Eminent Domain. With respect to eminent domain: A) Condemnation of Demised Premises. If the whole or any substantial part of the Demised Premises shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages only.
Appears in 8 contracts
Samples: Commercial Lease Agreement, Commercial Lease Agreement, Commercial Lease Agreement
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If Mortgagor warrants, covenants and agrees that should the whole or any substantial part of the Demised Premises shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised PremisesMortgaged Property, or any part thereofthereof or interest therein, be taken or damaged by reason of any public improvement or condemnation proceeding, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domainin any other manner, or by private purchase in lieu thereofshould Mortgagor receive any notice of other information regarding such proceeding, this Agreement Mortgagor shall give written notice thereof within five (5) business days to Mortgagee. Without Mortgagee's prior consent, Mortgagor (1) shall not agree to any compensation or award, and (2) shall not take any action or fail to take any action which would cause the term hereby granted compensation to be determined. Mortgagee shall be terminable at Landlord’s sole option entitled to: (1) all compensation, awards and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor other payments or relief therefor, (2) to commence, appear in and the Base Rent herein reserved shall be apportioned prosecute in its own name any action or proceedings, and paid (3) to make any compromise or settlement in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any connection with such taking or damage. Mortgagor authorizes Mortgagee to collect and this Agreement shall continue receive such awards and compensation, to give proper receipts and acquittances therefor and in full force and effect except that, during such restoration, Mortgagee's discretion to apply the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of same toward the payment of any Operating Coststhe Obligations, provided furthernotwithstanding the fact that the Obligations, howeveror a portion thereof, may not then be due and payable, or to the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed restoration of the proceeds obtained from such taking (less expenses incurred Mortgaged Property in collecting accordance with the same). Notwithstanding the foregoing, provisions set forth in the event the net condemnation award received by Landlord is insufficient penultimate sentence of Section 11(c) above. Mortgagor further agrees to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnationmake, to cancel and terminate this Agreementexecute, and Tenant shall be limited deliver to consequential damages onlyMortgagee, at any time upon request, free and clear of any encumbrance of any kind whatsoever, any and all further assignments and other instruments deemed necessary by Mortgagee for the purpose of validly and sufficiently assigning all compensations and awards made to Mortgagor for any taking, either permanent or temporary, under any such proceeding.
Appears in 7 contracts
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Discovery Zone Inc), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Discovery Zone Inc), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Discovery Zone Inc)
Eminent Domain. With respect to eminent domain:
A(a) Condemnation of Demised Premises. If In the whole event the entire premises or any substantial part of the Demised Premises thereof shall be taken or acquired by condemned either permanently or temporarily for any public or quasi-public use or purpose by any competent authority under the power in appropriation proceedings or threat by any right of eminent domain, the entire compensation or award therefore, including leasehold, reversion and fee, shall belong to the Landlord and Tenant hereby assigns to Landlord all of Tenant's right, title and interest in and to such award.
(b) In the event that only a portion of the demised premises, not exceeding twenty percent (20%) of same, shall be so taken or condemned, and the portion of the demised premises not taken can be repaired within ninety (90) days from the date of which possession is taken for other than a temporary periodthe public use so as to be commercially fit for the operation of Tenant's business, the Lease Term Landlord at its own expense shall cease as so repair the portion of the day demised premises not taken and there shall be an equitable abatement of rent for the remainder of the term and/or extended terms. The entire award paid on account thereof shall be paid to the Landlord. If the portion of the demised premises not taken cannot be repaired within ninety (90) days from the date of which possession is taken so as to be commercially fit for the operation of Tenant's business, then this Lease shall terminate and become null and void from the time possession of the portion taken is required for public use, and from that date on the parties hereto shall be released from all further obligations hereunder except as herein stated and Tenant shall have no claim for any compensation on account of its leasehold interest. No other taking, appropriation or condemnation shall cause this Lease to be terminated. Any such appropriation or condemnation proceedings shall not operate as or be deemed an eviction of Tenant or a breach of Landlord's covenant of quiet enjoyment and Tenant shall have no claim for any compensation on account of its leasehold interest.
(c) In the event that more than 20% of the demised premises shall at any time be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, use or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of condemned under eminent domain, then at the option of the Landlord or by private purchase in lieu thereofTenant upon the giving of thirty (30) days written notice (after such taking or condemnation), this Agreement Lease shall terminate and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on as of the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any of such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement any prepaid rental shall be equitably apportioned in the proportion that the square footage prorated as of the part effective date of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlytermination.
Appears in 7 contracts
Samples: Lease (DSW Inc.), Lease (Retail Ventures Inc), Lease (Retail Ventures Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. 13.1 If the whole all or any substantial part substantially all of the Demised Premises shall be taken or acquired appropriated by any public or quasi-public authority under the power or threat of eminent domaindomain (or similar law authorizing the involuntary taking of private property, for other than which shall include a temporary periodsale in lieu thereof to a public body), either party hereto shall have the right, at its option, to terminate this Lease Term shall cease effective as of the day date possession is taken by said authority, and Landlord shall be taken by entitled to any and all income, rent, award and any interest thereon whatsoever which may be paid or made in connection with such public or quasi-public authority, and use or purpose. Tenant shall pay Rent up to that date with an appropriate refund by have no claim against Landlord for any portion of Landlord's award and shall not make a claim for the value of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the unexpired term of this Agreement the Demised Premises, or any part thereof, or more than __________% Lease.
13.2 If only a portion of the Real Property or of the Common Area Premises is taken by condemnation or right such that the Premises are still accessible and usable for the operation of eminent domainTenant's business, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement Lease shall continue in full force and effect except that, during such restoration, and the Base Rent payable pursuant to proceeds of the terms of this Agreement award shall be equitably apportioned in used by Landlord to restore the proportion that the square footage remainder of the part of improvements on the Demised Premises so taken bears far as practicable to the total square footage a complete unit of the Demised Premises like quality and condition to that which existed immediately prior to such the taking; provided, however, and all Rent payable by Tenant hereunder shall be reduced in no event shall there be any abatement proportion to the floor area of the payment of any Operating Costs, provided further, however, the Premises which is no longer available for Tenant's use. Landlord’s obligations to restore or rebuild 's restoration work shall be limited to an amount which does not exceed the proceeds obtained from scope of work done by Landlord in originally constructing the Premises and the cost of such taking (less expenses incurred in collecting work shall not exceed the same). Notwithstanding amount of the foregoing, in the event the net condemnation award received by Landlord is insufficient with respect to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant Premises.
13.3 Nothing hereinbefore contained shall be limited deemed to consequential damages onlydeny to Tenant its right to seek a separate award from the condemning authority for the unamortized costs of Tenant's ownership interest in the Tenant Improvements and Special Tenant Improvements, damage to its trade fixtures and personal property, relocation expenses or loss of goodwill.
Appears in 6 contracts
Samples: Lease Agreement (Formfactor Inc), Lease Agreement (Formfactor Inc), Lease Agreement (Formfactor Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If the whole all or any substantial part of the Demised Premises shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domaindomain or conveyance in lieu thereof, for other than a temporary period, the this Lease Term shall cease terminate as to any portion of the day possession Premises so taken or conveyed on the date when title vests in the condemnor, and Landlord shall be taken by entitled to any and all payment, income, rent, award, or any interest therein whatsoever which may be paid or made in connection with such public taking or quasi-public authorityconveyance, and Tenant shall pay Rent up to that date with an appropriate refund by have no claim against Landlord or otherwise for the value of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the unexpired term of this Agreement Lease. Notwithstanding the Demised Premisesforegoing paragraph, any compensation specifically awarded Tenant for loss of business, Tenant's personal property, moving cost or loss of goodwill, shall be and remain the property of Tenant. If (i) any action or proceeding is commenced for such taking of the Premises or any part thereof, or more than __________% if Landlord is advised in writing by any entity or body having the right or power of condemnation of its intention to condemn the premises or any part thereof, or (ii) any of the Real Property foregoing events occur with respect to the taking of any space in the Complex not leased hereby, or if any such spaces so taken or conveyed in lieu of such taking and Landlord shall decide to discontinue the use and operation of the Common Area Complex, or decide to demolish, alter or rebuild the Complex, then, in any of such events Landlord shall have the right to terminate this Lease by giving Tenant written notice thereof within sixty (60) days of the date of receipt of said written advice, or commencement of said action or proceeding, or taking conveyance, which termination shall take place as of the first to occur of the last day of the calendar month next following the month in which such notice is given or the date on which title to the Premises shall vest in the condemnor. In the event of such a partial taking or conveyance of the Premises, if the portion of the Premises taken or conveyed is so substantial that the Tenant can no longer reasonably conduct its business, Tenant shall have the privilege of terminating this Lease within sixty (60) days from the date of such taking or conveyance, upon written notice to Landlord of its intention so to do, and upon giving of such notice this Lease shall terminate on the last day of the calendar month next following the month in which such notice is given, upon payment by Tenant of the rent from the date of such taking or conveyance to the date of termination. If a portion of the Premises be taken by condemnation or right of eminent domain, or by private purchase conveyance in lieu thereofthereof and neither Landlord nor Tenant shall terminate this Lease as provided herein, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement Lease shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant as to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises not so taken or conveyed, and the rent herein shall be apportioned as of the date of such taking or conveyance so that thereafter the rent to be paid by Tenant shall be in the ratio that the area of the portion of the Premises not so taken or conveyed bears to the total square footage area of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages only.
Appears in 6 contracts
Samples: Lease Agreement (Cosine Communications Inc), Lease Agreement (Cosine Communications Inc), Lease Agreement (Cosine Communications Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If In the whole event that all or any substantial part of the Demised Premises shall be or the Building or the common areas at the Property necessary for use and operation of the Premises or Building are taken or acquired (other than for temporary use, hereafter described) by any public or quasi-public authority under the power or threat of eminent domaindomain (or by conveyance in lieu thereof), for other than a temporary periodthen by notice given within three months following the recording of such taking (or conveyance) in the appropriate registry of deeds, the this Lease Term may be terminated at either party’s election thirty (30) days after such notice, and Rent shall cease be apportioned as of the day possession shall be taken by such public or quasi-public authoritydate of termination. If this Lease is not terminated as aforesaid, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent subject to the date possession rights of mortgagees Landlord shall within a reasonable time thereafter, diligently restore what may remain of the Premises (excluding any personal property of Tenant, Tenant Work or other items installed or paid for by Tenant that Tenant is takenpermitted or may be required to remove upon expiration) to a tenantable condition for occupancy by Tenant for the Permitted Uses. In the event that during the term some portion of this Agreement the Demised Premises, or any part thereof, or more than __________% rentable floor area of the Real Property or of the Common Area Premises is taken by condemnation or right of eminent domain(other than for temporary use) and this Lease is not terminated, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenantproportionally abated for the remainder of the Term. In the event of any taking of the Premises or any part thereof for temporary use, (i) this Lease shall be and remain unaffected thereby and rent shall not xxxxx, and (ii) Tenant shall be entitled to receive for itself such portion or portions of any award made for such use with respect to the period of the taking that is within the Term, provided that if such taking shall remain in force at the expiration or earlier termination of this Lease, then Tenant shall pay to Landlord does a sum equal to the reasonable cost of performing Tenant’s obligations hereunder with respect to surrender of the Premises and upon such payment shall be excused from such obligations. If in the last two years of the Term of this Lease, any Taking renders 50% or more of the Premises untenantable, and in either case restoration of the effects of such Taking cannot elect to cancel be repaired or restored in Landlord’s reasonable estimate within the lesser of one (1) year or one-half of the then-remaining Term from the date of such Taking, Tenant may upon thirty (30) days’ prior written notice terminate this Agreement Lease provided that such termination election shall be null and void if Landlord completes such restoration within thirty (30) days of such notice or if Tenant exercises its right to extend the Term pursuant to Section 3.03(a) of this Lease. Any damages that are expressly awarded to Tenant on account of its relocation expenses, and specifically so designated, shall belong to Tenant. Except as provided above, then Landlord shall rebuild and restore in the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms preceding sentence of this Agreement shall be equitably apportioned in the proportion that the square footage paragraph, Landlord reserves to itself, and Tenant releases and assigns to Landlord, all rights to damages accruing on account of the part any taking or by reason of the Demised Premises so taken bears to the total square footage any act of the Demised Premises immediately prior to such taking; any public authority for which damages are payable, provided, however, in no event that Tenant shall there be any abatement of receive, subordinate to the payment repayment of any Operating Costs, provided further, however, mortgage lender holding a mortgage on the Landlord’s obligations to restore or rebuild shall be limited to an Property out of any amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award actually received by Landlord is insufficient and pari passu with amounts payable to restore or rebuild Landlord, an amount equal to the structural portions unamortized expense of the Demised Premises Excess Costs actually paid by Tenant under the Landlord shall have Work Letter, amortized on a straight line item over the option within __________ days after initial Term of this Lease. Subject to its rights hereunder, Tenant agrees to execute such further instruments of assignment as may be reasonably requested by Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall to turn over to Landlord any damages that may be limited to consequential damages onlyrecovered in any proceeding or otherwise.
Appears in 6 contracts
Samples: Lease Agreement (Vertex Pharmaceuticals Inc / Ma), Lease Agreement (Vertex Pharmaceuticals Inc / Ma), Lease Agreement (Senior Housing Properties Trust)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If Mortgagor warrants, covenants and agrees that should the whole or any substantial part of the Demised Premises shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised PremisesMortgaged Property, or any part thereofthereof or interest therein, be taken or damaged by reason of any public improvement or condemnation proceeding, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domainin any other manner, or by private purchase in lieu thereofshould Mortgagor receive any notice of other information regarding such proceeding, this Agreement Mortgagor shall give written notice thereof within five (5) business days to Mortgagee. Without Mortgagee's prior consent, Mortgagor (1) shall not agree to any compensation or award, and (2) shall not take any action or fail to take any action which would cause the term hereby granted compensation to be determined. Mortgagee shall be terminable at Landlord’s sole option entitled to: (1) all compensation, awards and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor other payments or relief therefor, (2) to commence, appear in and the Base Rent herein reserved shall be apportioned prosecute in its own name any action or proceedings, and paid (3) to make any compromise or settlement in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any connection with such taking or damage. Mortgagor authorizes Mortgagee to collect and this Agreement shall continue receive such awards and compensation, to give proper receipts and acquittances therefor and in full force and effect except that, during such restoration, Mortgagee's discretion to apply the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of same toward the payment of any Operating Coststhe Obligations, provided furthernotwithstanding the fact that the Obligations, howeveror a portion thereof, may not then be due and payable, or to the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed restoration of the proceeds obtained from such taking (less expenses incurred Mortgaged Property in collecting accordance with the same). Notwithstanding the foregoing, provisions set forth in the event the net condemnation award received by Landlord is insufficient second-to-last sentence of Section 11(c) above. Mortgagor further agrees to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnationmake, to cancel and terminate this Agreementexecute, and Tenant shall be limited deliver to consequential damages onlyMortgagee, at any time upon request, free and clear of any encumbrance of any kind whatsoever, any and all further assignments and other instruments deemed necessary by Mortgagee for the purpose of validly and sufficiently assigning all compensations and awards made to Mortgagor for any taking, either permanent or temporary, under any such proceeding.
Appears in 6 contracts
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Discovery Zone Inc), Mortgage, Assignment of Leases and Rents, Security Agreement (Discovery Zone Inc), Open End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Discovery Zone Inc)
Eminent Domain. With respect to eminent domain:
AA. In the event that: (i) Condemnation of Demised Premises. If the whole or any substantial part of the Demised Premises Building shall be taken during the term of this Lease or acquired by any extension or renewal thereof for any public or quasi-public authority use under the power any governmental law, ordinance, regulation or threat by right of eminent domain, for other than a temporary period, the Lease Term shall cease as (ii) all or any portion of the day possession parking area for the Building shall be taken by such for any public or quasi-public authorityuse so as to, and in Tenant's reasonable judgment, render the parking inadequate for Tenant's business; or (iii) if access to the adjacent roadways from the existing curb cuts shall be denied as a result of a taking for any public or quasi-public use (any of such events being hereinafter referred to as a "taking"), Tenant shall pay Rent up to that have the option of terminating this Lease as of a date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to no later than the date possession is takenrequired by the condemning authority, such termination date to be specified in a notice of termination to be given by Tenant to Landlord. Fixed Rent shall be prorated as of the termination date and any advance payments on account of Fixed Rent received by Landlord from Tenant for periods after the taking shall be refunded to Tenant.
B. In the event that during the term of this Agreement the Demised Premises, any taking which does not give rise to an option to terminate or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord of a taking which does give rise to an option to terminate and Tenant elects not elect to cancel or terminate this Agreement as provided aboveterminate, then Landlord shall rebuild and promptly restore or repair the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant Building to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises same condition as existed immediately prior to such taking; provided, however, taking insofar as is reasonably possible. The award and any excess shall be held in no event shall there be any abatement trust by Landlord and used for such purpose. A just and proportionate part of the payment Fixed Rent payable hereunder shall be abated from the date of such taking until ten (10) days after Landlord has restored the Premises and thereafter the Fixed Rent shall be reduced in proportion to the reduction in the then rental value of the Premises after the taking in comparison with the rental value prior to the taking.
C. Landlord shall not agree to any condemnation award without the prior written consent of Tenant, which will not be unreasonably withheld or delayed.
D. In the event of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord Tenant shall have the option within __________ days after Landlord’s receipt right to recover from the condemning authority: (i) Tenant's moving expenses; (ii) depreciation to and cost of removing Tenant's trade fixtures; (iii) Tenant's loss of business; and (iv) the value of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyloss of the leasehold estate.
Appears in 6 contracts
Samples: Lease (Eagle Supply Group Inc), Lease (Eagle Supply Group Inc), Lease (Eagle Supply Group Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If In the event the whole or any substantial part of the Demised Premises Premises, the Building or the Project shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereofsold to prevent the exercise thereof (collectively, a "Taking"), this Agreement and the term hereby granted Lease shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on automatically terminate as of the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenantof such Taking. In the event of a Taking of such portion of the Project, the Building or the Premises as shall, in the opinion of Landlord, substantially interfere with Landlord's operation thereof, Landlord does not elect to cancel or may terminate this Agreement as provided aboveLease upon thirty (30) days' written notice to tenant given at any time within sixty (60) days following the date of such Taking. For purposes of this Lease, then Landlord the date of Taking shall rebuild and restore be the Demised earlier of the date of transfer of title resulting from such Taking or the date of transfer of possession resulting from such Taking. in the event that a portion of the Premises as nearly as possible to their condition immediately prior to any such taking is so taken and this Agreement Lease in not terminated, Landlord shall, with reasonable diligence, proceed to restore (to the extent permitted by Law and covenants, conditions and restrictions than applicable to the Project) the Premises (other than Tenant's personal property and fixtures, and tenant improvements not constituting Building Standard Installations) to a complete, functioning unit. In such case, the Basic Annual Rent shall continue be reduced proportionately based on the portion of the Premises so taken. If all or any portion of the Premises is the subject of a temporary Taking, this Lease shall remain in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreementeffect, and Tenant shall continue to perform each of its obligations under this Lease; in such case, Tenant shall be limited entitled to consequential damages onlyreceive the entire award allocable to the temporary Taking of the Premises. Except as provided herein, Tenant shall not assert any claim against Landlord or the condemning authority for, and hereby assigns to Landlord, any compensation in connection with any such Taking, and Landlord shall be entitled to receive the entire amount of any award therefor, without deduction for any estate or interest of Tenant. Nothing contained in this Paragraph 10 shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the condemning authority for the Taking of personal property or fixtures of Tenant or for relocation or business interruption expenses recoverable by Tenant from the condemning authority. This Paragraph 10 shall be Tenant's sole and exclusive remedy in the event of a Taking. Each party hereby waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
Appears in 5 contracts
Samples: Office Lease (Worldwide Wireless Networks Inc), Office Lease (Worldwide Wireless Networks Inc), Office Lease (Worldwide Wireless Networks Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised PremisesSECTION 12.1. If the whole or any substantial part of the Demised Premises shall be taken is acquired or acquired by condemned for any public or quasi-public authority under use or purpose, this Lease and the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease end as of the day possession date of the vesting of title with the same effect as if said date were the Fixed Expiration Date. If only a part of the Premises is so acquired or condemned then, except as hereinafter provided in this Section 12.1, this Lease and the Term shall continue in effect but, if a part of the Premises is so acquired or condemned, from and after the date of the vesting of title, the Fixed Rent and Additional Rent, if any, shall be taken by such public reduced in the proportion which the area of the part of the Premises so acquired or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent condemned bears to the total area of the Premises immediately prior to such acquisition or condemnation. If the part of the Premises acquired or condemned contains more than fifty percent (50%) of the rentable square feet of the Premises or if, by reason of such acquisition or condemnation, the Premises shall be rendered wholly or substantially unsuitable for the Permitted Use, then either Landlord or Tenant may terminate this Lease and the Term and estate hereby granted, by notifying the other party in writing of such termination within one hundred twenty (120) days after the date possession is takenupon which Tenant receives Notice of vesting of title. In the event that during the term such Notice of termination shall be given, then this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement Lease and the term Term and estate hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on as of the date when possession shall be taken by of termination stated in said Notice, with the condemnor same effect as if that date were the Fixed Expiration Date. In the event of any termination of this Lease and the Base Term pursuant to the provisions of this Section 12.1, the Fixed Rent herein reserved or Additional Rent shall be apportioned as of the date of sooner termination and paid in full to that any prepaid portion of the Fixed Rent for any period after such date and all prepaid Base Rent shall forthwith be repaid refunded by Landlord to Tenant.
SECTION 12.2. In the event Landlord does not elect to cancel of any such acquisition or terminate this Agreement as provided abovecondemnation of all or any part of the Premises, then Landlord shall rebuild be entitled to receive the entire award for any such acquisition or condemnation, but shall be obligated to proceed with reasonable diligence to repair and restore the Demised Premises as nearly as possible Premises, at Landlord's expense, to their a condition immediately prior most suitable for the Permitted Use. Tenant shall have no claim against Landlord or the condemning authority for the value of any unexpired portion of the Term and Tenant hereby expressly assigns to Landlord all of its right in and to any such taking award. Nothing contained in this Section 12.2 shall be deemed to prevent Tenant from making a separate claim in any condemnation proceedings for the value of any Tenant's Property included in such taking, and this Agreement shall continue in full force and effect except thatfor any moving expenses, during such restoration, the Base Rent payable pursuant so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the terms of this Agreement shall be equitably apportioned contrary contained in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoingSections 12.1 and 12.2 above, in the event that:
(1) the net condemnation award received by Landlord is insufficient fails to restore commence any repairs, reconstruction or rebuild the structural portions restoration of the Demised Premises within sixty (60) days after the physical taking of a portion of the Premises; or
(2) Landlord fails complete all repairs, reconstruction or restoration of the Premises within one hundred twenty (120) days after the date of such physical taking, then, as a result of any circumstances described in subparagraphs (1) or (2) hereof, the Tenant, at Tenant's option, may terminate this Lease and the term and estate hereby granted, by notifying the Landlord shall have the option in writing of such termination within __________ thirty (30) days after Landlord’s receipt the passage of the net condemnationtimes periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, to cancel then this Lease and terminate this Agreementthe term and estate hereby granted shall expire as of the date of termination stated in said Notice with the same effect as if that date were the Fixed Expiration Date, and Tenant the Fixed Rent and Additional Rent hereunder shall be limited apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to consequential damages onlyreimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 above.
Appears in 5 contracts
Samples: Lease Agreement (Comfort Systems Usa Inc), Lease Agreement (Comfort Systems Usa Inc), Lease Agreement (Comfort Systems Usa Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. a. If the whole or any substantial part of the Demised Building or Premises shall be is lawfully taken by condemnation or acquired by in any other manner for any public or quasi-public authority under purpose, this Lease shall terminate as of the power date of such taking, and Rent shall be prorated to such date. If less than the whole of the Building or threat Premises is so taken, this Lease shall be unaffected by such taking, provided that (i) Tenant shall have the right to terminate this Lease by notice to Landlord given within ninety (90) days after the date of eminent domainsuch taking if twenty percent (20%) or more of the Premises is taken and the remaining area of the Premises is not reasonably sufficient for Tenant to continue operation of its business, for other than a temporary periodand (ii) Landlord shall have the right to terminate this Lease by notice to Tenant given within ninety (90) days after the date of such taking. If either Landlord or Tenant so elects to terminate this Lease, the Lease Term shall cease as terminate on the thirtieth (30th) day after either such notice. The Rent shall be prorated to the date of termination. If this Lease continues in force upon such partial taking, the Base Rent and Tenant’s Proportionate Share shall be equitably adjusted according to the remaining Rentable Area of the day possession Premises and Project.
b. In the event of any taking, partial or whole, all of the proceeds of any award, judgment or settlement payable by the condemning authority shall be taken by such public or quasi-public authoritythe exclusive property of Landlord, and Tenant hereby assigns to Landlord all of its right, title and interest in any award, judgment or settlement from the condemning authority. Tenant, however, shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent the right, to the date possession extent that Landlord’s award is taken. not reduced or prejudiced, to claim from the condemning authority (but not from Landlord) such compensation as may be recoverable by Tenant in its own right for relocation expenses and damage to Tenant’s personal property.
c. In the event that during of a partial taking of the term Premises which does not result in a termination of this Agreement Lease, Landlord shall restore the Demised Premises, or any part thereof, or more than __________% remaining portion of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible practicable to their its condition immediately prior to any such taking and this Agreement shall continue in full force and effect except thatthe condemnation or taking, during such restoration, the Base Rent payable pursuant but only to the terms extent of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same)Building Standard Work. Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyresponsible at its sole cost and expense for the repair, restoration and replacement of any other Leasehold Improvements and Tenant’s Property.
Appears in 5 contracts
Samples: Sublease Agreement (Biolargo, Inc.), Office Building Lease (Realogy Corp), Office Building Lease (1st Centennial Bancorp)
Eminent Domain. With respect to Notwithstanding any taking under the power of eminent domain:
A) Condemnation of Demised Premises. If the whole or any substantial part , alteration of the Demised grade of any street, or other injury to or decrease in value of the Mortgaged Premises shall be taken or acquired by any public or quasi-public authority under or corporation, Mortgagor shall continue to pay the power or threat of eminent domain, for other than a temporary period, Mortgage Indebtedness in accordance with the Lease Term shall cease as terms of the day possession Notes, and any reduction in the principal sum resulting from the application by Mortgagee of such award or payment as hereinafter set forth shall be taken deemed to take effect only upon the receipt by Mortgagee of such public award. The Mortgagor hereby assigns the entire proceeds of any award or quasi-public authoritypayment to Mortgagee. The Mortgagee is authorized to commence, appear in and prosecute, in its own or in Mortgagor's name, any action or proceeding relating to any such taking, and Tenant to settle or compromise any claim in connection therewith. Such proceeds shall pay Rent up to that date with an appropriate refund by Landlord be applied first toward reimbursement of all costs and expenses of Mortgagee in collecting said proceeds and then toward payment of the Mortgage Indebtedness or any rent which portion thereof, whether or not then due or payable, or Mortgagee at its option may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premisesapply said proceeds, or any part thereof, to the alteration, restoration or more than __________% rebuilding of the Real Property or Mortgaged Premises. No such application of proceeds by Mortgagee toward payment of the Common Area is taken by condemnation or right Mortgage Indebtedness shall reduce the amount of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall payments required to be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire made on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid Mortgage Indebtedness in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyaccordance with its terms.
Appears in 4 contracts
Samples: Open End Mortgage, Security Agreement and Assignment of Rents (Key Plastics Inc), Mortgage, Security Agreement, Assignment of Rents and Financing Statement (Key Plastics Inc), Open End Mortgage, Security Agreement and Assignment of Rents (Key Plastics Inc)
Eminent Domain. With respect to eminent domain:
ASection 12.1 If (a) Condemnation of Demised Premises. If the whole or any substantial part all of the Demised floor area of the Premises, or so much thereof as shall render the Premises wholly untenantable or not reasonably sufficient for Tenant to continue the normal and practical operation of its business, shall be taken acquired or acquired by condemned for any public or quasi-public authority under use or purpose, or (b) a portion of the power Real Property, not including the Premises, shall be so acquired or threat condemned, but by reason of eminent domainsuch acquisition or condemnation, for other than a temporary periodTenant no longer has means of access to the Premises, then this Lease and the Lease Term shall cease end as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to date of the vesting of title with the same effect as if that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to were the date possession is takenExpiration Date. In the event that during the term of any termination of this Agreement Lease and the Demised PremisesTerm pursuant to the provisions of this Article 12, Fixed Rent and Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of Fixed Rent or Additional Rent for any period after such date shall be refunded by Landlord to Tenant.
Section 12.2 In the event of any such acquisition or condemnation of all or any part thereofof the Real Property, Landlord shall be entitled to receive the entire award for any such acquisition or more than __________% condemnation. Tenant shall have no claim against Landlord or the condemning authority for the value of any unexpired portion of the Term or Tenant’s Alterations, and Tenant hereby expressly assigns to Landlord all of its right in and to any such award. Nothing contained in this Section 12.2 shall be deemed to prevent Tenant from making a separate claim in any condemnation proceedings for the then value of any Tenant’s Property included in such taking and for any moving expenses, provided such award shall be made by the condemning authority in addition to, and shall not result in a reduction of, the award made by it to Landlord.
Section 12.3 If only a part of the Real Property shall be so acquired or condemned then, subject to Section 12.1, this Lease and the Term shall continue in force and effect. If a part of the Common Area is taken by condemnation Premises shall be so acquired or right of eminent domain, or by private purchase in lieu thereof, condemned and this Agreement Lease and the term hereby granted Term shall not be terminable terminated, Landlord, at Landlord’s sole option expense, shall restore that part of the Premises not so acquired or condemned so as to constitute tenantable Premises. From and if Landlord so terminates then this Agreement shall expire on after the date when possession of the vesting of title, Fixed Rent and Additional Rent shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned reduced in the proportion that which the square footage area of the part of the Demised Premises so taken acquired or condemned bears to the total square footage area of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore acquisition or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages only.
