlord of such determination within thirty (30) days after such portion of the Leased Premises is taken“taking”), either Landlord or Tenant may elect to terminate this Lease or to continue this Lease in effect, but if neither Landlord nor Tenant elects to terminate this Lease within sixty (60) days after such taking, this Lease shall continue in effect and if terminate as to the portion part of the Leased Premises so taken diminishes the commercial value as of the right to use the Leased Premises for the purposes described effective date of such taking; or (b) if a taking results in Section 1.1(n) of this Lease, then a portion of the Base Rent shall be reduced by Landlord material and continuing interference with Tenant’s access to the extent necessary Premises and Landlord is unable to reflect such decreased value, but in no event shall the Base Rent be reduced by a proportion greater than a fraction equal to: (i) the square feet of any portion of the Building so taken divided by (ii) the total square feet of the Building. When any such reduction in Base Rent has been computed by Landlord, Landlord shall notify Tenant as to the amount of such Base Rent after the reduction and such sum shall become the Base Rent hereunder and shall be due and payable by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner of Tenant's payment of Base Rent. At the request of Landlordprovide reasonable alternative access, Tenant will execute a letter or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to be relieved from any of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord shall have the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises should be so taken, then neither party may terminate this Lease as a result thereof; provided, however, that if less than a substantial and material portion of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access by written notice to the Leased Premises and/or the ability of Tenant's delivery trucks and/or vehicles to properly access the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent to the extent necessary to reflect such decreased value, within thirty (30) days following after the effective date of such taking; or (c) if a taking materially reduces Tenant’s parking rights under the Lease and Landlord is unable to provide reasonable alternative parking rights, the Base Rent hereunder shall be equitably reduced as of the date of such taking to reflect the reduction in Tenant’s parking rights hereunder. On a taking of a portion of the Premises, Landlord and Tenant shall each have the right to terminate this Lease by notice to the other given within thirty (30) days after the effective date of such taking, if the portion of the Premises taken is of such extent and nature so as to materially impair Tenant’s business use of the balance of the Premises, as reasonably determined by the party giving such notice. Such termination shall be operative as of the effective date of the taking. Landlord may also terminate this Lease on a taking of any other portion of the Building or the Project if Landlord reasonably determines that such taking is of such extent and nature as to render the operation of the remaining Building or the Project economically infeasible or to require a substantial alteration or reconstruction of such remaining portion. Landlord shall elect such termination by notice to Tenant given within thirty (30) days after the effective date of such taking, and such termination shall be operative as of the effective date of such taking. In no event shall Upon a taking of the Premises which does not result in a termination of this Lease, the Base Rent shall thereafter be reduced by an amount greater than the amount as of the net condemnation award paid effective date of such taking in the proportion that the Rentable Area of the Premises so taken bears to Landlord amortized over the remaining Term total Rentable Area of this Lease on a straight line basisthe Premises.
Appears in 1 contract
Samples: Office Lease (Mobitv Inc)
Effect of Taking. If there the whole or any part of the Premises shall be taken (the term "taken" including a voluntary conveyance in lieu thereof) during the Term of this Lease all of the Leased Premises (other than a temporary taking), by any authority having under the power of eminent domain, then and in that event, the term of this Lease shall cease terminate as to the part so taken on the date Tenant is required to yield possession thereof to the condemning authority. Landlord shall make such repairs and terminatealterations as may be necessary in order to restore the part not taken to useful condition, and all rental (other than any Additional Rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be reduced in the date same proportion as the portion of the Rentable Area of the Premises so taken bears to the original Rentable Area of the Premises. Notwithstanding anything to the contrary provided in this Lease, any obligation of Landlord hereunder to restore the Premises or any other part of the Building shall be limited to such termination shall be, the date upon which possession is taken reconstruction as can be financed by such condemnation award as shall actually be received by Landlord free and clear from collection by any Mortgagees and after deducting the cost and expense including attorney's fees, if any, of settling with the condemning authority. If less than all but a substantial and material portion the aforementioned taking renders the remainder of the Leased Premises should be so taken whichunsuitable for the Permitted Use, in either party may terminate this Lease as of the sole but reasonable judgment of Tenant, renders the Leased Premises in such a condition that it can no longer be used for its intended uses as set forth in Section 1.1(n) (and date when Tenant must deliver is required to yield possession by giving notice to Landlord of such determination that effect within thirty (30) days after such date. If twenty (20%) percent or more of the Land is taken as aforesaid, or if parking spaces in the Building are so taken thereby substantially reducing the number of parking spaces in the Land, and Landlord does not deem it reasonably feasible to replace such parking spaces with other parking spaces on the portion of the Leased Premises is Land not taken), either then Landlord or Tenant may elect to terminate this Lease or as of the date on which possession thereof is required to continue this Lease in effectbe yielded to the condemning authority, but if neither Landlord nor Tenant elects to terminate this Lease by giving notice of such election within sixty ninety (6090) days after such takingdate. If any notice of termination is given pursuant to this Section, this Lease shall continue in effect and if the portion of the Leased Premises so taken diminishes the commercial value of the right to use the Leased Premises for the purposes described in Section 1.1(n) of this Lease, then a portion and the rights and obligations of the Base Rent parties hereunder, shall be reduced by Landlord to the extent necessary to reflect such decreased value, but in no event shall the Base Rent be reduced by a proportion greater than a fraction equal to: (i) the square feet of any portion cease as of the Building so taken divided by (ii) the total square feet of the Building. When any such reduction in Base Rent has been computed by Landlord, Landlord shall notify Tenant as to the amount date of such Base Rent after the reduction notice, and such sum shall become the Base Rent hereunder and shall be rental (other than any Additional Rental due and payable Landlord by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner reason of Tenant's payment of Base Rent. At the request of Landlord, Tenant will execute a letter or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected failure to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of perform any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to hereunder) shall be relieved from any adjusted as of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord shall have the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises should be so taken, then neither party may terminate this Lease as a result thereof; provided, however, that if less than a substantial and material portion of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access to the Leased Premises and/or the ability of Tenant's delivery trucks and/or vehicles to properly access the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent to the extent necessary to reflect such decreased value, within thirty (30) days following the date of such taking. In no event shall Base Rent be reduced by an amount greater than the amount of the net condemnation award paid to Landlord amortized over the remaining Term of this Lease on a straight line basistermination.
