Common use of Effect on Lease Clause in Contracts

Effect on Lease. If all of the Premises, is taken under the power of eminent domain or sold under the threat of the exercise of said power (“Condemnation”), this Lease shall terminate as of the date the condemning authority takes title or possession, whichever first occurs. If title to a portion of the Premises or the land on which the Premises are located is taken by Condemnation, and the remainder will not, in Lessor’s reasonable judgment, be suitable for Lessee’s continued use for the purposes permitted by this Lease, this Lease shall terminate as of the date the condemning authority takes title or possession, whichever first occurs, provided that Lessor gives written notice of such termination to Lessee no later than thirty (30) days after the date of such taking. If title to a portion of the Premises or the land on which the Premises are located is taken by Condemnation, and the remainder will, in Lessor’s reasonable judgment, be suitable for Lessee’s continued use for the purposes permitted by this Lease, then Lessor shall repair the damage caused by the partial taking, if any, and this Lease shall not terminate and shall remain in full force and effect as to the portion of the Premises remaining, except that the Base Rent payable hereunder shall be reduced in proportion to the reduction in utility of the Premises caused by such Condemnation. Lessee acknowledges and agrees that a change in access to the land on which the Premises are located or minor adjustments to parking, shall not constitute a taking and shall not entitle Lessee to any reduction in Base Rent.

Appears in 2 contracts

Samples: Industrial/Commercial Multi Tenant Lease (Genelux Corp), Industrial/Commercial Multi Tenant Lease (Genelux Corp)

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Effect on Lease. If all of the Premises, or so much thereof that the remaining portion of the Premises cannot be used by Tenant for its permitted use, is taken under the power of eminent domain or sold under the threat of the exercise of said such power (collectively “Condemnation”), this Lease shall terminate as of the earlier of the date title vests in the condemnor or the date the condemning authority takes title or possessioncondemnor is entitled to possession of the interest condemned (the “Condemnation Date”). In all other cases, whichever first occurs. If title to a Landlord may terminate this Lease as of the Condemnation Date if (i) the Condemnation affects any material portion of the Premises or the land on which Building, (ii) Landlord receives insufficient funds from the condemnor to complete the restoration of the Premises are located required under this Section, or (iii) if the Condemnation affects such a substantial portion of the Center (including the Common Facilities, parking lots or access to the Center) that it is taken by Condemnation, no longer economically appropriate in Landlord’s business judgment to lease the Premises on the terms and the remainder will not, in Lessor’s reasonable judgment, be suitable for Lessee’s continued use for the purposes permitted by conditions of this Lease. If such Condemnation affects the Premises and this Lease remains in effect, (a) this Lease shall terminate as of the date the condemning authority takes title or possession, whichever first occurs, provided that Lessor gives written notice of such termination to Lessee no later than thirty (30) days after the date of such taking. If title to a portion of the Premises or the land on which the Premises are located is taken by Condemnation, and the remainder will, in Lessor’s reasonable judgment, be suitable for Lessee’s continued use for the purposes permitted by this Lease, then Lessor shall repair the damage caused by the partial taking, if any, and this Lease shall not terminate and shall remain in full force and effect as to the portion of the Premises remainingtaken as of the Condemnation Date, except that (b) the Base Minimum Monthly Rent payable hereunder shall be reduced in proportion to equitably adjusted based upon the reduction in utility rental value of the Premises caused by such Condemnation. Lessee acknowledges and agrees that a change in access remaining after the Condemnation compared to the land on which rental value of the Premises are located prior to Condemnation, (c) Tenant’s Share shall be adjusted based on any changes in the Rentable Square Footage of the Premises and/or the Center, and (d) Landlord shall, within a reasonable period of time, undertake such construction or minor adjustments restoration as may be reasonably necessary to parking, place the remaining Premises in a useable condition (provided that the cost of such construction or restoration does not exceed the amount awarded to Landlord by the condemnor for such purpose). Landlord shall not constitute a taking and shall not entitle Lessee be responsible to restore or replace any reduction in Base Rentof Tenant’s Alterations, fixtures, equipment or personal property.

Appears in 2 contracts

Samples: Standard Industrial Net Lease (Mabvax Therapeutics Holdings, Inc.), Standard Industrial Net Lease (Mabvax Therapeutics Holdings, Inc.)