Appears in 4 contracts
Samples: Sublease (Switch & Data, Inc.), Sublease (Switch & Data, Inc.), Sublease (Switch & Data, Inc.)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. a. If the whole or any substantial part of the Demised Building or Premises shall be is lawfully taken by condemnation or acquired by in any other manner for any public or quasi-public authority under purpose, this Lease shall terminate as of the power date of such taking, and Rent shall be prorated to such date. If less than the whole of the Building or threat Premises is so taken, this Lease shall be unaffected by such taking, provided that (i) Tenant shall have the right to terminate this Lease by notice to Landlord given within ninety (90) days after the date of eminent domainsuch taking if twenty percent (20%) or more of the Premises is taken and the remaining area of the Premises is not reasonably sufficient for Tenant to continue operation of its business, for other than a temporary periodand (ii) Landlord shall have the right to terminate this Lease by notice to Tenant given within ninety (90) days after the date of such taking. If either Landlord or Tenant so elects to terminate this Lease, the Lease Term shall cease as terminate on the thirtieth (30th) day after either such notice. The Rent shall be prorated to the date of termination. If this Lease continues in force upon such partial taking, the Base Rent and Tenant's Proportionate Share shall be equitably adjusted according to the remaining Rentable Area of the day possession Premises and Project.
b. In the event of any taking, partial or whole, all of the proceeds of any award, judgment or settlement payable by the condemning authority shall be taken by such public or quasi-public authoritythe exclusive property of Landlord, and Tenant hereby assigns to Landlord all of its right, title and interest in any award, judgment or settlement from the condemning authority. Tenant, however, shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent the right, to the date possession extent that Landlord's award is taken. not reduced or prejudiced, to claim from the condemning authority (but not from Landlord) such compensation as may be recoverable by Tenant in its own right for relocation expenses and damage to Tenant's personal property.
c. In the event that during of a partial taking of the term Premises which does not result in a termination of this Agreement Lease, Landlord shall restore the Demised Premises, or any part thereof, or more than __________% remaining portion of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible practicable to their its condition immediately prior to any such taking and this Agreement shall continue in full force and effect except thatthe condemnation or taking, during such restoration, the Base Rent payable pursuant but only to the terms extent of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same)Building Standard Work. Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyresponsible at its sole cost and expense for the repair, restoration and replacement of any other Leasehold Improvements and Tenant's Property.
Appears in 4 contracts
Samples: Lease Agreement (Air Methods Corp), Office Building Lease (Centennial First Financial Services), Lease Agreement (Dovebid Inc)
Eminent Domain. With respect to eminent domain:
AIn the event that more than twenty percent (20%) Condemnation of Demised Premises. If the whole or any substantial part of the Demised Premises shall be are taken by paramount governmental authority or acquired in any way condemned or appropriated by any public the exercise of the right of eminent domain or quasi-public authority under the power a deed or threat conveyance in lieu of eminent domain, for other than (each a temporary period“Taking”), either Party hereto shall have the right, at its option, within sixty (60) days after said Taking, to terminate this Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent upon thirty (30) days’ written Notice to the date possession is takenother Party. In the event that during either Party elects to terminate this Lease, the term of this Agreement the Demised Premises, or any part thereof, or more than __________% rent herein set forth shall be abated and Txxxxx’s liability therefore will cease as of the Real Property or date of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereofsuch Taking, this Agreement Lease shall terminate as of said date, and the term hereby granted any prepaid rent shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord returned to Tenant. In the event Landlord does If this Lease is not elect to cancel or terminate this Agreement terminated as provided aboveherein provided, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement it shall continue in full force and effect except thateffect, during such restoration, and Landlord shall within a reasonable time after possession is physically taken by the condemning authority restore the remaining portion of the Premises to render it reasonably suitable for the uses permitted by this Lease and the Base Rent payable pursuant to the terms of this Agreement shall be proportionately and equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same)reduced. Notwithstanding the foregoing, Landlord shall not be obligated to expend an amount greater than the proceeds received from the condemning authority less all expenses reasonably incurred in connection therewith (including attorneys’ fees) for the restoration. In the event the net condemnation award received by Landlord is insufficient to restore any mortgagee or rebuild the structural portions lender requires that all or any portion of the Demised Premises proceeds received from the condemning authority be applied to any debt, Landlord will not be deemed to have received such proceeds. All compensation awarded in connection with or as a result of a Taking shall have be the option within __________ days after Landlord’s receipt property of the net condemnationLandlord, except that Tenant may apply for and keep as its property a separate award for: (i) the value of Tenant’s leasehold interest; (ii) the value of Tenant Property or Tenant’s trade fixtures or personal property; (iii) Tenant’s moving expenses; (iv) Tenant’s business relocation expenses; and (v) damages to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyTenant’s business incurred as a result of such Taking.
Appears in 4 contracts
Samples: Commercial Lease Agreement (CONX Corp.), Purchase and Sale Agreement (CONX Corp.), Purchase and Sale Agreement (CONX Corp.)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If the whole or any substantial part of the Demised Premises shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages only.
Appears in 4 contracts
Samples: Commercial Lease Agreement, Commercial Lease Agreement, Commercial Lease Agreement
Eminent Domain. With respect 17.1 If all of the Premises are taken by exercise of the power of eminent domain (or conveyed by Landlord in lieu of such exercise) this Lease shall terminate on a date (the "Termination Date") which is the earlier of the date upon which the condemning authority takes possession of the Premises or the date on which title to eminent domain:
A) Condemnation of Demised Premisesthe Premises is vested in the condemning authority. If the whole or any substantial part more than twenty-five percent (25%) of the Demised Rentable Area of the Premises is so taken, Tenant shall have the right to cancel this Lease by written notice to Landlord given within twenty (20) days after the Termination Date. If less than twenty-five percent (25%) of the Rentable Area of the Premises is so taken, or if the Tenant does not cancel this Lease according to the preceding sentence, the Monthly Rent shall be taken or acquired by any public or quasi-public authority under abated in the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as proportion of the day possession Rentable Area of the Premises so taken to the Rentable Area of the Premises immediately before such taking, and Tenant's Share shall be taken appropriately recalculated. If twenty-five percent (25%) or more of the Building or the Project is so taken, Landlord may cancel this Lease by such public or quasi-public authority, and written notice to Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to given within thirty (30) days after the date possession is takenTermination Date. In the event that during of any such taking, the term of this Agreement the Demised Premises, entire award shall be paid to Landlord and Tenant shall have no right or claim to any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such takingaward; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord Tenant shall have the option within __________ days after right to assert a claim against the condemning authority in a separate action, so long as Landlord’s receipt of the net condemnation's award is not otherwise reduced, to cancel for Tenant's moving expenses and terminate this Agreement, and Tenant shall be limited to consequential damages onlyleasehold improvements owned by Tenant.
Appears in 4 contracts
Samples: Lease Agreement (World Wide Magic Net Inc), Lease Agreement (World Wide Magic Net Inc), Lease Agreement (World Wide Magic Net Inc)
Eminent Domain. With respect Notwithstanding anything contained herein to eminent domain:
A) Condemnation the contrary, this Section 14 shall be subject to the terms and conditions of Demised Premisesthe mortgage held by the senior most Mortgagee (the “Senior Mortgage”), for so long as such Senior Mortgage shall be in effect. If the whole or any substantial part of the Demised Leased Premises shall be taken or acquired by for any public or quasi-public authority use under the power any statute or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, domain or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement Lease shall expire on automatically terminate as of the date when that possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenanthas been taken. In the event Landlord does of a partial taking or condemnation which takes less than all or substantially all of the Leased Premises and the Lease is not elect to cancel or terminate this Agreement terminated as provided set forth above, then Landlord the Rent shall thereafter be decreased in proportion to the amount of the Leased Premises taken, and Lessee, at its option, shall have the right to rebuild the improvements thereon. City and restore Lessee each covenant and agree to seek separate awards in any condemnation proceedings and to use their respective best efforts to see that such separate awards are made at all stages of all proceedings and any proceeds of Lessee shall be disbursed at the Demised Premises as nearly as possible discretion of the most senior Mortgagee. If the order or decree in any condemnation or similar proceeding shall fail to their condition immediately prior separately state the amount to any such taking be awarded to City and this Agreement shall continue in full force and effect except thatLessee by way of compensation, during such damages, rent, the costs of demolition, removal or restoration, or otherwise, then the Base Rent payable pursuant award should be divided as follows: First, to the payment of all demolition and construction costs associated with restoration if the improvements are to be restored by Lessee and/or all costs of removal of rubble and debris if Lessee is to remove the same; and then
(1) City shall receive the fair market value of the Leased Premises (considered as unimproved land but unencumbered by this Lease Agreement) less the value of Lessee’s remaining leasehold interest therein; and
(2) Lessee shall be entitled to all remaining proceeds, subject to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage and conditions of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same)Senior Mortgage. Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord The most senior Mortgagee shall have the option within __________ days after Landlord’s receipt right to participate in any condemnation proceedings and settlement discussions and shall have the right to supervise and control the disbursement of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyany condemnation awards.
Appears in 4 contracts
Samples: Cooperative Endeavor Lease Agreement, Cooperative Endeavor Lease Agreement, Cooperative Endeavor Lease Agreement
Eminent Domain. With Landlord reserves for itself all rights to any damages or awards with respect to eminent domain:
A) Condemnation the Leased Premises and the leasehold estate hereby created by reason of Demised Premises. If the whole or any substantial part exercise of the Demised Premises shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase reason of anything lawfully done in lieu thereofpursuance of any public or other authority; and by way of confirmation Tenant grants and assigns to Landlord all Tenant’s rights to such damages so reserved, except as otherwise provided herein. Tenant covenants to execute and deliver any instruments confirming such assignment as Landlord may from time to time reasonably request. If all the Leased Premises are taken by eminent domain, this Agreement Lease shall terminate when Tenant is required to vacate the Leased Premises or such earlier date as the Tenant is required to begin the payments of rent to the taking authority. If a partial taking by eminent domain results in so much of the Leased Premises being taken as to render the Leased Premises or a material portion thereof unsuitable for Tenant’s continued use and the term hereby granted shall be terminable at Landlord’s sole option and if occupancy as determined by either party in its reasonable discretion, either Landlord so terminates then or Tenant may elect to terminate this Agreement shall expire on Lease as of the date when possession shall be taken the Tenant is required to vacate the portion of the Leased Premises so taken, by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant written notice to the terms other given not more than ninety (90) days after the date on which Tenant or Landlord, as the case may be, receives notice of the taking. For purposes of this Agreement shall be equitably apportioned in the proportion that the square footage paragraph, a “material portion” of the part Leased Premises shall mean in excess of the Demised Premises so taken bears to twenty-five percent (25%) of the total square footage of the Demised Leased Premises. If a partial taking by eminent domain does not result in such portion of the Leased Premises as aforesaid being taken, then this Lease shall not be terminated or otherwise affected by any exercise of the right of eminent domain. Whenever any portion of the Lease Premises shall be taken by any exercise of the right of eminent domain, and if this Lease shall not be terminated in accordance with the provisions of this Section 9.2, Landlord shall, at its expense, proceeding with all reasonable dispatch, provided sufficient condemnation proceeds are available therefor (or, if not, provided Tenant provides additional funds needed above the amount of the condemnation proceeds available) do such work as may be required to restore the Leased Premises or what remains thereof (not including Tenant’s trade fixtures, business equipment and furniture) as nearly as may be to the condition they were in immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall at its expense, proceeding with all reasonable dispatch, do such work to its trade fixtures, business equipment and furniture, as may be limited required. A just proportion of the Rent payable hereunder, according to consequential damages onlythe nature and extent of the taking shall be abated from the time Tenant is required to vacate that portion of the Leased Premises taken. If the Premises have not been restored to a condition substantially suitable for their intended purpose within two hundred seventy (270) days following said taking, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days after the expiration of such period provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless, within such thirty-day period, Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect thereto. Landlord warrants and represents that it is unaware of any currently pending or potential governmental takings or planned takings of any of the Leased Premises.
Appears in 4 contracts
Samples: Lease Agreement (Valeritas Inc), Lease Agreement (Valeritas Inc), Lease Agreement (Valeritas Holdings Inc.)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If the whole all or any substantial part of the Demised Premises shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domaindomain or conveyance in lieu thereof, for other than a temporary period, the this Lease Term shall cease terminate as to any portion of the day possession Premises so taken or conveyed on the date when title vests in the condemnor, and Landlord shall be taken by entitled to any and all payment, income, rent, award, or any interest therein whatsoever which may be paid or made in connection with such public taking or quasi-public authorityconveyance, and Tenant shall pay Rent up to that date with an appropriate refund by have no claim against Landlord or otherwise for the value of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the unexpired term of this Agreement Lease. Notwithstanding the Demised Premisesforegoing paragraph, any compensation specifically awarded Tenant for loss of business, Tenant's personal property, moving cost or loss of goodwill, shall be and remain the property of Tenant. If (i) any action or proceeding is commenced for such taking of the Premises or any part thereof, or more than __________% if Landlord is advised in writing by any entity or body having the right or power of condemnation of its intention to condemn the premises or any portion thereof, or (ii) any of the Real Property foregoing events occur with respect to the taking of any space in the Complex not leased hereby, or if any such spaces so taken or conveyed in lieu of such taking and Landlord shall decide to discontinue the use and operation of the Common Area Complex, or decide to demolish, alter or rebuild the Complex, then, in any of such events Landlord shall have the right to terminate this Lease by giving Tenant written notice thereof within sixty (60) days of the date of receipt of said written advice, or commencement of said action or proceeding, or taking conveyance, which termination shall take place as of the first to occur of the last day of the calendar month next following the month in which such notice is given or the date on which title to the Premises shall vest in the condemnor. In the event of such a partial taking or conveyance of the Premises, if the portion of the Premises taken or conveyed is so substantial that the Tenant can no longer reasonably conduct its business, Tenant shall have the privilege of terminating this Lease within sixty (60) days from the date of such taking or conveyance, upon written notice to Landlord of its intention so to do, and upon giving of such notice this Lease shall terminate on the last day of the calendar month next following the month in which such notice is given, upon payment by Tenant of the rent from the date of such taking or conveyance to the date of termination. If a portion of the Premises be taken by condemnation or right of eminent domain, or by private purchase conveyance in lieu thereofthereof and neither Landlord nor Tenant shall terminate this Lease as provided herein, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement Lease shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant as to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises not so taken or conveyed, and the rent herein shall be apportioned as of the date of such taking or conveyance so that thereafter the rent to be paid by Tenant shall be in the ratio that the area of the portion of the Premises not so taken or conveyed bears to the total square footage area of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages only.
Appears in 4 contracts
Samples: Lease Agreement (Bluestone Software Inc), Lease Agreement (Vantive Corp), Lease Agreement (Paradigm Technology Inc /De/)
Eminent Domain. With Mortgagor acknowledges that Condemnation Awards have been assigned to Mortgagee, which awards Mortgagee is hereby irrevocably authorized to collect and receive, and to give appropriate receipts and acquittances therefor, and at Mortgagee's option, to apply the same toward the payment of the amount owing on account of the indebtedness hereby secured in such order of application as Mortgagee may elect and whether or not the same may then be due and payable or otherwise adequately secured; provided, however, that a Condemnation Award in respect to eminent domain:
A) Condemnation of Demised Premises. If the whole any taking of a portion (but not all or any substantial part material portion) of the Demised Mortgaged Premises shall be made available for the restoration of such Mortgaged Premises in the same manner and subject to the same conditions as are imposed on the release of insurance proceeds set forth in Section 9(d) hereof as if the Mortgaged Premises so taken or acquired by any public or quasi-public authority under were destroyed and the power or threat of eminent domain, Condemnation Award for other than a temporary period, the Lease Term shall cease as such taking was actually insurance proceeds in respect of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have Mortgaged Premises so deemed as having been paid in advance for any period subsequent to the date possession is takendestroyed. In the event that during any proceeds of a Condemnation Award shall be made available to Mortgagor for restoring the term of this Agreement the Demised PremisesMortgaged Premises so taken, or any part thereof, or more than __________% Mortgagor hereby covenants to promptly commence and complete such restoration of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Mortgaged Premises as nearly as possible to their its value, condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises character immediately prior to such taking; provided, however, in no event shall there be any abatement . Mortgagor covenants and agrees that Mortgagor will give Mortgagee immediate notice of the payment actual or threatened commencement of any Operating Costs, provided further, however, the Landlord’s obligations to restore proceedings under condemnation or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore eminent domain affecting all or rebuild the structural portions any material part of the Demised Mortgaged Premises the Landlord shall have the option within __________ days after Landlord’s receipt including any easement therein or appurtenance thereof or severance and consequential damage and change in grade of the net condemnation, to cancel and terminate this Agreementstreets, and Tenant shall will deliver to Mortgagee copies of any and all papers served in connection with any such proceedings. Mortgagor further covenants and agrees to make, execute and deliver to Mortgagee, at any time or times upon request, free, clear and discharged of any encumbrances of any kind whatsoever, any and all further assignments and/or instruments deemed necessary by Mortgagee for the purpose of validly and sufficiently assigning all awards and other compensation heretofore and hereafter to be limited made to consequential damages onlyMortgagor for any taking, either permanent or temporary, under any such proceeding.
Appears in 4 contracts
Samples: Mortgage and Security Agreement (Morton Industrial Group Inc), Mortgage and Security Agreement (Morton Industrial Group Inc), Mortgage and Security Agreement (Morton Industrial Group Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises20.1. If the whole or any substantial part of entire building on the Demised Leased Premises shall be taken by reason of condemnation or acquired by any public under eminent domain proceedings, Landlord or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, the Tenant may terminate this Lease Term shall cease as of the day date when possession of the building is taken. If a portion of the building shall be taken under eminent domain or by reason of condemnation and if in the opinion of Tenant, reasonably exercised, the remainder of the building is no longer suitable for Tenant's business, this Lease, at Tenant's option, to be exercised by notice to Landlord within sixty (60) days of such taking, shall terminate. In such event, any unearned Rent paid or credited in advance shall be refunded to Tenant. If this Lease is not so terminated, Landlord shall proceed promptly and with due diligence, to restore the building. Until so restored, Rent shall xxxxx to the extent that Tenant shall not be able to conduct business in a reasonable manner, and Rent for the remaining portion of the term of this Lease shall be proportionately reduced (based on the reduced square foot floor area of the building).
20.2. In the event any part of the parking areas of the Leased Premises shall be taken by such public reason of condemnation or quasi-public authorityunder eminent domain proceedings, or if as a result of any taking of the Leased Premises or other property subject to an easement benefiting the Leased Premises any driveway or curb cut access to the Leased Premises will be closed, and if in the opinion of Tenant, reasonably exercised, the Leased Premises are no longer suitable for Tenant's business, this Lease, at Tenant's option by notice to Landlord within sixty (60) days of such taking, shall terminate. If this Lease is not so terminated, Landlord, at Landlord's expense, shall proceed promptly and with due diligence to restore the remaining Leased Premises and parking areas to a proper and usable condition. However, Tenant shall pay not have the right to terminate this Lease if Landlord provides alternate parking areas which are reasonably acceptable to Tenant. Until restored, Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent shall xxxxx to the date possession is taken. In extent that Tenant shall not be able to conduct business at the event that during Leased Premises in a reasonable manner, and Rent for the remaining portion of the term of this Agreement Lease shall be proportionally reduced (based on the Demised effect such taking has on Tenant's business at the Leased Premises).
20.3. For purposes of this Section, the term "CONDEMNATION OR UNDER EMINENT DOMAIN PROCEEDINGS" shall include conveyances and grants made in anticipation of or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any of such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyproceedings.
Appears in 4 contracts
Samples: Real Estate Purchase and Leaseback Agreement (Inland Western Retail Real Estate Trust Inc), Real Estate Purchase and Leaseback Agreement (Inland Western Retail Real Estate Trust Inc), Real Estate Purchase and Leaseback Agreement (Inland Western Retail Real Estate Trust Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. 12.01 If the whole or any substantial part all of the Demised Premises shall be are condemned or taken or acquired by in any manner (including without limitation any conveyance in lieu thereof) for any public or quasi-public authority under the power or threat of eminent domainuse, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement Lease shall cease and terminate as of the Demised Premisesdate title is vested in the condemning authority. If (i) more than fifty (50%) percent of the floor area of the Premises shall be condemned or taken in any manner, or any part thereof(ii) more than twenty-five (25%) percent of the Building shall be condemned or taken, or more than __________% (iii) any material condemnation or taking occurs during the last twelve (12) months of the Real Property Initial Term or Option Term, as the case may be, or (iv) such a portion of the Common Area parking area on the Land is so condemned or taken that the number of parking spaces remaining are less than the number required by applicable zoning laws or other building code for the Building, then Landlord may elect to terminate this Lease. In order to terminate this Lease pursuant to this Paragraph, Landlord must give Tenant written notice of its election to so terminate, such notice to be given not later than ninety (90) days after the completion of such condemnation or right of eminent domaintaking, or by private purchase in lieu thereof, this Agreement and thereupon the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then of this Agreement Lease shall expire on the date when possession set forth in such notice, and Tenant shall vacate the Premises and surrender the same to Landlord, without prejudice, however, to Landlord's rights and remedies against Tenant under the Lease provisions in effect prior to such termination, and any rent owing shall be taken paid up to such date and any payments of rent made by the condemnor Tenant which were on account of any period subsequent to such date shall be returned to Tenant.
12.02 If this Lease is not terminated following such a condemnation or taking, Landlord, as soon as reasonably practicable after such condemnation or taking and the Base Rent herein reserved determination and payment of Landlord's award on account thereof, shall expend as much as may be apportioned necessary of the net amount which is awarded to Landlord and paid released by Landlord's mortgagee, if any, in full restoring, to that date the extent originally constructed by Landlord (consistent, however, with zoning laws and all prepaid Base Rent shall forthwith be repaid building codes then in existence), so much of the Building as was originally constructed by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises an architectural unit as nearly as possible to their like its condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such takingtaking as shall be practicable; provided, however, Landlord shall not be obligated to expend for such restoration an amount in no event shall there be any abatement excess of the payment of any Operating Costscondemnation proceeds made available to Landlord, provided further, however, the if any. Landlord’s obligations to restore or rebuild 's obligation hereunder shall be limited to restoring the Building and/or the Premises to substantially the same condition that existed prior to such condemnation or taking.
12.03 If this Lease is not terminated pursuant to Paragraph 12.01, the Base Rent and other sums payable by Tenant hereunder, as adjusted as provided herein, shall be reduced in proportion to the reduction in area of the Premises by reason of the condemnation or taking. If this Lease is terminated pursuant to Paragraph 12.01, the minimum net rental and other charges which are the obligation of Tenant hereunder shall be apportioned and prorated accordingly as of the date of termination.
12.04 The whole of any award or compensation for any portion of the Premises taken, condemned or conveyed in lieu of taking or condemnation, including the value of Tenant's leasehold interest under the Lease, shall be solely the property of and payable to Landlord. Nothing herein contained shall be deemed to preclude Tenant from seeking, at its own cost and expense, an amount which does not exceed award from the proceeds obtained from such taking (less expenses incurred in collecting condemning authority for loss of its business, the same). Notwithstanding the foregoing, value of any trade fixtures or other personal property of Tenant in the event Premises or moving expenses, provided that the net condemnation award received by Landlord is insufficient to restore for such claim or rebuild the structural portions claims shall not be in diminution of the Demised Premises the Landlord shall have the option within __________ days after award made to Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages only.
Appears in 4 contracts
Samples: Lease Agreement (National Techteam Inc /De/), Lease Agreement (Origen Financial Inc), Lease (Sun Communities Inc)
Eminent Domain. With respect to eminent domain:
A22.1. In the event (a) Condemnation of Demised Premises. If the whole or any substantial part of the Demised Premises or (b) such part thereof as shall substantially interfere with Tenant's use and occupancy of the Premises for the Permitted Use shall be taken or acquired by for any public or quasi-public authority under the purpose by any lawful power or threat authority by exercise of the right of appropriation, condemnation or eminent domain, for other than a temporary periodor sold to prevent such taking, the Tenant or Landlord may terminate this Lease Term shall cease effective as of the day date possession shall is required to be taken surrendered to such authority, except with regard to (y) items occurring prior to the taking and (z) provisions of this Lease that, by such their express terms, survive the expiration or earlier termination hereof.
22.2. In the event of a partial taking of the Premises for any public or quasi-public authoritypurpose by any lawful power or authority by exercise of right of appropriation, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premisescondemnation, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or sold to prevent such taking, then, without regard to whether any portion of the Premises occupied by private purchase Tenant was so taken, Landlord may elect to terminate this Lease (except with regard to (a) items occurring prior to the taking and (b) provisions of this Lease that, by their express terms, survive the expiration or earlier termination hereof) as of such taking if such taking is, in lieu thereofLandlord's sole but reasonable opinion, of a material nature such as to make it uneconomical to continue use of the unappropriated portion for purposes of renting space for the Permitted Use.
22.3. Tenant shall be entitled to any award that is specifically awarded as compensation for (a) the taking of Tenant's personal property that was installed at Tenant's expense and (b) the costs of Tenant moving to a new location. Except as set forth in the previous sentence, any award for such taking shall be the property of Landlord.
22.4. If, upon any taking of the nature described in this Section, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid Lease continues in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided aboveeffect, then Landlord shall rebuild and promptly proceed to restore the Demised Premises as nearly as possible to substantially their same condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such partial taking; provided. To the extent such restoration is infeasible, howeveras determined by Landlord in its sole and absolute discretion, in no event the Rent shall there be decreased proportionately to reflect the loss of any abatement portion of the payment of any Operating Costs, provided further, however, Premises no longer available to Tenant.
22.5. This Section 22 sets forth the Landlord’s obligations to restore or rebuild shall be limited to an amount terms and conditions upon which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, this Lease may terminate in the event of any damage or destruction. Accordingly, the net condemnation award received by Landlord is insufficient parties hereby waive the provisions of any Applicable Laws (and any successor statutes) permitting the parties to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyLease as a result of any damage or destruction.
Appears in 4 contracts
Samples: Lease Agreement (Ascend Wellness Holdings, LLC), Lease Agreement (Ascend Wellness Holdings, LLC), Lease Agreement (Ascend Wellness Holdings, LLC)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If In the whole event all or any substantial part portion of the Demised Premises shall be Property, or any access to the property, or any interest in the Property is taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall is threatened to be taken by such public eminent domain (whether or quasi-public authoritynot an eminent domain proceeding is actually commenced) prior to Closing, Seller shall immediately notify Buyer in writing (hereinafter referred to as the “Eminent Domain Notice”) which shall include a description in reasonable detail of the property or interest therein to be taken and Tenant shall pay Rent up Seller’s good faith estimate of the cost to that date with an appropriate refund repair or restore any damage to or loss of the Property which would be occasioned by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is takentaking. In the such event that during the term of this Agreement the Demised PremisesBuyer may, or any part thereofat its sole election, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild by giving written notice of such election to Seller and restore the Demised Premises as nearly as possible to their condition immediately Title Company not later than the earlier of (i) the last business day prior to any such taking and this Agreement shall continue in full force and effect except thatscheduled Closing Date, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there Buyer be any abatement required to give notice of such election sooner than five (5) business days after receipt of the payment of any Operating CostsEminent Domain Notice, provided further, however, and the Landlord’s obligations to restore or rebuild Closing shall be limited adjourned, if necessary, to an amount which does not exceed accommodate such period, or (ii) the proceeds obtained from such taking fifteenth (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days 15) calendar day after LandlordBuyer’s receipt of the net condemnation, Eminent Domain Notice. If Buyer does not to cancel and terminate this Agreement as provided above Buyer shall be deemed to have elected to proceed to close the Transaction in accordance with the terms of this Agreement. In such latter event Buyer shall be entitled to participate in the taking proceeding relating to the Property or the negotiations regarding the taking award relating to the Property, and Tenant Seller shall assign to Buyer at Closing Seller’s right, title, and interest in any taking award which remains unpaid to Seller in connection with such taking relating to the Property. Further in such event, Buyer shall receive as a credit against the Purchase Price the amount of any taking award previously paid to Seller in connection with the taking and not used in the repair or restoration of the Property prior to Closing. As used herein a “taking” shall be limited deemed to consequential damages onlyinclude a voluntary conveyance in lieu of a taking by eminent domain.
Appears in 3 contracts
Samples: Real Estate Purchase Contract, Real Estate Purchase Contract, Real Estate Purchase Contract
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If the whole or any substantial part all of the Demised Premises Premises, or such substantial portion thereof as to make it infeasible, in the reasonable opinion of Lessee or Manager, to restore and continue to operate the remaining portion for the purposes contemplated hereby, shall be taken through the exercise, or acquired by any public or quasi-public authority under agreement in lieu of the exercise, of the power or threat of eminent domain, for other than a temporary period, then effective upon the Lease Term date that Lessee shall cease as be required to surrender possession of the day possession Premises, or a portion thereof, either party may terminate this Agreement and neither party shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of have any rent which may have been paid in advance for any period subsequent further obligation to the other party hereunder, except with respect to liabilities accruing, or based upon events occurring, prior to the effective date possession is takenof such termination. In the event a substantial portion of the Premises is taken, but Mortgagee fails or refuses to make available to Lessee sufficient proceeds of such eminent domain proceedings in order to permit Lessee to make appropriate alterations, restorations or repairs to the remainder of the Premises, so that during the term of Hotel would continue to be operable for the purposes herein contemplated, then Lessee shall have the right to terminate this Agreement upon written notice to Manager and, upon the Demised Premises, or any part thereof, or more than __________% date that Lessee shall be required to surrender possession of the Real Property or of Premises to the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereofcondemning authority, this Agreement shall terminate and neither party shall have any further obligation to the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then other party hereunder, except with respect to liabilities accruing, or based upon events occurring, prior to the effective date of such termination. Any election to terminate this Agreement shall expire on must be made within thirty (30) days of receipt of actual written notice from the date when possession shall condemning authority setting out the details of the proposed taking. If such notice does not provide the parties with sufficient detail so that a decision may be taken by made regarding termination, the condemnor and parties may mutually agree to extend the Base Rent herein reserved shall be apportioned and paid above time period in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenanttheir discretion. In the event Landlord does not elect to cancel or terminate this Agreement as provided aboveis not terminated due to eminent domain in this section 10.02, then Landlord Lessee shall rebuild proceed with all due diligence to repair any damage to the Hotel, or to alter or modify the Hotel so as to render it a complete architectural unit which can be operated as a hotel of substantially the same type and restore class as before, but only to the Demised Premises as nearly as possible extent of condemnation proceeds available to their condition immediately prior Lessee. Lessee and/or its Lessor shall be solely entitled to any Award, subject only to any exceptions set out below. Manager may seek an award from the condemning authority for its loss of business interest only, if such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same)separate claim is permitted. Notwithstanding the foregoing, in In the event the net condemning authority does award Manager for such loss, Manager shall only be entitled to retain that portion of its condemnation award which is necessary to compensate Manager for its lost management fees, which shall be calculated in the same manner as termination fees for Damage by Casualty, as set out above in Section 10.01. Manager shall promptly remit any additional amount to Lessee. In the event any jurisdiction would permit both Manager and Lessee to seek an award for their loss of business interests (respectively), this section shall not prohibit Lessee from making a separate claim therefor. Lessee shall compensate Manager for its lost management fees (calculated in the same manner as termination fees for Damage by Casualty, as set out above in Section 10.01) only if Manager is not permitted to seek an award directly from the condemning authority, and only to the extent of any actual condemnation proceeds received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyLessee.