Appears in 1 contract
Samples: Lease Agreement (Vialog Corp)
Effect of Taking. If there the whole or any part of the Premises shall be taken (the term "taken" including a voluntary conveyance in lieu thereof) during the Term of this Lease all of the Leased Premises (other than a temporary taking), by any authority having under the power of eminent domain, then and in that event, the term of this Lease shall cease and terminate, and terminate as to the part so taken on the date of such termination shall be, Tenant is required to yield possession thereof to the date upon which possession is taken by such condemning authority. If less Landlord shall make such repairs and alterations as may be necessary in order to restore the part not taken to useful condition and all Rental (other than all but a substantial and material any Additional Rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be reduced in the same proportion as the portion of the Leased Floor Area of the Premises should be so taken which, in bears to Tenant's Floor Area. If the sole but reasonable judgment of Tenant, aforementioned taking renders the Leased remainder of the Premises in such a condition that it can no longer be used unsuitable for its intended uses the Permitted Use, either party may terminate this Lease as set forth in Section 1.1(n) (and of the date when Tenant must deliver is required to yield possession by giving notice to Landlord of such determination that effect within thirty (30) days after such portion date. If twenty percent (20%) or more of Landlord's Floor Area in the Leased Premises Celebrity Square Area is taken)taken as aforesaid, either Landlord or Tenant may elect to terminate this Lease or as of the date on which possession thereof is required to continue this Lease in effectbe yielded to the condemning authority, but if neither Landlord nor Tenant elects to terminate this Lease by giving notice of such election within sixty ninety (6090) days after such takingdate. If any notice of termination is given pursuant to this Section, this Lease shall continue in effect and if the portion rights and obligations of the Leased Premises so taken diminishes the commercial value parties hereunder shall cease as of the right to use the Leased Premises for the purposes described in Section 1.1(n) of this Lease, then a portion of the Base Rent shall be reduced by Landlord to the extent necessary to reflect such decreased value, but in no event shall the Base Rent be reduced by a proportion greater than a fraction equal to: (i) the square feet of any portion of the Building so taken divided by (ii) the total square feet of the Building. When any such reduction in Base Rent has been computed by Landlord, Landlord shall notify Tenant as to the amount date of such Base Rent after the reduction notice and such sum shall become the Base Rent hereunder and shall be Rental (other than any Additional Rental due and payable Landlord by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner reason of Tenant's payment of Base Rent. At the request of Landlord, Tenant will execute a letter or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected failure TENANT /s/ MP LANDLORD /s/ DPW to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of perform any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to hereunder) shall be relieved from any adjusted as of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord shall have the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises should be so taken, then neither party may terminate this Lease as a result thereof; provided, however, that if less than a substantial and material portion of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access to the Leased Premises and/or the ability of Tenant's delivery trucks and/or vehicles to properly access the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent to the extent necessary to reflect such decreased value, within thirty (30) days following the date of such taking. In no event shall Base Rent be reduced by an amount greater than the amount of the net condemnation award paid to Landlord amortized over the remaining Term of this Lease on a straight line basistermination.
Appears in 1 contract
Samples: Lease Agreement (Newriders Inc)
Effect of Taking. If there shall be taken (the term "taken" including a voluntary conveyance in lieu thereof) during the Term of this Lease all of the Leased Premises (other than a temporary taking)is condemned or taken ---------------- in any manner for public or quasi-public use, by or any authority having transfer of the Premises is made in avoidance of an exercise of the power of eminent domaindomain (each of which events shall be referred to as a "taking"), then and in that event, the term of this Lease shall cease and terminate, and automatically terminate as of the date of the vesting of title as a result of such termination shall be, the date upon which possession is taken by such authoritytaking. If less than all but a substantial and material part of the Premises is so taken, this Lease shall automatically terminate as to the portion of the Leased Premises should be so taken which, in as of the sole but reasonable judgment date of Tenant, renders the Leased Premises in such vesting of title as a condition that it can no longer be used for its intended uses as set forth in Section 1.1(n) (and Tenant must deliver notice to Landlord result of such determination within thirty (30) days after taking. If such portion of the Leased Premises Real Property is taken)taken as to render the Building incapable of economically feasible operation, either Landlord or Tenant may elect to terminate this Lease or may be terminated by Landlord, as of the date of the vesting of title as a result of such taking, by written notice to continue this Lease in effect, but if neither Landlord nor Tenant elects to terminate this Lease within sixty (60) days after following notice to Landlord of the date on which said vesting will occur. If such portion of the Premises or the Building or the Project is taken as to render the Premises or the remaining portion thereof unusable by Tenant, this Lease may be terminated by Tenant as of the date of the vesting of title as a result of such taking, by written notice to Landlord within sixty (60) days following notice to Tenant of the date on which said vesting will occur. If this Lease shall continue in effect and if the portion of the Leased Premises so taken diminishes the commercial value of the right to use the Leased Premises for the purposes described in Section 1.1(n) of this Lease, then is not terminated as a portion of the Base Rent shall be reduced by Landlord to the extent necessary to reflect such decreased value, but in no event shall the Base Rent be reduced by a proportion greater than a fraction equal to: (i) the square feet result of any portion of the Building so taken divided by (ii) the total square feet of the Building. When any such reduction in Base Rent has been computed by Landlordtaking, Landlord shall notify Tenant as restore the Building to the amount of such Base Rent after the reduction and such sum shall become the Base Rent hereunder and shall be due and payable by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner of Tenant's payment of Base Rent. At the request of Landlord, Tenant will execute a letter or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to be relieved from any of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord shall have the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises should be so taken, then neither party may terminate this Lease as a result thereofarchitecturally whole unit; provided, however, that if less than a substantial and material portion of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access Landlord shall not be obligated to the Leased Premises and/or the ability of Tenant's delivery trucks and/or vehicles to properly access the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent to the extent necessary to reflect expend on such decreased value, within thirty (30) days following the date of such taking. In no event shall Base Rent be reduced by an amount greater restoration more than the amount of the net condemnation award paid proceeds actually received by Landlord, unless Tenant pays to Landlord amortized over in advance the remaining Term difference between the cost of this Lease on a straight line basissuch restoration and the amount of the condemnation proceeds received by Landlord.