Effect on Lease. If all of the Premises, is taken under the power of eminent domain or sold under the threat of the exercise of said power (“Condemnation”), this Lease shall terminate as of the date the condemning authority takes title or possession, whichever first occurs. If title to a portion of the Premises or the land on which the Premises are located is taken by Condemnation, and the remainder will not, in LessorLessee’s reasonable judgment, be suitable for Lessee’s continued use for the purposes permitted by this Lease, this Lease shall terminate as of the date the condemning authority takes title or possession, whichever first occurs, provided that Lessor Lessee gives written notice of such termination to Lessee Lessor no later than thirty (30) days after the date of such taking. If title to a portion of the Premises or the land on which the Premises are located is taken by Condemnation, and the remainder will, in LessorLessee’s reasonable judgment, be suitable for Lessee’s continued use for the purposes permitted by this Lease, then Lessor shall repair the damage caused by the partial taking, if any, and this Lease shall not terminate and shall remain in full force and effect as to the portion of the Premises remaining, except that the Base Rent payable hereunder shall be reduced in proportion to the reduction in utility of the Premises caused by such Condemnation. Lessee acknowledges and agrees that a change in access to the land on which the Premises are located or minor adjustments to parkingparking which do not adversely affect Tenant’s use or occupancy of the Premises in any material respect, shall not constitute a taking and shall not entitle Lessee to any reduction in Base Rent.

Appears in 1 contract

Samples: Industrial/Commercial Multi Tenant Lease (Tandem Diabetes Care Inc)

Effect on Lease. (a) If all of the Premises, is Premises are totally taken under the power of eminent domain or sold under the threat of the exercise of said power (“by Condemnation”), this Lease shall terminate as of the date the condemning authority takes title or possession, whichever first occursDate of Condemnation. If title a portion but not all of the Premises is taken by Condemnation, this Lease shall remain in effect, except as otherwise provided herein to the contrary. If a portion of the Building is taken by Condemnation and Landlord determines that it would not be economically prudent to restore the Premises or if there are not adequate condemnation proceeds made available to Landlord to complete restoration, then upon written notice to Tenant delivered within sixty (60) days after Landlord notifies Tenant of the Condemnation, Landlord may terminate this Lease effective as of the date of Condemnation. Further, if such a significant portion of the Premises is taken by eminent domain that Tenant's use and enjoyment of the Premises for the purposes permitted under this Lease is unreasonably interfered with, or if such a significant portion of the parking areas is taken so as to materially and adversely affect Tenant's ingress and egress to the Premises or the required level of parking for the Premises, and Landlord is not able to provide substitutes or replacements for the parking areas taken reasonably acceptable to Tenant, then upon written notice to the other party delivered within sixty (60) days after Landlord notifies Tenant of the Condemnation, either party may terminate this Lease effective as of the Date of Condemnation. (b) If all or a portion of the Premises or the land on which the Premises are located is temporarily taken by Condemnation, and a Condemnor for a period not extending beyond the remainder will not, in Lessor’s reasonable judgment, be suitable for Lessee’s continued use for end of the purposes permitted by this LeaseTerm, this Lease shall terminate as of the date the condemning authority takes title or possession, whichever first occurs, provided that Lessor gives written notice of such termination to Lessee no later than thirty (30) days after the date of such taking. If title to a portion of the Premises or the land on which the Premises are located is taken by Condemnation, and the remainder will, in Lessor’s reasonable judgment, be suitable for Lessee’s continued use for the purposes permitted by this Lease, then Lessor shall repair the damage caused by the partial taking, if any, and this Lease shall not terminate and shall remain in full force and effect as to the portion of the Premises remaining, except that the Base Rent payable hereunder shall be reduced in proportion to the reduction in utility of the Premises caused by such Condemnation. Lessee acknowledges and agrees that a change in access to the land on which the Premises are located or minor adjustments to parking, shall not constitute a taking and shall not entitle Lessee to any reduction in Base Renteffect.