Appears in 3 contracts
Samples: Management Agreement (Equity Inns Inc), Management Agreement (Equity Inns Inc), Management Agreement (Equity Inns Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If the whole or any substantial part of the Demised Premises shall be is taken or acquired by any public or quasi-public authority under the power or threat of eminent domain then this Lease shall terminate on the part so taken on the date possession of the Premises is required for public use, and any pre-paid rent shall be refunded to the Tenant. If less that the entire space is rendered unusable but the remaining portion is obviously not suited to meet Xxxxxx’s operations needs, then the entire space will be deemed unusable. In such a circumstance, Landlord and Tenant shall also each have the right to terminate this Lease for any remaining portion of the Premises upon written notice to the other, which notice shall be delivered within thirty (30) days following the date notice is received of such taking (provided, however, that Landlord shall only have the right to terminate this Lease if it terminates the leases of all office tenants of the Building which are terminable by Landlord in such event). If neither party terminates this Lease, Landlord shall make all necessary repairs to the Premises and the Building and the improvements in which the Premises are located to render and restore it to a complete architectural unit, and Tenant shall continue in possession of the portion of the Premises not taken under the power of eminent domain, for other than a temporary periodunder the terms and conditions provided in this Lease, except that the Lease Term monthly rent shall cease as be reduced in direct proportion to the amount of the day possession Premises so taken. All damages awarded for such taking shall belong to and shall be taken by property of the Landlord, whether such public damages be awarded as compensation for diminution in value of the Leasehold or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% fee of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same)Premises. Notwithstanding the foregoing, Tenant may go to all legal proceedings and assert any claim that it may have against the condemning authority for compensation for any of Tenant's personal property and trade fixtures and for any relocation expense compensable by statute, and receive such award therefor as may be allowed in the event the net condemnation proceedings, if such award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited made in addition to consequential damages onlyand stated separately from the award made for the Land and the Building or the part thereof so taken.
Appears in 3 contracts
Samples: Lease Agreement (Zomedica Pharmaceuticals Corp.), Lease Agreement (Zomedica Pharmaceuticals Corp.), Lease Agreement (Zomedica Pharmaceuticals Corp.)
Eminent Domain. With respect to eminent domain:
A13.1 If twenty-five percent (25%) Condemnation or more of Demised Premises. If either the whole Premises or any substantial part of the Demised Premises shall be Building is taken or acquired by for any public or quasi-public authority under purpose by any Governmental Authority, by exercise of the power right of appropriation, inverse condemnation, condemnation or threat of eminent domain, for other than or sold to prevent such taking (each such event being referred to as a temporary period“Condemnation”), the Landlord may, at its option, terminate this Lease Term shall cease as of the day possession date title vests in the condemning party. If twenty-five percent (25%) or more of the Premises is taken and if the Premises remaining after such Condemnation and any repairs by Landlord would be untenantable for the conduct of Tenant’s business operations, Tenant shall have the right to terminate this Lease as of the date title vests in the condemning party. If either party elects to terminate this Lease as provided herein, such election shall be taken made by written notice to the other party given within thirty (30) days after the nature and extent of such Condemnation have been finally determined. If neither Landlord nor Tenant elects to terminate this Lease to the extent permitted above, Landlord shall promptly proceed to restore the Premises (other than Tenant’s Alterations), to the extent of any Condemnation award received by Landlord, to substantially the same condition as existed prior to such Condemnation, allowing for the reasonable effects of such Condemnation. A proportionate abatement shall be made to the Base Rent corresponding to the time during which, and to the portion of the floor area of the Premises (adjusted for any increase thereto resulting from any reconstruction) of which, Tenant is deprived on account of such Condemnation and restoration, as reasonably determined by Landlord. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent and as provided below in Section 13.2, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any Condemnation or the repair or restoration of the Premises following such Condemnation, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such public Condemnation, repair or quasi-public restoration.
13.2 Tenant shall have the right to participate with Landlord and to be a party in any condemnation proceeding. Landlord and Tenant shall cooperate to maximize the total award made by the Condemnation authority. Landlord shall be entitled to any and all compensation, damages, income, rent, awards, or any interest therein whatsoever which may be paid or made in connection with any Condemnation, and Tenant shall pay Rent up to that date with an appropriate refund by have no claim against Landlord for the value of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the unexpired term of this Agreement Lease or otherwise; provided that, Tenant shall be entitled to receive any award separately allocated by the Demised Premisescondemning authority to Tenant for either or both of: (a) Tenant’s relocation expenses; and (b) the value of Tenant’s Property (specifically excluding fixtures, or any part thereof, or more than __________% Alterations and other components of the Real Property Premises which under this Lease or by law are or at the expiration of the Common Area is taken by condemnation Term will become the property of Landlord), provided that such award does not reduce any award otherwise allocable or right payable to Landlord.
13.3 The provisions of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at LandlordArticle 13 are Tenant’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor exclusive rights and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, remedies in the event of a Condemnation. To the net condemnation extent permitted by the Laws, Tenant waives the benefits of any Law that provides Tenant any abatement or termination rights or any right to receive any payment or award received (by Landlord is insufficient to restore or rebuild the structural portions virtue of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate a Condemnation) not specifically described in this Agreement, and Tenant shall be limited to consequential damages onlyArticle 13.
Appears in 3 contracts
Samples: Facility Lease Agreement, Facility Lease Agreement (GT Advanced Technologies Inc.), Facility Lease Agreement (GT Advanced Technologies Inc.)
Eminent Domain. With respect to eminent domain:
A(a) Condemnation of Demised Premises. If In the whole event the entire premises or any substantial part of the Demised Premises thereof shall be taken or acquired by condemned either permanently or temporarily for any public or quasi-public use or purpose by any competent authority under the power in appropriation proceedings or threat by any right of eminent domain, the entire compensation or award therefore, including leasehold, reversion and fee, shall belong to the Landlord and Tenant hereby assigns to Landlord all of Tenant’s right, title and interest in and to such award.
(b) In the event that only a portion of the Premises, not exceeding twenty percent (20%) of same, shall be so taken or condemned, and the portion of the Premises not taken can be repaired within ninety (90) days from the date of which possession is taken for other than a temporary periodthe public use so as to be commercially fit for the operation of Tenant’s business, the Lease Term Landlord at its own expense shall cease as so repair the portion of the day Premises not taken and there shall be an equitable abatement of rent for the remainder of the term and/or extended terms. The entire award paid on account thereof shall be paid to the Landlord. If the portion of the Premises not taken cannot be repaired within ninety (90) days from the date of which possession is taken so as to be commercially fit for the operation of Tenant’s business, then this Lease shall terminate and become null and void from the time possession of the portion taken is required for public use, and from that date on the parties hereto shall be released from all further obligations hereunder except as herein stated and Tenant shall have no claim for any compensation on account of its leasehold interest. No other taking, appropriation or condemnation shall cause this Lease to be terminated. Any such appropriation or condemnation proceedings shall not operate as or be deemed an eviction of Tenant or a breach of Landlord’s covenant of quiet enjoyment and Tenant shall have no claim for any compensation on account of its leasehold interest.
(c) In the event that more than twenty percent (20%) of the Premises shall at any time be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, use or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of condemned under eminent domain, then at the option of the Landlord or by private purchase in lieu thereofTenant upon the giving of thirty (30) days written notice (after such taking or condemnation), this Agreement Lease shall terminate and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on as of the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any of such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement any prepaid rental shall be equitably apportioned in the proportion that the square footage prorated as of the part effective date of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlytermination.
Appears in 3 contracts
Samples: Lease (Retail Ventures Inc), Lease (DSW Inc.), Lease (Retail Ventures Inc)
Eminent Domain. With respect 23.01 In the event that the land, Building or any part thereof or the Demised Premises or any part thereof shall be taken in condemnation proceedings or by the exercise of any right of eminent domain or by agreement between the Landlord on the one hand and any governmental authority authorized to eminent domain:exercise such right on the other hand, Landlord shall be entitled to collect from any condemnor the entire award or awards that may be made in any such proceeding without deduction therefrom for any estate hereby vested in or owned by Tenant, to be paid out as in this Article provided. Tenant hereby expressly assigns to Landlord all of its right, title and interest in or to every such award and also agrees to execute any and all further documents that may be required in order to facilitate the collection thereof by Landlord.
A) Condemnation 23.02 At any time during the term of Demised Premises. If this Lease if title to the whole or any substantial part substantially all of the land, Building and/or Demised Premises shall be taken in condemnation proceedings or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord exercise of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, domain or by private purchase in lieu thereofagreement between the Landlord on the one hand and any governmental authority authorized to exercise such right on the other hand, this Agreement Lease shall terminate and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor of such taking and the Base Rent herein reserved fixed rent and additional rent provided to be paid by Tenant shall be apportioned and paid in full to that the date and of such taking. For the purposes of this Article "substantially all prepaid Base Rent of the land, Building and/or Demised Premises" shall forthwith be repaid by Landlord deemed to Tenant. In have been taken if the event Landlord does not elect to cancel remaining portion of such land, Building or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises not so taken cannot reasonably or practicably be repaired or reconverted so as nearly as possible to their condition permit the use thereof for substantially the same purposes for which such land, Building or Demised Premises were used immediately prior to any such taking taking.
23.03 However, if substantially all of the land or Building is not so taken and if only a part of the entire Demised Premises shall be so taken, this Agreement Lease nevertheless shall continue in full force and effect effect, except that, during such restoration, that Tenant may elect to terminate this Lease if that portion of the Base Rent payable pursuant to the terms of this Agreement Demised Premises then occupied by Tenant shall be equitably apportioned in reduced by more than 25%. Tenant shall give notice of such election to Landlord not later than thirty (30) days after (i) notice of such taking is given by Landlord to Tenant, or (ii) the proportion that date of such taking, whichever occurs first. Upon the square footage giving of such notice by Tenant this Lease shall terminate on the date of service of Tenant's notice and the fixed rent and additional rent due and to become due, shall be prorated and adjusted as of the date of the taking. If Tenant fails to give such notice upon such partial taking, and this Lease continues in force as to any part of the Demised Premises so taken bears not taken, the rents apportioned to the total square footage part taken shall be prorated and adjusted as of the date of taking and from such date the fixed rent and additional rent shall be reduced to the amount apportioned to the remainder of the Demised Premises.
23.04 In the event of any such taking of less than the whole of the Building which does not result in a termination of this Lease, or in the event of such a taking of all or any part of the Demised Premises which does not result in a termination of this Lease, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the Demised Premises to substantially the same condition as it was in immediately prior to such taking; providedtaking to the extent that the same may be feasible, however, in no event shall there be any abatement of the payment of any Operating Costsso as to constitute a tenantable Building and Demised Premises, provided further, however, the that Landlord’s obligations to restore or rebuild 's liability under this Section shall be limited to an the proportionate amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions as an award arising out of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlysuch taking.
Appears in 3 contracts
Samples: Lease (Synapse Group Inc), Lease (Total Tel Usa Communications Inc), Lease (Clarus Corp)
Eminent Domain. With respect If all of the Leased Premises are taken by exercise of the power of eminent domain (or conveyed by LANDLORD in lieu of such exercise) this LEASE will terminate on a date (the “termination date”) which is the earlier of the date upon which the condemning authority takes possession of the Leased Premises or the date on which title to eminent domain:
A) Condemnation of Demised Premisesthe Leased Premises is vested in the condemning authority. If the whole or any substantial part more than 25% of the Demised rentable area of the Leased Premises shall be taken is so taken, TENANT will have the right to cancel this LEASE by written notice to LANDLORD given within 20 days after the termination date. If less than 25% of the rentable area of the Leased Premises is so taken, or acquired by any public or quasi-public authority under if the power or threat of eminent domain, for other than a temporary periodTENANT does not cancel this LEASE according to the preceding sentence, the Lease Term shall cease as monthly rent will be abated in the proportion of the day possession shall be rentable area of the Leased Premises so taken by to the rentable area of the Leased Premises immediately before such public or quasi-public authoritytaking, and Tenant shall pay Rent up TENANT’s share will be appropriately recalculated. If 25% or more of the building or the project is so taken, LANDLORD may cancel this LEASE by written notice to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to TENANT given within 30 days after the date possession is takentermination date. In the event that during of any such taking, the term of this Agreement the Demised Premisesentire award is hereby assigned by TENANT to LANDLORD, and such award will therefore be paid to LANDLORD. TENANT will have no right or claim to any part thereofof such award; however, or more than __________% TENANT will have the right to assert a claim against the condemning authority in a separate action, so long as LANDLORD’s award is not otherwise reduced, for TENANT’s moving expenses and leasehold improvements owned by TENANT. Notwithstanding anything to the contrary set forth herein, TENANT hereby waived any and all rights which TENANT might otherwise have had pursuant to Section 1265.130 of the Real Property California Code of Civil Procedure and any successor or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the samesubstantially similar statute(s). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages only.
Appears in 3 contracts
Samples: Standard Business Park Lease (Sonendo, Inc.), Standard Business Park Lease (GLAUKOS Corp), Standard Business Park Lease (GLAUKOS Corp)
Eminent Domain. With respect to eminent domain:
ASection 12.1 If (a) Condemnation of Demised Premises. If the whole or any substantial part all of the Demised floor area of the Premises, or so much thereof as shall render the Premises wholly untenantable, shall be taken acquired or acquired by condemned for any public or quasi-public authority under use or purpose, or (b) a portion of the power Real Property, not including the Premises, shall be so acquired or threat condemned, but by reason of eminent domainsuch acquisition or condemnation, for other than a temporary periodTenant no longer has means of access to the Premises, then this Lease and the Lease Term shall cease end as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to date of the vesting of title with the same effect as if that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to were the date possession is takenExpiration Date. In the event that during the term of any termination of this Agreement Lease and the Demised PremisesTerm pursuant to the provisions of this Article 12, Fixed Rent and Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of Fixed Rent or Additional Rent for any period after such date shall be refunded by Landlord to Tenant.
Section 12.2 In the event of any such acquisition or condemnation of all or any part thereofof the Real Property, Landlord shall be entitled to receive the entire award for any such acquisition or more than __________% condemnation. Tenant shall have no claim against Landlord or the condemning authority for the value of any unexpired portion of the Term or Tenant’s Alterations, and Tenant hereby expressly assigns to Landlord all of its right in and to any such award. Nothing contained in this Section 12.2 shall be deemed to prevent Tenant from making a separate claim in any condemnation proceedings for the then value of any Tenant’s Property included in such taking and for any moving expenses, provided such award shall be made by the condemning authority in addition to, and shall not result in a reduction of, the award made by it to Landlord.
Section 12.3 If only a part of the Real Property shall be so acquired or condemned then, subject to Section 12.1, this Lease and the Term shall continue in force and effect. If a part of the Common Area is taken by condemnation Premises shall be so acquired or right of eminent domain, or by private purchase in lieu thereof, condemned and this Agreement Lease and the term hereby granted Term shall not be terminable terminated, Landlord, at Landlord’s sole option expense, shall restore that part of the Premises not so acquired or condemned so as to constitute tenantable Premises. From and if Landlord so terminates then this Agreement shall expire on after the date when possession of the vesting of title, Fixed Rent and Additional Rent shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned reduced in the proportion that which the square footage area of the part of the Demised Premises so taken acquired or condemned bears to the total square footage area of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore acquisition or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages only.
Appears in 3 contracts
Samples: Sublease Agreement (Switch & Data, Inc.), Lease Agreement (Switch & Data, Inc.), Lease Agreement (Switch & Data, Inc.)
Eminent Domain. With respect to eminent domain:
A(a) Condemnation of Demised Premises. If the whole or any substantial part all of the Demised Premises shall be is taken or acquired by any condemned for a public or quasi-public authority under the power or threat of eminent domainuse, for other than a temporary period, the this Lease Term shall cease terminate as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that earlier of the date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent title to the condemned real estate vests in the condemner and the date on which Tenant is deprived of possession is takenof all of the Premises. In the event that during the term Any taking or condemnation of this Agreement the Demised Premises, all or any part thereof, or more than __________% of the Real Property or of Premises by any authority having the Common Area is taken by condemnation or right power of eminent domaindomain is hereinafter referred to as a “Taking”. In such event, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved and all Additional Rent and other sums payable hereunder shall be apportioned and paid in full by Tenant to Landlord to the date this Lease is so terminated, all Base Rent, Additional Rent and other sums payable hereunder shall be apportioned and paid in full by Tenant to Landlord to the date this Lease is so terminated, all Base Rent, Additional Rent and other sums payable hereunder prepaid for periods beyond that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. , and neither party shall thereafter have any liability hereunder, except for those obligations that survive termination of this Lease.
(b) In the event of a Taking of Substantially All of the Premises (as herein defined), Tenant may, at its option, upon thirty (30) days’ written notice to Landlord, which shall be given no later than ninety (90) days following the Taking, terminate this Lease. All Base Rent and other sums payable by Tenant hereunder shall be apportioned and paid through and including the date of Taking. For purpose of this provision, a “Taking of Substantially all of the Premises” shall mean: (i) so much of the Premises as, when taken, leaves the untaken portion unsuitable, in the sole opinion of Tenant, for the continued feasible and economic operation of the Premises by Tenant for the same purposes as immediately prior to such Taking or as contemplated herein, (ii) so many of the parking spaces on the Property as reduces the parking ratio below that which is required by the zoning ordinance applicable to the Premises, unless the applicable governmental authority provides a waiver of such parking requirements or (iii) so much of the Premises that access to the Premises is materially impeded, as reasonably determined by Landlord and Tenant.
(c) If only part of the Premises is taken or condemned for a public or quasi- public use and this Lease does not elect terminate pursuant to cancel Section 8.2(b) above (any such taking or terminate condemnation is hereinafter referred to as a “Partial Taking”), this Agreement Lease shall not be thereby terminated, all awards received from the condemnation of the Premises or the Improvements shall, when received, become the absolute property of Landlord without participation by Txxxxx except as provided set forth herein. The foregoing notwithstanding, if the Premises are encumbered by a Mortgage, the holder of which has entered into a subordination, attornment and non-disturbance agreement with Tenant as contemplated in Section 7.2 above, which agreement provides for the application of proceeds of the award, then such proceeds shall be deposited which such holder (the “Restoration Escrow”) to be disbursed to pay the costs of such repairs and restoration as such repairs and restoration progress. If the proceeds of the award available to Landlord are not sufficient to restore the Premises to a complete unit as similar as is reasonably possible in design, character and quality to the improvements which existed before such Partial Taking, then, notwithstanding anything in this Lease to the contrary, Landlord shall rebuild have no obligation to commence any repairs to the Premises unless, within ninety (90) days of the date of the taking, either: (i) Landlord and restore Tenant agree in writing to the Demised Premises plans and specifications for the proposed restoration, which shall resemble as nearly as possible to their the condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to the taking, reduced in size and scope (yet still a complete architectural unit) to allow the restoration to be completed out of available award or, (ii) Tenant agrees to pay the costs of the repairs and construction necessary to restore the Premises to the condition as existed prior to such takingtaking which are in excess of the available proceeds from the award and deposits funds in such amount in the Restoration Escrow (or, in the event that there is no lender, in an escrow account available to Landlord) to be disbursed to pay the costs of such repairs and restoration as such repairs and restoration progress. In no event shall Landlord be obligated to make any repairs to the Premises unless and until funds in a sufficient amount to restore the Premises as set forth in this Section are available through a combination of proceeds of the award and Tenant’s funds, as necessary, in the Restoration Escrow, to be drawn upon by Landlord or Landlord’s Mortgagee for repair and restoration purposes. Neither the term nor any of the obligations (including the payment of rentals) of either party under this Lease shall be reduced or affected in any way. Provided however, Tenant may make a claim for its separate damages for loss of business, depreciation to, damage to, cost of removal of, or for the value of Tenant’s Property, and for any relocation allowance or award, so long as such claim, allowance or award shall not diminish or otherwise adversely affect Landlord’s award.
(d) In the event of a Taking of the entire Premises or of a Taking of Substantially All of the Premises which results in termination of this Lease in accordance with subsection (b) above (either such Taking, being referred to as a “Total Taking”), the entire award from such Total Taking shall be paid to the Landlord; provided, however, that nothing contained herein shall be construed to preclude Tenant from prosecuting any claim directly against the condemning authority in no event shall there be such condemnation proceedings for loss of business, depreciation to, damage to, cost of removal of, or for the value of Tenant’s Property, and for any abatement relocation allowance or award, and the value of the payment of any Operating Costsleasehold, provided furtherso long as such claim, however, the allowance or award shall not diminish or otherwise adversely affect Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same)award. Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord Tenant shall have the option within __________ days after Landlord’s receipt right, at its own expense, to defend or prosecute any condemnation claim on behalf of the net condemnation, Landlord and Txxxxx. Landlord shall not convey any interest in the Premises in lieu of condemnation without the approval of Txxxxx provided that Tenant undertakes to cancel defend any subsequent and terminate this Agreement, and Tenant shall be limited to consequential damages onlyrelated condemnation action at its own expense.
Appears in 3 contracts
Samples: Lease Agreement (Southland Holdings, Inc.), Lease Agreement (Southland Holdings, Inc.), Lease Agreement (Southland Holdings, Inc.)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If the whole all or any substantial part of the Demised Premises shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domaindomain or conveyance in lieu thereof, for other than a temporary period, the this Lease Term shall cease terminate as to any portion of the day possession Premises so taken or conveyed on the date when title vests in the condemnor, and Landlord shall be taken by entitled to any and all payment, income, rent, award or any interest therein whatsoever which may be paid or made in connection with such public taking or quasi-public authorityconveyance, and Tenant shall pay Rent up to that date with an appropriate refund by have no claim against Landlord or otherwise for the value of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the unexpired term of this Agreement Lease. Notwithstanding the Demised Premisesforegoing paragraph, any compensation specifically awarded Tenant for loss of business, Tenant’s personal property, moving cost or loss of goodwill, shall be and remain the property of Tenant. If (i) any action or proceeding is commenced for such taking of the Premises or any part thereof, or more than __________% if Landlord is advised in writing by any entity or body having the right or power of condemnation of its intention to condemn the Premises or any portion thereof, or (ii) any of the Real Property foregoing events occur with respect to the taking of any space in the Complex not leased hereby, or if any such spaces so taken or conveyed in lieu of such taking and Landlord shall decide to discontinue the use and operation of the Common Area Complex, or decide to demolish, alter or rebuild the Complex, then, in any of such events Landlord shall have the right to terminate this Lease by giving Tenant written notice thereof within sixty (60) days of the date of receipt of said written advice, or commencement of said action or proceeding, or taking conveyance, which termination shall take place as of the first to occur: on the last day of the calendar month next following the month in which such notice is given or the date on which title to the Premises shall vest in the condemnor. In the event of such a partial taking or conveyance of the Premises, if the portion of the Premises taken or conveyed is so substantial that the Tenant can no longer reasonably conduct its business, Tenant shall have the privilege of terminating this Lease within sixty (60) days from the date of such taking or conveyance, upon written notice to Landlord of its intention so to do, and upon giving of such notice this Lease shall terminate on the last day of the calendar month next following the month in which such notice is given, upon payment by Tenant of the rent from the date of such taking or conveyance to the date of termination. If a portion of the Premises be taken by condemnation or right of eminent domain, or by private purchase conveyance in lieu thereofthereof and neither Landlord nor Tenant shall terminate this Lease as provided herein, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement Lease shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant as to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises not so taken or conveyed, and the rent herein shall be apportioned as of the date of such taking or conveyance so that thereafter the rent to be paid by Tenant shall be in the ratio that the area of the portion of the Premises not so taken or conveyed bears to the total square footage area of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages only.
Appears in 3 contracts
Samples: Lease Agreement (Dermira, Inc.), Lease Agreement (Dermira, Inc.), Lease Agreement (Dermira, Inc.)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If In the event the whole or any substantial part of the Demised Premises Premises, the Building or the Project shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than or sold to prevent the exercise thereof (collectively, a temporary period“Taking”), the this Lease Term shall cease automatically terminate as of the day possession date of such Taking. In the event a Taking of a portion of the Project, the Building or the Premises shall, in the reasonable opinion of Landlord, substantially interfere with Landlord’s operation thereof, Landlord may terminate this Lease upon thirty (30) days’ written notice to Tenant given at any time within sixty (60) days following the date of such Taking. For purposes of this Lease, the date of Taking shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord the earlier of any rent which may have been paid in advance for any period subsequent to the date of transfer of title resulting from such Taking or the date of transfer of possession is takenresulting from such Taking. In the event that during a portion of the term Premises is so taken and this Lease is not terminated, Landlord shall, with reasonable diligence, use commercially reasonable efforts to proceed to restore (to the extent permitted by Law and covenants, conditions and restrictions then applicable to the Project) the Premises (other than Tenant’s personal property and fixtures, and above-standard tenant improvements) to a complete, functioning unit. In such case, the Basic Annual Rent shall be reduced proportionately based on the portion of this Agreement the Demised Premises, Premises so taken. If all or any part thereof, or more than __________% portion of the Real Property or Premises is the subject of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereofa temporary Taking, this Agreement and the term hereby granted Lease shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue remain in full force and effect except thatand Tenant shall continue to perform each of its obligations under this Lease; in such case, during such restoration, Tenant shall be entitled to receive the Base Rent payable pursuant entire award allocable to the terms temporary Taking of this Agreement the Premises. Except as provided herein, Tenant shall not assert any claim against Landlord or the condemning authority for, and hereby assigns to Landlord, any compensation in connection with any such Taking, and Landlord shall be equitably apportioned in entitled to receive the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment entire amount of any Operating Costsaward therefor, provided further, however, the Landlord’s obligations to restore without deduction for any estate or rebuild interest of Tenant. Nothing contained in this Paragraph 10 shall be limited deemed to an amount which does not exceed give Landlord any interest in, or prevent Tenant from seeking any award against the proceeds obtained condemning authority for the Taking of personal property, fixtures, above standard tenant improvements of Tenant or for relocation or moving expenses recoverable by Tenant from such taking (less expenses incurred in collecting the same)condemning authority. Notwithstanding the foregoing, This Paragraph 10 shall be Tenant’s sole and exclusive remedy in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlya Taking.
Appears in 3 contracts
Samples: Office Lease (CIPHERLOC Corp), Office Lease (Roberts Realty Investors Inc), Office Lease (Digitalglobe Inc)
Eminent Domain. With respect If the Premises are taken in their entirety under the power of eminent domain by, or conveyed in lieu of such exercise to, any public authority, then Tenant’s obligations as to eminent domain:
A) Condemnation the Premises shall terminate as of Demised Premisesthe date upon which title to the Premises shall become vested in the condemning authority. If the whole entire parking area associated with the Premises or any substantial part substantially all of the Demised parking area associated with the Premises shall be taken or acquired by at any time during the term of this Lease for any public or quasi-public authority under the purpose by any lawful power or threat authority, by the exercise of right of condemnation or eminent domain, for other than a temporary periodor by agreement between Landlord, the Tenant and those authorized to exercise such right, and Landlord fails to provide suitable replacement parking in connection therewith, then this Lease Term shall cease terminate as of the day possession date upon which title to the parking area shall become vested in the condemning authority. Subject to the parking area provisions, if less than all of the Premises is so taken or conveyed, Tenant’s obligations as to the Premises shall not terminate, Rent shall xxxxx and be taken by reduced proportionally to such public or quasi-public authoritytaking, and Tenant shall pay Rent up shall, at its sole cost and expense, restore the balance of the Premises to a complete structural unit that date with can be operated on an appropriate refund by Landlord economically feasible basis under the provisions of this Lease using the proceeds of the condemnation. If the condemnation proceeds resulting from such taking or conveyance are payable to the Landlord, Landlord’s Mortgagee or the holder of any rent which may future Mortgage Debt, then the obligation of Tenant to so restore the balance of the Premises shall be subject to the availability to Tenant of such proceeds to the extent needed to pay for such restoration. Landlord shall use commercially reasonable efforts in good faith to cause such proceeds to be made available to Tenant for such purpose. In the event Landlord, Landlord’s Mortgagee or the holder of any future Mortgage Debt do not make the condemnation proceeds available to Tenant to restore the balance of the Premises, then and in that event, Tenant will have been paid the option to terminate the Lease or restore the balance of the Premises and receive an abatement of Rent during the restoration and a proportionate reduction in advance Rent for the remainder of the term of the Lease. Tenant shall be obligated to meet all reasonable conditions imposed on the use of any such proceeds by the Landlord’s Mortgagee or any holder of future Mortgage Debt. If such proceeds are made available to Tenant by the Landlord’s Mortgagee or the holder of any future Mortgage Debt and such proceeds are insufficient to restore the Premises as described above, Tenant shall be required to make up such deficiency out of Tenant’s own funds. All damages awarded for any period subsequent taking of all or any part of the Premises shall belong to the date possession is takenLandlord, except that Tenant shall be entitled to any award made for removal and reinstallation of Tenant’s fixtures, moving expenses, loss of business and loss of its leasehold interest. In the event that during the term of this Agreement the Demised PremisesLandlord elects not to do so, or any part thereofTenant, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domainat its sole cost and expense, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt right to contest any such eminent domain proceedings, including, but not limited to, the right to contest the proposed amount of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyany such award.
Appears in 3 contracts
Samples: Master Lease (Foundation Healthcare, Inc.), Master Lease (Graymark Healthcare, Inc.), Master Lease (Graymark Healthcare, Inc.)
Eminent Domain. With respect a. In the event the Leased Premises are taken pursuant to eminent domain:
A) Condemnation of Demised Premises. If the whole or any substantial part of the Demised Premises shall be taken or acquired by any public or quasi-public authority under the power or threat powers of eminent domain, all awards for the taking other than awards for interruption of Tenant's business shall belong solely to Landlord, and Tenant shall make no claim therefor.
b. In the event of a temporary periodpartial taking, which does not result in a termination of this Lease Agreement, rent shall be abated in proportion to the Lease Term shall cease as part of the day possession Leased Premises so made unusable by said partial taking, and any award for the taking shall belong solely to Landlord.
c. No temporary taking of the Leased Premises and/or of Tenant's rights therein or under this Lease Agreement shall terminate this Lease Agreement or give Tenant any right to any abatement of rent hereunder; and any award made to Tenant by reason of any such temporary taking shall belong entirely to Tenant, and Landlord shall not be entitled to share therein. The Tenant and Landlord will work together to cause the governmental agency responsible for the taking to restore the Leased Premises and Project, after the taking, to their original condition prior to the taking.
d. If the whole of the Leased Premises, or so much thereof as to render the balance unusable by Tenant, shall be taken by any governmental authority under power of Eminent Domain, this Lease Agreement shall automatically terminate as of the date of such public condemnation, or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord as of any rent which may have been paid in advance for any period subsequent to the date possession is takentaken by the condemning authority, whichever is earlier. In No award for any partial or entire taking shall be apportioned, and Tenant hereby assigns to Landlord any award which may be made in such taking or condemnation, together with any and all rights of Tenant now or hereafter arising in or to the event that during the term of this Agreement the Demised Premises, same or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild that nothing contained herein shall be limited deemed to an amount which does not exceed give Landlord any interest in or to require Tenant to assign to Landlord any award made to Tenant for the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoingof personal property, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreementequipment, and fixtures belonging to Tenant shall be limited and/or for the interruption of or damage to consequential damages onlyTenant's business or for Tenant's unamortized cost of improvements installed by Tenant and/or the cost of moving and/or the lost value of Tenant's unexpired Lease Agreement term.