Appears in 1 contract
Samples: Office Building Lease (Inflow Inc)
Effect of Taking. If there the whole or any part of the premises shall be taken (the term "taken" including a voluntary conveyance in lieu thereof) during the Term of this Lease all of the Leased Premises (other than a temporary taking), by any authority having under the power of eminent domain, then and in that event, this lease shall terminate as to the term of this Lease shall cease and terminate, and part so taken on the date of such termination shall be, Tenant is required to yield possession thereof to the date upon which possession is taken by such condemning authority. If less Landlord shall make such repairs and alterations as may be necessary in order to restore the part not taken to useful condition and all rental (other than all but a substantial and material any additional rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be reduced proportionately to the portion of the Leased Premises should be premises so taken. If the loss of the portion of the premises so taken whichsubstantially impairs the usefulness of the remainder of the premises for the permitted use, in either party may terminate this lease as of the sole but reasonable judgment of Tenant, renders the Leased Premises in such a condition that it can no longer be used for its intended uses as set forth in Section 1.1(n) (and date when Tenant must deliver is required to yield possession by giving notice to Landlord of such determination that effect within thirty (30) days after such date. If twenty percent (20%) or more of the floor area in the retail center is taken as aforesaid, or if parking spaces in the retail center are reduced below the number required by law, and Landlord does not deem it reasonably feasible to replace such parking spaces with other parking spaces on the portion of the Leased Premises is retail center area not taken), either then Landlord or Tenant may elect to terminate this Lease or lease as of the date on which possession thereof is required to continue this Lease in effectbe yielded to the condemning authority, but if neither Landlord nor Tenant elects to terminate this Lease by giving notice of such election within sixty ninety (6090) days after such takingdate. If any notice of termination is given pursuant to this Section, this Lease shall continue in effect lease and if the portion rights and obligations of the Leased Premises so taken diminishes the commercial value parties hereunder shall cease as of the right to use the Leased Premises for the purposes described in Section 1.1(n) of this Leasedate such notice, then a portion of the Base Rent shall be reduced and rental (other than any additional rental due Landlord by Landlord to the extent necessary to reflect such decreased value, but in no event shall the Base Rent be reduced by a proportion greater than a fraction equal to: (i) the square feet of any portion of the Building so taken divided by (ii) the total square feet of the Building. When any such reduction in Base Rent has been computed by Landlord, Landlord shall notify Tenant as to the amount of such Base Rent after the reduction and such sum shall become the Base Rent hereunder and shall be due and payable by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner reason of Tenant's payment of Base Rent. At the request of Landlord, Tenant will execute a letter or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected failure to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of perform any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to hereunder) shall be relieved from any of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord shall have the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises should be so taken, then neither party may terminate this Lease adjusted as a result thereof; provided, however, that if less than a substantial and material portion of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access to the Leased Premises and/or the ability of Tenant's delivery trucks and/or vehicles to properly access the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent to the extent necessary to reflect such decreased value, within thirty (30) days following the date of such taking. In no event shall Base Rent be reduced by an amount greater than the amount of the net condemnation award paid to Landlord amortized over the remaining Term of this Lease on a straight line basisdate.
Appears in 1 contract
Effect of Taking. If there shall be all of the Premises is condemned or taken (the term "taken" including a voluntary conveyance or any transfer is made in lieu thereof) before or during the Term for public or quasi-public use, (each of this Lease all of the Leased Premises (other than which events shall be referred to as a temporary “taking”), by any authority having the power of eminent domain, then and in that event, the term of this Lease shall cease and terminate, and automatically terminate as of the date of such termination shall be, the date upon which possession is taken by such authorityvesting of title. If less than all but a substantial and material part of the Premises is so taken, this Lease shall automatically terminate as to the portion of the Leased Premises should be so taken which, in as of the sole but reasonable judgment date of Tenant, renders the Leased Premises in such vesting of title as a condition that it can no longer be used for its intended uses as set forth in Section 1.1(n) (and Tenant must deliver notice to Landlord result of such determination within thirty (30) days after taking. If such portion of the Leased Premises Real Property is taken)taken as to render the Building incapable of economically feasible operation as reasonably determined by Landlord, either Landlord or Tenant may elect to terminate this Lease or may be terminated by Landlord, as of the date of the vesting of title as a result of such taking, by written notice to continue this Lease in effect, but if neither Landlord nor Tenant elects to terminate this Lease within sixty (60) days after following notice to Landlord of the date on which said vesting will occur. If such portion of the Premises is taken as to render the Premises or the remaining portion thereof unusable by Tenant for the normal operation of Tenant’s business or the Premises, this Lease may be terminated by Tenant as of the date of the vesting of title as a result of such taking, by written notice to Landlord within sixty (60) days following notice to Tenant of the date on which said vesting will occur. If this Lease shall continue in effect and if the portion of the Leased Premises so taken diminishes the commercial value of the right to use the Leased Premises for the purposes described in Section 1.1(n) of this Lease, then is not terminated as a portion of the Base Rent shall be reduced by Landlord to the extent necessary to reflect such decreased value, but in no event shall the Base Rent be reduced by a proportion greater than a fraction equal to: (i) the square feet result of any portion of the Building so taken divided by (ii) the total square feet of the Building. When any such reduction in Base Rent has been computed by Landlordtaking, Landlord shall notify Tenant as restore the Building to the amount of such Base Rent after the reduction and such sum shall become the Base Rent hereunder and shall be due and payable by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner of Tenant's payment of Base Rent. At the request of Landlord, Tenant will execute a letter or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to be relieved from any of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord shall have the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises should be so taken, then neither party may terminate this Lease as a result thereofarchitecturally whole unit; provided, however, that if less than a substantial and material portion of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access Landlord shall not be obligated to the Leased Premises and/or the ability of Tenant's delivery trucks and/or vehicles to properly access the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent to the extent necessary to reflect expend on such decreased value, within thirty (30) days following the date of such taking. In no event shall Base Rent be reduced by an amount greater restoration more than the amount of the net condemnation award paid proceeds actually received by Landlord, unless Tenant pays to Landlord amortized over in advance the remaining Term difference between the cost of this Lease on a straight line basissuch restoration and the amount of the condemnation proceeds received by Landlord.
