Common use of Effect of Taking Clause in Contracts

Effect of Taking. If the entirety of the Premises is condemned or taken (or any transfer is made in lieu thereof), other than a temporary taking, before or during the Term for public or quasi-public use (each of which events shall be referred to as a “taking”), this Lease shall automatically terminate as of the earlier of the date (the “effective date of taking”) (i) of the vesting of title in the condemning authority, or (ii) the date the condemning authority is authorized to take possession of the Premises. If only a part of the Premises is so taken, this Lease shall automatically terminate as to the portion of the Premises so taken as of the effective date of taking. If any portion of the Building is taken so as to render the Building incapable of economically feasible operation as reasonably determined by Landlord, this Lease may be terminated by Landlord, as of the effective date of taking, by written notice to Tenant given at any time prior to the effective date of taking. If a portion of the Premises or the Building is taken so as to render the Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of Tenant’s business on the Premises, as reasonably determined by Tenant, this Lease may be terminated by Tenant as of the date of the effective date of such taking, by written notice to Landlord given at any time prior to the effective date of taking. If this Lease is not terminated as a result of a taking, Landlord shall restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the amount of the condemnation award actually received by Landlord (and not required to be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation of Tenant under this Lease) the difference between the cost of such restoration and the amount of the condemnation award so actually received by Landlord.

Appears in 3 contracts

Samples: Lease Agreement (Dolby Laboratories, Inc.), Lease Agreement (Dolby Laboratories, Inc.), Lease Agreement (Dolby Laboratories, Inc.)

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Effect of Taking. If the entirety of the Premises is condemned or there shall be taken (or any transfer is made 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), before 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 during the Term for public Tenant may elect to terminate this Lease or quasi-public use to continue this Lease in effect, but if neither Landlord nor Tenant elects to terminate this Lease within sixty (each of which events shall be referred to as a “60) days after such taking”), this Lease shall automatically terminate as of the earlier of the date (the “effective date of taking”) (i) of the vesting of title continue in the condemning authority, or (ii) the date the condemning authority is authorized to take possession of the Premises. If only a part of the Premises is so taken, this Lease shall automatically terminate as to effect and if the portion of the Leased Premises so taken as diminishes the commercial value of the effective date right to use the Leased Premises for the purposes described in Section 1.1(n) of taking. If 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 is so taken so as to render divided by (ii) the Building incapable total square feet of economically feasible operation as reasonably determined 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 may 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 terminated 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, as of then Landlord shall have the effective date of taking, by written notice right to Tenant given at any time prior to the effective date of terminate this Lease within 60 days following such taking. If less than a substantial and material portion of the Leased Premises or the Building is taken should be so as to render the Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of Tenant’s business on the Premisestaken, as reasonably determined by Tenant, then neither party may terminate this Lease may be terminated by Tenant as of the date of the effective date of such taking, by written notice to Landlord given at any time prior to the effective date of taking. If this Lease is not terminated as a result of a taking, Landlord shall restore the Building to an architecturally whole unitthereof; 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 not 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 obligated to expend on such restoration more reduced by an amount greater than the amount of the net condemnation award actually received by Landlord (and not required to be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation amortized over the remaining Term of Tenant under this Lease) the difference between the cost of such restoration and the amount of the condemnation award so actually received by LandlordLease 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 the entirety whole or any part of the Premises is condemned shall be taken pursuant to the power of eminent domain, whether by condemnation or taken (or any transfer is made deed in lieu thereof), other than a temporary taking, before or during the Term for public or quasi-public use (each of which events shall be referred to as a “taking”), this Lease shall automatically terminate as to the part so taken as of the earlier of the date (the “effective date of such taking”) (i) of . Landlord shall make such repairs and alterations as may be necessary in order to restore the vesting of title in the condemning authority, or (ii) the date the condemning authority is authorized to take possession of the Premises. If only a part of the Premises is so taken, this Lease not taken to a useful condition and all Rent (other than any Additional Rent due Landlord by reason of Tenant's prior failure to perform any of its obligations hereunder) shall automatically terminate be reduced in the same proportion as to the portion of the Premises so taken taken. If any partial taking renders the remainder of the Premises unusable for the Permitted Use, either party may terminate this Lease as of the effective date of takingsuch taking by giving notice to the other party within thirty (30) days after such date. If any portion ten percent (10%) or more of the Building is taken so as aforesaid, Landlord may elect to render the Building incapable of economically feasible operation as reasonably determined by Landlord, terminate this Lease may be terminated by Landlord, as of the effective date of taking, by written notice to Tenant given at any time prior to the effective date of taking. If a portion of the Premises or the Building is taken so as to render the Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of Tenant’s business on the Premises, as reasonably determined by Tenant, this Lease may be terminated by Tenant 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 effective Premises is taken (and in Tenant's good faith judgment the balance is not suitable for Tenant's business operations), Tenant may elect to terminate this Lease as of the date of such taking, taking by written giving notice of that election to Landlord given at any time prior to within ninety (90) days after the effective date of the taking. If any notice of termination is given pursuant to this Section, this Lease is not terminated as a result of a taking, Landlord shall restore and the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the amount rights and obligations of the condemnation award actually received parties hereunder shall cease on the date specified in such notice and all Rent (other than any Additional Rent due Landlord by Landlord (and not required reason of Tenant's prior failure to perform any of its obligations hereunder) shall be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation adjusted as of Tenant under this Lease) the difference between the cost date of such restoration and the amount of the condemnation award so actually received by Landlordtermination.