Appears in 3 contracts
Samples: Lease Agreement (Digital River Inc /De), Lease Agreement (Flow International Corp), Lease Agreement (Microtel International Inc)
Eminent Domain. With respect to eminent domain:
A(a) Condemnation of Demised Premises. If the whole or any substantial part of the Demised Building or Premises shall be is lawfully taken by condemnation or acquired by in any other manner for any public or quasi-public authority under purpose, this Lease shall terminate as of the power date of such taking, and Rent shall be prorated to such date. If less than the whole of the Building or threat Premises is so taken, this Lease shall be unaffected by such taking, provided that (i) Tenant shall have the right to terminate this Lease by notice to Landlord given within thirty (30) days after the date of eminent domainsuch taking if twenty percent (20%) or more of the Premises is taken and the remaining area of the Premises is not reasonably sufficient for Tenant to continue operation of its business, for other than a temporary periodand (ii) Landlord shall have the right to terminate this Lease by notice to Tenant given within ninety (90) days after the date of such taking. If either Landlord or Tenant so elects to terminate this Lease, the Lease Term shall cease as terminate on the thirtieth (30th) day after either such notice. The Rent shall be prorated to the date of termination. If this Lease continues in force upon such partial taking, the Base Rent and Tenant’s Proportionate Share shall be equitably adjusted according to the remaining Rentable Area of the day possession Premises and Project.
(b) In the event of any taking, partial or whole, all of the proceeds of any lawful judgment or settlement payable by the condemning authority shall be taken by such public or quasi-public authoritythe exclusive property of Landlord, and Tenant hereby assigns to Landlord all of its rights, title and interest in any award, judgment or settlement from the condemning authority. Tenant, however, shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent the right, to the date possession extent that Landlord’s award is taken. not reduced or prejudiced, to claim from the condemning authority (but not from Landlord) such compensation as may be recoverable by Tenant in its own right for relocation expenses and damage to Tenant’s personal property, fixtures and tenant improvements.
(c) In the event that during of a partial taking of the term Premises which does not result in a termination of this Agreement Lease, Landlord shall restore the Demised Premises, or any part thereof, or more than __________% remaining portion of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible practicable to their its condition immediately prior to any such taking and this Agreement shall continue in full force and effect except thatthe condemnation or taking, during such restoration, the Base Rent payable pursuant but only to the terms extent of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; providedBuilding Standard Work, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyresponsible at its sole cost and expense for the repair, restoration and replacement of any other Leasehold Improvements and Tenant’s Property.
Appears in 3 contracts
Samples: Office Lease (Arcadia Biosciences, Inc.), Office Lease (Arcadia Biosciences, Inc.), Office Lease (Arcadia Biosciences, Inc.)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If the whole or any substantial part of the Demised Premises Building shall be taken or acquired by any for public or quasi-public use by a governmental or other authority under having the power or threat of eminent domain, or shall be conveyed to such authority in lieu of such taking, and if such taking or conveyance shall cause the remaining part of the Building to be untenantable and inadequate for other than a temporary perioduse by Tenant for the purpose for which it was leased, then Tenant may, at its option, terminate this Lease as of the date Landlord is required to surrender possession of the Building. In such event, all Rent due under this Lease Term shall be apportioned to and shall cease as of the day date Landlord is required to surrender possession of the Building, and Landlord and Tenant shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If a part of the Building shall be taken or conveyed, but the remaining part is tenantable and adequate for Tenant's use, Landlord shall make such repairs, alterations and improvements (exclusive of repairs, alterations or improvements to tenant improvements, if any, installed by Tenant pursuant to Section 8.03) as may be necessary to render the part not taken or conveyed tenantable. If such public taking or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord conveyance includes any part of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted Rent shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid reduced in full proportion to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to or conveyed. All compensation awarded for such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore taking or rebuild conveyance shall be limited the property of Landlord, without any deduction therefrom for any present or future estate of Tenant, and Tenant hereby assigns to an amount which does not exceed the proceeds obtained from Landlord all of its right, title and interest in and to any such taking (less expenses incurred in collecting the same)award. Notwithstanding the foregoingHowever, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord Tenant shall have the option within __________ days after right to recover from such authority, but not from Landlord’s receipt , such compensation as may be awarded to Tenant on account of the net condemnationmoving and relocation expenses and depreciation to and removal of Tenant's trade fixtures and personal property and alterations or tenant improvements, if any, installed by Tenant pursuant to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages only.Section 8.03. XII -- LIENS ------------
Appears in 3 contracts
Samples: Lease Agreement (Intimate Brands Inc), Lease Agreement (Intimate Brands Inc), Lease Agreement (Intimate Brands Inc)
Eminent Domain. With respect If title to eminent domain:
A) Condemnation of Demised Premises. If or the whole or any substantial part temporary use of the Demised Premises shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Public Leased Premises, or any part thereof, shall be taken under the exercise or the power of eminent domain by any governmental body or by any person, firm or corporation acting under governmental authority, any net proceeds received from any award made in such eminent domain proceedings (after payment of expenses incurred in such collection) shall be paid to and held by the Trustee under the 2024D Indenture. Such proceeds shall be applied in one or more than __________% of the Real Property or following ways:
(a) The restoration of the Common Area is taken by condemnation or right Public Leased Premises to substantially the same condition as it existed prior to the exercise of that power of eminent domain, or
(b) The acquisition, by construction or by private purchase otherwise, of other improvements suitable for the Lessee’s operations on the Public Leased Premises and which are in lieu thereof, this Agreement furtherance of the purposes of the Redevelopment Act and the term hereby granted EDC Act (the improvements shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the deemed a part of the Demised Public Leased Premises so taken bears to and available for use and occupancy by the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of Lessee without the payment of any Operating Costsrent other than as herein provided, provided further, howeverto the same extent as if such other improvements were specifically described herein and demised hereby). Within ninety (90) days from the date of entry of a final order in any eminent domain proceedings granting condemnation, the Landlord’s obligations Lessee shall direct the Lessor and the Trustee in writing as to restore or rebuild shall be limited which of the ways specified in this Section the Lessee elects to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event have the net proceeds of the condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt applied. Any balance of the net condemnation, proceeds of the award in such eminent domain proceedings not required to cancel and terminate this Agreement, and Tenant be applied for the purposes specified in subsections (a) or (b) above shall be limited deposited in the sinking fund held by the Trustee under the 2024D Indenture and applied to consequential damages onlythe repayment of the 2024D Bonds. The Lessor shall cooperate fully with the Lessee in the handling and conduct of any prospective or pending condemnation proceedings with respect to the Public Leased Premises or any part thereof and will to the extent it may lawfully do so permit the Lessee to litigate in any such proceedings in its own name or in the name and on behalf of the Lessor. In no event will the Lessor voluntarily settle or consent to the settlement of any prospective or pending condemnation proceedings with respect to the Public Leased Premises or any part thereof without the written consent of the Lessee, which consent shall not be unreasonably withheld.
Appears in 3 contracts
Samples: Public Lease, Public Lease, Public Lease
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises17.1. If after the execution of the Sublease and prior to the expiration of the term of this Sublease, the whole or any substantial part of the Demised Subleased Premises shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, then the Lease Term term of this Sublease shall cease as of the day possession time when Sublessor shall be divested of its title in the Subleased Premises, and all rent shall be apportioned and adjusted as of the time of termination.
17.2. If only a part of the Subleased Premises shall be taken by such public or quasi-public authorityunder the power of eminent domain, and Tenant if as a result thereof the Subleased Premises shall pay Rent up to that date with an appropriate refund by Landlord not in Sublessee's reasonable judgment be reasonably adequate for the operation of any rent which may have been paid the business conducted in advance for any period subsequent the Subleased Premises prior to the date possession is taken. In the event that during taking, Sublessee may, at its election, terminate the term of this Agreement Sublease by giving the Demised Premises, or any part thereof, or more than __________% Sublessor notice of the Real Property or exercise of its election within thirty (30) days after it shall receive notice of such taking, and the termination shall be effective as of the Common Area time that Sublessee is dispossessed, and all rent shall be apportioned and adjusted as of the time of termination. If only a part of the Subleased Premises shall be taken by condemnation or right under the power of eminent domain, or by private purchase in lieu thereof, this Agreement and if the term hereby granted of this Sublease shall not be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement terminated as provided aboveaforesaid, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and term of this Agreement Sublease shall continue in full force and effect except thateffect, during such restorationand Sublessor shall, within a reasonable time after possession is required for public use, repair and rebuild what may remain of the Base Rent payable pursuant Subleased Premises so as to put the same into condition for use and occupancy by Sublessee, and a just proportion of all rent according to the terms nature and extent of the injury to the Subleased Premises shall be abated for the balance of the term of this Agreement Sublease. All awards attributable to the Sublessee's loss of Tenant Work or Sublessee's leasehold improvements or trade fixtures or other awards directly related to the Sublessee's business shall be equitably apportioned in the proportion that the square footage property of the part of the Demised Premises so taken bears Sublessee.
17.3. Sublessor reserves to the total square footage of the Demised Premises immediately prior itself, and Sublessee assigns to such taking; providedSublessor, however, in no event shall there be any abatement of the payment all rights to damages accruing on account of any Operating Costs, provided furthertaking under the power of eminent domain or by reason of any act of any public or quasi public authority for which damages are payable. Sublessee agrees to execute such instruments of assignment as may be reasonably required by Sublessor in any proceeding for the recovery of damages that may be recovered in such proceeding. It is agreed and understood, however, the Landlord’s obligations Sublessor does not reserve to restore itself, and Sublessee does not assign to Sublessor, any damages payable for movable trade fixtures installed by Sublessee or rebuild anybody claiming under Sublessee at its own cost and expense, or any awards attributable to the Sublessee's loss of the unamortized value of Tenant Work and the value of trade fixtures or other awards directly related to the Sublessee's business or moving expenses which shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions property of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlySublessee.
Appears in 3 contracts
Samples: Sublease (Aprisma Management Technologies Inc), Sublease (Cabletron Systems Inc), Sublease (Aprisma Management Technologies Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. 21.1 If the whole or any substantial a material part of the Demised Premises shall be is taken or acquired for a period in excess of one hundred eighty (180) days by any public or quasi-public authority under exercise of the power or threat of eminent domain, for other than a temporary period, domain before the Commencement Date or during the Lease Term Term, Landlord and Tenant each shall cease have the right, by giving written notice to the other within thirty (30) days after the date of such taking, to terminate this Lease. If either Landlord or Tenant exercises such right to terminate this Lease in accordance with this section 21.1, this Lease shall terminate as of the day possession date of such taking. If neither Xxxxxxxx nor Tenant exercises such right to terminate this Lease in accordance with this section 21.1, or if less than a material part of the Premises is so taken, this Lease shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent terminate as to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% portion of the Real Property or Premises so taken as of the Common Area is taken by condemnation or right date of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue remain in full force and effect except thatas to the portion of the Premises not so taken, during such restoration, and the Base Rent and amounts payable pursuant to the terms of this Agreement under sections 3.1(b) and 3.1(c) hereof shall be equitably apportioned reduced as of the date of such taking in the proportion that the square footage usable area of the part of the Demised Premises so taken bears to the total square footage usable area of the Demised Premises. If all of the Premises immediately prior to is taken by exercise of the power of eminent domain before the Commencement Date or during the Lease Term, this Lease shall terminate as of the date of such taking; provided, however, in no event shall there be .
21.2 If all or any abatement part of the payment Premises is taken by exercise of the power of eminent domain, all awards, compensation, damages, income, rent and interest payable in connection with such taking shall, except as expressly set forth in this section 21.2, be paid to and become the property of Landlord, and Tenant hereby assigns to Landlord all of the foregoing. Without limiting the generality of the foregoing, Tenant shall have no claim against Landlord or the entity exercising the power of eminent domain for the value of the leasehold estate created by this Lease or any unexpired Lease Term. Tenant shall have the right to claim and receive directly from the entity exercising the power of eminent domain only the share of any Operating Costsaward determined to be owing to Tenant for the taking of improvements installed in the portion of the Premises so taken by Tenant at Tenant’s sole cost and expense based on the unamortized cost paid by Tenant for such improvements, provided furtherfor the taking of Tenant’s movable furniture, howeverequipment, the Landlordtrade fixtures and personal property, for loss of goodwill, for interference with or interruption of Tenant’s obligations to restore business, or rebuild shall be limited to an amount which for removal and relocation expenses, but only if such share does not exceed reduce the proceeds obtained from such taking (less expenses incurred amount otherwise payable to Landlord.
21.3 Notwithstanding anything to the contrary contained in collecting the same). Notwithstanding the foregoingthis Article 21, in the event the net condemnation award received by Landlord is insufficient to restore of a temporary taking of all or rebuild the structural portions any portion of the Demised Premises for a period of one hundred and eighty (180) days or less, then this Lease shall not terminate but the Base Rent and amounts payable under sections 3.1(b) and 3.1(c) hereof shall be abated for the period of such taking in proportion to the ratio that the amount of rentable square feet of the Premises taken bears to the total rentable square feet of the Premises. Landlord shall have be entitled to receive the option within __________ days after Landlord’s receipt entire award made in connection with any such temporary taking.
21.4 As used in this Article 21, a “taking” means the acquisition of all or part of the net condemnation, to cancel Premises for a public use by exercise of the power of eminent domain and terminate this Agreement, and Tenant the taking shall be limited considered to consequential damages onlyoccur as of the earlier of the date on which possession of the Premises (or part so taken) by the entity exercising the power of eminent domain is authorized as stated in an order for possession or the date on which title to the Premises (or part so taken) vests in the entity exercising the power of eminent domain. Tenant hereby waives any and all rights it might otherwise have pursuant to section 1265.130 of the California Code of Civil Procedure.
Appears in 3 contracts
Samples: Office Lease (Livongo Health, Inc.), Office Lease (Livongo Health, Inc.), Office Lease (Livongo Health, Inc.)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. 16.1 If the whole or any substantial part of the Demised Leased Premises shall or the Property should be taken or acquired condemned, in any manner, by exercise of the power of eminent domain or sold to a taking or condemning authority under threat of taking or condemnation, or shall receive any direct or consequential damage for which LANDLORD or TENANT may be entitled to compensation by reason of anything lawfully done in pursuance of any public or quasi-public other authority under (individually and collectively a "TAKING"), then, except as hereinafter provided, this Lease shall terminate at the power or threat election of eminent domain, for other than a temporary period, the Lease Term shall cease as LANDLORD provided that written notice is given to TENANT within sixty (60) days of the day possession date of the Taking, and such election may be made in case of any Taking, even if the entire interest of LANDLORD shall have been divested by the Taking. If LANDLORD shall not so elect, a just and proportionate abatement of the Basic Annual Rent and Additional Rent (including Taxes and Operating Expenses) as provided in Articles 3 through 6 hereof, shall be taken by such public or quasi-public authority, made according to the nature and Tenant shall pay Rent up to that date with an appropriate refund by Landlord extent of any rent which impairment of TENANT's use of the Leased Premises, until the Leased Premises or what may remain thereof shall have been paid in advance restored as nearly as possible to its condition prior to the Taking. In addition, Basic and Additional Rent for any period subsequent portion of the Leased Premises so taken shall be abated during the unexpired term of this Lease, effective when the physical taking of said portion of the Leased Premises shall occur.
16.2 In the event that the portion of the Building or Leased Premises that is taken leaves the remainder unsuitable for use by TENANT for the Permitted Uses, TENANT shall have the right to terminate this Lease by written notice to LANDLORD no later than thirty (30) days after receipt by TENANT of notice of such Taking. If this Lease is not terminated as aforesaid, LANDLORD shall diligently repair and restore the Leased. Premises and the Building, but only to the date possession is takenextent permitted by the net Taking award, to substantially the same condition they were in prior to the Taking. In the event that during LANDLORD fails to restore the term Leased Premises as above provided within two hundred seventy (270) days after such Taking for whatever reason, including without limitation, insufficiency of this Agreement available Taking award, TENANT shall have the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible Lease by written notice to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately LANDLORD prior to such taking; providedrestoration.
16.3 LANDLORD reserves to itself, howeverand TENANT assigns to LANDLORD, in no event shall there be any abatement of the payment all rights to damages and/or compensation that may accrue on account of any Operating Costssuch Taking, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord that TENANT shall have the option within __________ days after Landlord’s receipt right to claim and recover from the Taking or condemning authority on account of any cost or loss due to removing its materials, supplies, fixtures, equipment, relocation and moving expenses, and any business interruption award. Subject to the aforementioned, TENANT agrees to execute such further instruments of assignment of such damages and/or compensation as LANDLORD may from time to time request, and to pay over to LANDLORD any such damages and compensation that may be received by TENANT.
16.4 This Article 16 shall survive the termination of this Lease and of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyterm hereunder.
Appears in 3 contracts
Samples: Sublease Agreement (Color Kinetics Inc), Lease Agreement (Color Kinetics Inc), Sublease Agreement (Smartbargains, Inc.)
Eminent Domain. With respect to eminent domain:
AIf any part over fifteen percent (15%) Condemnation of Demised Premises. If the whole or any substantial part of the Demised Premises a Building shall be taken or acquired by any public or quasi-public authority appropriated under the power of eminent domain or threat conveyed in lieu thereof, Tenant shall have the right to terminate this Lease with respect to such Building at its option. If any part of a Building shall be taken or appropriated under power of eminent domain or conveyed in lieu thereof and such taking is so extensive that it renders the remaining portion of the Building unsuitable for the use being made of the Building on the date immediately preceding such taking, Landlord may terminate this Lease at its option. If there is a taking or appropriation under the power of eminent domain or conveyance in lieu thereof of any portion of the Common Area which causes the Premises to permanently violate parking requirements under any applicable Laws or which permanently prevents surface access to either Building from a public street in a manner consistent with access requirements of a first-class office building in Palo Alto, Landlord shall cure such non-compliance or provide alternative access by any reasonable means, and if Landlord reasonably determines that such violation is not curable or alternative access not obtainable by reasonable means or fails to commence such cure within sixty (60) days after such taking or other action, both Landlord and Tenant shall have the option, exercisable by written notice to the other party, of terminating this Lease with respect to the affected Building as of the date of vesting of title pursuant to the taking or other action. In any of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by have no claim against Landlord of any rent which may have been paid in advance for any period subsequent part of sum paid by virtue of such proceedings, whether or not attributable to the date possession is taken. In value of the event that during the unexpired term of this Agreement Lease, except that Tenant shall be entitled to petition the Demised Premisescondemning authority for the following: (i) the value of Tenant’s Trade Fixtures; (ii) Tenant’s relocation costs; and (iii) Tenant’s goodwill, or any loss of business and business interruption. If a part thereof, or more than __________% of the Real Property Premises shall be so taken or of the Common Area is taken by condemnation appropriated or right of eminent domain, or by private purchase in lieu thereof, conveyed and neither party hereto shall elect to terminate this Agreement Lease and the term hereby granted Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall be terminable restore the Premises continuing under this Lease at Landlord’s sole option cost and if expense; provided, however, that Landlord so terminates then shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of the Tenant Improvements, any Alterations or Trade Fixtures. Thereafter, the Monthly Base Rent and Additional Charges to be paid under this Agreement shall expire on Lease for the date when possession remainder of the Term shall be taken proportionately reduced, such that thereafter the amounts to be paid by the condemnor and the Base Rent herein reserved Tenant shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion ratio that the square footage they are of the part portion of the Demised Premises not so taken bears to the total square footage area of the Demised Premises immediately prior to such taking; provided. Notwithstanding anything to the contrary contained in this Paragraph 22, however, in no event shall there be if the temporary use or occupancy of any abatement part of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild Premises shall be limited to an amount which does not exceed taken or appropriated under power of eminent domain during the proceeds obtained from Term, this Lease shall be and remain unaffected by such taking (less expenses incurred or appropriation and Tenant shall continue to pay in collecting full all Monthly Base Rent and Additional Charges payable hereunder by Tenant during the same). Notwithstanding the foregoing, Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the net condemnation award received by Landlord is insufficient to restore use of or rebuild the structural portions occupancy of the Demised Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than two hundred and seventy (270) days and unreasonably interferes with Tenant’s use of either Building, then Tenant shall have the option within __________ days after Landlord’s receipt right to terminate the Lease with respect to the affected Building. Landlord and Tenant understand and agree that the provisions of this Paragraph 22 are intended to govern fully the rights and obligations of the net condemnationparties in the event of a taking of all or any portion of the Premises. Accordingly, the parties each hereby waives any right to cancel and terminate this AgreementLease in whole or in part under Sections 1263.260, 1265.120 and Tenant shall be limited to consequential damages only1265.130 of the California Code of Civil Procedure or under any similar Law now or hereafter in effect.
Appears in 3 contracts
Samples: Sublease (Cloudera, Inc.), Lease Agreement (Cloudera, Inc.), Lease Agreement (Cloudera, Inc.)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If the whole or any substantial part of the Demised Premises shall be entire Building is taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, the this Lease Term Agreement shall cease automatically terminate as of the day possession shall be date of taking. If a portion of the Building is taken by such public or quasi-public authorityeminent domain and the estimated time for restoration and repair exceeds one hundred eighty (180) days, the Landlord shall have the right to terminate this Lease Agreement, provided it gives written notice thereof to the Tenant within sixty (60) days after the date of taking. If a portion of the Premises is taken by eminent domain and Tenant shall pay Rent up this Lease Agreement is not terminated by Landlord, the Landlord shall, at its expense, restore the Premises to that date with an appropriate refund by Landlord of any rent as near the condition which may have been paid in advance for any period subsequent existed immediately prior to the date possession is taken. In the event that during the term of this Agreement the Demised Premisestaking as reasonably possible, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted rentals shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, xxxxx during such restorationperiod of time as the Premises are untenantable or unsuitable for Tenant’s use (provided that the Premises or the portion thereof that has been rendered untenantable or unsuitable are not actually occupied by Tenant), the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage untenantable or unsuitable portion of the part of the Demised Premises so taken bears to the total square footage entire Premises. All damages awarded for such taking under the power of eminent domain shall belong to and be the sole property of Landlord, irrespective of the Demised Premises immediately prior to such taking; basis upon which they are awarded, provided, however, in no event that nothing contained herein shall there be any abatement prevent Tenant from making a separate claim to the condemning authority for its moving expenses and trade fixtures. For purposes of the payment of any Operating Coststhis Article, provided further, however, the a taking by eminent domain shall include Landlord’s obligations giving of a deed under threat of condemnation. Any other provision herein to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained contrary notwithstanding Tenant may claim and recover from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoingcondemning authority a separate award for Tenant’s moving expenses, in the event the net condemnation award received business dislocation damages, goodwill, personal property, fixtures and leasehold improvements paid for by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this AgreementTenant, and Tenant shall be limited any other award that would not reduce the award payable to consequential damages onlyLandlord.
Appears in 3 contracts
Samples: Lease Agreement, Standard Office Lease Agreement (Virtual Radiologic CORP), Standard Office Lease Agreement (Virtual Radiologic CORP)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If In case the whole or any substantial part of the Demised Premises shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised PremisesMortgaged Property, or any part or interest in any thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation condemnation, then upon the occurrence and during the continuance of an Event of Default, the Mortgagee is empowered to collect and receive all Condemnation Awards which may be paid for any property taken or right for damages to any property not taken (all of eminent domainwhich the Mortgagor hereby assigns to the Mortgagee), and all Condemnation Awards so received shall be forthwith applied by the Mortgagee, as it may elect in its sole and unreviewable discretion, to the prepayment of the Indebtedness, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms repair and restoration of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises any property not so taken bears to the total square footage of the Demised Premises immediately prior to such takingor damaged; provided, however, in as long as no event shall there be Event of Default has occurred and is continuing that any abatement Condemnation Awards payable by reason of the payment taking of less than all of the Mortgaged Property shall be made available to the extent required, as determined by the Mortgagee in its reasonable discretion, for the repair or restoration of any Operating Costs, provided further, however, Mortgaged Property not so taken. The Mortgagor hereby empowers the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoingMortgagee, in the event Mortgagee’s reasonably exercised discretion, upon the net occurrence and during the continuance of an Event of Default to settle, compromise and adjust any and all claims or rights arising under any condemnation award received by Landlord is insufficient or eminent domain proceeding relating to restore the Mortgaged Property or rebuild any portion thereof. At all times other than during the structural portions continuance of an Event of Default, the Demised Premises the Landlord Mortgagor shall have the option within __________ days after Landlord’s receipt of the net condemnationexclusive right to settle, to cancel and terminate this Agreementcompromise, and Tenant shall be limited adjust any and all claims, rights, or proceeds under any insurance policy maintained by the Mortgagor relating to consequential damages onlythe Mortgaged Property.
Appears in 3 contracts
Samples: Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Filing (Broadwind Energy, Inc.), Open End Fee and Leasehold Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Filing (Broadwind Energy, Inc.), Fee and Leasehold Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Filing (Broadwind Energy, Inc.)
Eminent Domain. With respect If title to eminent domain:
A) Condemnation of Demised Premises. If or the whole or any substantial part temporary use of the Demised Premises shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Leased Premises, or any part thereof, shall be taken under the exercise of the power of eminent domain by any governmental body or by any person, firm or corporation acting under governmental authority, any net proceeds received from any award made in such eminent domain proceedings (after payment of expenses incurred in such collection) shall be paid to and held by Lessor. Such proceeds shall be applied in one or more than __________% of the Real Property or following ways:
(a) The restoration of the Common Area is taken by condemnation or right Leased Premises to substantially the same condition as it existed prior to the exercise of said power of eminent domain, or
(b) The acquisition, by construction or by private purchase otherwise, of other improvements suitable for the Lessee's operations on the Leased Premises and which are in lieu thereoffurtherance of the purposes of Indiana Code, this Agreement and the term hereby granted Title 20, Article 47, Chapter 3 (which improvements shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the deemed a part of the Demised Leased Premises so taken bears to and available for use and occupancy by the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of Lessee without the payment of any Operating Costsrent other than as herein provided, provided further, howeverto the same extent as if such other improvements were specifically described herein and demised hereby). Within ninety (90) days from the date of entry of a final order in any eminent domain proceedings granting condemnation, the Landlord’s obligations Lessee shall direct Lessor in writing as to restore or rebuild shall be limited which of the ways specified in this Section the Lessee elects to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event have the net proceeds of the condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt applied. Any balance of the net condemnation, proceeds of the award in such eminent domain proceedings not required to cancel and terminate this Agreement, and Tenant be applied for the purposes specified in subsections (a) or (b) above shall be limited deposited by Lessor in the Sinking Fund held by the Trustee under the Indenture. Lessor shall cooperate fully with the Lessee in the handling and conduct of any prospective or pending condemnation proceedings with respect to consequential damages onlythe Leased Premises or any part thereof and will to the extent it may lawfully do so permit the Lessee to litigate in any such proceedings in its own name or in the name and on behalf of the Lessor. In no event will Lessor voluntarily settle or consent to the settlement of any prospective or pending condemnation proceedings with respect to the Leased Premises or any part thereof without the written consent of the Lessee, which consent shall not be unreasonably withheld.
Appears in 3 contracts
Samples: Lease Agreement, Lease Agreement, Lease Agreement
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If the whole all or any substantial part of the Demised Premises shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domaindomain or conveyance in lieu thereof, for other than a temporary period, the this Lease Term shall cease terminate as to any portion of the day possession Premises so taken or conveyed on the date when title vests in the condemnor, and Landlord shall be taken by entitled to any and all payment, income, rent, award, or any interest therein whatsoever which may be paid or made in connection with such public taking or quasi-public authorityconveyance, and Tenant shall pay Rent up to that date with an appropriate refund by have no claim against Landlord or otherwise for the value of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the unexpired term of this Agreement Lease. Notwithstanding the Demised Premisesforegoing paragraph, any compensation specifically awarded Tenant for loss of business, Tenant's personal property, moving cost or loss of goodwill, shall be and remain the property of Tenant. If any action or proceeding is commenced for such taking of the Premises or any part thereof, or more than __________% if Landlord is advised in writing by any entity or body having the right or power of condemnation of its intention to condemn the premises or any portion thereof, then Landlord shall have the right to terminate this Lease by giving Tenant written notice thereof within sixty (60) days of the Real Property date of receipt of said written advice, or commencement of said action or proceeding, or taking conveyance, which termination shall take place as of the Common Area first to occur of the last day of the calendar month next following the month in which such notice is given or the date on which title to the Premises shall vest in the condemnor. In the event of such a partial taking or conveyance of the Premises, if the portion of the Premises taken or conveyed is so substantial that the Tenant can no longer reasonably conduct its business, Tenant shall have the privilege of terminating this Lease within sixty (60) days from the date of such taking or conveyance, upon written notice to Landlord of its intention so to do, and upon giving of such notice this Lease shall terminate on the last day of the calendar month next following the month in which such notice is given, upon payment by Tenant of the rent from the date of such taking or conveyance to the date of termination. If a portion of the Premises be taken by condemnation or right of eminent domain, or by private purchase conveyance in lieu thereofthereof and neither Landlord nor Tenant shall terminate this Lease as provided herein, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement Lease shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant as to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises not so taken or conveyed, and the rent herein shall be apportioned as of the date of such taking or conveyance so that thereafter the rent to be paid by Tenant shall be in the ratio that the area of the portion of the Premises not so taken or conveyed bears to the total square footage area of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages only.
Appears in 3 contracts
Samples: Lease Agreement (Protein Design Labs Inc/De), Lease Agreement (New Focus Inc), Lease Agreement (Faroudja Inc)
Eminent Domain. With respect to Notwithstanding any taking by eminent domain:
A) Condemnation of Demised Premises. If the whole or any substantial part , alteration of the Demised Premises shall be taken grade of any street or acquired other injury to or decrease in value of the Mortgaged Property by any public or quasi-public authority or corporation, Mortgagor shall continue to pay interest on the entire principal sum secured hereby until any such award or payment shall have been actually received by Mortgagee and any reduction in the principal sum resulting from the application by Mortgagee of such award or payment as hereinafter set forth shall be deemed to take effect only on the date of such receipt. Mortgagor hereby authorizes and empowers Mortgagee as attorney-in-fact for Mortgagor to make proof of loss, to adjust and compromise any claim under the power or threat of eminent domain, to appear in and prosecute any action for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public condemnation awards or quasi-public authorityproceeds, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlorddeduct therefrom Mortgagee’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned expenses incurred in the proportion that the square footage collection of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such takingawards and proceeds; provided, however, in no event that nothing contained herein shall there require Mortgagee to incur any expense or take any action hereunder. All such awards or proceeds shall, at the option of Mortgagee, be any abatement retained and applied by Mortgagee toward payment of the payment of any Operating Costsmonies secured by this Mortgage, provided further, however, the Landlord’s obligations to restore whether or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoingthen due, in such order and in such amounts as Mortgagee may elect. If prior to the event receipt by Mortgagee of such award or payment the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions Mortgaged Property shall have been sold on foreclosure of the Demised Premises the Landlord this Mortgage, Mortgagee shall have the option within __________ days after Landlord’s receipt right to receive the award or payment to the extent of the net condemnationany deficiency resulting from such sale, to cancel and terminate this Agreementtogether with legal interest thereon, and Tenant shall be limited the reasonable attorneys’ fees, costs and disbursements incurred by Mortgagee in connection with the collection of such award or payment. Mortgagor hereby assigns its interests in any such award to consequential damages onlyMortgagee.