Appears in 1 contract
Samples: Short Term Lease (Perseon Corp)
Effect of Taking. If there shall be taken (In the term "taken" including event of a voluntary conveyance in lieu thereof) during Taking of the Term whole of the Leased Premises, this Lease all shall terminate as of the date of such Taking. If only a part of the Leased Premises (other than a temporary taking), by any authority having the power of eminent domain, then and in that event, the term of this Lease shall cease and terminate, and the date of such termination shall be, the date upon which possession is taken by such authority. If less than all but a substantial and material portion of the Leased Premises should be so taken whichthen, except as otherwise provided in the sole but reasonable judgment of Tenant, renders the Leased Premises in such a condition that it can no longer be used for its intended uses as set forth in Section 1.1(n) (and Tenant must deliver notice to Landlord of such determination within thirty (30) days after such portion of the Leased Premises is taken), either Landlord or Tenant may elect to terminate this Lease or to continue this Lease in effect, but if neither Landlord nor Tenant elects to terminate this Lease within sixty (60) days after such takingsubsection, this Lease shall continue in force and effect but, from and if after the date of the Taking, the Basic Rent and Additional Charges shall be reduced on the basis of the square footage of the portion of the Leased Premises so taken diminishes the commercial value taken. If a part of the right Building shall be taken, and if either (i) the part of the Building so taken contains more than twenty-five percent (25%) of the Rentable Area of the Leased Premises, immediately prior no such Taking, or (ii) in Landlord’s reasonable opinion, it shall be impracticable to continue to operate the Building, then Landlord, at Landlord’s option, may give to Tenant within 60 days after Building, then Landlord, at Landlord’s option, may give to Tenant within 60 days after the date upon which Landlord shall have received notice of the Taking, a 30 days’ notice of termination of this Lease. If a part of the Building shall be taken, and if either (i) the part of the Building taken contains more than thirty-five percent (35%) of the Rentable Area of the Leased Premises immediately prior to such Taking, or (ii) by reason of such Taking, all or substantially all of the Leased Premises becomes untenantable and Tenant is unable and does not, in fact use all or substantially all of the Leased Premises for the purposes described in uses permitted by Section 1.1(n) 6(a), then Tenant, at Tenant’s option, may give to Landlord within 60 days after the date upon which Tenant shall have received notice of such Taking, a 30 days’ notice of termination of this Lease. If a 30 days’ notice of termination is given by Landlord or Tenant, then a portion this Lease shall terminate upon the expiration of the Base Rent shall be reduced by Landlord 30-day period. If this Lease is terminated pursuant to the foregoing provisions of this subsection, then, to the extent necessary to reflect such decreased value, but in no event shall the Base Rent be reduced permitted by a proportion greater than a fraction equal to: (i) the square feet of any portion of the Building so taken divided by (ii) the total square feet of the Building. When any such reduction in Base Rent has been computed by Landlord, Landlord shall notify Tenant as to the amount of such Base Rent after the reduction applicable law and such sum shall become the Base Rent hereunder and shall be due and payable by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner of Tenant's payment of Base Rent. At the request of LandlordTaking, Tenant will execute a letter or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to be relieved from any of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord shall have the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises should be so taken, then neither party may terminate this Lease as a result thereof; provided, however, that if less than a substantial and material portion of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access to the Leased Premises and/or in order to remove Tenant’s Special Installations and any other personal property then owned by Tenant and which Tenant is entitled to remove pursuant to this Lease during the ability period of Tenant's delivery trucks and/or vehicles to properly 30 days from the date Tenant is permitted access therefor. If a Taking occurs which does not result in the termination of this Lease, Landlord shall repair, alter and restore the remaining portions of the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent their former condition to the extent necessary to reflect such decreased value, within thirty (30) days following that the date of such taking. In no event shall Base Rent same may be reduced by an amount greater than the amount of the net condemnation award paid to Landlord amortized over the remaining Term of this Lease on a straight line basisfeasible.