Appears in 2 contracts

Samples: Office Lease Agreement (Teligent Inc), Office Lease Agreement (NHP Inc)

Effect of Taking. If In the entirety event of a Taking of the Premises is condemned or taken (or any transfer is made in lieu thereof), other than a temporary taking, before or during whole of the Term for public or quasi-public use (each of which events shall be referred to as a “taking”)Leased Premises, this Lease shall automatically terminate as of the earlier of the date (the “effective date of taking”) (i) of the vesting of title in the condemning authority, or (ii) the date the condemning authority is authorized to take possession of the Premisessuch Taking. If only a part of the Leased Premises is shall be so takentaken then, except as otherwise provided in this subsection, this Lease shall automatically terminate as to continue in force and effect but, from and 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 as of the effective date of takingtaken. If any portion a part of the Building is taken so as to render shall be taken, and if either (i) the part of the Building incapable so taken contains more than twenty-five percent (25%) of economically feasible operation as reasonably determined by 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, this Lease at Landlord's option, may be terminated by Landlord, as give to Tenant within 60 days after the date upon which Landlord shall have received notice of the effective date Taking, a 30 days' notice of taking, by written notice to Tenant given at any time prior to the effective date termination of takingthis Lease. If a portion part of the Premises or 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 taken so as to render unable and does not, in fact use all or substantially all of the Leased Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation uses permitted by Section 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 Tenant’s business on the Premisessuch Taking, as reasonably determined a 30 days' notice of termination of this Lease. If a 30 days' notice of termination is given by Landlord or Tenant, this Lease may be terminated by Tenant as shall terminate upon the expiration of the date of the effective date of such taking, by written notice to Landlord given at any time prior to the effective date of taking30-day period. If this Lease is terminated pursuant to the foregoing provisions of this subsection, then, to the extent permitted by applicable law and such Taking, Tenant shall have access to the Leased Premises 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 period of 30 days from the date Tenant is permitted access therefor. If a Taking occurs which does not terminated as a result in the termination of a takingthis Lease, Landlord shall repair, alter and restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the amount remaining portions of the condemnation award actually received by Landlord (and not required Leased Premises to their former condition to the extent that the same may be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation of Tenant under this Lease) the difference between the cost of such restoration and the amount of the condemnation award so actually received by Landlordfeasible.

Appears in 2 contracts

Samples: Icf Kaiser International Inc, Icf Kaiser International Inc

Effect of Taking. If the entirety whole or any part of the Premises is condemned or taken (or any transfer is made in lieu thereof), other than a temporary taking, before or during the Term for public or quasi-public use (each of which events shall be referred to as a “taking”)taken under the power of eminent domain, this Lease shall automatically terminate as of the earlier of the date (the “effective date of taking”) (i) of the vesting of title in the condemning authority, or (ii) the date the condemning authority is authorized to take possession of the Premises. If only a part of the Premises is so taken, this Lease shall automatically terminate as to the part so taken on the date Tenant is required to yield possession thereof to the condemning authority. 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 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 floor area of the Premises so taken bears to Tenant's Floor Area. If the aforementioned taking renders the remainder of the Premises unsuitable for the Permitted Use, either party may terminate this Lease as of the effective date when Tenant is required to yield possession by giving notice to that effect within thirty (30) days after such date. If twenty percent (20%) or more of takingLandlord'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 Shopping Center not taken, then Landlord may elect to terminate this Lease as of the date on which possession thereof is required to be yielded to the condemning authority, by giving notice of such election within ninety (90) days after such date. If any portion notice of the Building termination is taken so as given pursuant to render the Building incapable of economically feasible operation as reasonably determined by Landlordthis Section, this Lease may be terminated by Landlord, as and the rights and obligations of the effective date of taking, by written notice to Tenant given at any time prior to the effective date of taking. If a portion of the Premises or the Building is taken so as to render the Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of Tenant’s business on the Premises, as reasonably determined by Tenant, this Lease may be terminated by Tenant parties hereunder shall cease as of the date of such notice and Rental (other than any Additional Rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be adjusted as of the effective date of such taking, by written notice to Landlord given at any time prior to the effective date of taking. If this Lease is not terminated as a result of a taking, Landlord shall restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the amount of the condemnation award actually received by Landlord (and not required to be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation of Tenant under this Lease) the difference between the cost of such restoration and the amount of the condemnation award so actually received by Landlordtermination.

Appears in 2 contracts

Samples: Lease Agreement (Ciao Cucina Corp), Lease Agreement (Boston Restaurant Associates Inc)

Effect of Taking. If In the entirety event of a Taking of the Premises is condemned or taken (or any transfer is made in lieu thereof), other than a temporary taking, before or during whole of the Term for public or quasi-public use (each of which events shall be referred to as a “taking”)Leased Premises, this Lease shall automatically terminate as of the earlier date of such Taking. If only a part of the date (Leased Premises shall be so taken then, except as otherwise provided in this subsection, this Lease shall continue in force and effect, but from and after the “effective date of taking”) 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 part of the vesting 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 sixty (60) days after the date upon which Landlord shall have received notice of the Taking, a thirty (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 becomes untenantable (within the meaning of Section 13(b)) and Tenant does not, in fact, use all or substantially all of the Leased Premises for the uses permitted by Section 6(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, this Lease shall terminate upon the earlier of (x) the date on which title to the part of the Building taken vests in the condemning authority, or (iiy) the date the condemning authority is authorized to take possession expiration of the Premises. If only a part of the Premises is so taken, this Lease shall automatically terminate as to the portion of the Premises so taken as of the effective date of taking. If any portion of the Building is taken so as to render the Building incapable of economically feasible operation as reasonably determined by Landlord, this Lease may be terminated by Landlord, as of the effective date of taking, by written notice to Tenant given at any time prior to the effective date of taking. If a portion of the Premises or the Building is taken so as to render the Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of Tenant’s business on the Premises, as reasonably determined by Tenant, this Lease may be terminated by Tenant as of the date of the effective date of such taking, by written notice to Landlord given at any time prior to the effective date of takingthirty (30) day period. If this Lease is terminated pursuant to the foregoing provisions of this subsection, then, to the extent permitted by applicable law and such Taking, Tenant shall have access to the Leased Premises in order to remove Tenant’s Personal Property and any other property which Tenant is entitled to remove pursuant to this Lease during the period of thirty (30) days from the date Tenant is permitted access therefor. If a Taking occurs which does not terminated as a result in the termination of a takingthis Lease, Landlord shall repair, alter and restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the amount remaining portions of the condemnation award actually received by Landlord Leased Premises (and but not required Alterations) to their former condition to the extent that the same may be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation of Tenant under this Lease) the difference between the cost of such restoration and the amount of the condemnation award so actually received by Landlordfeasible.