Appears in 1 contract

Samples: Lease Agreement (Harvard Bioscience Inc)

Effect on Lease. If all of the Premises, or so much thereof that the remaining portion of the Premises cannot be used by Tenant for the conduct of its business, is taken under the power of eminent domain or sold under the threat of the exercise of said such power (collectively “Condemnation”), this Lease shall terminate as of the earlier of the date title vests in the condemnor or the date the condemning authority takes title or possessioncondemnor is entitled to possession of the interest condemned (the “Condemnation Date”). In all other cases, whichever first occurs. If title to a Landlord may terminate this Lease as of the Condemnation Date if (i) the Condemnation affects any material portion of the Premises or the land on which Building, (ii) Landlord receives insufficient funds from the condemnor to complete the restoration of the Premises are located required under this Section, or (iii) if the Condemnation affects such a substantial portion of the Building (including the Common Facilities, parking lots or access to the Building) that it is taken by Condemnation, no longer economically appropriate in Landlord’s business judgment to lease the Premises on the terms and the remainder will not, in Lessor’s reasonable judgment, be suitable for Lessee’s continued use for the purposes permitted by conditions of this Lease. If such Condemnation affects the Premises and this Lease remains in effect, (a) this Lease shall terminate as of the date the condemning authority takes title or possession, whichever first occurs, provided that Lessor gives written notice of such termination to Lessee no later than thirty (30) days after the date of such taking. If title to a portion of the Premises or the land on which the Premises are located is taken by Condemnation, and the remainder will, in Lessor’s reasonable judgment, be suitable for Lessee’s continued use for the purposes permitted by this Lease, then Lessor shall repair the damage caused by the partial taking, if any, and this Lease shall not terminate and shall remain in full force and effect as to the portion of the Premises remainingtaken as of the Condemnation Date, except that (b) the Base Minimum Monthly Rent payable hereunder shall be reduced in proportion to equitably adjusted based upon the reduction in utility rental value of the Premises caused by such Condemnation. Lessee acknowledges and agrees that a change in access remaining after the Condemnation compared to the land on which rental value of the Premises are located prior to Condemnation, (c) Tenant’s Share shall be adjusted based on any changes in the square footage of the Premises and/or the Building, and (d) Landlord shall, within a reasonable period of time, undertake such construction or minor adjustments restoration as may be reasonably necessary to parking, place the remaining Premises in a useable condition (provided that the cost of such construction or restoration does not exceed the amount awarded to Landlord by the condemnor for such purpose). Landlord shall not constitute a taking and shall not entitle Lessee be responsible to restore or replace any reduction in Base Rentof Tenant’s Alterations, fixtures, equipment or personal property.

Appears in 1 contract

Samples: Standard Industrial Net Lease (Halozyme Therapeutics Inc)

Effect on Lease. If all of the Premises, or so much thereof that the remaining portion of the Premises is insufficient for Tenant to occupy for its permitted use, is taken under the power of eminent domain or sold under the threat of the exercise of said such power (collectively "Condemnation"), this Lease shall terminate as of the date title vests in the condemning authority takes condemnor. In all other cases, Landlord may terminate this Lease as of the date title or possession, whichever first occurs. If title to a vests in the condemnor if (i) the Condemnation affects any material portion of the Premises or the land on which Building, (ii) Landlord receives insufficient funds from the condemnor to complete the restoration of the Premises are located described in this Section, or (iii) if the Condemnation affects such a substantial portion of the Center, the parking areas or Common Facilities that it is taken no longer economically appropriate in Landlord's business judgment to lease the Premises on the terms and conditions of this Lease. Tenant may terminate this Lease in the event Tenant's use of the Premises is permanently and materially impaired or reduced by more than 15%. Notwithstanding the foregoing, Landlord may prevent a termination of this Lease by exercising, within forty-five days of the Condemnation, and any right to relocate Tenant to new Premises in the remainder will not, Center provided in Lessor’s reasonable judgment, be suitable for Lessee’s continued use for the purposes permitted by Section 24.24 of this Lease. If this Lease remains in effect, (a) this Lease shall terminate as to the portion (if any) of the Premises taken as of the date title vests in the condemning authority takes title or possessioncondemnor, whichever first occurs, provided that Lessor gives written notice of such termination to Lessee no later than thirty (30b) days after the date of such taking. If title to a portion Minimum Monthly Rent shall be equitably adjusted based upon the value of the Premises or remaining after the land on which the Premises are located is taken by Condemnation, and the remainder will, in Lessor’s reasonable judgment, be suitable for Lessee’s continued use for the purposes permitted by this Lease, then Lessor shall repair the damage caused by the partial taking, if any, and this Lease shall not terminate and shall remain in full force and effect as Condemnation compared to the portion value of the Premises remainingprior to Condemnation, except that the Base Rent payable hereunder (c) Tenant's Pro Rata Share shall be reduced adjusted based on any changes in proportion to the reduction in utility Rentable Square Footage of the Premises caused and/or the Center, and (d) Landlord shall, within a reasonable period of time, undertake such construction or restoration as may be reasonably necessary to place the remaining Premises in a useable condition (provided that the cost of such construction or restoration does not exceed the amount awarded to Landlord by the condemnor for such Condemnationpurpose). Lessee acknowledges and agrees that a change in access to the land on which the Premises are located or minor adjustments to parking, Landlord shall not constitute a taking and shall not entitle Lessee be responsible to restore or replace any reduction of Tenant's Alterations, fixtures, equipment or personal property, except as provided in Base RentSection 24.24 if Landlord exercises its rights thereunder.