Appears in 1 contract
Effect of Taking. If there shall be all of the Premises is condemned or taken (the term "taken" including a voluntary conveyance in lieu thereof) any permanent manner before or during the Term of this Lease all for any public or quasi-public use, or any permanent transfer of the Leased Premises (other than a temporary taking), by any authority having is made in avoidance of an exercise of the power of eminent domaindomain (each of which events shall be referred to as a "taking"), then and in that event, the term of this Lease shall cease and terminateautomatically terminate as of tile date of the vesting of title as a result of such taking. If a part of the Premises is so taken, and this Lease shall automatically terminate as to the portion of the Premises so taken as of the date of the vesting of title as a result of such termination shall be, the date upon which possession is taken by such authoritytaking. If less than all but a substantial and material portion of the Leased Premises should be so taken which, in the sole but reasonable judgment of Tenant, renders the Leased Premises in such a condition that it can no longer be used for its intended uses as set forth in Section 1.1(n) (and Tenant must deliver notice to Landlord of such determination within thirty (30) days after such portion of the Leased Property is taken as to render the balance of the Premises is taken)unusable by Tenant for the Permitted Use, either as reasonably determined by Tenant and Landlord, this Lease may be terminated by Landlord or Tenant may elect Tenant, as of the date of the vesting of title as a result of such taking, by written notice to terminate this Lease or to continue this Lease in effect, but if neither Landlord nor Tenant elects to terminate this Lease the other party given within sixty (60) days after such following notice to Landlord of the date on which said vesting will occur. If this Lease is not terminated as a result of any taking, this Lease shall continue in effect and or if the portion of the Leased Premises so taken diminishes the commercial value of the right to use the Leased Premises for the purposes described in Section 1.1(n) of this Lease, then a portion of the Base Rent shall be reduced by Landlord to the extent necessary to reflect such decreased value, but in no event shall the Base Rent be reduced by a proportion greater than a fraction equal to: (i) the square feet of all or any portion of the Building so Premises is taken divided by (ii) for a limited period of time before or during the total square feet of the Building. When any such reduction in Base Rent has been computed by LandlordTerm, Landlord shall notify Tenant as restore the Building to the amount of such Base Rent after the reduction and such sum shall become the Base Rent hereunder and shall be due and payable by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner of Tenant's payment of Base Rent. At the request of Landlord, Tenant will execute a letter or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to be relieved from any of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord shall have the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises should be so taken, then neither party may terminate this Lease as a result thereofarchitecturally whole unit; provided, however, that if less than a substantial and material portion of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access Landlord shall not be obligated to the Leased Premises and/or the ability of Tenant's delivery trucks and/or vehicles to properly access the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent to the extent necessary to reflect expend on such decreased value, within thirty (30) days following the date of such taking. In no event shall Base Rent be reduced by an amount greater restoration more than the amount of condemnation proceeds actually received by Landlord and Landlord shall not be obligated to restore any temporary taking. In the net condemnation award paid to Landlord amortized over the remaining Term event of a partial taking that does not result in a termination of this Lease on a straight line basisas to the entire Premises, or in the event of any temporary taking, Base Rent and Additional Rent shall be equitably adjusted in relation to the portions of the Premises and Building taken or rendered unusable by such taking.
Appears in 1 contract
Samples: Lease Agreement (Value Line Inc)
Effect of Taking. If there shall be all of the Premises is condemned or taken (the term "taken" including a voluntary conveyance or any transfer is made in lieu thereof) before or during the Term for public or quasi-public use, (each of this Lease all of the Leased Premises (other than which events shall be referred to as a temporary taking“Taking”), by any authority having the power of eminent domain, then and in that event, the term of this Lease shall cease and terminate, and automatically terminate as of the date of such termination shall be, the date upon which possession is taken by such authorityvesting of title. If less than all but a substantial and material part of the Premises is so taken, this Lease shall automatically terminate as to the portion of the Leased Premises should be so taken which, in as of the sole but reasonable judgment date of Tenant, renders the Leased Premises in such vesting of title as a condition that it can no longer be used for its intended uses as set forth in Section 1.1(n) (and Tenant must deliver notice to Landlord result of such determination within thirty (30) days after such taking. If a portion of the Leased Premises Real Property is taken)taken as to render the Building incapable of economically feasible operation as reasonably determined by Landlord, either Landlord or Tenant may elect to terminate this Lease or may be terminated by Landlord as of the date of the vesting of title as a result of such taking, by written notice to continue this Lease in effect, but if neither Landlord nor Tenant elects to terminate this Lease within sixty (60) days after such taking, this Lease shall continue in effect and if the portion following notice to Landlord of the Leased Premises so taken diminishes the commercial value of the right to use the Leased Premises for the purposes described in Section 1.1(n) of this Lease, then date on which said vesting will occur. If a portion of the Base Rent shall Premises is taken as to render the Premises or the remaining portion thereof unusable by Tenant for the normal operation of Tenant’s business on the Premises, this Lease may be reduced terminated by Tenant as of the date of the vesting of title as a result of such taking, by written notice to Landlord within sixty (60) days following notice to Tenant of the extent necessary to reflect such decreased value, but in no event shall the Base Rent be reduced by date on which said vesting will occur. If this Lease is not terminated as a proportion greater than a fraction equal to: (i) the square feet result of any portion of the Building so taken divided by (ii) the total square feet of the Building. When any such reduction in Base Rent has been computed by Landlordtaking, Landlord shall notify Tenant as restore the Building to the amount of such Base Rent after the reduction and such sum shall become the Base Rent hereunder and shall be due and payable by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner of Tenant's payment of Base Rent. At the request of Landlord, Tenant will execute a letter or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to be relieved from any of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord shall have the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises should be so taken, then neither party may terminate this Lease as a result thereofarchitecturally whole unit; provided, however, that if less than a substantial and material portion of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access Landlord shall not be obligated to the Leased Premises and/or the ability of Tenant's delivery trucks and/or vehicles to properly access the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent to the extent necessary to reflect expend on such decreased value, within thirty (30) days following the date of such taking. In no event shall Base Rent be reduced by an amount greater restoration more than the amount of the net condemnation award paid proceeds actually received by Landlord nor do more work than that described in Section 14.4, unless Tenant pays to Landlord amortized over in advance the remaining Term difference between the cost of this Lease on a straight line basissuch restoration and the amount of the condemnation proceeds received by Landlord.