Appears in 1 contract

Samples: Lease Agreement (Fidelity & Guaranty Life)

Effect of Taking. If the entirety of title to the Premises is condemned or taken (or any transfer is made in lieu thereof), other than a temporary taking, before or during so much thereof as to render the Term remainder no longer usable for public or quasi-public use (each of which events Tenant’s operations shall be referred taken or permanently condemned by any competent authority and the Premises cannot, in the reasonable opinion of Landlord and Tenant, be restored to as a “taking”)useful condition, this Lease shall automatically terminate cease and terminate, and all Base Rent, additional rent and other charges paid or payable by Tenant hereunder shall be apportioned as of the earlier of the date (the “effective date of taking”) (i) of the vesting of title in the condemning authority and Tenant shall surrender the Premises as set forth herein. 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%) or more of the rentable area of the Building, Tenant shall have the right, at its option, exercisable by written notice delivered to Landlord by no later than thirty (30) days before the vesting of title in such condemning authority, or (ii) to terminate this Lease. In the date event the condemning authority is authorized Tenant does not exercise its right to take possession of terminate the Premises. If only Lease in accordance with this Article 11 and a part of the Premises is so taken, this Lease shall automatically terminate as to the portion of the Premises so taken as of the effective date of taking. If any portion rentable area of the Building is taken so as to render permanently taken, the Base Rent thereafter payable hereunder shall be reduced by the lesser of (a) the Base Rent otherwise payable hereunder multiplied by a fraction, the numerator of which is the rentable area of the Building incapable so taken and the denominator of economically feasible operation as reasonably determined by Landlord, this Lease may be terminated by Landlord, as which is 321,321 square feet and (b) the product of (i) the effective date of taking, by written notice to Tenant given at any time prior to the effective date of taking. If a portion of the Premises or the Building is taken so as to render the Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of Tenant’s business on the Premises, as reasonably determined by Tenant, this Lease may be terminated by Tenant as of the date of the effective date of such taking, by written notice to Landlord given at any time prior to the effective date of taking. If this Lease is not terminated as a result of a taking, Landlord shall restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the amount of the net condemnation award actually received proceeds retained by Landlord (after reduction of any proceeds utilized for restoration) and (ii) six and one-tenth percent (6.1%) during the first five years of this Lease and seven and six-tenths percent (7.6%) thereafter. The Lease may not required to be terminated for a temporary taking. In the event of a temporary taking, Tenant shall remain liable for its Base Rent and other monetary obligations under this Lease without reduction or abatement and any and all payments made for such temporary taking and business interruption insurance proceeds shall be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation of Tenant under this Lease) the difference between the cost of such restoration and the amount of the condemnation award so actually received by LandlordTenant.

Appears in 1 contract

Samples: Lease (Health Net Inc)

Effect of Taking. If the entirety fifty percent (50%) or more of the Premises is permanently condemned or taken (or any transfer is made in lieu thereof), other than a temporary taking, ) before or during the Term for public or quasi-public use use, (each of which events shall be referred to as a "taking"), this Lease shall automatically terminate as of the earlier of the date (the “effective date of taking”) (i) of the vesting of title in the condemning authority, or (ii) the date the condemning authority is authorized to take possession of the Premisestitle. If only a part less than fifty percent (50%) of the Premises is so taken, this Lease shall automatically terminate as to the portion of the Premises so taken as of the effective date of the vesting of title as a result of such taking. If any portion fifty percent (50%) or more of the Building Real Property is taken so as to render the Building incapable of economically feasible operation as reasonably determined by Landlord, this Lease may be terminated by Landlord, as of the effective date of the vesting of title as a result of such taking, by written notice to Tenant given at any time prior within sixty (60) days following notice to Landlord of the effective date of takingon which said vesting will occur. If a any portion of the Premises or the Building is permanently taken so as to render the Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of Tenant’s 's business on or the Premises, as reasonably determined by Tenant, this Lease may be terminated by Tenant as of the date of the effective date vesting of title as a result of such taking, by written notice to Landlord given at any time prior within sixty (60) days following notice to Tenant of the effective date of takingon which said vesting will occur. If this Lease is not terminated as a result of a any taking, Landlord shall restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the amount of the condemnation award proceeds actually received by Landlord (and not required to be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.414.3, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation of Tenant under this Lease) the difference between the cost of such restoration and the amount of the condemnation award so actually proceeds received by Landlord. In no event shall Landlord have any obligation to repair or replace any of Tenant's personal property, trade fixtures, or Alterations.

Appears in 1 contract

Samples: Office Lease (Peoplesoft Inc)