Appears in 3 contracts
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement and Financing Statement (One Earth Energy LLC), Mortgage, Assignment of Leases and Rents, Security Agreement and Financing Statement (One Earth Energy LLC), Mortgage, Assignment of Leases and Rents, Security Agreement and Financing Statement (One Earth Energy LLC)
Eminent Domain. With respect to eminent domain:
(A) Condemnation of Demised Premises. If the whole all or any substantial part substantially all of the Demised Building or the Premises shall be taken acquired or acquired condemned by eminent domain for any public or quasi-public authority under the power use or threat purpose, then this Lease and all rights of eminent domain, for other than a temporary period, the Lease Term Tenant shall cease terminate as of the day possession date of title vesting in such proceeding.
(B) If part of the Building shall be taken acquired or condemned by such eminent domain for any public or quasi-public authorityuse or purpose, and Tenant such acquisition shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% affect a portion of the Real Property Premises or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full access to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided abovesame, then Landlord shall rebuild have the option (i) to terminate this Lease as of the date of title vesting or (ii) to repair and restore alter the Demised Premises as nearly as possible Building, including the area leased to their condition immediately prior Tenant, and this Lease shall not be affected thereby, except for proportional reduction of the Fixed Rent if the leased area shall be diminished by such vesting.
(C) In case of any taking or condemnation, whether or not the Term of this Lease shall terminate, the entire award shall be the property of Landlord, and Tenant hereby assigns to Landlord all its right, title and interest in and to any such award. However, Tenant shall be entitled to claim, prove and receive in the condemnation proceeding such awards as may be allowed for fixtures and other equipment installed by Tenant, relocation and loss of Lease, but only if such awards shall be made by the condemnation court in addition to the award made by it for the land and the Building or part thereof so taken.
(D) In the case of any taking and this Agreement shall continue in full force and effect except that, during such restorationor condemnation, the Base current Fixed Rent and Additional Rent shall be apportioned as of the date of vesting of title and, if the Term of this Lease shall not have been terminated as of said date, Tenant shall be entitled to a pro rata reduction in the Fixed Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in hereunder based on the proportion that which the square footage of the part of the Demised Premises floor area so taken bears to the total square footage entire floor area of the Demised Premises immediately prior to such taking; provided.
(E) If this Lease is not terminated pursuant to the provisions of this Section 8.2, howeverLandlord shall, in no event shall there be any abatement at its expense, but only to the extent of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt equitable proportion of the net condemnationaward or other compensation (after deducting legal and all other fees in connection with obtaining said award) for the portion of the Building taken or conveyed (excluding any award for land), make such repairs of alterations as are in Landlord's reasonable judgment necessary to cancel constitute the Building a complete architectural and terminate this Agreement, and Tenant shall be limited to consequential damages onlytenantable unit.
Appears in 3 contracts
Samples: Sublease Agreement (Webmd Inc), Sublease Agreement (Healtheon Webmd Corp), Lease Agreement (Premiere Technologies Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. a. If the whole or any substantial part there is a taking of the Demised Property or the Premises shall be taken or acquired by any public or quasi-public authority under the power right or threat of eminent domaindomain (a “Taking”) then Landlord shall give written notice to Tenant of such Taking and, if such Taking results or would result in the remainder of the Premises being unable to be restored, in Landlord’s good faith business judgment, to a complete architectural unit within 180 days from the date of the Taking (“Substantial Taking”), then Landlord may terminate this Lease by giving written notice to Tenant, without incurring any additional liabilities. Any such termination of this Lease shall be effective as of the date of the Taking and the Rent shall xxxxx from that date, and any Rent paid for other than any period beyond such date shall be refunded to Tenant.
b. If there shall be a temporary Taking which does not constitute a Substantial Taking, this Lease shall not terminate but Landlord shall, at its sole cost and expense, with due diligence, work to restore the Premises to its condition before the Taking (to the extent practicable) but excluding any improvements made for Tenant after the Commencement Date of this Lease. During the restoration period, the Lease Term Rent shall cease as xxxxx for the period during which the Premises are not suitable for Tenant’s business needs.
c. If only a portion of the day possession shall be Premises is taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent is given access to the date possession is taken. In Premises and can continue to conduct its business without material change and provided Tenant chooses not to exercise its right to terminate the event that during Lease as set forth above, the term of this Agreement Rent shall xxxxx proportionately based upon the Demised Premises, or any part thereof, or more than __________% portion of the Real Property or of the Common Area is taken Premises that are not suitable for Tenant’s business needs and not used by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted Tenant.
d. Tenant shall not be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior entitled to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to payment or award for a Taking, provided that Tenant may file a claim, separate from Landlord’s claim, for any loss of Tenant’s property, moving expenses, or for damages for cessation or interruption of Tenant’s business, provided such claim is not for the total square footage value of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the leasehold and does not reduce Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlytherefor.
Appears in 3 contracts
Samples: Lease Agreement (Pactiv Evergreen Inc.), Lease Agreement (Reynolds Group Holdings LTD), Lease Agreement (Reynolds Consumer Products Inc.)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If In the event the whole or any substantial part of the Demised Premises Premises, the Building or the Project shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than or sold to prevent the exercise thereof (collectively, a temporary period“Taking”), the this Lease Term shall cease automatically terminate as of the day possession date of such Taking. In the event a Taking of a portion of the Project, the Building or the Premises shall, in the reasonable opinion of Landlord, substantially interfere with Landlord’s operation thereof, Landlord may terminate this Lease upon thirty (30) days’ written notice to Tenant given at any time within sixty (60) days following the date of such Taking. For purposes of this Lease, the date of Taking shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord the earlier of any rent which may have been paid in advance for any period subsequent to the date of transfer of title resulting from such Taking or the date of transfer of possession is takenresulting from such Taking. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% a portion of the Real Property or Premises is so taken and this Lease is not terminated, Landlord shall, to the extent of proceeds paid to Landlord as a result of the Common Area is taken Taking, with reasonable diligence, use commercially reasonable efforts to proceed to restore (to the extent permitted by condemnation or right of eminent domainLaw and covenants, or by private purchase in lieu thereofconditions and restrictions then applicable to the Project) the Premises (other than Tenant’s personal property and fixtures, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and above-standard tenant improvements) to a complete, functioning unit. In such case, the Base Rent herein reserved shall be apportioned and paid in full to that date and reduced proportionately based on the portion of the Premises so taken. If all prepaid Base Rent or any portion of the Premises is the subject of a temporary Taking, this Lease shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue remain in full force and effect except thatand Tenant shall continue to perform each of its obligations under this Lease; in such case, during such restoration, Tenant shall be entitled to receive the Base Rent payable pursuant entire award allocable to the terms temporary Taking of this Agreement the Premises. Except as provided herein, Tenant shall not assert any claim against Landlord or the condemning authority for, and hereby assigns to Landlord, any compensation in connection with any such Taking, and Landlord shall be equitably apportioned in entitled to receive the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment entire amount of any Operating Costsaward therefor, provided further, however, the Landlord’s obligations to restore without deduction for any estate or rebuild interest of Tenant. Nothing contained in this Paragraph 10 shall be limited deemed to an amount which does not exceed give Landlord any interest in, or prevent Tenant from seeking any award against the proceeds obtained condemning authority for the Taking of personal property, fixtures, above standard tenant improvements of Tenant or for relocation or moving expenses recoverable by Tenant from such taking (less expenses incurred in collecting the same)condemning authority. Notwithstanding the foregoing, This Paragraph 10 shall be Tenant’s sole and exclusive remedy in the event of a Taking. This Lease sets forth the net condemnation award received by Landlord is insufficient to restore or rebuild terms and conditions upon which this Lease may terminate in the structural portions event of a Taking. Accordingly, the parties waive the provisions of the Demised Premises California Code of Civil Procedure Section 1265.130 and any successor or similar statutes permitting the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, parties to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyLease as a result of a Taking.
Appears in 3 contracts
Samples: Office Lease (Sienna Biopharmaceuticals, Inc.), Office Lease (Sienna Biopharmaceuticals, Inc.), Office Lease (Aethlon Medical Inc)
Eminent Domain. With respect to eminent domain:
A(i) Condemnation In case of Demised Premises. If the whole a taking of all or any substantial part of the Demised Premises shall be taken Mortgaged Property or acquired by the commencement of any proceedings or negotiations which might result in a taking, for any public or quasi-public authority under the purpose by any lawful power or threat authority by exercise of the right of condemnation or eminent domaindomain or by agreement between Mortgagee, Debtor and those authorized to exercise such right ("Taking"), Debtor will promptly give written notice thereof to Mortgagee, generally describing the nature and extent of such Taking. Mortgagee shall file and prosecute on behalf of Mortgagee and Debtor any and all claims for an award, and all awards and other payments on account of a Taking shall be paid to Mortgagee.
(ii) In case of a Taking of the whole of the Mortgaged Property, other than for temporary use ("Total Taking"), or in case of a Taking of less than all of the Mortgaged Property ("Partial Taking"), these Loan Documents shall remain in full force and effect. Debtor, whether or not the awards or payments, if any, on account of such Partial Taking shall be sufficient for the purpose (but provided they are made available by Mortgagee for such purpose), at its own cost and expense, will promptly commence and complete the Restoration. In case of a Partial Taking, other than a temporary perioduse, the Lease Term shall cease as of such a substantial part of the day possession Mortgaged Property as shall result in the Mortgaged Property remaining after such Partial Taking being unsuitable for use, such Taking shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord deemed a Total Taking.
(iii) In case of any rent which may have been paid in advance for any period subsequent to a temporary use of the date possession is taken. In the event that during the term of this Agreement the Demised Premises, whole or any part thereof, or more than __________% of the Real Mortgaged Property or of the Common Area is taken by condemnation or right of eminent domaina Taking, or by private purchase in lieu thereof, this Agreement and the term hereby granted these Loan Documents shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue remain in full force and effect except that, during such restoration, the Base Rent without any reduction of any monetary sum payable pursuant under these Loan Documents. Subject to the terms of this Agreement application provisions below, Debtor shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears entitled to the total square footage of the Demised Premises immediately prior to entire award for such taking; providedTaking, howeverwhether paid by damages, in no event shall there be rent or otherwise. In any abatement of the payment of any Operating Costsproceeding for such Taking, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord Mortgagee shall have the option within __________ days after Landlord’s receipt right to intervene and participate; provided that, if such intervention shall not be permitted, Debtor shall consult with Mortgagee, its attorneys and experts, and make all reasonable efforts to cooperate with Mortgagee in the prosecution or defense of such proceeding. At the termination of any such use or occupation of the net condemnationMortgaged Property, to cancel Debtor will, at its own cost and terminate this Agreementexpense, promptly commence and Tenant complete the Restoration.
(iv) Awards and other payments on account of a Taking, less the costs, fees and expenses incurred by Mortgagee and Debtor in connection with the collection thereof, including, without limitation, attorneys' fees and expenses, shall be limited to consequential damages only.applied as follows:
(x) Net awards and payments received on account of a Total Taking shall be allocated as follows:
Appears in 3 contracts
Samples: Mortgage, Assignment of Rents and Leases, Security Agreement and Fixture Filing (Family Steak Houses of Florida Inc), Mortgage (Ich Corp /De/), Mortgage, Assignment of Rents and Leases, Security Agreement and Fixture Filing (Family Steak Houses of Florida Inc)
Eminent Domain. With respect to eminent domain:
A(a) Condemnation of Demised Premises. If the whole all or any substantial part of the Demised Premises shall be taken or acquired by for any public or quasi-public authority under use by virtue of the exercise of the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, domain or by private purchase in lieu thereof, this Agreement and Lease shall terminate as to the term hereby granted shall be terminable at Landlord’s sole option and if Landlord part so terminates then this Agreement shall expire on taken as of the date when possession of taking, and, in the case of a partial taking, either Landlord or Tenant shall be taken by have the condemnor and the Base Rent herein reserved shall be apportioned and paid in full right to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement Lease as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part balance of the Demised Premises so taken bears by written notice to the total square footage of the Demised Premises immediately prior to other within thirty (30) days after such takingdate; provided, however, in no event shall there be any abatement that a condition to the exercise by Tenant of the payment of any Operating Costs, provided further, however, the Landlord’s obligations such right to restore or rebuild terminate shall be limited to an amount which does not exceed that the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions portion of the Demised Premises taken shall be of such extent and nature as substantially to handicap, impede or impair Tenant's use of the balance of the Demised Premises. If title to so much of the Building is taken that a reasonable amount of reconstruction thereof will not in Landlord's sole discretion result in the Building being a practical improvement and reasonably suitable for use for the purpose for which it is designed, then this Lease shall terminate on the date that the condemning authority actually takes possession of the part so condemned or purchased.
(b) If this Lease is terminated under the provisions of this Article 35, Rent shall be apportioned and adjusted as of the date of termination. Tenant shall have no claim against Landlord or against the condemning authority for the value of any leasehold estate or for the value of the unexpired Lease Term provided that the foregoing shall not preclude any claim that Tenant may have against the condemning authority for the unamortized cost of leasehold improvements, to the extent the same were installed at Tenant's expense (and not with the proceeds of the Construction Allowance), or for loss of business, moving expenses or other consequential damages, in accordance with subparagraph (d) below.
(c) If there is a partial taking of the Building and this Lease is not thereupon terminated under the provisions of this Article 35, then this Lease shall remain in full force and effect, and Landlord shall, within a reasonable time thereafter, repair or reconstruct the remaining portion of the Building to the extent necessary to make the same a complete architectural unit; provided that in complying with its obligations hereunder Landlord shall have not be required to expend more than the option within __________ days after Landlord’s receipt net proceeds of the net condemnationcondemnation award which are paid to Landlord.
(d) All compensation awarded or paid to Landlord upon a total or partial taking of the Demised Premises or the Building shall belong to and be the property of Landlord without any participation by Tenant. Nothing herein shall be construed to preclude Tenant from prosecuting any claim directly against the condemning authority for loss of business, for damage to, and cost of removal of, trade fixtures, furniture and other personal property belonging to cancel Tenant, and terminate for the unamortized cost of leasehold improvements to the extent same were installed at Tenant's expense (and not with the proceeds of the Construction Allowance), provided, however, that no such claim shall diminish or adversely affect Landlord's award. In no event shall Tenant have or assert a claim for the value of any unexpired term of this AgreementLease. Subject to the foregoing provisions of this subparagraph (d), Tenant hereby assigns to Landlord any and all of its right, title and interest in or to any compensation awarded or paid as a result of any such taking.
(e) Notwithstanding anything to the contrary contained in this Article 35, if, during the Lease Term, the use or occupancy of any part of the Building or the Demised Premises shall be taken or appropriated temporarily for any public or quasi-public use under any governmental law, ordinance, or regulations, or by right of eminent domain, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent payable hereunder by Tenant during the Lease Term. In the event of any such temporary appropriation or taking, Tenant shall be limited entitled to consequential damages onlyreceive that portion of any award which represents compensation for the loss of use or occupancy of the Demised Premises during the Lease Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration and compensation for the loss of use or occupancy of the Demised Premises after the end of the Lease Term.
Appears in 2 contracts
Samples: Lease Agreement (Indus International), Lease Agreement (TSW International Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. 19.1 If the whole or any substantial part of the Demised Real Property or the Building or the Premises shall be taken acquired or acquired condemned by eminent domain for any public or quasi-public authority under the power use or threat of eminent domainpurpose, for other than a temporary period, the this Lease Term shall cease terminate as of the day possession date of the vesting or acquisition of title in the condemning authority with the same effect as if said date were the Expiration Date.
19.2 If less than the whole but more than 50% of the premises or more than 25% of the Building (even if the Premises are unaffected) or such portion of the Common Facilities as shall render the Premises or the Building untenantable should be so acquired or condemned, Landlord shall have the option to terminate this Lease by notice to Tenant given within 90 days of such taking. If more than 25% of the Premises is taken or if more than 50% of the Building (even if the Premises are unaffected) or such portion of the Common Facilities as shall render the Premises or the Building untenantable should be so acquired or condemned, Tenant shall have the option to terminate this Lease by notice to Landlord given within 90 days of such taking. In the event that a notice of termination is given as hereinabove set forth, this Lease shall terminate as of the date of vesting or acquisition of title in the condemning authority with the same effect as if said date were the Expiration Date. If (i) neither Landlord nor Tenant shall exercise their respective options to terminate this Lease as hereinabove set forth, or (ii) some lesser portion of the Premises or the Building, which does not give rise to a right to terminate pursuant to Section 19.2, should be so acquired or condemned, this Lease shall continue in force and effect but, from and after the date of the vesting of title, the Basic Rent payable hereunder during the unexpired portion of this Lease shall be reduced in proportion to the reduction of the Premises Area so taken and any Additional Rent payable pursuant to Article VI and Article VII shall be adjusted to reflect the diminution of the Premises and/or the Building, as the case may be.
19.3 Following a partial condemnation, and provided this Lease is not terminated as provided in Section 19.2, Landlord shall make all necessary repairs and alterations within the scope of Landlord’s Work necessary to make the Premises an architectural whole, but Landlord shall not be obligated to expend for such repairs any amount in excess of the condemnation proceeds received by Landlord and made available by any Superior Lessor or Superior Mortgagee as a result of such taking or condemnation. Further, Landlord will proceed at the sole cost and expense of Tenant (except to the extent Landlord receives any portion of an award for the taking of Tenant’s improvements) to make all necessary repairs and alterations to Tenant’s Work, and any additional Improvements made by Tenant during the Term necessary to restore the Premises to its condition immediately prior to such taking, to the extent practicable.
19.4 The proceeds of any condemnation award whether for the whole or a part of the Premises, shall be the property of Landlord, whether such award is compensation for damages to Landlord’s or Tenant’s interest in the Premises, and Tenant hereby assigns all of its interest in any such award to Landlord; provided, however, that Landlord shall have no interest in any award made to Tenant for loss of business, relocation expenses, or for the taking of Tenant’s Property if a separate award for such items is made to Tenant.
19.5 If the temporary use or occupancy of all or part of the Premises shall be condemned or taken for any public or quasi-public authorityuse or purpose during the Term, this Lease and the Term shall be and remain unaffected by such condemnation or taking and Tenant shall pay Rent up to that date with an appropriate refund by Landlord continue responsible for all of any rent which may have been paid in advance for any period subsequent its obligations hereunder (except to the date possession is takenextent prevented from so doing by reason of such condemnation or taking) and it shall continue to pay the Rent in full. In the event that during of any temporary condemnation or taking, Tenant shall be entitled to appear, claim, prove and receive the term entire award unless the period of temporary use or occupancy extends beyond the Expiration Date or date of earlier termination of this Agreement Lease, in which event Landlord shall be entitled to appear, claim, prove and receive the Demised Premises, or any part thereof, or more than __________% entire award as represents the cost of restoration of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement Premises and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved balance of any such award shall be apportioned between Landlord and paid in full Tenant as of the Expiration Date or date of earlier termination, At the termination of such occupancy prior to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to the Expiration Date, Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and at its own expense, will restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such condemnation or taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, any lump sum award received by Tenant as compensation for temporary use and occupancy of the Premises shall be delivered to and held by Landlord in trust for the making of rent payments. The rights and interest of Landlord and Tenant to any award received or receivable with respect to a condemnation or taking for temporary use or occupancy shall be in all other respects governed by the applicable provisions of the Superior Lease and the Superior Mortgage and in the event of any conflict between the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions terms of this Section and of the Demised Premises Superior Lease and the Landlord shall have the option within __________ days after Landlord’s receipt Superior Mortgage, those of the net condemnation, to cancel Superior Lease and terminate this Agreement, and Tenant the Superior Mortgage shall be limited to consequential damages onlygovern.
Appears in 2 contracts
Samples: Lease Agreement (Cerecor Inc.), Lease Agreement (Cerecor Inc.)
Eminent Domain. With respect to eminent domain:
A(a) Condemnation of Demised Premises. If the whole or any substantial part of the Demised Premises or the Building shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, then the term of this Lease Term shall cease as on the part so taken on the date possession of the day possession that part shall be taken by required for public use, and any Rent paid in advance of such public or quasi-public authoritydate shall be refunded to Tenant, and Landlord and Tenant shall pay Rent up each have the right to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent terminate this Lease upon written notice to the other, which notice shall be delivered within thirty (30) days following the date possession notice is takenreceived of such taking. In the event that during neither party hereto shall terminate this Lease, Landlord shall, to the term of this Agreement extent the Demised Premises, or any part thereof, or more than __________% proceeds of the Real Property or condemnation award (other than any proceeds awarded for the value of any land taken) are available, make all necessary repairs to the Premises and the Building to render and restore the same to a complete architectural unit and Tenant shall continue in possession of the Common Area is portion of the Premises not taken by condemnation or right under the power of eminent domain, or by private purchase in lieu thereofunder the same terms and conditions as are herein provided, this Agreement except that the Rent reserved herein, Xxxxxx’s Share pursuant to Section 1(j) hereof and the term hereby granted parking spaces pursuant to Section l(o) hereof shall each be terminable at Landlord’s sole option and if Landlord reduced in direct proportion to the amount of the Premises so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenanttaken. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any All damages awarded for such taking shall belong to and this Agreement shall continue be the property of Landlord, whether such damages be awarded as compensation for diminution in full force and effect except that, during such restoration, value of the Base Rent payable pursuant leasehold or to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage fee of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such takingPremises; provided, however, in no event Landlord shall there not be entitled to any abatement portion of the payment award made to Tenant for removal and reinstallation of any Operating Costs, provided further, however, trade fixtures or moving expenses.
(b) In the Landlord’s obligations to restore or rebuild shall be limited to an amount event of a partial taking which does not exceed result in the proceeds obtained from termination of this Lease, Landlord shall promptly commence and diligently prosecute the restoration of the Premises as nearly as practicable to a complete unit of like quality and character as existed just prior to such taking taking. In such event, the Rent shall xxxxx during the period of demolition and restoration to the extent the Premises are unusable, provided that Landlord receives an award therefor.
(less expenses incurred in collecting the same). c) Notwithstanding the foregoingprovisions of Section 15 hereof, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord Tenant shall have the option within __________ days after right to make a claim against the condemning authority (but not Landlord) for compensation for the unamortized cost of Tenant’s receipt improvements, alterations or additions made to the Premises at Tenant’s cost, such amortization to be computed on a straight line basis over the term of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyLease.
Appears in 2 contracts
Samples: Lease Agreement (Rocket Companies, Inc.), Lease Agreement (Rocket Companies, Inc.)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If 12.1 In the whole or any substantial part event all of the Demised Leased Premises shall be taken or acquired appropriated by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant this Lease shall pay Rent up to that date with an appropriate refund by Landlord terminate as of any rent which may have been paid in advance for any period subsequent to the date Lessee shall be deprived of the physical possession is taken. thereof and the rent and obligation to pay rent shall terminate as of the same date.
12.2 In the event that during less than the term of this Agreement the Demised Premiseswhole, or any part thereof, or more than __________% but such portion of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession Leased Premises shall be taken or appropriated so as to render the use of the Leased Premises unsuitable for Lessee’s needs, as solely determined by Lessee, then in such event, Lessee shall have the condemnor option to terminate this Lease as of the date Lessee shall be dispossessed from the part so taken or appropriated, by giving notice to Lessor of such election to terminate not later than thirty (30) days from date of such dispossession and the Base Rent herein reserved Lessee’s obligation to pay rent shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. terminate as of the same date.
12.3 In the event Landlord does of a taking or appropriation of any portion of the Leased Premises, if this Lease shall not elect be terminated as hereinabove provided, this Lease shall continue as to cancel that portion of the Leased Premises which shall not have been appropriated or terminate this Agreement as provided abovetaken, then Landlord shall rebuild and Lessor shall, promptly and with due diligence, restore the Demised remainder of the Leased Premises as nearly as possible practicable to their condition immediately a complete unit of like quality and character as existed just prior to any such taking and this Agreement shall continue in full force and effect except thatappropriation. The rent shall, during such restoration, commencing with the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage date Lessee has been dispossessed of the part appropriated portion of the Demised Leased Premises, be reduced by an amount, mutually agreed upon by the parties, which bears the same ratio to Lessee’s rent prior to such appropriation as the appropriated portion of the Leased Premises so taken bears to the total square footage Leased Premises. If Lessor reconstructs the building or other improvements to their original size and character, the rent shall be reinstated upon completion of the Demised construction and Lessee’s commencing to use the Leased Premises immediately prior as reconstructed, provided that an equitable adjustment is made to such taking; provided, however, in no event shall there be any abatement reflect the loss of the payment land taken in said appropriation.
12.4 Nothing herein contained shall deprive Lessee of its right to damages in any Operating Costscondemnation proceeding for the value of its leasehold, provided furtherfixtures or equipment, howeveror any other proper claim, the Landlord’s obligations to restore including but not limited to, removal or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyrelocation expenses.
Appears in 2 contracts
Samples: Lease Agreement With Option to Purchase, Lease Agreement With Option to Purchase (Cabelas Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. 9.01 Effect on Lease --------------- If the whole Premises or any substantial part of the Demised Premises shall be portion thereof are taken or acquired damaged, including severance damage, under the power of eminent domain or by inverse condemnation or for any public or quasi-public authority under the power use, or threat voluntarily conveyed or transferred in lieu of an exercise of eminent domaindomain or while condemnation proceedings are pending (all of which are herein called "condemnation"), for other than a temporary period, this Lease shall terminate as to the Lease Term shall cease part so taken as of the day date the condemning authority takes title or possession, whichever first occurs. If so much of the Premises is taken by condemnation that the remainder is unsuitable for Tenant's continued occupancy for the uses and purposes for which the Premises are 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 title or possession, whichever first occurs), to terminate this Lease as of the later of the date the condemning authority takes such title or possession (whichever first occurs) or the date Tenant vacates the Premises; provided, however, that if Landlord disagrees with Tenant's determination that the portion of the Premises remaining after condemnation is unsuitable for Tenant's occupancy, such controversy shall be taken settled by such public or quasi-public authorityarbitration in Los Angeles, and Tenant shall pay Rent up to that date California in accordance with an appropriate refund by Landlord the commercial arbitration rules of any rent which may have been paid the American Arbitration Association then in advance for any period subsequent to the date possession is takeneffect. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more less than __________% all of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession Premises shall be taken by the condemnor condemnation and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord Tenant does not elect to cancel or terminate this Agreement as provided aboveLease in accordance with the foregoing, then Landlord this Lease shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue remain in full force and effect except that, during such restoration, the Base Rent payable pursuant as to the terms portion of this Agreement the Premises remaining, except that the Monthly Rent and applicable Additional Rent shall be equitably apportioned reduced in the proportion same ratio that the square footage floor area of the part portion of the Demised Premises so taken by such condemnation bears to the total square footage floor area of the Demised Premises immediately prior to before such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages only.
Appears in 2 contracts
Samples: Lease (Hollywood Park Operating Co), Lease Agreement (Pinnacle Entertainment Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If In the event the whole or any substantial part of the Demised Premises Premises, the Building or the Project shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than or sold to prevent the exercise thereof (collectively, a temporary period“Taking”), the this Lease Term shall cease automatically terminate as of the day possession date of such Taking. In the event a Taking of a portion of the Project, the Building or the Premises shall, in the reasonable opinion of Landlord, substantially interfere with Landlord’s operation thereof, Landlord may terminate this Lease upon thirty (30) days’ written notice to Tenant given at any time within sixty (60) days following the date of such Taking. For purposes of this Lease, the date of Taking shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord the earlier of any rent which may have been paid in advance for any period subsequent to the date of transfer of title resulting from such Taking or the date of transfer of possession is takenresulting from such Taking. In the event that during a portion of the term Premises is so taken and this Lease is not terminated, Landlord shall, to the extent of this Agreement proceeds paid to Landlord as a result of the Demised PremisesTaking, with reasonable diligence, use commercially reasonable efforts to proceed to restore (to the extent permitted by Law and covenants, conditions and restrictions then applicable to the Project) the Premises (other than Tenant’s personal property and fixtures, and above-standard tenant improvements) to a complete, functioning unit. In such case, the Basic Annual Rent shall be reduced proportionately based on the portion of the Premises so taken. If all or any part thereof, or more than __________% portion of the Real Property or Premises is the subject of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereofa temporary Taking, this Agreement and the term hereby granted Lease shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue remain in full force and effect except thatand Tenant shall continue to perform each of its obligations under this Lease; in such case, during such restoration, Tenant shall be entitled to receive the Base Rent payable pursuant entire award allocable to the terms temporary Taking of this Agreement the Premises. Except as provided herein, Tenant shall not assert any claim against Landlord or the condemning authority for, and hereby assigns to Landlord, any compensation in connection with any such Taking, and Landlord shall be equitably apportioned in entitled to receive the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment entire amount of any Operating Costsaward therefor, provided further, however, the Landlord’s obligations to restore without deduction for any estate or rebuild interest of Tenant. Nothing contained in this Paragraph 10 shall be limited deemed to an amount which does not exceed give Landlord any interest in, or prevent Tenant from seeking any award against the proceeds obtained condemning authority for the Taking of personal property, fixtures, above standard tenant improvements of Tenant or for relocation or moving expenses recoverable by Tenant from such taking (less expenses incurred in collecting the same)condemning authority. Notwithstanding the foregoing, This Paragraph 10 shall be Tenant’s sole and exclusive remedy in the event of a Taking. This Lease sets forth the net condemnation award received by Landlord is insufficient terms and conditions upon which this Lease may terminate in the event of a Taking. Accordingly, the parties waive any statutes permitting the parties to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyLease as a result of a Taking.