Appears in 1 contract

Samples: Standard Industrial Net Lease (Genetronics Biomedical Corp)

Effect on Lease. If all of the Premises, is taken under the power of eminent domain or sold under the threat of the exercise of said power ("Condemnation"), this Lease shall terminate as of the date the condemning authority takes title or possession, whichever first occurs. If title to a portion of the Premises or the land on which the Premises are located is taken by Condemnation, and the remainder will not, in Lessor’s 's reasonable judgment, after consultation with Lessee, be suitable for Lessee’s 's continued use for the purposes permitted by this Lease, this Lease shall terminate as of the date the condemning authority takes title or possession, whichever first occurs, provided that Lessor gives written notice of such termination to Lessee no later than thirty ({30) days after the date of such taking. If title to a portion of the Premises or the land on which the Premises are located is taken by Condemnation, and the remainder will, in Lessor’s 's reasonable judgmentjudgment (after consultation with Lessee), be suitable for Lessee’s 's continued use for the purposes permitted by this Lease, then Lessor shall repair the damage caused by the partial taking, if any, and this Lease shall not terminate and shall remain in full force and effect as to the portion of the Premises remaining, except that the Base Rent payable hereunder shall be reduced in proportion to the reduction in utility of the Premises caused by such Condemnation. Lessee acknowledges and agrees that a change in access to the land on which the Premises are located or minor adjustments to parking, shall not constitute a taking and shall not entitle Lessee to any reduction in Base Rent.

Appears in 1 contract

Samples: Assignment of Lease (Vital Therapies Inc)

Effect on Lease. If all of the PremisesPremises or any portion thereof are taken or damaged, is taken including severance damage, under the power of eminent domain or sold under the threat by inverse condemnation or for any public or quasi-public use, or voluntarily conveyed or transferred in lieu of the an exercise of said power eminent domain or while condemnation proceedings are pending (“Condemnation”all of which are herein called "condemnation"), this Lease shall terminate as to the part so taken as of the date the condemning authority takes title or possession, whichever first occurs. If title to a portion so much of the Premises or is taken by condemnation that the land on remainder is unsuitable for Tenant's continued occupancy for the uses and purposes for which the Premises are located is leased, Tenant shall have the option, exercisable only by written notice to Landlord within thirty (30) days after Landlord shall have given Tenant written notice of such taking (or in the absence of such notice, within thirty (30) days after the condemning authority shall have taken by Condemnationtitle or possession, and the remainder will notwhichever first occurs), in Lessor’s reasonable judgment, be suitable for Lessee’s continued use for the purposes permitted by this Lease, to terminate this Lease shall terminate as of the later of the date the condemning authority takes such title or possession, possession (whichever first occurs, provided that Lessor gives written notice of such termination to Lessee no later than thirty (30) days after or the date of such taking. If title to a Tenant vacates the Premises; provided, however, that if Landlord disagrees with Tenant's determination that the portion of the Premises or remaining after condemnation is unsuitable for Tenant's occupancy, such controversy shall be settled by arbitration in Los Angeles, California in accordance with the land on which commercial arbitration rules of the American Arbitration Association then in effect. In the event that less than all of the Premises are located is shall be taken by Condemnation, condemnation and the remainder will, in Lessor’s reasonable judgment, be suitable for Lessee’s continued use for the purposes permitted by this Lease, then Lessor shall repair the damage caused by the partial taking, if any, and Tenant does not elect to terminate this Lease shall not terminate and in accordance with the foregoing, this Lease shall remain in full force and effect as to the portion of the Premises remaining, except that the Base Rent payable hereunder and applicable Additional Rent shall be reduced in proportion to the reduction in utility same ratio that the floor area of the portion of the Premises caused taken by such Condemnation. Lessee acknowledges and agrees that a change in access condemnation bears to the land on which floor area of the Premises are located or minor adjustments to parking, shall not constitute a taking and shall not entitle Lessee to any reduction in Base Rentimmediately before such condemnation.