Effect of Taking. If the entirety Except as otherwise provided in this Article 13, if (a) all or any part of the Premises is taken as a result of the exercise of the power of eminent domain or condemned for any public or taken (quasi-public purpose, or if any transfer is made in lieu thereof)avoidance of such exercise of the power of eminent domain (collectively, other than a temporary taking, before “taken” or during the Term for public or quasi-public use (each of which events shall be referred to as a “taking”), this Lease shall automatically terminate as of the earlier of the date (the “effective date of taking”) (i) of the vesting of title in the condemning authority, or (ii) the date the condemning authority is authorized to take possession of the Premises. If only a part of the Premises is so taken, this Lease shall automatically terminate as to the portion part of the Premises so taken as of the effective date of such taking. If any portion of ; or (b) if a taking results in material and continuing interference with Tenant’s access to the Building Premises and Landlord is taken so as unable to render provide reasonable alternative access, Tenant shall have the Building incapable of economically feasible operation as reasonably determined by Landlord, right to terminate this Lease may be terminated by Landlord, as of written notice to Landlord within thirty (30) days 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 written notice to Tenant the other given at any time prior to within thirty (30) days after the effective date of such taking. If a , if the portion of the Premises or the Building taken is taken of such extent and nature so as to render the Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of materially impair Tenant’s business on use of the balance of the Premises, as reasonably determined by Tenant, this Lease may the party giving such notice. Such termination shall be terminated by Tenant 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. Upon a taking of the Premises which does not result in a termination of this Lease, by written notice to Landlord given at any time prior to the Base Rent shall thereafter be reduced as of the effective date of taking. If this Lease is not terminated as a result of a taking, Landlord shall restore such taking in the Building to an architecturally whole unit; provided, however, proportion that Landlord shall not be obligated to expend on such restoration more than the amount Rentable Area of the condemnation award actually received by Landlord (and not required Premises so taken bears to be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation of Tenant under this Lease) the difference between the cost of such restoration and the amount total Rentable Area of the condemnation award so actually received by LandlordPremises.

Appears in 1 contract

Samples: Office Lease (Mobitv Inc)

Effect of Taking. If the entirety whole or any part of the Premises is condemned shall be taken pursuant to the power of eminent domain, whether by condemnation or taken (or any transfer is made deed in lieu thereof), other than a temporary taking, before or during the Term for public or quasi-public use (each of which events shall be referred to as a “taking”), this Lease shall automatically terminate as to the part so taken as of the earlier of the date (the “effective date of such taking”) (i) of . Landlord shall make such repairs and alterations as may be necessary in order to restore the vesting of title in the condemning authority, or (ii) the date the condemning authority is authorized to take possession of the Premises. If only a part of the Premises is so taken, this Lease not taken to a useful condition and all Rent (other than any Additional Rent due Landlord by reason of Tenant's prior failure to perform any of its obligations hereunder) shall automatically terminate be reduced in the same proportion as to the portion of the Premises so taken as of the effective date of takingtaken. If any portion of partial taking renders the Building is taken so as to render the Building incapable of economically feasible operation as reasonably determined by Landlord, this Lease may be terminated by Landlord, as of the effective date of taking, by written notice to Tenant given at any time prior to the effective date of taking. If a portion remainder of the Premises or the Building is taken so as to render the Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of Tenant’s business on the PremisesPermitted Use, as reasonably determined by Tenant, either party may terminate this Lease may be terminated by Tenant as of the date of such taking by giving notice to the effective other party within thirty (30) days after such date. Notwithstanding anything contained herein to the contrary, if fifty percent (50%) or more of the Premises is taken as aforesaid, Tenant may elect to terminate this Lease as of the date of such taking, by providing written notice of such termination to Landlord given at any time prior within thirty (30) days 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 effective date of takingsuch taking by giving notice of such election to Tenant within ninety (90) days after such date. If any notice of termination is given pursuant to this Section 12.1, this Lease is not terminated as a result of a taking, Landlord shall restore and the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the amount rights and obligations of the condemnation award actually received parties hereunder shall cease on the date specified in such notice and all Rent (other than any Additional Rent due Landlord by Landlord (and not required reason of Tenant's prior failure to perform any of its obligations hereunder) shall be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation adjusted as of Tenant under this Lease) the difference between the cost date of such restoration and the amount of the condemnation award so actually received by Landlordtermination.

Appears in 1 contract

Samples: Office Lease Agreement (Excalibur Technologies Corp)

Effect of Taking. If the entirety whole or any part of the Premises is condemned or taken (or any transfer is made in lieu thereof), other than a temporary taking, before or during the Term for public or quasi-public use (each of which events shall be referred to as a “taking”)taken under the power of eminent domain, this Lease shall automatically terminate as of the earlier of the date (the “effective date of taking”) (i) of the vesting of title in the condemning authority, or (ii) the date the condemning authority is authorized to take possession of the Premises. If only a part of the Premises is so taken, this Lease shall automatically 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 alterations 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 same proportion as the portion of the Floor Area of the Premises so taken bears to Tenant's Floor Area. If the aforementioned taking renders the remainder of the Premises unsuitable for the Permitted Use, either party may terminate this Lease as of the effective date when Tenant is required to yield possession by giving notice to that effect within thirty (30) days after such date. If twenty percent (20%) or more of takingLandlord's Floor Area in the Celebrity Square Area is taken as aforesaid, Landlord may elect to terminate this Lease as of the date on which possession thereof is required to be yielded to the condemning authority, by giving notice of such election within ninety (90) days after such date. If any portion notice of the Building termination is taken so as given pursuant to render the Building incapable of economically feasible operation as reasonably determined by Landlordthis Section, this Lease may be terminated by Landlord, as and the rights and obligations of the effective date of taking, by written notice to Tenant given at any time prior to the effective date of taking. If a portion of the Premises or the Building is taken so as to render the Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of Tenant’s business on the Premises, as reasonably determined by Tenant, this Lease may be terminated by Tenant parties hereunder shall cease as of the date of such notice and Rental (other than any Additional Rental due Landlord by reason of Tenant's failure TENANT /s/ MP LANDLORD /s/ DPW to perform any of its obligations hereunder) shall be adjusted as of the effective date of such taking, by written notice to Landlord given at any time prior to the effective date of taking. If this Lease is not terminated as a result of a taking, Landlord shall restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the amount of the condemnation award actually received by Landlord (and not required to be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation of Tenant under this Lease) the difference between the cost of such restoration and the amount of the condemnation award so actually received by Landlordtermination.