Appears in 1 contract
Effect of Taking. If there shall be taken (In the term "taken" including event of a voluntary conveyance in lieu thereof) during Taking of the Term whole of the Leased Premises, this Lease all shall terminate as of the date of such Taking. If only a part of the Leased Premises (other than a temporary taking)shall be so taken then, by any authority having the power of eminent domainexcept as otherwise provided in this subsection, then and in that event, the term of this Lease shall cease continue in force and terminateeffect, but from and after the date of such termination shall bethe Taking, the date upon which possession is taken by such authorityBasic Rent and Additional Charges shall be equitably reduced on the basis of the Rentable Area so taken. If less than all but a substantial and material portion part of the Leased Premises should Building shall be taken, and if either (i) the part of the Building so taken which, in the sole but reasonable judgment of Tenant, renders the Leased Premises in such a condition that it can no longer be used for its intended uses as set forth in Section 1.1(ncontains more than twenty-five percent (25%) (and Tenant must deliver notice to Landlord of such determination within thirty (30) days after such portion of the Leased Premises is taken)Rentable Area immediately before such Taking, either Landlord or Tenant may elect to terminate this Lease or (ii) in Landlord’s reasonable opinion, it shall be impracticable to continue this Lease in effectto operate the Building, but if neither Landlord nor then Landlord, at Landlord’s option, may give to Tenant elects to terminate this Lease within sixty (60) days after such takingthe date upon which Landlord shall have received notice of the Taking, a thirty (30) days’ notice of termination of this Lease Lease. If a part of the Building shall continue in effect be taken, and if either (i) the portion part of the Building so taken contains more than thirty-five percent (35%) of the Rentable Area immediately before such Taking, or (ii) by reason of such Taking all or substantially all of the Leased Premises so taken diminishes becomes untenantable (within the commercial value meaning of the right to Section 13(b)) and Tenant does not, in fact, use all or substantially all of the Leased Premises for the purposes described in uses permitted by Section 1.1(n6(a), then Tenant, at Tenant’s option, may give to Landlord within sixty (60) days after the date upon which Tenant shall have received notice of such Taking, a thirty (30) days’ notice of termination of this Lease. If a thirty (30) days’ notice of termination is given by Landlord or Tenant, then a portion this Lease shall terminate upon the earlier of (x) the date on which title to the part of the Base Rent shall be reduced by Landlord Building taken vests in the condemning authority, or (y) the expiration of the thirty (30) day period. If this Lease is terminated pursuant to the foregoing provisions of this subsection, then, to the extent necessary to reflect such decreased value, but in no event shall the Base Rent be reduced permitted by a proportion greater than a fraction equal to: (i) the square feet of any portion of the Building so taken divided by (ii) the total square feet of the Building. When any such reduction in Base Rent has been computed by Landlord, Landlord shall notify Tenant as to the amount of such Base Rent after the reduction applicable law and such sum shall become the Base Rent hereunder and shall be due and payable by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner of Tenant's payment of Base Rent. At the request of LandlordTaking, Tenant will execute a letter or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to be relieved from any of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord shall have the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises should be so taken, then neither party may terminate this Lease as a result thereof; provided, however, that if less than a substantial and material portion of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access to the Leased Premises and/or in order to remove Tenant’s Personal Property and any other property which Tenant is entitled to remove pursuant to this Lease during the ability period of Tenant's delivery trucks and/or vehicles to properly access the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent to the extent necessary to reflect such decreased value, within thirty (30) days following from the date Tenant is permitted access therefor. If a Taking occurs which does not result in the termination of such taking. In no event this Lease, Landlord shall Base Rent be reduced by an amount greater than repair, alter and restore the amount remaining portions of the net condemnation award paid Leased Premises (but not Alterations) to Landlord amortized over their former condition to the remaining Term of this Lease on a straight line basisextent that the same may be feasible.
Appears in 1 contract
Effect of Taking. If there title to the Premises or so much thereof as to render the remainder no longer usable for Tenant’s operations shall be taken (the term "taken" including a voluntary conveyance in lieu thereof) during the Term of this Lease all of the Leased Premises (other than a temporary taking), or permanently condemned by any competent authority having and the power Premises cannot, in the reasonable opinion of eminent domainLandlord and Tenant, then and in that eventbe restored to useful condition, the term of this Lease shall cease and terminate, and all Base Rent, additional rent and other charges paid or payable by Tenant hereunder shall be apportioned as of the date of such termination shall be, the date upon which possession is taken by such authority. If less than all but a substantial and material portion vesting of the Leased Premises should be so taken which, title in the sole but reasonable judgment of Tenant, renders condemning authority and Tenant shall surrender the Leased Premises in such a condition that it can no longer be used for its intended uses as set forth in Section 1.1(nherein. In the event of a permanent partial taking which does not effect a termination of this Lease pursuant to the preceding sentence but does deprive Tenant of the use of seventy-five percent (75%) (and or more of the rentable area of the Building, Tenant must deliver shall have the right, at its option, exercisable by written notice delivered to Landlord of such determination within by no later than thirty (30) days after before the vesting of title in such portion of the Leased Premises is taken)condemning authority, either Landlord or Tenant may elect to terminate this Lease or Lease. In the event the Tenant does not exercise its right to continue this terminate the Lease in effect, but if neither Landlord nor Tenant elects to terminate accordance with this Lease within sixty (60) days after such taking, this Lease shall continue in effect Article 11 and if the portion of the Leased Premises so taken diminishes the commercial value of the right to use the Leased Premises for the purposes described in Section 1.1(n) of this Lease, then a portion of the rentable area of the Building is permanently taken, the Base Rent thereafter payable hereunder shall be reduced by Landlord to the extent necessary to reflect such decreased value, but in no event shall lesser of (a) the Base Rent be reduced otherwise payable hereunder multiplied by a proportion greater than a fraction equal to: (i) fraction, the square feet numerator of any portion which is the rentable area of the Building so taken divided and the denominator of which is 321,321 square feet and (b) the product of (i) the net condemnation proceeds retained by Landlord (after reduction of any proceeds utilized for restoration) and (ii) six and one-tenth percent (6.1%) during the total square feet first five years of the Buildingthis Lease and seven and six-tenths percent (7.6%) thereafter. When any such reduction in Base Rent has been computed by Landlord, Landlord shall notify Tenant as to the amount of such Base Rent after the reduction and such sum shall become the Base Rent hereunder and shall The Lease may not be due and payable by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner of Tenant's payment of Base Rent. At the request of Landlord, Tenant will execute terminated for a letter or other memorandum setting forth the amount of such Base Rent payable by Tenanttemporary taking. In the event that Landlord has elected to continue of a temporary taking, Tenant shall remain liable for its Base Rent and other monetary obligations under this Lease in effect, then neither the restoration work, if any, by Landlord with respect without reduction or abatement and any and all payments made for such temporary taking and business interruption insurance proceeds shall be paid over to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to be relieved from any of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord shall have the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises should be so taken, then neither party may terminate this Lease as a result thereof; provided, however, that if less than a substantial and material portion of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access to the Leased Premises and/or the ability of Tenant's delivery trucks and/or vehicles to properly access the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent to the extent necessary to reflect such decreased value, within thirty (30) days following the date of such taking. In no event shall Base Rent be reduced by an amount greater than the amount of the net condemnation award paid to Landlord amortized over the remaining Term of this Lease on a straight line basis.