Appears in 1 contract

Samples: Lease Agreement (Churchill Downs Inc)

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Effect on Lease. If all of the Premises, or so much thereof that the remaining portion of the Premises cannot be used by Tenant for its permitted use, is taken under the power of eminent domain or sold under the threat of the exercise of said such power (collectively “Condemnation”), this Lease shall terminate as of the earlier of the date title vests in the condemnor or the date the condemning authority takes title or possessioncondemnor is entitled to possession of the interest condemned (the “Condemnation Date”). Landlord may offer within forty-five (45) days of the Condemnation to relocate Tenant to new Premises in the Center provided in Section 24.24 of this Lease. In all other cases, whichever first occurs. If title to a Landlord may terminate this Lease as of the Condemnation Date if (i) the Condemnation affects any material portion of the Premises or the land on which Building, (ii) Landlord receives insufficient funds from the condemnor to complete the restoration of the Premises are located required under this Section, or (iii) if the Condemnation affects such a substantial portion of the Center (including the Common Facilities, parking lots or access to the Center) that it is taken by Condemnation, no longer economically appropriate in Landlord’s business judgment to lease the Premises on the terms and the remainder will not, in Lessor’s reasonable judgment, be suitable for Lessee’s continued use for the purposes permitted by conditions of this Lease. If such Condemnation affects the Premises and this Lease remains in effect, (a) this Lease shall terminate as of the date the condemning authority takes title or possession, whichever first occurs, provided that Lessor gives written notice of such termination to Lessee no later than thirty (30) days after the date of such taking. If title to a portion of the Premises or the land on which the Premises are located is taken by Condemnation, and the remainder will, in Lessor’s reasonable judgment, be suitable for Lessee’s continued use for the purposes permitted by this Lease, then Lessor shall repair the damage caused by the partial taking, if any, and this Lease shall not terminate and shall remain in full force and effect as to the portion of the Premises remainingtaken as of the Condemnation Date, except that (b) the Base Minimum Monthly Rent payable hereunder shall be reduced in proportion to equitably adjusted based upon the reduction in utility rental value of the Premises caused by such Condemnation. Lessee acknowledges and agrees that a change in access remaining after the Condemnation compared to the land on which rental value of the Premises are located prior to Condemnation, (c) Tenant’s Share shall be adjusted based on any changes in the Rentable Square Footage of the Premises and/or the Center, and (d) Landlord shall, within a reasonable period of time, undertake such construction or minor adjustments restoration as may be reasonably necessary to parking, place the remaining Premises in a useable condition (provided that the cost of such construction or restoration does not exceed the amount awarded to Landlord by the condemnor for such purpose). Landlord shall not constitute a taking and shall not entitle Lessee be responsible to restore or replace any reduction in Base Rentof Tenant’s Alterations, fixtures, equipment or personal property.

Appears in 1 contract

Samples: Standard Industrial Net Lease (CardioVascular BioTherapeutics, Inc.)