Appears in 1 contract

Samples: Lease Agreement (Newriders Inc)

Effect of Taking. If In the entirety event of a Taking of the Premises is condemned or taken (or any transfer is made in lieu thereof), other than a temporary taking, before or during whole of the Term for public or quasi-public use (each of which events shall be referred to as a “taking”)Leased Premises, this Lease shall automatically terminate as of the earlier of the date (the “effective date of taking”) (i) of the vesting of title in the condemning authority, or (ii) the date the condemning authority is authorized to take possession of the Premisessuch Taking. If only a part of the Leased Premises is shall be so takentaken then, except as otherwise provided in this subsection, this Lease shall automatically terminate as to continue in force and effect but, from and 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 as of the effective date of takingtaken. If any portion a part of the Building is taken so as to render shall be taken, and if either (i) the part of the Building incapable so taken contains more than twenty-five percent (25%) of economically feasible operation as reasonably determined by 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, this Lease at Landlord’s option, may be terminated by give to Tenant within 60 days after Building, then Landlord, as at Landlord’s option, may give to Tenant within 60 days after the date upon which Landlord shall have received notice of the effective date Taking, a 30 days’ notice of taking, by written notice to Tenant given at any time prior to the effective date termination of takingthis Lease. If a portion part of the Premises or 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 taken so as to render unable and does not, in fact use all or substantially all of the Leased Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of uses permitted by Section 6(a), then Tenant, at Tenant’s business on option, may give to Landlord within 60 days after the Premisesdate upon which Tenant shall have received notice of such Taking, as reasonably determined a 30 days’ notice of termination of this Lease. If a 30 days’ notice of termination is given by Landlord or Tenant, this Lease may be terminated by Tenant as shall terminate upon the expiration of the date of the effective date of such taking, by written notice to Landlord given at any time prior to the effective date of taking30-day period. If this Lease is terminated pursuant to the foregoing provisions of this subsection, then, to the extent permitted by applicable law and such Taking, Tenant shall have access to the Leased Premises 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 period of 30 days from the date Tenant is permitted access therefor. If a Taking occurs which does not terminated as a result in the termination of a takingthis Lease, Landlord shall repair, alter and restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the amount remaining portions of the condemnation award actually received by Landlord (and not required Leased Premises to their former condition to the extent that the same may be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation of Tenant under this Lease) the difference between the cost of such restoration and the amount of the condemnation award so actually received by Landlordfeasible.

Appears in 1 contract

Samples: Agreement of Sublease (ICF International, Inc.)

Effect of Taking. If the entirety whole or any part of the Premises is condemned or taken (or any transfer is made in lieu thereof), other than a temporary taking, before or during the Term for public or quasi-public use (each of which events premises shall be referred to as a “taking”)taken under the power of eminent domain, this Lease lease shall automatically terminate as of to the earlier of part so taken on the date (the “effective date of taking”) (i) of the vesting of title in Tenant is required to yield possession thereof to the condemning authority, or . 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 (iiother than any additional rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) the date the condemning authority is authorized to take possession of the Premises. If only a part of the Premises is so taken, this Lease shall automatically terminate as be reduced proportionately to the portion of the Premises premises so taken as taken. If the loss of the effective date of taking. If any portion of the Building is premises so taken so as to render substantially impairs the Building incapable of economically feasible operation as reasonably determined by Landlord, this Lease may be terminated by Landlord, as usefulness of the effective date of taking, by written notice to Tenant given at any time prior to the effective date of taking. If a portion remainder of the Premises or the Building is taken so as to render the Premises or the remaining portion thereof permanently unusable by Tenant premises for the normal operation of Tenant’s business on the Premisespermitted use, as reasonably determined by Tenant, either party may terminate this Lease may be terminated by Tenant lease as of the date when Tenant is required to yield possession by giving notice to that effect within thirty (30) days after such date. If twenty percent (20%) or more of the effective date of 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 taking, by written notice to Landlord given at any time prior to parking spaces with other parking spaces on the effective date of taking. If this Lease is not terminated as a result of a taking, Landlord shall restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the amount portion of the condemnation award actually received by retail center area not taken, then Landlord (and not may elect to terminate this lease as of the date on which possession thereof is required to be paid over yielded to Landlord’s mortgagee)the condemning authority, nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation of Tenant under this Lease) the difference between the cost by giving notice of such restoration election within ninety (90) days after such date. If any notice of termination is given pursuant to this Section, this lease and the amount rights and obligations of the condemnation award so actually received parties hereunder shall cease as of the date such notice, and rental (other than any additional rental due Landlord by Landlordreason of Tenant's failure to perform any of its obligations hereunder) shall be adjusted as of such date.

Appears in 1 contract

Samples: Lease Agreement (Yardville National Bancorp)

Effect of Taking. If the entirety all of the Premises is condemned or taken (or ---------------- in any transfer is made in lieu thereof), other than a temporary taking, before or during the Term manner for public or quasi-public use use, or any transfer of the Premises is made in avoidance of an exercise of the power of eminent domain (each of which events shall be referred to as a "taking"), this Lease shall automatically terminate as of the earlier of the date (the “effective date of taking”) (i) of the vesting of title in the condemning authority, or (ii) the date the condemning authority is authorized to take possession as a result of the Premisessuch taking. If only a part of the Premises is so taken, this Lease shall automatically terminate as to the portion of the Premises so taken as of the effective date of the vesting of title as a result of such taking. If any such portion of the Building Real Property is taken so as to render the Building incapable of economically feasible operation as reasonably determined by Landlordoperation, this Lease may be terminated by Landlord, as of the effective date of the vesting of title as a result of such taking, by written notice to Tenant given at any time prior within sixty (60) days following notice to Landlord of the effective date of takingon which said vesting will occur. If a such portion of the Premises or the Building or the Project is taken so as to render the Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of Tenant’s business on the Premises, as reasonably determined by Tenant, this Lease may be terminated by Tenant as of the date of the effective date vesting of title as a result of such taking, by written notice to Landlord given at any time prior within sixty (60) days following notice to Tenant of the effective date of takingon which said vesting will occur. If this Lease is not terminated as a result of a any taking, Landlord shall restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the amount of the condemnation award proceeds actually received by Landlord (and not required to be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation of Tenant under this Lease) the difference between the cost of such restoration and the amount of the condemnation award so actually proceeds received by Landlord.