Appears in 2 contracts
Samples: Office Lease (Health Catalyst, Inc.), Office Lease (Health Catalyst, Inc.)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If the whole or any substantial part of the Demised Premises demised premises shall be taken acquired or acquired condemned by Eminent Domain for any public or quasi-quasi public authority under the power use or threat of eminent domainpurpose, for other than a temporary periodthen and in that event, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement lease shall cease and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on terminate from the date when possession of title vesting in such proceeding and Tenant shall be taken by have no claim for the condemnor value of any unexpired term of said lease. Tenant shall have the right to make an independent claim to the condemning authority for the value of Tenant’s moving expenses and the Base Rent herein reserved shall be apportioned personal property, trade fixtures and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as equipment, provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable Tenant is entitled pursuant to the terms of the lease to remove such property, trade fixtures and equipment at the end of the term, and provided further such claim does not reduce Owner’s award. Assignment, Mortgage, Etc.: 11. Tenant, for itself, its heirs, distributees, executors, administrators, legal representatives, successors and assigns, expressly covenants that it shall not assign, mortgage or encumber this Agreement agreement, nor underlet, or suffer or permit the demised premises or any part thereof to be used by others, without the prior written consent of Owner in each instance. Transfer of the majority of the stock of a corporate Tenant or the majority interest in any partnership or other legal entity which is Tenant shall be equitably apportioned in deemed an assignment. If this lease be assigned, or if the proportion that demised premises or any part thereof be underlet or occupied by anybody other than Tenant, Owner may, after default by Tenant, collect rent from the square footage assignee, undertenant or occupant, and apply the net amount collected to the rent herein reserved, but no such assignment, underletting occupancy or collection shall be deemed a waiver of this covenant, or the acceptance of the assignee, undertenant or occupant as tenant, or a release of Tenant from the further performance by Tenant of covenants on the part of Tenant herein contained .The consent by Owner to an assignment or underletting shall not in any way be construed to relieve Tenant from obtaining the Demised Premises so taken bears express consent in writing of Owner to any further assignment or underletting. Electric Current: 12. Rates and conditions in respect to submetering or rent inclusion, as the case may be, to be added in RIDER attached hereto. Tenant covenants and agrees that at all times its use of electric current shall not exceed the capacity of existing feeders to the total square footage building or the risers or wiring installation, and Tenant may not use any electrical equipment which, in Owner’s opinion, reasonably exercised, will overload such installations or interfere with the use thereof by other tenants of the Demised Premises immediately prior building. The change at any time of the character of electric service shall in no way make Owner liable or responsible to Tenant, for any loss, damages or expenses which Tenant may sustain. Access to Premises: 13. Owner or Owner’s agents shall have the right (but shall not be obligated) to enter the demised premises in any emergency at any time, and, at other reasonable times, to examine the same and to make such taking; repairs, replacements and improvements as Owner may deem necessary and reasonably desirable to any portion of the building, or which Owner may elect to perform in the demised premises after Tenant’s failure to make repairs, or perform any work which Tenant is obligated to perform under this lease, or for the purpose of complying with laws, regulations and other directions of governmental authorities. Tenant shall permit Owner to use, maintain and replace pipes, ducts, and conduits in and through the demised premises, and to erect new pipes, and conduits therein provided, howeverwherever possible, that they are within walls or otherwise concealed. Owner may, during the progress of any work in no event the demised premises, take all necessary materials and equipment into said premises without the same constituting an eviction, nor shall there Tenant be entitled to any abatement of rent while such work is in progress, nor to any damages by reason of loss or interruption of business or otherwise. Throughout the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord term hereof Owner shall have the option within __________ days after Landlord’s receipt right to enter the demised premises at reasonable hours for the purpose of showing the same to prospective purchasers or mortgagees of the net condemnation, building and during the last six (6) months of the term for the purpose of showing the same to cancel and terminate this Agreementprospective tenants, and may, during said six (6) months period, place upon the demised premises the usual notices “To Let” and “For Sale” which notices Tenant shall permit to remain thereon without molestation. lf Tenant is not present to open and permit an entry into the demised premises, Owner or Owner’s agents may enter the same whenever such entry may be limited necessary or permissible by master key or forcibly, and provided reasonable care is exercised to consequential damages onlysafeguard Tenant’s property, such entry shall not render Owner or its agents liable therefore, nor in any event shall the obligations of Tenant hereunder be affected. If during the last month of the term Tenant shall have removed all or substantially all of Tenant’s property therefrom, Owner may immediately enter, alter, renovate or redecorate the demised premises without limitation or abatement of rent or incurring liability to Tenant for any compensation, and such act shall have no effect on this lease or Tenant’s obligation hereunder.
Appears in 2 contracts
Samples: Lease Agreement (Zentalis Pharmaceuticals, Inc.), Lease Agreement (Zentalis Pharmaceuticals, LLC)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If In the event the whole or any substantial part of the Demised Premises Premises, the Building or the Project shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than or sold to prevent the exercise thereof (collectively, a temporary period“Taking”), the this Lease Term shall cease automatically terminate as of the day possession date of such Taking. In the event a Taking of a portion of the Project, the Building or the Premises shall, in the reasonable opinion of Landlord, substantially interfere with Landlord’s operation thereof, Landlord may terminate this Lease upon thirty (30) days’ written notice to Tenant given at any time within sixty (60) days following the date of such Taking. For purposes of this Lease, the date of Taking shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord the earlier of any rent which may have been paid in advance for any period subsequent to the date of transfer of title resulting from such Taking or the date of transfer of possession is takenresulting from such Taking. In the event that during a portion of the term Premises is so taken and this Lease is not terminated, Landlord shall, to the extent of this Agreement proceeds paid to Landlord as a result of the Demised PremisesTaking, with reasonable diligence, use commercially reasonable efforts to proceed to restore (to the extent permitted by Law and covenants, conditions and restrictions then applicable to the Project) the Premises (other than Tenant’s personal property and fixtures, and above-standard tenant improvements) to a complete, functioning unit. In such case, the Basic Annual Rent shall be reduced proportionately based on the portion of the Premises so taken. If all or any part thereof, or more than __________% portion of the Real Property or Premises is the subject of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereofa temporary Taking, this Agreement and the term hereby granted Lease shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue remain in full force and effect except thatand Tenant shall continue to perform each of its obligations under this Lease; in such case, during such restoration, Tenant shall be entitled to receive the Base Rent payable pursuant entire award allocable to the terms temporary Taking of this Agreement the Premises. Except as provided herein, Tenant shall not assert any claim against Landlord or the condemning authority for, and hereby assigns to Landlord, any compensation in connection with any such Taking, and Landlord shall be equitably apportioned in entitled to receive the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment entire amount of any Operating Costsaward therefor, provided further, however, the Landlord’s obligations to restore without deduction for any estate or rebuild interest of Tenant. Nothing contained in this Paragraph 10 shall be limited deemed to an amount which does not exceed give Landlord any interest in, or prevent Tenant from seeking any award against the proceeds obtained condemning authority for the Taking of personal property, fixtures, above standard tenant improvements of Tenant or for relocation or moving expenses recoverable by Tenant from such taking (less expenses incurred in collecting the same)condemning authority. Notwithstanding the foregoing, This Paragraph 10 shall be Tenant’s sole and exclusive remedy in the event of a Taking. This Lease sets forth the net condemnation award received by Landlord is insufficient to restore or rebuild terms and conditions upon which this Lease may terminate in the structural portions event of a Taking. Accordingly, the parties waive the provisions of the Demised Premises California Code of Civil Procedure Section 1265.130 and any successor or similar statutes permitting the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, parties to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyLease as a result of a Taking.
Appears in 2 contracts
Samples: Office Lease (Inuvo, Inc.), Office Lease (Xencor Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If the whole or any substantial part of the Demised Premises or the Building (or any portion of the Building, the loss of which would require reconfiguration or restoration of the Building which Landlord reasonably estimates will cost in excess of 25% of the current replacement cost of the Building) shall be taken or acquired condemned by any competent authority for any public or quasi-public authority under use or purpose, Landlord or Tenant shall have the power or threat of eminent domainright, for other than a temporary periodexercisable at its sole direction, to cancel the Lease Term upon not less than sixty (60) days’ notice prior to the date of cancellation designated in the notice. No money or other consideration shall cease be payable by Landlord to Tenant for the right of cancellation and Tenant shall have no right to share in the condemnation award or in any judgment for damages caused by such taking or condemnation (except for Tenant’s relocation expenses and any unamortized costs of tenant improvements that have been paid for by Tenant, in each instance specifically so designated by the court or authority having jurisdiction over the matter). If any such taking (i) renders 25% or more of the Building untenantable (or prohibits reasonable access to the Building or renders the parking at the Demised Premises non-compliant with applicable zoning laws) or (ii) renders general Building systems inoperable and such systems cannot be repaired in Landlord’s reasonable estimate within six (6) months from the date of such taking or (iii) occurs within the last year of the Term, Landlord or Tenant shall have the right to terminate this Lease as of the day possession date of such taking upon written notice given to the other at any time within one hundred twenty (120) days after the date of such taking. If this Lease is not terminated and canceled because of any such taking or appropriation, Landlord shall be taken with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by Force Majeure, restore (to the extent insurance proceeds are available therefor) the Demised Premises and/or access to a condition as nearly comparable as practicable to the condition existing just before such public taking or quasi-public authorityappropriation within six (6) months after such taking. Landlord shall have no liability to Tenant, and Tenant shall pay Rent up not be entitled to that date with an appropriate refund terminate this Lease, by Landlord virtue of any rent delays in completion of such repairs and restoration unless such repairs are not completed within such six (6) month period, in which may event Tenant shall have been paid in advance the right to terminate the Lease if such repairs are not completed within such six (6) period, subject to extension for any Force Majeure, by notice given within 30 days after such repair period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premisesexpires, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted which notice shall be terminable at deemed withdrawn if the restoration is completed within 30 days after such notice is delivered to Landlord’s sole option . Fixed Rent and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Additional Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural xxxxx on those portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt as are, from time to time, untenantable and, in fact, unoccupied by Tenant as a result of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlysuch taking.
Appears in 2 contracts
Eminent Domain. With (a) If the fee of the entire Demised Premises and the land underlying the same is condemned or appropriated by any apparent competent authority, then and in that event the term of this lease shall cease and terminate on the date possession is given to the condemning authority unless an earlier date is set by Landlord. If the fee of a substantial part but less than all of the Demised Premises and the land underlying the same is so condemned or appropriated and if the remainder of the Demised Premises can reasonably be used for substantially the same purposes and in substantially the same manner, except for the amount of floor space, as the Demised Premises prior to such condemnation or appropriation, then this lease shall continue in full force without change, with respect to eminent domain:
A) Condemnation the remaining portion of the Demised Premises, except that the fixed minimum rent shall be equitably adjusted. The foregoing not withstanding the Landlord at its option may notify Tenant of its desire to terminate this lease, such termination to be effective on date set by Landlord. If this lease shall so continue, the Landlord shall, at its own cost and expense, with reasonable promptness, repair and/or rebuild the remaining portion of the Demised Premises. Provided, however, that the Landlord shall in no event be required to expend for such work an amount in excess of the amount of money received by said Landlord for the taking of the portion of the Demised Premises condemned. The amount of money received by Landlord shall mean that part of the award in condemnation which is free and clear to Landlord of any demand by mortgagee, mortgagees or other secured parties for the value of the diminished fee. If, during the performance of any such work, the business of the Tenant is substantially interrupted, the fixed minimum rent shall be equitably adjusted until such work is completed. If the whole or any substantial part of the Demised Premises shall not condemned cannot be taken or acquired by any public or quasi-public authority under used for substantially the power or threat same purposes and in substantially the same manner, except for the amount of eminent domainspace, for other than a temporary periodas the Demised Premises prior to such condemnation, the Lease Term Landlord and the Tenant shall cease as each have the option to terminate this lease by written notice to the other within ninety (90) days after the date of taking. If any such notice be given, the lease shall terminate at the end of the month in which occurs the 30th day possession shall after the giving of such notice. The foregoing notwithstanding the Landlord, at its option, may notify Tenant of its desire to terminate this lease, such termination to be taken effective on date set by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. Landlord.
(b) In the event that during of any condemnation or taking as aforesaid, whether whole or partial, the term Tenant shall not be entitled to any part of this Agreement the Demised Premisesaward paid for such condemnation and Landlord is to receive the full amount of such award, the Tenant hereby expressly waiving the right or claim to any part thereof; provided, however, Tenant shall have the right to claim and recover from the condemning authority, but not from Landlord, such compensation as may be separately awarded or more than __________% recoverable by Tenant in Tenant's business by reason of the Real Property condemnation and for or on account of any cost or loss to which Tenant might be put in the Common Area is taken by condemnation loss or right removal of eminent domainTenant's merchandise, or by private purchase furniture, fixtures and such leasehold improvements and equipment to which title has not vested in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement lease.
(c) In the event of any termination of the lease under this provision, the fixed minimum rental and the minimum gross sales base for percentage rent purposes shall be equitably apportioned in pro- rated to the proportion that the square footage date of the part vacation of the Demised Premises so taken bears Premises.
(d) Tenant agrees to promptly execute any and all instruments as may be required to effectuate the total square footage provisions of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlysection.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Eminent Domain. With respect to eminent domain:
A(a) Condemnation of Demised Premises. If the whole Premises or any substantial part thereof (defined as 75% or more of the Demised Premises Premises) or a substantial part (defined as 75% or more of the parking area) of the parking area serving the Building shall be taken by any competent authority under the power of eminent domain or be acquired by for any public or quasi-public authority under use or purpose (“Taking”) or access to the power Building from the right-of-way is terminated as a result of a Taking and Landlord is unable to provide alternate parking facilities or threat alternate access, which is reasonably acceptable to Tenant, then the Term of eminent domain, for other than a temporary period, the this Lease Term shall cease as and terminate upon the date when the possession of said Premises or the part thereof so taken shall be required for such use or purpose (“Vesting Date”) or the date that Landlord determines that alternate parking or access is not available, and without apportionment of the day possession shall be taken by such public or quasi-public authorityaward, and Tenant shall pay Rent up to that date with an appropriate refund by have no claim against Landlord for the value of any rent which may unexpired Term of this Lease. If the grade of any street or alley adjacent to the Building is changed by any competent authority and such change of grade makes it necessary or desirable to make material modifications to the Building to conform to the changed grade, each party shall have been paid in advance for any period subsequent the right to cancel this Lease after having given written notice of cancellation to the other party not less than ninety (90) days prior to the date possession is takenof cancellation designated in the notice. In the event that during less than a substantial part of the term Premises is taken but in Tenant’s reasonable opinion it is unable to continue to operate its business in the manner as originally contemplated hereunder notwithstanding its good faith diligent efforts to consolidate its business into the remaining portion of the Premises, then so long as Tenant is then directly leasing the entire Premises and has not subleased any portion thereof other than to a Permitted User, then Tenant can terminate this Lease as of the Vesting Date with prior written notice to Landlord given not less than ninety (90) days prior to the date of cancellation designated in the notice. In addition, in the event the condemnation proceeds or award received by Landlord are not sufficient to restore the remaining portion of the Premises to a complete architectural unit, in Landlord’s and Tenant’s reasonable opinion, or if Landlord’s mortgagee requires the condemnation proceeds or award to be used to pay its debt, and in either event Landlord elects not to fund the deficiency, then either party can terminate this Lease with prior written notice given to the other party not less than ninety (90) days prior to the date of cancellation designated in the notice. If Landlord and Tenant cannot agree as to whether the proceeds or award are sufficient to restore the Premises, then such determination shall be made by an independent general contractor commissioned by and paid for by Landlord and Tenant.
(b) In the event of any termination of this Agreement Lease exercised under subsection (a) above, Rent at the Demised then current rate shall be apportioned as of the date of the termination. To the extent this Lease is not terminated, Landlord shall promptly upon receipt of the condemnation proceeds, and to the extent Landlord’s lender does not require such proceeds to be used to satisfy its debt, restore the unaffected portion of the Premises to a complete architectural unit. All repairs, reconstruction and work required to be performed by Landlord hereunder shall be performed promptly, with due diligence, and in a first class and workmanlike manner. In no event shall Landlord be required to repair or replace Tenant’s merchandise, trade fixtures, furnishings, equipment, or other items of personal property of Tenant.
(c) In the event of a Taking of less than substantially all of the Premises, then this Lease shall terminate with respect to the portion so taken on the Vesting Date, and the Base Rent and Additional Rent payable hereunder shall be fairly and equitably reduced.
(d) All compensation awarded or paid in respect of a total or partial taking of the Premises, or any part thereof, shall belong to and be the property of Landlord except that nothing herein shall be construed to preclude Tenant from participating in the proceeding or more than __________% of prosecuting any claim directly against the Real Property condemning authority in such condemnation proceeding for moving expenses, any fixtures or of the Common Area is taken equipment owned by condemnation or right of eminent domainTenant, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlordunamortized cost of Tenant’s sole option betterments and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken improvements paid for by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages only.
Appears in 2 contracts
Samples: Standard Industrial Lease Agreement, Standard Industrial Lease (Wells Real Estate Investment Trust Ii Inc)
Eminent Domain. With respect to eminent domain:
A(a) Condemnation of Demised Premises. If In the whole event the entire premises or any substantial part of the Demised Premises thereof shall be taken or acquired by condemned either permanently or temporarily for any public or quasi-public use or purpose by any competent authority under the power in appropriation proceedings or threat by any right of eminent domain, the entire compensation or award therefore, including leasehold, reversion and fee, shall belong to the Landlord and Tenant hereby assigns to Landlord all of Tenant's right, title and interest in and to such award.
(b) In the event that only a portion of the Premises, not exceeding twenty percent (20%) of same, shall be so taken or condemned, and the portion of the Premises not taken can be repaired within ninety (90) days from the date of which possession is taken for other than a temporary periodthe public use so as to be commercially fit for the operation of Tenant's business, the Lease Term Landlord at its own expense shall cease as so repair the portion of the day Premises not taken and there shall be an equitable abatement of rent for the remainder of the term and/or extended terms. The entire award paid on account thereof shall be paid to the Landlord. If the portion of the Premises not taken cannot be repaired within ninety (90) days from the date of which possession is taken so as to be commercially fit for the operation of Tenant's business, then this Lease shall terminate and become null and void from the time possession of the portion taken is required for public use, and from that date on the parties hereto shall be released from all further obligations hereunder except as herein stated and Tenant shall have no claim for any compensation on account of its leasehold interest. No other taking, appropriation or condemnation shall cause this Lease to be terminated. Any such appropriation or condemnation proceedings shall not operate as or be deemed an eviction of Tenant or a breach of Landlord's covenant of quiet enjoyment and Tenant shall have no claim for any compensation on account of its leasehold interest.
(c) In the event that more than twenty percent (20%) of the Premises shall at any time be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, use or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of condemned under eminent domain, then at the option of the Landlord or by private purchase in lieu thereofTenant upon the giving of thirty (30) days written notice (after such taking or condemnation), this Agreement Lease shall terminate and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on as of the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any of such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement any prepaid rental shall be equitably apportioned in the proportion that the square footage prorated as of the part effective date of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlytermination.
Appears in 2 contracts
Samples: Lease (Retail Ventures Inc), Lease (DSW Inc.)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If the whole all or any substantial part (such that the Leased Premises will be commercially impracticable for Tenant's Permitted Use) of the Demised Premises Building or Common Areas shall be taken or acquired by any public or quasi-public authority under the power or threat exercise of eminent domain, Landlord may terminate this Lease by giving written notice to Tenant on or before the date possession thereof is so taken; provided, however Landlord shall use good faith efforts to notify Tenant of any such anticipated termination in advance of the effective date thereof. If all or any part of the Leased Premises shall be acquired by the exercise of eminent domain so that the Leased Premises shall become commercially impracticable for other than a temporary periodTenant to use for Tenant's Permitted Use, the Tenant may terminate this Lease Term shall cease by giving written notice to Landlord as of the day date possession thereof is so taken. All damages awarded shall belong to Landlord; provided, however, that notwithstanding the foregoing, nothing contained herein shall prevent Tenant from seeking in a separate action reimbursement from the condemning authority (if permitted by law) for moving expenses, business interruption, expenses for removal of Tenant's personal property, loss of Tenant's business good will, or for the value of the leasehold estate, but if and only if such action shall not reduce the amount of the award or other compensation otherwise recoverable from the condemning authority by Landlord or any mortgagees. Provided that if Landlord is alleging that Tenant's award shall or has reduced Landlord's award, Landlord shall provide Tenant with reasonable documentation that Tenant's award shall or has reduced Landlord's award. If the Lease is not terminated pursuant to this Article 10, Monthly Rental Installments and Additional Rent shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord reduced as of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage area of the part of the Demised Leased Premises or Common Areas so taken bears to the total square footage area of the Demised Leased Premises immediately prior to such taking; providedor, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, howeveras applicable, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyCommon Areas.
Appears in 2 contracts
Samples: Office Lease (Tekelec), Office Lease (Tekelec)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If the whole Premises or any substantial part of portion thereof or the Demised Premises shall be Project are taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary periodor sold under the threat of the exercise of said power, this Lease shall terminate as to the Lease Term shall cease part so taken as of the day possession shall be date the condemning authority takes title or possession, whichever first occurs; provided that if so much of the Premises or the Project are taken by such public condemnation as would substantially and adversely affect the operation and profitability of Tenant's business conducted from the Premises, Tenant shall have the option, to be exercised only in writing within thirty (30) days after Landlord shall have given Tenant written notice of such taking (or quasi-public in the absence of such notice, within thirty (30) days after the condemning authority shall have taken possession), to terminate this Lease as of the date the condemning authority takes such possession. If Tenant does not terminate this Lease in accordance with the foregoing, this Lease shall remain in full force and effect as to the portion of the Premises remaining, except that the rent and Tenant's share of Operating Expenses shall be reduced in the proportion that the floor area of the Premises taken bears to the total floor area of the Premises. Common Areas taken shall be excluded from the Common Areas usable by Tenant and no reduction of rent shall occur with respect thereto or by reason thereof. Landlord shall have the option in its sole discretion to terminate this Lease as of the taking of possession by the condemning authority, and by giving written notice to Tenant of such election within thirty (30) days after receipt of notice of taking by condemnation of any part of the Premises or the Project. Any award for the taking of all or any part of the Premises or the Project under the power of eminent domain or any payment made under threat of the exercise of such power shall be the property of Landlord, whether such award shall be made as compensation for diminution in value of the leasehold or for the taking of the fee, or as severance damages; provided, however, that Tenant shall pay Rent up be entitled to that date with an appropriate refund by Landlord any separate award for loss of any rent which may have been paid in advance or damage to Tenant's trade fixtures, removable personal property or for any period subsequent to the date possession is takendamages for cessation or interruption of Tenant's business. In the event that during the term this Lease is not terminated by reason of this Agreement the Demised Premisessuch condemnation, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms extent of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award severance damages received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net in connection with such condemnation, repair any damage to cancel and terminate this Agreement, and the Premises caused by such condemnation except to the extent that Tenant has been reimbursed therefor by the condemning authority. Tenant shall be limited pay any amount in excess of such severance damages required to consequential damages onlycomplete such repair.
Appears in 2 contracts
Samples: Office Lease Agreement (Maxim Pharmaceuticals Inc), Office Building Lease (Maxim Pharmaceuticals Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If the whole all or any substantial part (such that the Leased Premises will be commercially impracticable for Tenant’s Permitted Use) of the Demised Premises Building or Common Areas shall be taken or acquired by any public or quasi-public authority under the power or threat exercise of eminent domain, Landlord may terminate this Lease by giving written notice to Tenant on or before the date possession thereof is so taken; provided, however Landlord shall use good faith efforts to notify Tenant of any such anticipated termination in advance of the effective date thereof. If all or any part of the Leased Premises shall be acquired by the exercise of eminent domain so that the Leased Premises shall become commercially impracticable for other than a temporary periodTenant to use for Tenant's Permitted Use, the Tenant may terminate this Lease Term shall cease by giving written notice to Landlord as of the day date possession thereof is so taken. All damages awarded shall belong to Landlord; provided, however, that notwithstanding the foregoing, nothing contained herein shall prevent Tenant from seeking in a separate action reimbursement from the condemning authority (if permitted by law) for moving expenses, business interruption, expenses for removal of Tenant's personal property, loss of Tenant's business good will, or for the value of the leasehold estate, but if and only if such action shall not reduce the amount of the award or other compensation otherwise recoverable from the condemning authority by Landlord or any mortgagees. Provided that if Landlord is alleging that Tenant's award shall or has reduced Landlord's award, Landlord shall provide Tenant with reasonable documentation that Tenant's award shall or has reduced Landlord's award. If the Lease is not terminated pursuant to this Article 10, Monthly Rental Installments and Additional Rent shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord reduced as of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage area of the part of the Demised Leased Premises or Common Areas so taken bears to the total square footage area of the Demised Leased Premises immediately prior to such taking; providedor, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, howeveras applicable, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyCommon Areas.
Appears in 2 contracts
Samples: Office Lease, Office Lease
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If the whole all or any substantial part of the Demised Premises shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domaindomain or conveyance in lieu thereof, this Lease shall terminate as to any portion of the Premises so taken or conveyed on the date when title vests in the condemnor, and Landlord shall be entitled to any and all payment, income, rent, award, or any interest therein whatsoever which may be paid or made in connection with such taking or conveyance, and Tenant shall have no claim against Landlord or otherwise for other than a temporary periodthe value of any unexpired Term of this Lease. Notwithstanding the foregoing sentence, any compensation specifically awarded Tenant for loss of business, Tenant’s then unamortized share of the cost of the Tenant Improvements paid for by Tenant, Tenant’s personal property, moving costs or loss of goodwill, shall be and remain the property of Tenant. If any action or proceeding is commenced for such taking of the Premises or any material part thereof, or if Landlord is advised in writing by any entity or body having the right or power of condemnation of its authorized election to condemn the Premises or any material part thereof, then Landlord shall have the right to terminate this Lease Term by giving Tenant written notice thereof within sixty (60) days of the date of receipt of said written advice, or commencement of said action or proceeding, or taking conveyance, which termination shall cease take place as of the first to occur of the last day possession of the calendar month next following the month in which such notice is given or the date on which title to the Premises shall vest in the condemnor. In the event of a partial taking or conveyance of the Premises, if the portion of the Premises taken or conveyed is so substantial that the Tenant can no longer reasonably conduct its business, Tenant shall have the privilege of terminating this Lease within ten (10) days from the date of such taking or conveyance, upon written notice to the Landlord of its intention so to do, and upon giving of such notice this Lease shall terminate on the earlier of the date by which Tenant was no longer able to reasonably conduct its business provided the entity taking the Premises pays to Landlord the difference in Rent that would otherwise be taken by due Landlord for the period prior to the expiration of the thirty (30) days from the date of taking, or that date which is thirty (30) days from the date of such public or quasi-public authoritynotice , and Tenant shall pay Rent up to that from the date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent such taking or conveyance to the date possession is takenof Lease termination. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% If a portion of the Real Property or of the Common Area is Premises be taken by condemnation or right of eminent domain, or by private purchase conveyance in lieu thereofthereof and neither Landlord nor Tenant shall terminate this Lease as provided herein, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement Lease shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant as to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises not so taken or conveyed, and the Rent herein shall be apportioned as of the date of such taking or conveyance so that thereafter the Rent to be paid by Tenant shall be in the ratio that the area of the portion of the Premises not so taken or conveyed bears to the total square footage area of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages only.
Appears in 2 contracts
Samples: Lease Agreement (Genitope Corp), Lease Agreement (Genitope Corp)
Eminent Domain. With In the event of any eminent domain or condemnation proceeding, or private sale in lieu thereof, in respect to eminent domainthe Property during the Term thereof, the following provisions shall apply:
A) Condemnation of Demised Premises. a. If the whole or any substantial part of the Demised Premises Property shall be taken acquired or acquired condemned by eminent domain for any public or quasi-public authority under use or purpose, then the power or threat Term of eminent domain, for other than a temporary period, the this Lease Term Agreement shall cease and terminate as of the day date possession shall be taken by in such public or quasi-public authority, proceeding and Tenant all rentals shall pay Rent be paid up to that date with an appropriate refund by Landlord date.
b. If any part constituting less than the whole of any rent which may have been paid the Property shall be acquired or condemned as aforesaid, and in advance for any period subsequent to the date possession is taken. In the event that during such partial taking or condemnation shall materially affect the term Premises so as to render the Premises unsuitable for the business of Tenant, in the reasonable opinion of Landlord, then the Term of this Lease Agreement the Demised Premises, or any part thereof, or more than __________% shall cease and terminate as of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor condemning authority and the Base Rent herein reserved rent shall be apportioned and paid in full to that the date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenantof such termination. In the event Landlord does of a partial taking or condemnation of the Property which shall not elect materially affect the Premises so as to cancel or terminate render the Premises unsuitable for the business of Tenant, in the reasonable opinion of Landlord, this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease Agreement shall continue in full force and effect but with a proportionate abatement of the Base Rent and Additional Rent based on the portion, if any, of the Premises taken. Landlord reserves the right, at its option, to restore the Building and the Premises to substantially the same condition as they were prior to such condemnation. In such event, Landlord shall give written notice to Tenant, within thirty (30) days following the date possession shall be taken by the condemning authority, of Landlord’s intention to restore. Upon Landlord’s notice of election to restore, Landlord shall commence restoration and shall restore the Building and the Premises with reasonable promptness, subject to delays beyond Landlord’s control and delays in the making of condemnation or sale proceeds adjustment by Landlord; and Tenant shall have no right to terminate this Lease Agreement except that, during as herein provided. Upon completion of such restoration, the Base Rent payable pursuant to the terms of this Agreement rent shall be equitably apportioned in adjusted based upon the proportion that the square footage portion, if any, of the Premises restored.
c. In the event of any condemnation or taking as aforesaid, whether whole or partial, Tenant shall not be entitled to any part of the Demised Premises so taken bears award paid for such condemnation and Landlord is to receive the total square footage full amount of the Demised Premises immediately prior such award, Tenant hereby expressly waiving any right to such takingclaim to any part thereof; provided, however, that nothing contained herein shall be deemed to give Landlord any interest in no event shall there be or require Tenant to assign to Landlord any abatement of the payment of any Operating Costs, provided further, howeverseparate award made to Tenant for its relocation expenses, the Landlordtaking of personal property and fixtures belonging to Tenant, the unamortized value of improvements made or paid for by Tenant, or the interruption of or damage to Tenant’s obligations business. Tenant agrees that any claims made by Tenant for condemnation awards shall not in any way diminish the award due to restore or rebuild shall be limited to an amount which does not exceed Landlord for its interest in the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, Premises.
d. Although all damages in the event the net of any condemnation award received by shall belong to Landlord is insufficient to restore or rebuild the structural portions whether such damages are awarded as compensation for diminution in value of the Demised Premises leasehold or to the Landlord fee of the Premises, Tenant shall have the option within __________ days after right to claim and recover from the condemning authority, but not from Landlord, such compensation as may be separately awarded or recoverable by Tenant in Tenant’s receipt own right on account of any and all damage to Tenant’s business by reason of the net condemnationcondemnation and for or on account of any cost or loss to which Tenant might be put in removing Tenant’s merchandise, to cancel furniture, fixtures, leasehold improvements and terminate this equipment. However, Tenant shall have no claim against Landlord or make any claim with the condemning authority for the loss of its leasehold estate, any unexpired term or loss of any possible renewal or extension of said Lease Agreement, and Tenant shall be limited to consequential damages onlyor loss of any possible value of said lease, any unexpired term, renewal or extension of said Lease Agreement.
Appears in 2 contracts
Samples: Commercial Lease (Celcuity LLC), Commercial Lease (Celcuity LLC)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If A. In the whole event that all or any a substantial part of the Demised Premises Building, or any part thereof which includes all or a substantial part of the Premises, shall be taken or acquired condemned by any competent authority for any public or quasi-public authority use or purpose, and as a result thereof, the Premises cannot be used for the same purpose as prior to such taking, this Lease and the term and estate hereby granted shall cease and terminate upon and not before the date when the possession of the part so taken shall be required for such use or purpose, and Landlord shall be entitled to receive the entire award, Tenant hereby assigning to Landlord Tenant’s interest therein, if any; provided however, if Landlord elects to make comparable space available to Tenant under the power same rent and terms herein provided Tenant shall accept such space and this Lease shall then apply to such space.