Appears in 1 contract
Samples: Absolute Net Lease (Health Net Inc)
Effect of Taking. If there shall be taken (the term "taken" including a voluntary conveyance in lieu thereof) during the Term of this Lease all of the Leased Premises (other than a temporary taking)is condemned or taken ---------------- in any manner for public or quasi-public use, by or any authority having transfer of the Premises is made in avoidance of an exercise of the power of eminent domaindomain (each of which events shall be referred to as a "taking"), then and in that event, the term of this Lease shall cease and terminate, and automatically terminate as of the date of the vesting of title as a result of such termination shall be, the date upon which possession is taken by such authoritytaking. If less than all but a substantial and material part of the Premises is so taken, this Lease shall automatically terminate as to the portion of the Leased Premises should be so taken which, in as of the sole but reasonable judgment date of Tenant, renders the Leased Premises in such vesting of title as a condition that it can no longer be used for its intended uses as set forth in Section 1.1(n) (and Tenant must deliver notice to Landlord result of such determination within thirty (30) days after taking. If such portion of the Leased Premises Real Property is taken)taken as to render the Building incapable of economically feasible operation, either Landlord or Tenant may elect to terminate this Lease or may be terminated by Landlord, as of the date of the vesting of title as a result of such taking, by written notice to continue this Lease in effect, but if neither Landlord nor Tenant elects to terminate this Lease within sixty (60) days after following notice to Landlord of the date on which said vesting will occur; provided that such termination by Landlord is made in good faith in a nondiscriminatory manner. If such portion of the Premises is taken as to render the Premises or the remaining portion thereof unusable by Tenant, this Lease may be terminated by Tenant as of the date of the vesting of title as a result of such taking, by written notice to Landlord within sixty (60) days following notice to Tenant of the date on which said vesting will occur. If this Lease shall continue in effect and if the portion of the Leased Premises so taken diminishes the commercial value of the right to use the Leased Premises for the purposes described in Section 1.1(n) of this Lease, then is not terminated as a portion of the Base Rent shall be reduced by Landlord to the extent necessary to reflect such decreased value, but in no event shall the Base Rent be reduced by a proportion greater than a fraction equal to: (i) the square feet result of any portion of the Building so taken divided by (ii) the total square feet of the Building. When any such reduction in Base Rent has been computed by Landlordtaking, Landlord shall notify Tenant as restore the Building to the amount of such Base Rent after the reduction and such sum shall become the Base Rent hereunder and shall be due and payable by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner of Tenant's payment of Base Rent. At the request of Landlord, Tenant will execute a letter or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to be relieved from any of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord shall have the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises should be so taken, then neither party may terminate this Lease as a result thereofarchitecturally whole unit; provided, however, that if less than a substantial and material portion of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access Landlord shall not be obligated to the Leased Premises and/or the ability of Tenant's delivery trucks and/or vehicles to properly access the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent to the extent necessary to reflect expend on such decreased value, within thirty (30) days following the date of such taking. In no event shall Base Rent be reduced by an amount greater restoration more than the amount of the net condemnation award paid proceeds actually received by Landlord, unless Tenant pays to Landlord amortized over in advance the remaining Term difference between the cost of this Lease on a straight line basissuch restoration and the amount of the condemnation proceeds received by Landlord.