Appears in 1 contract

Samples: Lease (Inflow Inc)

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Effect of Taking. If the entirety all of the Premises is condemned or taken (or in any transfer is made in lieu thereof), other than a temporary taking, before or during the Term manner for public or quasi-public use use, or any transfer of the Premises is made in avoidance of an exercise of the power of eminent domain (each of which events shall be referred to as a "taking"), this Lease shall automatically terminate as of the earlier of the date (the “effective date of taking”) (i) of the vesting of title in the condemning authority, or (ii) the date the condemning authority is authorized to take possession as a result of the Premisessuch taking. If only a part of the Premises is so taken, this Lease shall automatically terminate as to the portion of the Premises so taken as of the effective date of the vesting of title as a result of such taking. If any such portion of the Building Real Property is taken so as to render the Building incapable of economically feasible operation as reasonably determined by Landlordoperation, this Lease may be terminated by Landlord, as of the effective date of the vesting of title as a result of such taking, by written notice to Tenant given at any time prior within sixty (60) days following notice to Landlord of the effective date of takingon which said vesting will occur, provided that such termination by Landlord is made in good faith in a non-discriminatory manner. If a such portion of the Premises or the Building is taken so as to render the Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of Tenant’s business on the Premises, as reasonably determined by Tenant, this Lease may be terminated by Tenant as of the date of the effective date vesting of title as a result of such taking, by written notice to Landlord given at any time prior within sixty (60) days following notice to Tenant of the effective date of takingon which said vesting will occur. If this Lease is not terminated as a result of a any taking, Landlord shall restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the amount of the condemnation award proceeds actually received by Landlord (and not required to be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation of Tenant under this Lease) the difference between the cost of such restoration and the amount of the condemnation award so actually proceeds received by Landlord.

Appears in 1 contract

Samples: Lease (Kintera Inc)

Effect of Taking. If the entirety all of the Premises is condemned or taken (or ---------------- in any transfer is made in lieu thereof), other than a temporary taking, before or during the Term manner for public or quasi-public use use, or any transfer of the Premises is made in avoidance of an exercise of the power of eminent domain (each of which events shall be referred to as a "taking"), this Lease shall automatically terminate as of the earlier of the date (the “effective date of taking”) (i) of the vesting of title in the condemning authority, or (ii) the date the condemning authority is authorized to take possession as a result of the Premisessuch taking. If only a part of the Premises is so taken, this Lease shall automatically terminate as to the portion of the Premises so taken as of the effective date of the vesting of title as a result of such taking. If any such portion of the Building Real Property is taken so as to render the Building incapable of economically feasible operation as reasonably determined by Landlordoperation, this Lease may be terminated by Landlord, as of the effective date of the vesting of title as a result of such taking, by written notice to Tenant given at any time prior within sixty (60) days following notice to Landlord of the effective date of takingon which said vesting will occur; provided that such termination by Landlord is made in good faith in a nondiscriminatory manner. If a such portion of the Premises or the Building is taken so as to render the Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of Tenant’s business on the Premises, as reasonably determined by Tenant, this Lease may be terminated by Tenant as of the date of the effective date vesting of title as a result of such taking, by written notice to Landlord given at any time prior within sixty (60) days following notice to Tenant of the effective date of takingon which said vesting will occur. If this Lease is not terminated as a result of a any taking, Landlord shall restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the amount of the condemnation award proceeds actually received by Landlord (and not required to be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation of Tenant under this Lease) the difference between the cost of such restoration and the amount of the condemnation award so actually proceeds received by Landlord.

Appears in 1 contract

Samples: Pharmacopeia Inc

Effect of Taking. If In the entirety event of a Taking of the Premises is condemned or taken (or any transfer is made in lieu thereof), other than a temporary taking, before or during whole of the Term for public or quasi-public use (each of which events shall be referred to as a “taking”)Leased Premises, this Lease shall automatically terminate as of the earlier date of such Taking. If only a part of the date (Leased Premises shall be so taken then, except as otherwise provided in this subsection, this Lease shall continue in force and effect, but from and after the “effective date of taking”) 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 part of the vesting 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 becomes untenantable (within the meaning of Section 13(b) and Tenant does not, in fact, use all or substantially all of the Leased Premises for the uses permitted by Section 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, this Lease shall terminate upon the earlier of (x) the date on which title to the part of the Building taken vests in the condemning authority, or (iiy) the date the condemning authority is authorized to take possession expiration of the Premises. If only a part of the Premises is so taken, this Lease shall automatically terminate as to the portion of the Premises so taken as of the effective date of taking. If any portion of the Building is taken so as to render the Building incapable of economically feasible operation as reasonably determined by Landlord, this Lease may be terminated by Landlord, as of the effective date of taking, by written notice to Tenant given at any time prior to the effective date of taking. If a portion of the Premises or the Building is taken so as to render the Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of Tenant’s business on the Premises, as reasonably determined by Tenant, this Lease may be terminated by Tenant as of the date of the effective date of such taking, by written notice to Landlord given at any time prior to the effective date of taking30-day period. If this Lease is terminated pursuant to the foregoing provisions of this subsection, then, to the extent permitted by applicable law and such Taking, Tenant shall have access to the Leased Premises in order to remove Tenant's Personal Property and any other property which Tenant is entitled to 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 terminated as a result in the termination of a takingthis Lease, Landlord shall repair, alter and restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the amount remaining portions of the condemnation award actually received by Landlord Leased Premises (and but not required Alterations) to their former condition to the extent that the same may be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation of Tenant under this Lease) the difference between the cost of such restoration and the amount of the condemnation award so actually received by Landlordfeasible.