B. If less than the whole or threat part of eminent domainthe Premises shall be so condemned or taken, and after such taking the Premises can be used for other than a temporary periodthe same purpose as prior thereto, the Lease Term term shall cease only on the part so taken, as of the day date possession shall be taken by such public or quasi-public competent authority, and Tenant shall pay full Base Rent and Additional Rent up to that date (with an appropriate refund by Landlord of any such rent which as may have been paid in advance for any period subsequent to the date possession is taken) and thereafter the Base Rent and Additional Rent shall be equitably adjusted. In Landlord shall, at its expense, make all necessary repairs or alterations to the event Building so as to constitute the remaining Premises a complete architectural unit, provided that during Landlord shall not be obligated to undertake any such repairs and alterations if the term cost thereof exceeds the award resulting from such taking.
C. If part of this Agreement the Demised PremisesBuilding shall be so condemned or taken, or if adjacent property or street shall be condemned or improved by a competent authority in such a manner as to require the use of any part thereof, or more than __________% of the Real Property Premises or of the Common Area is taken by condemnation Building, and in the opinion of Landlord, the Building should be demolished or right of eminent domainrestored in such a way as to alter the Premises materially, or by private purchase in lieu thereof, Landlord may terminate this Agreement Lease and the term and estate hereby granted shall be terminable at Landlord’s sole option by notifying Tenant of such termination within sixty (60) days following the taking of possession, and if Landlord so terminates then this Agreement Lease and the term and estate hereby granted shall expire on the date when possession shall be taken by specified in the condemnor notice of termination, not less than sixty (60) days after the giving of such notice, as fully and completely as if such date were the date hereinabove set forth for the expiration of this Lease, and the Base Rent herein reserved rent hereunder shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any of such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlydate.
Appears in 2 contracts
Samples: Office Lease (Paylocity Holding Corp), Office Lease (Paylocity Holding Corp)
Eminent Domain. With respect If, prior to eminent domain:
A) Condemnation of Demised Premises. If the whole Closing, all or any substantial part of the Demised Premises shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease “significant” (as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% hereinafter defined) portion of the Real Property or of the Common Area is taken by condemnation eminent domain (or right is the subject of eminent domaina pending or contemplated taking which has not been consummated), the Contributor shall notify the Acquirer of such fact in writing and the Acquirer shall have the option to terminate this Agreement in its entirety, or by private purchase only as it relates to the portion of the Real Property subject to such taking (in lieu thereof, this Agreement and which case the term hereby granted Consideration hereunder shall be terminable at Landlordadjusted accordingly), upon written notice to the Contributor given not later than thirty (30) days after the Acquirer’s sole option and if Landlord so terminates then this Agreement shall expire on receipt of the date when possession shall be taken by Contributor’s written notice. If the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord Acquirer does not elect to cancel or so terminate this Agreement or if an “insignificant” portion (“insignificant” is herein deemed to be any taking which is not “significant”) of the Real Property is taken by eminent domain or condemnation, the Acquirer shall proceed to Closing as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and in this Agreement shall continue in full force and effect except thatwithout adjustment to the Consideration but, during such restorationat Closing, the Base Rent payable pursuant Contributor shall assign and turn over all compensation and damages awarded or the right to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior receive same with respect to such taking; provided, howevercondemnation or eminent domain. The Contributor agrees to permit the Acquirer to participate in any negotiations with and legal actions against the condemning authority and will not settle any such dispute relating to such award without the Acquirer’s prior written consent. A “significant portion” shall mean any taking that adversely and materially interferes, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore individually or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event aggregate, with the net condemnation award received by Landlord is insufficient to restore marketability or rebuild value of Real Property or the structural portions of the Demised Premises the Landlord shall have the option within __________ days after LandlordContributor’s, Company’s receipt of the net condemnation, to cancel or any other party in possession’s occupancy and terminate this Agreement, and Tenant shall be limited to consequential damages onlyuse thereof.
Appears in 2 contracts
Samples: Contribution Agreement (Summit Hotel Properties, Inc.), Contribution Agreement (Summit Hotel OP, LP)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If the whole all or any substantial part of the Demised Premises shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domaindomain or conveyance in lieu thereof, for other than a temporary period, the this Lease Term shall cease terminate as to any portion of the day possession Premises so taken or conveyed on the date when title vests in the condemnor, and Landlord shall be taken by entitled to any and all payment, income, rent, award or any interest therein whatsoever which may be paid or made in connection with such public taking or quasi-public authorityconveyance, and Tenant shall pay Rent up to that date with an appropriate refund by have no claim against Landlord or otherwise for the value of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the unexpired term of this Agreement Lease. Notwithstanding the Demised Premisesforegoing paragraph, any compensation specifically awarded Tenant for loss of business, Tenant’s personal property, moving cost or loss of goodwill, shall be and remain the property of Tenant. If (i) any action or proceeding is commenced for such taking of the Premises or any part thereof, or more than __________% if Landlord is advised in writing by any entity or body having the right or power of condemnation of its intention to condemn the Premises or any portion thereof, or (ii)any of the Real Property foregoing events occur with respect to the taking of any space in the Complex not leased hereby, or any such spaces so taken or conveyed in lieu of such taking and Landlord shall decide to discontinue the use and operation of the Common Area Complex, or decide to demolish, alter or rebuild the Complex, then in any of such events Landlord shall have the right to terminate this Lease by giving Tenant written notice thereof within sixty (60) days of the date of receipt of said written advice, or commencement of said action or proceeding, or taking conveyance, which termination shall take place as of the first to occur of the last day of the calendar month next following the month in which such notice is given or the date on which title to the Premises shall vest in the condemnor. In the event of such a partial taking or conveyance of the Premises, if the portion of the Premises taken or conveyed is so substantial that the Tenant can no longer reasonably conduct its business, Tenant shall have the privilege of terminating this Lease within sixty (60) days from the date of such taking or conveyance, upon written notice to Landlord of its intention so to do, and upon giving of such notice this Lease shall terminate on the last day of the calendar month next following the month in which such notice is given, upon payment by Tenant of the rent from the date of such taking or conveyance to the date of termination. If a portion of the Premises be taken by condemnation or right of eminent domain, or by private purchase conveyance in lieu thereofthereof and neither Landlord nor Tenant shall terminate this Lease as provided herein, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement Lease shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant as to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises not so taken or conveyed, and the rent herein shall be apportioned as of the date of such taking or conveyance so that thereafter the rent to be paid by Tenant shall be in the ratio that the area of the portion of the Premises not so taken or conveyed bears to the total square footage area of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages only.
Appears in 2 contracts
Samples: Lease Agreement (Coupa Software Inc), Lease Agreement (Coupa Software Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If IfOn or after the whole or any substantial part termination of the Demised Premises shall be taken PPA, if title to or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as use of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Leased Premises, or any part thereof, shall be taken under the exercise or the power of eminent domain by any governmental body or by any person, firm or corporation acting under governmental authority, any net proceeds received from any award made in such eminent domain proceedings (after payment of expenses incurred in such collection) shall be paid to and held by the Trustee under the Indenture. Such proceeds shall be applied in one or more than __________% of the Real Property or following ways:
(a) The restoration of the Common Area is taken by condemnation or right Leased Premises to substantially the same condition as it existed prior to the exercise of that power of eminent domain, or
(b) The acquisition, by construction or by private purchase otherwise, of other improvements suitable for the Lessee’ operations on the Leased Premises and which are in lieu thereof, this Agreement and furtherance of the term hereby granted purposes of the Act (the improvements shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the deemed a part of the Demised Leased Premises so taken bears to and available for use and occupancy by the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of Lessee without the payment of any Operating Costsrent other than as herein provided, provided further, howeverto the same extent as if such other improvements were specifically described herein and demised hereby). Within ninety (90) days from the date of entry of a final order in any eminent domain proceedings granting condemnation, the Landlord’s obligations Lessee shall direct the Lessor and the Trustee in writing as to restore or rebuild shall be limited which of the ways specified in this Section the Lessee elects to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event have the net proceeds of the condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt applied. Any balance of the net condemnation, proceeds of the award in such eminent domain proceedings not required to cancel and terminate this Agreement, and Tenant be applied for the purposes specified in subsections (a) or (b) above shall be limited deposited in the sinking fund held by the Trustee under the Indenture and applied to consequential damages onlythe repayment of the Bonds. The Lessor shall cooperate fully with the Lessee in the handling and conduct of any prospective or pending condemnation proceedings with respect to the Leased Premises or any part thereof and will to the extent it may lawfully do so permit the Lessee to litigate in any such proceedings in its own name or in the name and on behalf of the Lessor. In no event will the Lessor voluntarily settle or consent to the settlement of any prospective or pending condemnation proceedings with respect to the Leased Premises or any part thereof without the written consent of the Lessee, which consent shall not be unreasonably withheld.
Appears in 2 contracts
Samples: Lease Agreement, Sub Lease Agreement
Eminent Domain. With respect to eminent domain:
A(a) Condemnation of Demised Premises. If the whole or any substantial part of the Demised Premises Development shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, then the term of this Lease Term shall cease as on the part so taken on the date possession of the day possession that part shall be taken by required for public use, and any Rent paid in advance of such public or quasi-public authoritydate shall be refunded to Tenant, and Landlord and Tenant shall pay Rent up each have the right to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent terminate this Lease upon written notice to the other, which notice shall be delivered within thirty (30) days following the date possession notice is takenreceived of such taking. In the event that during neither party hereto shall terminate this Lease, Landlord shall, to the term of this Agreement extent the Demised Premises, or any part thereof, or more than __________% proceeds of the Real Property or condemnation award (other than any proceeds awarded for the value of any land taken) are available, make all necessary repairs to the Development to render and restore the same to a complete architectural unit and Tenant shall continue in possession of the Common Area is portion of the Premises not taken by condemnation or right under the power of eminent domain, or by private purchase in lieu thereofunder the same terms and conditions as are herein provided, this Agreement except that the Rent reserved herein, Xxxxxx’s Share pursuant to Section 1(k) hereof and the term hereby granted parking spaces pursuant to Section 1(p) hereof shall each be terminable at Landlord’s sole option and if Landlord reduced in direct proportion to the amount of the Premises so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenanttaken. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any All damages awarded for such taking shall belong to and this Agreement shall continue be the property of Landlord, whether such damages be awarded as compensation for diminution in full force and effect except that, during such restoration, value of the Base Rent payable pursuant leasehold or to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage fee of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such takingPremises; provided, however, in no event Landlord shall there not be entitled to any abatement portion of the payment award made to Tenant for loss of any Operating Costsbusiness, provided further, however, removal and reinstallation of trade fixtures or moving expenses.
(b) In the Landlord’s obligations to restore or rebuild shall be limited to an amount event of a partial taking which does not exceed result in the proceeds obtained from termination of this Lease, Landlord shall promptly commence and diligently prosecute the restoration of the Premises as nearly as practicable to a complete unit of like quality and character as existed just prior to such taking taking. In such event, the Rent shall xxxxx during the period of demolition and restoration to the extent the Premises are unusable, provided that Landlord receives an award therefor.
(less expenses incurred in collecting the same). c) Notwithstanding the foregoingprovisions of Section 15 hereof, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord Tenant shall have the option within __________ days after right to make a claim against the condemning authority (but not Landlord) for compensation for the unamortized cost of Tenant’s receipt improvements, alterations or additions made to the Premises at Tenant’s cost, such amortization to be computed on a straight line basis over the term of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyLease.
Appears in 2 contracts
Samples: Lease Agreement (Rocket Companies, Inc.), Lease Agreement (Rocket Companies, Inc.)
Eminent Domain. With respect to eminent domain:
ASECTION 12.1 If (a) Condemnation of Demised Premises. If the whole or any substantial part all of the Demised floor area of the Premises or so much thereof as shall render the Premises untenantable or, in Tenant's reasonable judgment, unsuitable for the conduct of Tenant's business as such business was being conducted immediately prior thereto, shall be taken acquired or acquired by condemned for any public or quasi-public authority under use or purpose, or (b) a portion of the power Property, not including the Premises, shall be so acquired or threat condemned, but by reason of eminent domainsuch acquisition or condemnation, for other than a temporary periodTenant no longer has means of access to the Premises, then this Lease and the Lease Term shall cease end as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to date of the vesting of title with the same effect as if that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to were the date possession is takenExpiration Date. In the event that during the term of any termination of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement Lease and the term hereby granted shall be terminable at Landlord’s sole option Term pursuant to the provisions of this Article 12, Fixed Rent and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Additional Rent herein reserved shall be apportioned as of the date of sooner termination and paid in full to that any prepaid portion of Fixed Rent or Additional Rent for any period after such date and all prepaid Base Rent shall forthwith be repaid refunded by Landlord to Tenant. .
SECTION 12.2 In the event Landlord does not elect to cancel of any such acquisition or terminate this Agreement as provided abovecondemnation of all or any part of the Property, then Landlord shall rebuild be entitled to receive the entire award for any such acquisition or condemnation. Tenant shall have no claim against Landlord or the condemning authority for the value of any unexpired portion of the Term or Tenant Alterations, and restore the Demised Premises as nearly as possible Tenant hereby expressly assigns to their condition immediately prior Landlord all of its right in and to any such award. Nothing contained in this Section 12.2 shall be deemed to prevent Tenant from making a separate claim in any condemnation proceedings for the then value of any Tenant's Property included in such taking and for any moving expenses, provided such award shall be made by the condemning authority in addition to, and shall not result in a reduction of, the award made by it to Landlord.
SECTION 12.3 If only a part of the Property shall be so acquired or condemned and the remaining portion thereof is reasonably feasible (in the reasonable opinion of Tenant) to permit the Tenant to continue its operation as a Mission Critical Data Center, then, subject to Section 12.1, this Agreement Lease and the Term shall continue in full force and effect except that, during such restoration, effect. If a part of the Base Rent payable pursuant to the terms of this Agreement Premises shall be equitably apportioned so acquired or condemned and this Lease and the Term shall not be terminated, Landlord, at Landlord's expense, shall restore that part of the Premises not so acquired or condemned so as to constitute tenantable Premises. From and after the date of the vesting of title, Fixed Rent and Additional Rent shall be reduced in the proportion that which the square footage area of the part of the Demised Premises so taken acquired or condemned bears to the total square footage area of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore acquisition or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages only.
Appears in 2 contracts
Samples: Lease Agreement (Athenahealth Inc), Lease Agreement (Athenahealth Inc)
Eminent Domain. With respect (A) LANDLORD agrees to promptly provide TENANT with copies of any notices of taking or other information that become available to LANDLORD regarding the potential loss of any portion of the PREMISES due to eminent domain:.
A(B) Condemnation In the event of Demised Premises. If the whole or any substantial part of the Demised Premises shall be taken or acquired by taking for any public or quasi-public authority under use by exercise of the power or threat right of eminent domain, for other than a temporary period, domain or by deed in lieu thereof between LANDLORD and those having the authority to exercise such right (hereinafter called "Taking") of the whole of the PREMISES then this Lease Term and the term hereof shall cease and expire as of the day possession date of such Taking and the base rent under Section 5 and any additional rent and all other charges paid for a period after such Taking shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up refunded to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. TENANT within ten (10) calendar days.
(C) In the event that during the term of this Agreement the Demised Premises, or any Taking of a substantial part thereof, or more than __________% of the Real Property PREMISES or in the event of a Taking so as to prevent or substantially prevent adequate access to or the intended use of PREMISES, then TENANT may elect to terminate this Lease by giving notice of termination to LANDLORD on or before the date which is ninety (90) days after receipt by TENANT of notice that the Taking or denial or diminishing of access or termination of the Common Area is taken by condemnation or right TENANT'S lease shall have occurred. Upon the date specified in such notice of eminent domain, or by private purchase in lieu thereof, termination this Agreement Lease and the term hereby granted hereof shall cease and expire, and the base rent under Section 5 and any additional rent and charges paid for a period after such date of termination shall be terminable at Landlord’s sole option and refunded to TENANT within ten (10) calendar days.
(D) If this Lease be not terminated or if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord TENANT does not elect to cancel or terminate this Agreement Lease as provided above, aforesaid then Landlord the award or payment for the Taking shall rebuild be paid to and used by LANDLORD for restoration as hereinafter set forth and LANDLORD shall promptly commence and with due diligence continue to restore the Demised Premises PREMISES remaining after the Taking to substantially the same condition and tenantability as nearly as possible to their condition existed immediately prior to preceding the Taking. During the period of any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant base rent under Section 5, additional rent, and other charges shall be abated justly and equitably. Nothing herein contained shall be deemed or construed to prevent either LANDLORD or TENANT from enforcing and prosecuting a claim for the value of its respective interest in any condemnation proceedings.
(E) TENANT'S right to recover damages in case of any Taking, shall not be affected, prejudiced, restricted or limited whether or not this Lease has been terminated because of such Taking or is subject to termination. Nothing herein contained shall prohibit TENANT (in addition to the terms foregoing) from interposing and prosecuting in any condemnation proceeding, independent of this Agreement shall any claim of LANDLORD, claims for which the TENANT may be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears entitled to recover. Furthermore, to the total square footage of extent that TENANT makes improvements to the Demised Premises immediately prior PREMISES, LANDLORD will provide reasonable assistance to such taking; provided, however, TENANT in no event shall there be seeking to recover damages for any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations loss due to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlya Taking.
Appears in 2 contracts
Samples: Commercial Building Lease (Acusphere Inc), Commercial Building Lease (Acusphere Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If the whole or any substantial part of the Demised Premises shall be taken Premises, including the land or acquired by any public or quasi-public authority under parking area serving the power or threat of eminent domainPremises, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such any legally constituted authority for public or quasi-public authorityuse, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, domain or by private purchase in lieu thereof, Landlord shall have the right to terminate this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on Lease as of the date when possession shall is required to be surrendered to the authority. If more than twenty-five percent (25%) of the rentable square feet of the Premises is taken for a period in excess of one hundred eighty (180) days, and provided the balance of the Premises remaining cannot be effectively utilized by Tenant for the condemnor and purposes that Tenant is currently using the Base Rent herein reserved shall be apportioned and paid in full to Premises (it being understood that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In a reduction of the event Landlord available square footage does not elect in and of itself operate to cancel or terminate the Lease unless it renders the Premises untenantable by Tenant), Tenant shall have the option to terminate this Agreement Lease effective as provided above, then Landlord shall rebuild and restore of the Demised Premises as nearly as possible date possession is required to their condition immediately prior be surrendered to any such taking and the authority. If this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable Lease is terminated pursuant to the terms of this Agreement paragraph 12, all Fixed Rent and Additional Rent shall be equitably apportioned in prorated to the proportion that the square footage date Tenant gives up possession of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same)Premises. Notwithstanding the foregoing, in In the event the net condemnation award received by Landlord Lease is insufficient not terminated pursuant to restore the terms of this paragraph 12, then Tenant shall be responsible for Fixed Rent and Additional Rent to the date of such taking or rebuild purchase; after which date Fixed Rent shall be reduced proportionately as the structural portions usable floor area of the Demised remaining Premises compares to the usable floor area of the Premises before such taking or purchase. Landlord shall be entitled to the entire award from the condemning authority for each and every interest of Landlord in this Lease and the Premises. However, Tenant shall have the option within __________ days after Landlord’s receipt right to seek an award from the condemning authority effecting such condemnation or purchase for the value of alterations made to the net Premises by Tenant, moving expenses and other damages suffered by Tenant as a result of any such condemnation or transaction in lieu of condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyprovided that Landlord's interests in the condemnation award are not thereby diminished.
Appears in 2 contracts
Samples: Lease Agreement (Eagle Supply Group Inc), Lease Agreement (Eagle Supply Group Inc)
Eminent Domain. With respect to eminent domain:
A(a) Condemnation of Demised Premises. If the whole or any substantial part of the Demised Premises or the Building shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, then the term of this Lease Term shall cease as on the part so taken on the date possession of the day possession that part shall be taken by required for public use, and any rent paid in advance of such public or quasi-public authoritydate shall be refunded to Tenant, and Landlord and Tenant shall pay Rent up each have the right to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent terminate this Lease upon written notice to the other, which notice shall be delivered within thirty (30) days following the date possession notice is takenreceived of such taking. In the event that during neither party hereto shall terminate this Lease, Landlord shall, to the term of this Agreement extent the Demised Premises, or any part thereof, or more than __________% proceeds of the Real Property or condemnation award (other than any proceeds awarded for the value of any land taken) are available, make all necessary repairs to the Premises and the Building to render and restore the same to a complete architectural unit and Tenant shall continue in possession of the Common Area is portion of the Premises not taken by condemnation or right under the power of eminent domain, or by private purchase in lieu thereofunder the same terms and conditions as are herein provided, this Agreement except that the rent reserved herein, Tenant’s Share pursuant to Paragraph l(j) hereof and the term hereby granted parking spaces pursuant to Paragraph l(p) hereof shall each be terminable at Landlord’s sole option and if Landlord reduced in direct proportion to the amount of the Premises so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenanttaken. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any All damages awarded for such taking shall belong to and this Agreement shall continue be the property of Landlord, whether such damages be awarded as compensation for diminution in full force and effect except that, during such restoration, value of the Base Rent payable pursuant leasehold or to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage fee of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such takingPremises; provided, however, in no event Landlord shall there not be entitled to any abatement portion of the payment award made to Tenant for removal and reinstallation of any Operating Coststrade fixtures or moving expenses.
(b) In the event access to the Premises and/or more than twenty-five percent (25%) of the then existing parking upon the Total Development is no longer available as a result of the exercise of the power of eminent domain, provided further, however, Tenant shall have the Landlord’s obligations right to restore or rebuild shall be limited terminate this Lease by written notice to an amount Landlord within thirty (30) days after such taking.
(c) In the event of a partial taking which does not exceed result in the proceeds obtained from termination of this Lease, Landlord shall promptly commence and diligently prosecute the restoration of the Premises and the Total Development as nearly as practicable to a complete unit of like quality and character as existed just prior to such taking taking. In such event, the Rent shall xxxxx during the period of demolition and restoration to the extent the Premises are unusable, provided that Landlord receives an award therefor.
(less expenses incurred in collecting the same). d) Notwithstanding the foregoingprovisions of Paragraph 15 hereof, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord Tenant shall have the option within __________ days after right to make a claim against the condemning authority (but not Landlord) for compensation for the unamortized cost of Tenant’s receipt improvements, alterations or additions made to the Premises at Tenant’s cost, such amortization to be computed on a straight line basis over the term of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyLease.
Appears in 2 contracts
Samples: Lease (Rocket Companies, Inc.), Lease (Rocket Companies, Inc.)
Eminent Domain. With respect to eminent domain:
A(a) Condemnation of Demised Premises. If the whole Premises or any substantial part of the Demised Premises thereof shall be taken under the power of eminent domain or be acquired by for any public or quasi-public authority under the power use or threat of eminent domain, for other than a temporary periodpurpose, the Lease Term shall cease and terminate upon the date when the possession of said premises or the part thereof so taken shall be required for such use or purpose and the rent at the then current rate shall be apportioned as of the day possession date of termination.
(b) If any condemnation proceeding shall be instituted in which it is sought to take or damage any part of the Premises or the building of which the Premises are a part or the land under it, or if the grade of any street or alley adjacent to the Premises is changed in any legal authority and such change of grade makes it necessary or desirable to remodel the Premises to conform to the changed grade, either CRRM or CRNF shall have the right to terminate this Lease after having given written notice of termination to the other Party within 60 days after being notified of the taking of the Premises. Such termination shall be effective as of the date when physical possession of the applicable portion of the Premises is taken by the condemning authority and the rent at the then current rate shall be apportioned as of the date of termination.
(c) If there is a partial taking and the Premises is left untenantable or CRNF’s access or parking are materially and adversely affected by such public partial taking and CRNF cannot reasonably operated because of such taking, CRNF shall have the right to terminate this Lease after having given written notice of termination to CRRM within 60 days after CRNF is notified of the taking of the Premises. Such termination shall be effective as of the date when physical possession of the applicable portion of the Premises is taken by the condemning authority and the rent at the then current rate shall be apportioned as of the date of termination.
(d) If there is a partial taking which does not affect CRNF’s ability to operate within the Premises, the rent payable under this Lease will be abated by an amount allocable to the portion of the Premises which was so taken or quasi-public authoritysold, and Tenant shall pay Rent up CRRM will, at CRRM’s sole cost and expense, promptly restore and reconstruct the Premises to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent substantially its former condition to the date possession extent the same is taken. feasible.
(e) In the event that during this Lease is terminated under Sections 21(a), (b) or (c), no money or other consideration shall be payable by CRRM or CRNF for the term of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domaintermination and CRNF shall have no right to share in the condemnation award or in any judgment for termination, and CRNF shall have no right to share in the condemnation award or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken any judgment for damages caused by the condemnor taking or the change of grade. Nothing in this Section 21(e) shall preclude any award being made to CRNF for loss of business or depreciation to and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel cost of removal of equipment or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyfixtures.
Appears in 2 contracts
Samples: Master Service Agreement (CVR Partners, Lp), Master Service Agreement (CVR Energy Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If In the whole or any substantial part of event the Demised Premises shall be entire Property is taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary periodthe entire award or payment in lieu of condemnation, to the Lease Term shall cease as full extent of the day possession Liabilities, shall be taken by paid to the Lender. The Lender shall apply such public award or quasi-public authoritypayment, first, toward reimbursement of all of the Lender's costs and expenses incurred in connection with collecting such award or payment, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent then, at the Lender's option, to the date possession is takenLiabilities (without any penalty for prepayment), to fulfill any other covenant herein or to any other obligation of Grantor to the Lender. In the event of a partial taking of the Property under the power of eminent domain, the entire award or payment in lieu of condemnation, to the full extent of the Liabilities, shall be paid over to the Lender. Provided there has occurred no Event of Default hereunder, nor any event which with notice or the passage of time or both would become an Event of Default hereunder, and the Lender shall reasonably determine that during sufficient funds are available from the term award or payment and any funds to be provided by Grantor to repair or restore the remaining portion of this Agreement the Demised PremisesProperty within a reasonable time and that such repair or restoration is economically feasible, the Lender agrees, upon request by the Grantor, to apply the award or payment to repair or restore the remaining portion of the Property, after reimbursement of all costs and expenses of the Lender in collecting the award or payment, subject to the following terms and conditions:
a. The Lender shall retain the award or payment in a non-interest bearing escrow account to be disbursed to pay the costs of repair or restoration in accordance with procedures reasonably established by the Lender.
b. All plans and specifications for repair or restoration shall be approved by the Lender prior to the commencement of any repair or restoration.
c. All repair or restoration shall be done by or under the direction of Grantor, shall be in accordance with the approved plans and specifications, shall be in a workmanlike manner free from all defects, shall be in compliance with all statutes, ordinances, rules and regulations applicable thereto and shall be completed free of all construction liens except those being contested in good faith by appropriate proceedings and with respect to which Grantor shall have provided the Lender satisfactory security.
d. The Lender shall have the right, at Grantor's expense, to inspect all repairs and restoration and, if the Lender reasonably determines that any work or materials are not in conformity with the approved plans and specifications or other requirements of sub-paragraph (c) above, to stop the work and order replacement or correction thereof by Grantor.
e. The Lender shall not be obligated to make disbursements more frequently than monthly and the remaining undisbursed proceeds shall always be sufficient to meet the total estimated remaining costs to complete the repair or restoration.
f. All proceeds of the award or payment in excess of the amounts necessary to repair or restore the Property may be applied, at the Lender's option, to the Liabilities (without penalty for prepayment), to fulfill any other covenant herein or any other obligation of Grantor to the Lender, or released to Grantor. In the event all of the conditions to the use of the award or payment to repair or restore the Property which are outlined above are not satisfied, the Lender, at its option, may apply the award or payment or any part thereof, or more than __________% first, toward reimbursement of all costs and expenses of the Real Property Lender in collecting such award or payment, and then, to the Liabilities (without any penalty for prepayment), to fulfill any other covenant herein or any other obligation of Grantor to the Lender, or to the restoration or repair of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken Property. Application by the condemnor Lender of any condemnation award or payment or portion thereof to the Liabilities shall not excuse, extend or reduce the regularly scheduled payments due thereunder. The Lender is hereby empowered in the name of Grantor to receive, and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided abovegive acquittance for, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except thataward or payment, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such takingwhether it is joint or several; provided, however, in no event that the Lender shall there not be held responsible for failure to collect any abatement such award or payment, regardless of the payment cause of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyfailure.
Appears in 2 contracts
Samples: Commercial Mortgage (Meadowbrook Insurance Group Inc), Mortgage (Nematron Corp)
Eminent Domain. With respect to eminent domain:
A) Condemnation Should Landlord, at any time during the continuance in force of Demised Premises. If the whole or any substantial part this lease, be deprived of the Demised Premises shall be taken or acquired by any public or quasi-public authority under building in which the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premisesdemised premises are situated, or any part thereof, or more than __________% any part of the Real Property land on which the building or of the Common Area is taken appurtenances are situated, by condemnation or right of eminent domain, or by private purchase in lieu thereofdomain proceedings, this Agreement and the term hereby granted lease shall be terminable terminate, at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire option, on the date when Landlord is actually deprived of possession of said land or building, or some part thereof, and thereupon the parties hereto shall be taken released from all further obligations hereunder. Should Tenant, at any time during the continuance in force of this lease, be deprived of the demised premises or any substantial part thereof preventing Tenant from using the remainder of the Premises for the purposes intended under this Lease, by condemnation or eminent domain proceedings, this lease shall terminate, at Tenant’s option , on the condemnor date when Tenant is actually deproved of possession of the Premises, or said substantial part therof, and thereupon the Base Rent herein reserved parties hereto shall be apportioned and paid in full to that date and released from all prepaid Base Rent shall forthwith be repaid by Landlord to Tenantfurther obligations hereunder. In the event Landlord does not elect to cancel or terminate Upon termination of this Agreement Lease as provided aboveaforesaid, then Landlord shall rebuild thereupon repay to Tenant any rental theretofore paid by Tenant and restore unearned at the Demised Premises as nearly as possible to their condition immediately prior date of such termination. Tenant shall not be entitled to any compensation, allowance, claim or offset of any kind against the Landlord, as damages or otherwise, by reason of such taking and this Agreement shall continue in full force and effect except that, during such restoration, condemnation or eminent domain proceedings or by reason of being deprived of the Base Rent payable pursuant to demised premises or the terms termination of this Agreement lease, and said Tenant does hereby waive, renounce and quit-claim to Landlord any right in and to any award, judgment, payment or compensation which shall or may be equitably apportioned in the proportion that the square footage made or given because of the part taking of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; providedsaid premises, howeveror any portion thereof, in no event shall there be any abatement of the payment by virtue of any Operating Costssuch condemnation or eminent domain proceedings, provided furtherwhether received in any such action or in settlement or compromise thereof by Landlord, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord except that Tenant shall have the option within __________ days after Landlord’s receipt right to file a separate claim to recover the value of its personal property in the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyeminent domain proceedings.