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Effect of Taking. If there the whole or any part of the Premises shall be taken (the term "taken" including a voluntary conveyance in lieu thereof) during the Term of this Lease all of the Leased Premises (other than a temporary taking), by any authority having under the power of eminent domain, then and in that event, the term of this Lease shall cease and terminate, and terminate as to the part so taken on the date of such termination shall be, Tenant is required to yield possession thereof to the date upon which possession is taken by such condemning authority. If less Landlord shall make such repairs and alterations as may be necessary in order to restore the part not taken to useful condition and all Rental (other than all but a substantial and material any Additional Rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be reduced in the same proportion as the portion of the Leased Floor Area of the Premises should be so taken which, in bears to Tenant's Floor Area. If the sole but reasonable judgment of Tenant, aforementioned taking renders the Leased remainder of the Premises in such a condition that it can no longer be used unsuitable for its intended uses the Permitted Use, either party may terminate this Lease as set forth in Section 1.1(n) (and of the date when Tenant must deliver is required to yield possession by giving notice to Landlord of such determination that effect within thirty (30) days after such portion date. If twenty percent (20%) or more of Landlord's Floor Area in the Leased Premises Shopping Center Area is taken)taken as aforesaid, either then Landlord or Tenant may elect to terminate this Lease or as of the date on which possession thereof is required to continue this Lease in effectbe yielded to the condemning authority, but if neither Landlord nor Tenant elects to terminate this Lease by giving notice of such election within sixty ninety (6090) days after such takingdate. If any notice of termination is given pursuant to this Section, this Lease shall continue in effect and if the portion rights and obligations of the Leased Premises so taken diminishes the commercial value parties hereunder shall cease as of the right to use the Leased Premises for the purposes described in Section 1.1(n) of this Lease, then a portion of the Base Rent shall be reduced by Landlord to the extent necessary to reflect such decreased value, but in no event shall the Base Rent be reduced by a proportion greater than a fraction equal to: (i) the square feet of any portion of the Building so taken divided by (ii) the total square feet of the Building. When any such reduction in Base Rent has been computed by Landlord, Landlord shall notify Tenant as to the amount date of such Base Rent after the reduction notice and such sum shall become the Base Rent hereunder and shall be Rental (other than Additional Rental due and payable Landlord by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner reason of Tenant's payment of Base Rent. At the request of Landlord, Tenant will execute a letter or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected failure to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of perform any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to hereunder) shall be relieved from any adjusted as of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord shall have the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises should be so taken, then neither party may terminate this Lease as a result thereof; provided, however, that if less than a substantial and material portion of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access to the Leased Premises and/or the ability of Tenant's delivery trucks and/or vehicles to properly access the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent to the extent necessary to reflect such decreased value, within thirty (30) days following the date of such taking. In no event shall Base Rent be reduced by an amount greater than the amount of the net condemnation award paid to Landlord amortized over the remaining Term of this Lease on a straight line basistermination.
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Effect of Taking. If there shall be taken (the term "taken" including a voluntary conveyance in lieu thereof) during the Term of this Lease all of the Leased Premises (other than a temporary taking)is condemned or taken in any manner for public or quasi-public use, by or any authority having transfer of the Premises is made in avoidance of an exercise of the power of eminent domaindomain (each of which events shall be referred to as a "taking"), then and in that event, the term of this Lease shall cease and terminate, and automatically terminate as of the date of the vesting of title as a result of such termination shall be, the date upon which possession is taken by such authoritytaking. If less than all but a substantial and material part of the Premises is so taken, this Lease shall automatically terminate as to the portion of the Leased Premises should be so taken which, in as of the sole but reasonable judgment date of Tenant, renders the Leased Premises in such vesting of title as a condition that it can no longer be used for its intended uses as set forth in Section 1.1(n) (and Tenant must deliver notice to Landlord result of such determination within thirty (30) days after taking. If such portion of the Leased Premises Real Property is taken)taken as to render the Building incapable of economically feasible operation, either Landlord or Tenant may elect to terminate this Lease or may be terminated by Landlord, as of the date of the vesting of title as a result of such taking, by written notice to continue this Lease in effect, but if neither Landlord nor Tenant elects to terminate this Lease within sixty (60) days after following notice to Landlord of the date on which said vesting will occur, provided that such termination by Landlord is made in good faith in a non-discriminatory manner. If such portion of the Premises is taken as to render the Premises or the remaining portion thereof unusable by Tenant, this Lease may be terminated by Tenant as of the date of the vesting of title as a result of such taking, by written notice to Landlord within sixty (60) days following notice to Tenant of the date on which said vesting will occur. If this Lease shall continue in effect and if the portion of the Leased Premises so taken diminishes the commercial value of the right to use the Leased Premises for the purposes described in Section 1.1(n) of this Lease, then is not terminated as a portion of the Base Rent shall be reduced by Landlord to the extent necessary to reflect such decreased value, but in no event shall the Base Rent be reduced by a proportion greater than a fraction equal to: (i) the square feet result of any portion of the Building so taken divided by (ii) the total square feet of the Building. When any such reduction in Base Rent has been computed by Landlordtaking, Landlord shall notify Tenant as restore the Building to the amount of such Base Rent after the reduction and such sum shall become the Base Rent hereunder and shall be due and payable by Tenant to Landlord in accordance with the provisions of Article 4 relating to the time and manner of Tenant's payment of Base Rent. At the request of Landlord, Tenant will execute a letter or other memorandum setting forth the amount of such Base Rent payable by Tenant. In the event that Landlord has elected to continue this Lease in effect, then neither the restoration work, if any, by Landlord with respect to the Leased Premises shall constitute an eviction or disturbance of Tenant's use and possession of the Leased Premises or a breach by Landlord of any of its obligations hereunder or render Landlord liable for damages or entitle Tenant to be relieved from any of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Base Rent) or grant Tenant any right of off-set or recoupment. In the event that any condemnation proceeds, whether by way of compensation or damages, are collected by any party holding a lien on Landlord's interest in the Leased Premises, whether or not the payment to such lienholder is with the approval of Landlord, then Landlord shall have the right to terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises should be so taken, then neither party may terminate this Lease as a result thereofarchitecturally whole unit; provided, however, that if less than a substantial and material portion of the Leased Premises is taken and said condemned portion detrimentally affects Tenant's access Landlord shall not be obligated to the Leased Premises and/or the ability of Tenant's delivery trucks and/or vehicles to properly access the Leased Premises for its intended use as set forth in Section 1.1(n) hereof to a material extent, then Landlord and Tenant shall mutually agree upon a fair and reasonable reduction in Base Rent to the extent necessary to reflect expend on such decreased value, within thirty (30) days following the date of such taking. In no event shall Base Rent be reduced by an amount greater restoration more than the amount of the net condemnation award paid proceeds actually received by Landlord, unless Tenant pays to Landlord amortized over in advance the remaining Term difference between the cost of this Lease on a straight line basissuch restoration and the amount of the condemnation proceeds received by Landlord.
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Samples: Office Building Lease (Kintera Inc)