Appears in 1 contract

Samples: Lease Agreement (Sylvan Learning Systems Inc)

Effect of Taking. If the entirety whole or any part of the Premises is condemned or taken (or any transfer is made in lieu thereof), other than a temporary taking, before or during the Term for public or quasi-public use (each of which events shall be referred to as a “taking”)taken under the power of eminent domain, this Lease shall automatically terminate as of the earlier of the date (the “effective date of taking”) (i) of the vesting of title in the condemning authority, or (ii) the date the condemning authority is authorized to take possession of the Premises. If only a part of the Premises is so taken, this Lease shall automatically 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 alterations 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 same proportion as the portion of the Floor Area of the Premises so taken bears to Tenant's Floor Area. If the aforementioned taking renders the remainder of the Premises unsuitable for the Permitted Use, either party may terminate this Lease as of the effective date when Tenant is required to yield possession by giving notice to that effect within thirty (30) days after such date. If twenty percent (20%) or more of takingLandlord's Floor Area in the Shopping Center Area is taken as aforesaid, then Landlord may elect to terminate this Lease as of the date on which possession thereof is required to be yielded to the condemning authority, by giving notice of such election within ninety (90) days after such date. If any portion notice of the Building termination is taken so as given pursuant to render the Building incapable of economically feasible operation as reasonably determined by Landlordthis Section, this Lease may be terminated by Landlord, as and the rights and obligations of the effective date of taking, by written notice to Tenant given at any time prior to the effective date of taking. If a portion of the Premises or the Building is taken so as to render the Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of Tenant’s business on the Premises, as reasonably determined by Tenant, this Lease may be terminated by Tenant parties hereunder shall cease as of the date of such notice and Rental (other than Additional Rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be adjusted as of the effective date of such taking, by written notice to Landlord given at any time prior to the effective date of taking. If this Lease is not terminated as a result of a taking, Landlord shall restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the amount of the condemnation award actually received by Landlord (and not required to be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation of Tenant under this Lease) the difference between the cost of such restoration and the amount of the condemnation award so actually received by Landlordtermination.

Appears in 1 contract

Samples: Lease Agreement (Odyssey Marine Exploration Inc)

Effect of Taking. If In the entirety event of a Taking of the Premises is condemned or taken (or any transfer is made in lieu thereof), other than a temporary taking, before or during whole of the Term for public or quasi-public use (each of which events shall be referred to as a “taking”)Leased ---------------- Premises, this Lease shall automatically terminate as of the earlier date of such Taking. If only a part of the date (Leased Premises shall be so taken then, except as otherwise provided in this subsection, this Lease shall continue in force and effect but, from and after the “effective date of taking”) 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 part of the vesting 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 sixty (60) days after the date upon which Landlord shall have received notice of the Taking, a thirty (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 twenty-five percent (25%) of the Rentable Area immediately before such Taking, or (ii) by reason of such Taking all or substantially all of the Leased Premises 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 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 (x) the date on which title to the part of the Building taken vests in the condemning authority, or (iiy) the date the condemning authority is authorized to take possession expiration of the Premises. If only a part of the Premises is so taken, this Lease shall automatically terminate as to the portion of the Premises so taken as of the effective date of taking. If any portion of the Building is taken so as to render the Building incapable of economically feasible operation as reasonably determined by Landlord, this Lease may be terminated by Landlord, as of the effective date of taking, by written notice to Tenant given at any time prior to the effective date of takingthirty (30) day period. If a portion Taking occurs which does not result in the termination of the Premises or the Building is taken so as to render the Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of Tenant’s business on the Premises, as reasonably determined by Tenant, this Lease may be terminated by Tenant as of the date of the effective date of such taking, by written notice to Landlord given at any time prior to the effective date of taking. If this Lease is not terminated as a result of a takingLease, Landlord shall repair, alter and restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the amount remaining portions of the condemnation award actually received by Landlord Leased Premises (and but not required Alterations) to their former condition to the extent that the same may be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation of Tenant under this Lease) the difference between the cost of such restoration and the amount of the condemnation award so actually received by Landlordfeasible.

Appears in 1 contract

Samples: Lease Agreement (Knight Trimark Group Inc)

Effect of Taking. If the entirety all of the Premises is condemned or taken (or any transfer is made in lieu thereof), other than a temporary taking, ) before or during the Term for public or quasi-public use use, (each of which events shall be referred to as a “takingTaking”), this Lease shall automatically terminate as of the earlier of the date (the “effective date of taking”) (i) of the vesting of title in the condemning authority, or (ii) the date the condemning authority is authorized to take possession of the Premisestitle. If only a part of the Premises is so taken, this Lease shall automatically terminate as to the portion of the Premises so taken as of the effective date of the vesting of title as a result of such taking. If any a portion of the Building Real Property is taken so as to render the Building incapable of economically feasible operation as reasonably determined by Landlord, this Lease may be terminated by Landlord, Landlord as of the effective date of the vesting of title as a result of such taking, by written notice to Tenant given at any time prior within sixty (60) days following notice to Landlord of the effective date of takingon which said vesting will occur. If a portion of the Premises or the Building is taken so as to render the Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of Tenant’s business on the Premises, as reasonably determined by Tenant, this Lease may be terminated by Tenant as of the date of the effective date vesting of title as a result of such taking, by written notice to Landlord given at any time prior within sixty (60) days following notice to Tenant of the effective date of takingon which said vesting will occur. If this Lease is not terminated as a result of a any taking, Landlord shall restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the amount of the condemnation award proceeds actually received by Landlord (and not required to be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.414.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation of Tenant under this Lease) the difference between the cost of such restoration and the amount of the condemnation award so actually proceeds received by Landlord.