Effect on Lease. If all any portion of the Premises is taken by condemnation, this Lease shall remain in effect, except that Tenant may elect to terminate this Lease if the remaining portion of the Premises is rendered unsuitable for Tenant’s continued use of the Premises, is taken under the power of eminent domain or sold under the threat of the exercise of said power (“Condemnation”), this Lease shall terminate as of the date the condemning authority takes title or possession, whichever first occurs. If title by giving notice to a portion of the Premises or the land on which the Premises are located is taken by Condemnation, and the remainder will not, in Lessor’s reasonable judgment, be suitable for Lessee’s continued use for the purposes permitted by this Lease, this Lease shall terminate as of the date the condemning authority takes title or possession, whichever first occurs, provided that Lessor gives written notice of such termination to Lessee no later than Landlord within thirty (30) days after the nature and extent of the taking have been finally determined. Tenant shall have no claim against Landlord for the value of any unexpired term of the Lease, except for a prorata portion of monies paid toward Operating Expenses for the month in which the date of such takingtaking occurs. If title to a any portion of the Premises or the land on which the Premises are located is taken by Condemnation, and the remainder will, in Lessor’s reasonable judgment, be suitable for Lessee’s continued use for the purposes permitted by this Lease, then Lessor shall repair the damage caused by the partial taking, if any, condemnation and this Lease remains in effect, as of the date of taking, all rent shall not terminate be reduced and shall remain the proportion that the total number of square feet in full force and effect as the Premises taken bears to the portion total number of square feet in the Premises immediately before the date of taking. Tenant’s Share shall be appropriately adjusted and Landlord shall proceed to restore the remainder of the Premises remainingto substantially the same condition prior to such partial taking (but not Tenant’s fixtures, except that the Base Rent payable hereunder equipment, alterations or Tenant Improvements which shall be reduced in proportion to Tenant’s responsibility). Any award for any total or partial taking shall be the reduction in utility property of the Premises caused by such Condemnation. Lessee acknowledges and agrees that a change in access to the land on which the Premises are located or minor adjustments to parkingLandlord; nothing, however, shall not constitute preclude Tenant from obtaining an award for loss of or damage to Tenant’s trade fixtures or removal of personal property or for damages for succession or interruption of Tenant’s business or for relocation costs, or for a taking and shall not entitle Lessee portion of such award as is allocable to any reduction in Base Rentimprovements constructed or paid for by Tenant.

Appears in 1 contract

Samples: Lease Agreement (Tvi Corp)

Effect on Lease. If all of the Premises, is taken under the power of eminent domain or sold under the threat of the exercise of said power (“Condemnation”), this Lease shall terminate as of the date the condemning authority takes title or possession, whichever first occurs. If title to a portion of the Premises or the land on which the Premises are located is taken by Condemnation, and the remainder will not, in Lessor’s reasonable judgment, after consultation with Lessee, be suitable for Lessee’s continued use for the purposes permitted by this Lease, this Lease shall terminate as of the date the condemning authority takes title or possession, whichever first occurs, provided that Lessor gives written notice of such termination to Lessee no later than thirty (30) days after the date of such taking. If title to a portion of the Premises or the land on which the Premises are located is taken by Condemnation, and the remainder will, in Lessor’s reasonable judgmentjudgment (after consultation with Lessee), be suitable for Lessee’s continued use for the purposes permitted by this Lease, then Lessor shall repair the damage caused by the partial taking, if any, and this Lease shall not terminate and shall remain in full force and effect as to the portion of the Premises remaining, except that the Base Rent payable hereunder shall be reduced in proportion to the reduction in utility of the Premises caused by such Condemnation. Lessee acknowledges and agrees that a change in access to the land on which the Premises are located or minor adjustments to parking, shall not constitute a taking and shall not entitle Lessee to any reduction in Base Rent.

Appears in 1 contract

Samples: Industrial/Commercial Multi Tenant Lease (Vital Therapies Inc)

Effect on Lease. If all of the Premises, or so much thereof that the remaining portion of the Premises cannot be used by Tenant for its permitted use, is taken under the power of eminent domain or sold under the threat of the exercise of said such power (collectively “Condemnation”), this Lease shall terminate as of the earlier of the date title vests in the condemnor or the date the condemning authority takes title or possessioncondemnor is entitled to possession of the interest condemned (the “Condemnation Date”). Notwithstanding the foregoing, whichever first occursLandlord may prevent such termination by exercising, within forty-five (45) days of the Condemnation, any right to relocate Tenant to new Premises in the Center provided in Section 24,24 of this Lease. If title to a In all other cases, Landlord may terminate this Lease as of the Condemnation Date if (i) the Condemnation affects any material portion of the Premises or the land on which Building, (ii) Landlord receives insufficient funds from the condemnor to complete the restoration of the Premises are located required under this Section, or (iii) if the Condemnation affects such a substantial portion of the Center (including the Common Facilities, parking lots or access to the Center) that it is taken by Condemnation, no longer economically appropriate in Landlord’s business judgment to lease the Premises on the terms and the remainder will not, in Lessor’s reasonable judgment, be suitable for Lessee’s continued use for the purposes permitted by conditions of this Lease. If such Condemnation affects the Premises and this Lease remains in effect, (a) this Lease shall terminate as of the date the condemning authority takes title or possession, whichever first occurs, provided that Lessor gives written notice of such termination to Lessee no later than thirty (30) days after the date of such taking. If title to a portion of the Premises or the land on which the Premises are located is taken by Condemnation, and the remainder will, in Lessor’s reasonable judgment, be suitable for Lessee’s continued use for the purposes permitted by this Lease, then Lessor shall repair the damage caused by the partial taking, if any, and this Lease shall not terminate and shall remain in full force and effect as to the portion of the Premises remainingtaken as of the Condemnation Date, except that (b) the Base Minimum Monthly Rent payable hereunder shall be reduced in proportion to equitably adjusted based upon the reduction in utility rental value of the Premises caused by such Condemnation. Lessee acknowledges and agrees that a change in access remaining after the Condemnation compared to the land on which rental value of the Premises are located prior to Condemnation, (c) Tenant’s Share shall be adjusted based on any changes in the Rentable Square Footage of the Premises and/or the Center, and (d) Landlord shall, within a reasonable period of time, undertake such construction or minor adjustments restoration as may be reasonably necessary to parking, place the remaining Premises in a useable condition (provided that the cost of such construction or restoration does not exceed the amount awarded to Landlord by the condemnor for such purpose). Landlord shall not constitute a taking and shall not entitle Lessee be responsible to restore or replace any reduction in Base Rentof Tenant’s Alterations, fixtures, equipment or personal property.

Appears in 1 contract

Samples: Sublease Agreement (Locust Walk Acquisition Corp.)

Effect on Lease. (a) If all of the Premises, is Premises are totally taken under the power of eminent domain or sold under the threat of the exercise of said power (“by Condemnation”), this Lease shall terminate as of the date the condemning authority takes title or possession, whichever first occursDate of Condemnation. If title a portion but not all of the Premises is taken by Condemnation, this Lease shall remain in effect, except as otherwise provided herein to the contrary. If a portion of the Building is taken by Condemnation and Landlord determines that it would not be economically prudent to restore the Premises or if there are not adequate condemnation proceeds made available to Landlord to complete restoration, then upon written notice to Tenant delivered within sixty (60) days after Landlord notifies Tenant of the Condemnation, Landlord may terminate this Lease effective as of the date of Condemnation. Further, if such a significant portion of the Premises is taken by eminent domain that Tenant’s use and enjoyment of the Premises for the purposes permitted under this Lease is unreasonably interfered with, or if such a significant portion of the parking areas is taken so as to materially and adversely affect Tenant’s ingress and egress to the Premises or the required level of parking for the Premises, and Landlord is not able to provide substitutes or replacements for the parking areas taken reasonably acceptable to Tenant, then upon written notice to the other party delivered within sixty (60) days after Landlord notifies Tenant of the Condemnation, either party may terminate this Lease effective as of the Date of Condemnation. (b) If all or a portion of the Premises or the land on which the Premises are located is temporarily taken by Condemnation, and a Condemnor for a period not extending beyond the remainder will not, in Lessor’s reasonable judgment, be suitable for Lessee’s continued use for end of the purposes permitted by this LeaseTerm, this Lease shall terminate as of the date the condemning authority takes title or possession, whichever first occurs, provided that Lessor gives written notice of such termination to Lessee no later than thirty (30) days after the date of such taking. If title to a portion of the Premises or the land on which the Premises are located is taken by Condemnation, and the remainder will, in Lessor’s reasonable judgment, be suitable for Lessee’s continued use for the purposes permitted by this Lease, then Lessor shall repair the damage caused by the partial taking, if any, and this Lease shall not terminate and shall remain in full force and effect as to the portion of the Premises remaining, except that the Base Rent payable hereunder shall be reduced in proportion to the reduction in utility of the Premises caused by such Condemnation. Lessee acknowledges and agrees that a change in access to the land on which the Premises are located or minor adjustments to parking, shall not constitute a taking and shall not entitle Lessee to any reduction in Base Renteffect.

Appears in 1 contract

Samples: Lease Agreement (Transoma Medical Inc)

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