Appears in 1 contract

Samples: Purchase and Sale Agreement and Escrow Instructions (Thoratec Corp)

Effect of Taking. If the entirety all of the Premises is condemned or taken (or in any transfer is made in lieu thereof), other than a temporary taking, permanent manner before or during the Term for any public or quasi-public use use, or any permanent transfer of the Premises is made in avoidance of an exercise of the power of eminent domain (each of which events shall be referred to as a "taking"), this Lease shall automatically terminate as of the earlier of the tile date (the “effective date of taking”) (i) of the vesting of title in the condemning authority, or (ii) the date the condemning authority is authorized to take possession as a result of the Premisessuch taking. If only a part of the Premises is so taken, this Lease shall automatically terminate as to the portion of the Premises so taken as of the effective date of the vesting of title as a result of such taking. If any such portion of the Building Property is taken so as to render the Building incapable balance of economically feasible operation the Premises unusable by Tenant for the Permitted Use, as reasonably determined by Tenant and Landlord, this Lease may be terminated by Landlord, as of the effective date of taking, by written notice to Tenant given at any time prior to the effective date of taking. If a portion of the Premises Landlord or the Building is taken so as to render the Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of Tenant’s business on the Premises, as reasonably determined by Tenant, this Lease may be terminated by Tenant as of the date of the effective date vesting of title as a result of such taking, by written notice to the other party given within sixty (60) days following notice to Landlord given at any time prior to of the effective date of takingon which said vesting will occur. If this Lease is not terminated as a result of any taking, or if all or any portion of the Premises is taken for a takinglimited period of time before or during the Term, Landlord shall restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the amount of the condemnation award proceeds actually received by Landlord (and Landlord shall not required be obligated to restore any temporary taking. In the event of a partial taking that does not result in a termination of this Lease as to the entire Premises, or in the event of any temporary taking, Base Rent and Additional Rent shall be paid over equitably adjusted in relation to Landlord’s mortgagee), nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation of Tenant under this Lease) the difference between the cost of such restoration and the amount portions of the condemnation award so actually received Premises and Building taken or rendered unusable by Landlord.such taking. 15.2

Appears in 1 contract

Samples: Lease) Agreement (Value Line Inc)

Effect of Taking. If the entirety all of the Premises is condemned or taken (or any transfer is made in lieu thereof), other than a temporary taking, ) before or during the Term for public or quasi-public use use, (each of which events shall be referred to as a “taking”), this Lease shall automatically terminate as of the earlier of the date (the “effective date of taking”) (i) of the vesting of title in the condemning authority, or (ii) the date the condemning authority is authorized to take possession of the Premisestitle. If only a part of the Premises is so taken, this Lease shall automatically terminate as to the portion of the Premises so taken as of the effective date of the vesting of title as a result of such taking. If any such portion of the Building Real Property is taken so as to render the Building incapable of economically feasible operation as reasonably determined by Landlord, this Lease may be terminated by Landlord, as of the effective date of the vesting of title as a result of such taking, by written notice to Tenant given at any time prior within sixty (60) days following notice to Landlord of the effective date of takingon which said vesting will occur. If a such portion of the Premises or the Building is taken so as to render the Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of Tenant’s business on or the Premises, as reasonably determined by Tenant, this Lease may be terminated by Tenant as of the date of the effective date vesting of title as a result of such taking, by written notice to Landlord given at any time prior within sixty (60) days following notice to Tenant of the effective date of takingon which said vesting will occur. If this Lease is not terminated as a result of a any taking, Landlord shall restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the amount of the condemnation award proceeds actually received by Landlord (and not required to be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation of Tenant under this Lease) the difference between the cost of such restoration and the amount of the condemnation award so actually proceeds received by Landlord.

Appears in 1 contract

Samples: Short Term Lease (Perseon Corp)

Effect of Taking. If the entirety whole or any part of the Premises is condemned or taken (or any transfer is made in lieu thereof), other than a temporary taking, before or during the Term for public or quasi-public use (each of which events shall be referred to as a “taking”)taken under the power of eminent domain, this Lease shall automatically terminate as of the earlier of the date (the “effective date of taking”) (i) of the vesting of title in the condemning authority, or (ii) the date the condemning authority is authorized to take possession of the Premises. If only a part of the Premises is so taken, this Lease shall automatically 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 alterations 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 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 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 the aforementioned taking renders the remainder of the Premises unsuitable for the Permitted Use, either party may terminate this Lease as of the effective date when Tenant is required to yield possession by giving notice to that effect within thirty (30) days after such date. If twenty (20%) percent or more of takingthe 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 Land not taken, then Landlord may elect to terminate this Lease as of the date on which possession thereof is required to be yielded to the condemning authority, by giving notice of such election within ninety (90) days after such date. If any portion notice of termination is given pursuant to this Section, this Lease, and the rights and obligations of the Building is taken so as to render the Building incapable of economically feasible operation as reasonably determined by Landlordparties hereunder, this Lease may be terminated by Landlord, as of the effective date of taking, by written notice to Tenant given at any time prior to the effective date of taking. If a portion of the Premises or the Building is taken so as to render the Premises or the remaining portion thereof permanently unusable by Tenant for the normal operation of Tenant’s business on the Premises, as reasonably determined by Tenant, this Lease may be terminated by Tenant shall cease as of the date of such notice, and rental (other than any Additional Rental due Landlord by reason of Tenant's failure to perform any of its obligations hereunder) shall be adjusted as of the effective date of such taking, by written notice to Landlord given at any time prior to the effective date of taking. If this Lease is not terminated as a result of a taking, Landlord shall restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated to expend on such restoration more than the amount of the condemnation award actually received by Landlord (and not required to be paid over to Landlord’s mortgagee), nor do more work than that described in Section 15.4, unless Tenant pays to Landlord in advance (and without any credit against Rent or any other obligation of Tenant under this Lease) the difference between the cost of such restoration and the amount of the condemnation award so actually received by Landlordtermination.

Appears in 1 contract

Samples: Lease Agreement (Vialog Corp)

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