Appears in 2 contracts
Samples: Lease Addendum (City National Corp), Lease Addendum (City National Corp)
Eminent Domain. With respect to eminent domain:
A(a) Condemnation of Demised Premises. If the whole all or any substantial part of the Demised Premises shall be taken or acquired appropriated by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase any agreement in lieu thereof, this Agreement and Lease shall terminate as to the term hereby granted part so taken as of the date of taking and, in the case of a partial taking, either Landlord or Tenant shall have the right to terminate this Lease as to the balance of the Premises by giving written notice to the other within ninety (90) days after such dates provided, however, that a condition to the exercise by Landlord or Tenant of such right to terminate shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on that the date when possession portion of the Premises taken shall be taken by of such extent and nature as to render the condemnor and balance of the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Premises unusable or uneconomical for Tenant's purposes. In the event of any taking by exercise of the power of eminent domain, or agreement in lieu thereof, Landlord shall be entitled to all compensation, damage, income, rent awards and interest thereon whatsoever which may be paid or made in connection therewith and Tenant shall have no claim against Landlord for the value of any unexpired term of this Lease or of any of the work performed by Landlord in the Premises for or by Tenants provided, however, that nothing contained herein shall prohibit or prevent Tenant from seeking at its cost and expense and retaining for its own account from the authority exercising the power of eminent domain an award to compensate Tenant for the unamortized cost of any improvements, additions or alteration to the Premises, which were paid for solely at Tenant's expense, its relocation expenses and for any loss by Tenant of any movable furniture, equipment and other personal property resulting from such exercise. In the event of a partial taking of the Premises which does not elect result in a termination of this Lease, the rent thereafter to cancel be paid under this Lease shall be equitably reduced.
(b) Notwithstanding the foregoing, if all or terminate this Agreement as provided above, then Landlord shall rebuild and restore any portion of the Demised Premises as nearly as possible to their condition immediately is taken under power of eminent domain or any agreement in lieu thereof for a period of time ending prior to any such taking and the end of the term of this Agreement Lease, this Lease shall continue remain in full force and effect except thatand Tenant shall continue to pay all rent and to perform all of the terms, during such restoration, the Base Rent payable pursuant to the terms conditions and covenants of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such takingLease; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and case Tenant shall be limited entitled to consequential damages onlyall compensation, damages, income, rent awards and interest thereon whatsoever which may be paid or made in connection with any such temporary taking.
Appears in 2 contracts
Samples: Lease (Montgomery Realty Group Inc), Lease (Montgomery Realty Group Inc)
Eminent Domain. With respect to eminent domain:
A(a) Condemnation of Demised Premises. If the whole or any substantial part of the Demised Premises shall be taken or acquired affected by any public or quasi-public authority under exercise of the power or threat of eminent domain, for other than a temporary period, Basic Rent and Escalation Charges payable by Tenant shall be justly and equitably abated and reduced according to the Lease Term shall cease as nature and extent of the day possession shall be taken loss of use thereof suffered by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is takenTenant. In no event shall Landlord have any liability for damages to Tenant for inconvenience, annoyance or interruption of business arising from such exercise of the event that during the term power of this Agreement the Demised Premises, or eminent domain.
(b) If any part thereof, or more than __________% of the Real Property or of the Common Area Building is taken by condemnation or any exercise of the right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore have the Demised right to terminate this Lease (even if Landlord’s entire interest in the Premises as nearly as possible may have been divested) by giving notice of Landlord’s election so to their condition immediately prior to any do within ninety (90) days after the occurrence of the effective date of such taking and taking, whereupon this Agreement Lease shall continue in full terminate thirty (30) days after the date of such notice with the same force and effect except that, during as if such restoration, date were the Base Rent payable date originally established for the expiration of the Term of this Lease.
(c) If this Lease shall not be terminated pursuant to Section 11.4(b), Landlord shall thereafter use due diligence to restore the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears (excluding any Alterations made by Tenant pursuant to the total square footage of the Demised Premises immediately prior Section 5.2) to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costsproper condition for Tenant’s use and occupation, provided further, however, the that Landlord’s obligations to restore or rebuild obligation shall be limited to the amount of compensation recoverable by Landlord from the taking authority. If, for any reason, such restoration shall not be substantially completed within six (6) months after the expiration of the ninety (90) day period referred to in Section 11.4(b) (which six month period may be extended for such periods of time as Landlord is prevented from proceeding with or completing such restoration for any cause beyond Landlord’s reasonable control, but in no event for more than an amount which does not exceed additional three (3) months), Tenant shall have the proceeds obtained from right to terminate this Lease by giving notice to Landlord thereof within thirty (30) days after the expiration of such taking period (less expenses incurred in collecting the sameas so extended). Notwithstanding Upon the giving of such notice, this Lease shall cease and come to an end thirty (30) days after the giving of such notice, without further liability or obligation on the part of either party unless, within such thirty (30) day period, Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration.
(d) Landlord shall have and hereby reserves and excepts, and Tenant hereby grants and assigns to Landlord, all rights to recover for damages to the Property and the leasehold interest hereby created, and to compensation accrued or hereafter to accrue by reason of such taking, and by way of confirming the foregoing, in the event the net condemnation award received by Tenant hereby grants and assigns, and covenants with Landlord is insufficient to restore grant and assign to Landlord, all rights to such damages or rebuild the structural portions of the Demised Premises the compensation, and covenants to deliver such further assignments and assurances thereof as Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, may from time to cancel and terminate this Agreementtime request, and Tenant hereby irrevocably appoints Landlord its attorney in fact to execute and deliver in Tenant’s name all such assignments and assurances. Nothing contained herein shall be limited construed to consequential damages onlyprevent Tenant from prosecuting in any condemnation proceedings a claim for the value of any of Tenant’s Removable Property installed in the Premises by Tenant at Tenant’s expense and for relocation expenses, provided that such action shall not affect the amount of compensation otherwise recoverable by Landlord from the taking authority.
Appears in 2 contracts
Samples: Lease Agreement (Arsanis, Inc.), Lease Agreement (Howard Bancorp Inc)
Eminent Domain. With respect to eminent domain:
A(a) Condemnation of Demised Premises. If the whole or any substantial part of the Demised Building or Premises shall be is lawfully taken by condemnation or acquired by in any other manner for any public or quasi-public authority under purpose, this Lease shall terminate as of the power date of such taking, and Rent shall be prorated to such date. If less than the whole of the Building or threat Premises is so taken, this Lease shall be unaffected by such taking, provided that (i) Tenant shall have the right to terminate this Lease by notice to Landlord given within ninety (90) days after the date of eminent domainsuch taking if twenty percent (20%) or more of the Premises is taken and the remaining area of the Premises is not reasonably sufficient for Tenant to continue operation of its business, for other than a temporary periodand (ii) Landlord shall have the right to terminate this Lease by notice to Tenant given within ninety (90) days after the date of such taking. If either Landlord or Tenant so elects to terminate this Lease pursuant to this Section, the Lease Term shall cease as terminate on the thirtieth (30th) day after either such notice. The Rent shall be prorated to the date of termination. If this Lease continues in force upon such partial taking, the Base Rent and Tenant's Proportionate Share shall be equitably adjusted according to the remaining Rentable Area of the day possession Premises and Project.
(b) In the event of any taking, partial or whole, all of the proceeds of any award, judgment or settlement payable by the condemning authority shall be taken by such public or quasi-public authoritythe exclusive property of Landlord, and Tenant hereby assigns to Landlord all of its right, title and interest in any award, judgmentor settlement from the condemning authority. Tenant, however, shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent the right, to the date possession extent that Landlord's award is taken. not reduced or prejudiced, to claim from the condemning authority (but not from Landlord) such compensation as may be recoverable by Tenant in its own right for relocation expenses and damage to Tenant's personal property.
(c) In the event that during of a partial taking of the term Premises which does not result in a termination of this Agreement Lease, Landlord shall restore the Demised Premises, or any part thereof, or more than __________% remaining portion of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible practicable to their its condition immediately prior to any such taking and this Agreement shall continue in full force and effect except thatthe condemnation or taking, during such restoration, the Base Rent payable pursuant but only to the terms extent of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same)standard Building finishes. Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyresponsible at its sole cost and expense for the repair, restoration and replacement of any other leasehold Improvements and Tenant's Property.
Appears in 2 contracts
Samples: Office Suite Lease Agreement (High Desert Holding Corp.), Office Suite Lease Agreement (High Desert Holding Corp.)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If In the event that the whole of the Land and the Building or any substantial part portion of the Demised Premises shall be lawfully condemned or taken or acquired by in any manner for any public or quasi-public authority under use (a “Taking” or “Taken”), this Lease and the power or threat of eminent domain, for other than a temporary period, the Lease Term term and estate hereby granted shall forthwith cease and terminate as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is takenvesting of title. In the event that during the term of this Agreement the Demised Premises, or any a part thereof, or more than __________% of the Real Property Land or of Building shall be so Taken, then Landlord (whether or not the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, Premises be affected) may at Landlord’s option terminate this Agreement Lease and the term and estate hereby granted as of the date of such vesting of title by notifying Tenant in writing of such termination within sixty (60) days following the date on which Landlord shall have received notice of vesting of title. If Landlord does not so elect to terminate this Lease, as aforesaid, this Lease shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken remain unaffected by the condemnor such Taking, and the Base Rent herein reserved rent payable hereunder shall not be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenantabated. In the event of any Taking of all or a part of the Land and the Building (which may include the Premises), Landlord does not elect to cancel (or terminate this Agreement as provided abovethe mortgagee of any interest in the Land and/or the Building, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable if pursuant to the terms of this Agreement the mortgage, or if pursuant to terms of the mortgage, or if pursuant to law, mortgagee is entitled to receive all or a portion of the condemnation award), shall be equitably apportioned entitled to receive the entire award in the proportion that condemnation proceeding. Tenant hereby expressly assigns to Landlord or to the square footage mortgagee, as provided above any and all right, title and interest of the Tenant now or hereafter arising in or to any such award or any part thereof. Tenant shall not be entitled to receive any part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, howeveraward from Landlord, the Landlord’s obligations mortgagee, or the condemning authority. Tenant shall not have the right to restore or rebuild shall be limited to an amount which does not exceed participate in the proceeds obtained from such taking (less expenses incurred in collecting the same)condemnation proceeding. Notwithstanding the foregoing, in Tenant may bring a separate claim for a separate award against the event Taking authority for the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions value of the Demised Premises the Landlord shall have the option within __________ days after estate vested by this Lease in Tenant and any fixtures or improvements made by Tenant, provided such claim and/or award does not impact Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyaward.
Appears in 2 contracts
Samples: Lease (Project Clean, Inc.), Lease (Project Clean, Inc.)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If the whole entire Premises, or any substantial such part of thereof, as, in the Demised Premises Landlord’s judgment, renders the remainder unsuitable for Tenant’s continued use, shall be taken in appropriate proceedings or acquired by any public or quasi-public authority under the power or threat rights of eminent domain, then this Lease shall terminate and be utterly void from the time when possession thereof is required for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authorityuse, and such taking shall not operate as or be deemed an eviction of Tenant or a breach of Landlord’s covenant for quiet enjoyment; but Tenant shall pay Rent all rent due, and perform and observe all other covenants hereof, up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date time when possession is takenrequired for public use. In However, if only a part of said Premises shall be so taken and in the event that parties’ mutual judgment the Premises remain suitable for Tenant’s continued use, and if two (2) years or more of the Term hereof then remains unexpired, and if the remaining Premises can be substantially restored within sixty (60) calendar days, then this Lease shall not be terminated. Landlord will, at its expense, restore the Premises. The rent payable by the Tenant during the term period of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted restoration shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken reduced by the condemnor and apportioned amount. After such restoration, the Base Rent rent herein reserved shall be apportioned paid by Tenant as herein provided during the remainder of the Term hereof abated by the percentage that the fair market value of the Premises, attributable solely to the land and paid in full to that improvements, has been reduced because of such taking. Said market value immediately before and after such taking shall be determined by agreement of the parties or, failing agreement of the parties, within thirty (30) calendar days of the effective date of such taking, by a local independent fee appraiser selected by mutual agreement of Landlord and all prepaid Base Rent Tenant, which appraiser’s decision will be final and binding on the parties. The cost of such appraiser shall forthwith be repaid borne equally by Landlord to and Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord Tenant shall have the option within __________ days after right at its sole cost and expense to assert a separate claim or join in Landlord’s receipt claim in any condemnation proceeding for its personal property, its improvements, loss of value in its leasehold estate, moving expenses, or any other claims it may have. Any dispute which arises under this Article regarding the usability of the net condemnation, to cancel Premises after a taking and terminate this Agreement, and Tenant reasonable rent shall be limited settled by arbitration pursuant and to consequential damages onlythe provisions of Article 28.
Appears in 2 contracts
Samples: Ease Agreement (Chelsea Worldwide Inc.), Lease Agreement (Clene Inc.)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. 21.01 If the whole of the Building shall be lawfully taken by condemnation or in any other manner for any public or quasi-public use or purpose, this Lease and the Term and estate hereby granted shall forthwith terminate as of the date of vesting of title in such taking (which date is hereinafter also referred to as the “date of the taking”), and the Fixed Rent and Additional Rent due hereunder shall be prorated and adjusted as of such date.
21.02 If only a part of the Building shall be so taken, this Lease shall be unaffected by such taking, except that Tenant may elect to terminate this Lease in the event of a partial taking, only if the remaining area of the Demised Premises shall not be reasonably sufficient for Tenant, in Tenant’s judgment exercised reasonably, to continue feasible operation of its business or access to the Demised Premises is impeded by a taking. If on the date of the taking Tenant rents other space in the Building and the taking affects such other space and Tenant terminates its lease as to said other space, Tenant may simultaneously terminate this Lease. Tenant shall give notice of such election to Landlord not later than thirty (30) days after (i) notice of such talking is given by Landlord to Tenant, or (ii) the date of such talking, whichever occurs sooner. Upon the giving of such notice by Tenant this Lease shall terminate on the date of such talking and the Fixed Rent and Additional Rent due hereunder shall be prorated as of such termination date. Upon such partial taking and this Lease continuing in force as to any part of the Demised Premises, the rents apportioned to the part taken shall be prorated and adjusted as of the date of taking and from such date the Fixed Rent for the Demised Premises and Additional Rent shall be payable pursuant to Article 4 according to the rentable area remaining.
21.03 Landlord shall be entitled to receive the entire award in any proceeding with respect to any taking provided for in this Article without deduction therefrom for any estate vested in Tenant by this Lease and Tenant shall receive no part of such award, except as hereinafter expressly provided in this Article. Tenant hereby expressly assigns to Landlord all of its right, title and interest in or to every such award. Notwithstanding anything herein to the contrary, Tenant may, at its sole cost and expense, make a claim with the condemning authority for Tenant’s moving expenses, the value of Tenant’s fixtures or Tenant’s Changes which would not become part of the Building or property of the Landlord upon the expiration or sooner termination of the Term of this Lease, provided however that Landlord’s award is not thereby reduced or otherwise adversely affected.
21.04 If the temporary use or occupancy of or access to all or any substantial part of the Demised Premises shall be lawfully taken by condemnation or acquired by in any other manner for any public or quasi-quasi- public authority under use or purpose during the power or threat Term of eminent domainthis Lease, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award for such taking which represents compensation for the use and occupancy of the Demised Premises and, if so awarded, for other than a temporary periodthe taking of Tenant’s Property and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the Lease Term shall cease as cost of restoration of the day possession Demised Premises. This Lease shall be taken and remain unaffected by such public or quasi-public authority, taking and Tenant shall continue to be responsible for all its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay in full the Fixed Rent up to and Additional Rent when due. If the period of temporary use of occupancy shall extend beyond the Expiration Date, that date with an appropriate refund by part of the award which represents compensation for the use or occupancy of the Demised Premises (of a part thereof) shall be divided between Landlord of any rent which may have been paid in advance for any and Tenant so that Landlord shall receive so much thereof as represents the period subsequent to the Expiration Date. All moneys received by Landlord as, or as part of, an award for temporary use and occupancy for the period beyond the date possession is taken. In to which the rents hereunder have been paid by Tenant, but prior to the Expiration Date, shall be received, held and applied by Landlord as a trust fund for payment of the Fixed Rent and Additional Rent due hereunder.
21.05 Subject to Tenant’s right to terminate under this Article, in the event that during of any taking of less than the term whole of the Building which does not result in a termination of this Agreement the Demised PremisesLease, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel of a taking for a temporary use of occupancy of all or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears which does not extend beyond the Expiration Date, Landlord, at its expense, and to the total square footage extent any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the Demised Premises to substantially a building standard condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and Demised Premises.
21.06 Should any part of the Demised Premises immediately prior be taken to effect compliance with any law or requirement of public authority other than in the manner hereinabove provided in this Article, then (i) if such taking; providedcompliance is the obligation of Tenant under this Lease, however, in no event Tenant shall there not be entitled to any diminution or abatement of rents or other compensation from Landlord therefor, but (ii) if such compliance is the payment obligation of any Operating Costs, provided further, howeverLandlord under this Lease, the Landlord’s obligations to restore or rebuild Fixed Rent hereunder shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, reduced and Additional Rents under Article 4 shall be adjusted in the event same manner as is provided in Section 21.02 according to the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions reduction in rentable area of the Demised Premises resulting from such taking.
21.07 Any dispute which may arise between the Landlord shall have parties with respect to the option within __________ days after Landlord’s receipt meaning or application of any of the net condemnation, to cancel and terminate provisions of this Agreement, and Tenant Article shall be limited to consequential damages onlydetermined by arbitration in the manner provided in Article 34.
Appears in 2 contracts
Samples: Lease Agreement (Blue Apron Holdings, Inc.), Lease Agreement (Blue Apron Holdings, Inc.)
Eminent Domain. With respect to eminent domain:
A(a) Condemnation of Demised Premises. If In case the whole or any substantial part of the Demised Premises Premises, or such part thereof as shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domainsubstantially interfere with Tenant's use and occupancy thereof, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public any lawful power or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund authority by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% exercise of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereofsold to prevent such taking or threat of such taking, either Tenant or Landlord may terminate this Agreement Lease effective as of the date possession is required to be surrendered to said authority. Except as provided herein, Tenant shall not because of such taking assert any claim against Landlord or the taking authority for any compensation because of such taking, and the term hereby granted Landlord shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on entitled to receive the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to entire amount of any award without deduction for any estate or interest of Tenant. In the event Landlord does the amount of property or the type of estate taken shall not elect to cancel or terminate this Agreement as provided abovesubstantially interfere with Tenant's use of the Premises, then Landlord shall rebuild and be entitled to the entire amount of the award without deduction for any estate or interest of Tenant. In such event, Landlord shall promptly proceed to restore the Demised Premises as nearly as possible to substantially their condition immediately prior to any such taking partial taking, and this Agreement a proportionate allowance shall continue in full force and effect except that, during such restoration, be made to Tenant for the Base Rent payable pursuant rent corresponding to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of time during which, and to the part of the Demised Premises of which, Tenant shall be so taken bears deprived on account of such taking and restoration. Any such rental abatement shall not defeat or diminish Landlord's rights to recover upon any rental interruption insurance maintained by Landlord pursuant to Paragraph 20. Nothing contained in this Paragraph 15(a) shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authority. Landlord may, without any obligation to Tenant, agree to sell and/or convey to any taking authority the Premises, the Building, the Project or any portion thereof sought by such taking authority, free from this Lease and the rights of Tenant hereunder, without first requiring that any action or proceeding be instituted or pursued to judgment.
(b) In the event of a temporary taking of the Premises or any part of the Premises and/or of Tenant's rights to the total square footage of Premises or under this Lease, this Lease shall not terminate, nor shall Tenant have the Demised Premises immediately prior right to such taking; provided, however, in no event shall there be any abatement of the payment rent or of any Operating Costs, provided further, however, the Landlord’s obligations other payments owed to restore or rebuild Landlord pursuant to this Lease. Any award made to Tenant by reason of such temporary taking shall belong entirely to Tenant.
(c) This Paragraph 15 shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, Tenant's sole and exclusive remedy in the event of a taking or condemnation. Tenant hereby waives the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions benefit of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt California Code of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyCivil Procedure Section 1265.
Appears in 2 contracts
Samples: Lease (Adforce Inc), Lease (Adforce Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If the whole or any substantial part of the Demised Premises premises hereby demised shall be taken or acquired condemned by any competent authority for any public use or quasipurpose then the term hereby granted shall cease from the time when possession of the part so taken shall be required for such public purpose and without apportionment of award, the Tenant hereby assigning to the Landlord all right and claim to any such award, the current rent, however, in such case to be apportioned. SIXTH.-- LEASE NOT IN EFFECT DEFAULTS TEN DAY NOTICE RE-public authority POSSESSION OF LANDLORD RE-LETTING WAIVER BY TENANT If, before the commencement of the term, the Tenant be adjudicated a bankrupt, or make a "general assignment", or take the benefit of any insolvent act, or if a Receiver or Trustee be appointed for the Tenant's property, or if this lease or the estate of the Tenant hereunder be transferred or pass to or devolve upon any other person or corporation, or if the Tenant shall default in the performance of any agreement by the Tenant contained in any other lease to the Tenant by the Landlord or by any corporation of which an officer of the Landlord is a Director, this lease shall thereby, at the option of the Landlord, be terminated and in that case, neither the Tenant nor anybody claiming under the power Tenant shall be entitled to go into possession of the demised premises. If after the commencement of the term, any of the events mentioned above in this subdivision shall occur, or threat if Tenant shall make default in fulfilling any of eminent domain, for the covenants of this lease other than a temporary the covenants for the payment of rent or "additional rent" or if the demised premises become vacant or deserted, the Landlord may give to the Tenant ten days' notice of intention to end the term of this lease, and thereupon at the expiration of said ten days' (if said condition which was the basis of said notice shall continue to exist) the term under this lease shall expire as fully and completely as if that day were the date herein definitely fixed for the expiration of the term and the Tenant will then quit and surrender the demised premises to the Landlord, but the Tenant shall remain liable as hereinafter provided. If the Tenant shall make default in the payment of the rent reserved hereunder, or any item of "additional rent" herein mentioned, or any part of either or in making any other payment herein provided for, or if the notice last above provided for shall have been given and if the condition which was the basis of said notice shall exist at the expiration of said ten days' period, the Lease Term shall cease as Landlord may immediately, or at any time thereafter, re-enter the demised premises and remove all persons and all or any property therefrom, either by summary dispossess proceedings, or by any suitable action or proceeding at law, or by force or otherwise, without being liable to indictment, prosecution or damages therefor, and re-possess and enjoy said premises together with all additions, alterations and improvements. In any such case or in the event that this lease be "terminated" before the commencement of the day possession term, as above provided, the Landlord may either re-let the demised premises or any part or parts thereof for the Landlord's own account, or may, at the Landlord's option, re-let the demised premises or any part or parts thereof as the agent of the Tenant, and receive the rents therefor, applying the same first to the payment of such expenses as the Landlord may have incurred, and then to the fulfillment of the covenants of the Tenant herein, and the balance, if any, at the expiration of the term first above provided for, shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is takenTenant. Landlord may rent the premises for a term extending beyond the term hereby granted without releasing Tenant from any liability. In the event that during the term of this Agreement the Demised Premiseslease shall expire as above in this subdivision "Sixth" provided, or any part thereofterminate by summary proceedings or otherwise, and if the Landlord shall not re-let the demised premises for the Landlord's own account, then, whether or more than __________% not the premises be re-let, the Tenant shall remain liable for, and the Tenant hereby agrees to pay to the Landlord, until the time when this lease would have expired but for such termination or expiration, the equivalent of the Real Property or amount of any of the Common Area is taken rent and "additional rent" reserved herein less the avails of re-letting, if any, and the same shall be due and payable by condemnation or the Tenant to the Landlord on the several rent days above specified, that is, upon each of such rent days the Tenant shall pay to the Landlord the amount of deficiency then existing. The Tenant hereby expressly waives any and all right of eminent domainredemption in case the Tenant shall be dispossessed by judgment or warrant of any court or judge, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option Tenant waives and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken will waive all right to trial by jury in any summary proceedings hereafter instituted by the condemnor Landlord against the Tenant in respect to the demised premises. The words "re-enter" and the Base Rent herein reserved shall be apportioned and paid "re-entry" as used in full this lease are not restricted to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenanttheir technical legal meaning. In the event Landlord does not elect to cancel of a breach or terminate this Agreement as provided above, then Landlord shall rebuild and restore threatened breach by the Demised Premises as nearly as possible to their condition immediately prior to Tenant of any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; providedcovenants or provisions hereof, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt right of injunction and the net condemnationright to invoke any remedy allowed at law or in equity, to cancel as if re-entry, summary proceedings and terminate this Agreement, and Tenant shall be limited to consequential damages onlyother remedies were not herein provided for.
Appears in 2 contracts
Samples: Lease Agreement (Michael Anthony Jewelers Inc), Lease Agreement (Michael Anthony Jewelers Inc)
Eminent Domain. With respect (a) Should a substantial portion of the Premises are taken, appropriated, or condemned for public purposes, or voluntarily transferred in lieu of condemnation, in whole or in such substantial part as to eminent domain:
Arender the Premises unsuitable for Landlord's purposes or the Premises unsuitable for the Permitted Uses, the Term of this Lease shall, at the option of Landlord in the first instance and at the option of Tenant in the second instance, terminate when Tenant's right to possession is terminated, which date (the "Termination Date") Condemnation of Demised Premisesshall be no sooner than thirty (30) days after such party’s termination notice. If neither party exercises this option to terminate within sixty (60) days after the whole date of such taking, or any substantial if the portion of the Premises is taken, appropriated, condemned, or voluntarily transferred in lieu of condemnation does not render the Premises unsuitable for Tenant's purposes or the Premises unsuitable for the Permitted Uses, then this Lease shall terminate only as to the part taken or conveyed on the date Tenant shall yield possession and the Rent payable hereunder shall be reduced in proportion to the part of the Demised Premises shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during a party elects to terminate this Lease, this Lease will automatically terminate on the term Termination Date and Landlord shall retain all Net Proceeds made in the Condemnation proceeding.
(b) In the event of any other Condemnation of part of the Premises which does not result in a termination of this Agreement Lease, subject to the Demised Premisesrequirements of Section 6.04, or any part thereof, or more than __________% the Net Proceeds of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted such Condemnation shall be terminable at Landlord’s sole option delivered to the Tenant (unless such Net Proceeds exceed $300,000 and if Landlord so terminates then this Agreement shall expire on the date when possession in that event, such Net Proceeds shall be taken by delivered to the condemnor Trustee) and, promptly after such Condemnation, Tenant shall commence and diligently continue to perform the Base Rent herein reserved Restoration (whether or not the Net Proceeds shall be apportioned sufficient to do so). Landlord shall, and paid Landlord shall cause its Lender (as defined below) to, to the extent received, make the Net Proceeds available to Tenant in full to that date accordance with the provisions of Section 6.04 and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenantcontinue unabated. In the event Landlord does not elect to cancel of a temporary Condemnation or terminate this Agreement confiscation of any of the Premises, so long as provided abovethere is no continuing Event of Default, then Landlord the Net Proceeds of such temporary Condemnation shall rebuild be retained by Tenant and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement all Rent shall continue in full force and effect except that, during such restoration, the Base Rent payable unabated.
(c) Except with respect to Compensation to which Tenant is entitled pursuant to the terms foregoing provisions of this Agreement Section 6.02, no agreement with any condemnor in settlement of or under threat of any Condemnation shall be equitably apportioned in made by either Landlord or Tenant without the proportion that the square footage written consent of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreementother, and Tenant of Lender, if the Premises are then subject to a mortgage, which consent shall not be limited to consequential damages onlyunreasonably withheld, delayed, or conditioned provided such award or proceeds are applied in accordance with this Lease.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (Christopher & Banks Corp)
Eminent Domain. With respect to eminent domain:
A(a) Condemnation of Demised Premises. If the whole all or any substantial part of the Demised Premises shall be taken or acquired by for any public or quasi-public authority under use by virtue of the exercise of the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, domain or by private purchase in lieu thereof, this Agreement and Lease shall terminate as to the term hereby granted shall be terminable at Landlord’s sole option and if Landlord part so terminates then this Agreement shall expire on taken as of the date when possession of taking, and, in the case of a partial taking, either Landlord or Tenant shall be taken by have the condemnor and the Base Rent herein reserved shall be apportioned and paid in full right to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement Lease as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part balance of the Demised Premises so taken bears by written notice to the total square footage of the Demised Premises immediately prior to other within thirty (30) days after such takingdate; provided, however, in no event shall there be any abatement that a condition to the exercise by Tenant of the payment of any Operating Costs, provided further, however, the Landlord’s obligations such right to restore or rebuild terminate shall be limited to an amount which does not exceed the proceeds obtained from such taking either (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions i) that more than fifteen percent (15%) of the Demised Premises was taken or (ii) that the portion of the Demised Premises taken shall be of such extent and nature as substantially to handicap, impede or impair Tenant's use of the balance of the Demised Premises. If title to so much of the Building is taken that a reasonable amount of reconstruction thereof will not in Landlord's sole discretion result in the Building being a practical improvement and reasonably suitable for use for the purpose for which it is designed, then this Lease shall terminate on the date that the condemning authority actually takes possession of the part so condemned or purchased.
(b) If this Lease is terminated under the provisions of this Article 33, Rent shall be apportioned and adjusted as of the date of termination. Tenant shall have no claim against Landlord or against the condemning authority for the value of any leasehold estate or for the value of the unexpired Lease Term provided that the foregoing shall not preclude any claim that Tenant may have against the condemning authority for the unamortized cost of leasehold improvements, to the extent the same were installed at Tenant's expense (and not with the proceeds of the Construction Allowance), or for loss of business, moving expenses or other consequential damages, in accordance with subparagraph (d) below.
(c) If there is a partial taking of the Building and this Lease is not thereupon terminated under the provisions of this Article 33, then this Lease shall remain in full force and effect, and Landlord shall, within a reasonable time thereafter, repair or reconstruct the remaining portion of the Building to the extent necessary to make the same a complete architectural unit; provided that in complying with its obligations hereunder Landlord shall have not be required to expend more than the option within __________ days after Landlord’s receipt net proceeds of the net condemnationcondemnation award which are paid to Landlord.
(d) All compensation awarded or paid to Landlord upon a total or partial taking of the Demised Premises or the Building shall belong to and be the property of Landlord without any participation by Tenant. All compensation awarded or paid to Landlord upon a temporary taking of all or any portion of the Demised Premises with respect to which Tenant exercises Tenant's right to terminate under Article 33
(e) shall belong to and be the property of Landlord without any participation by Tenant. Nothing herein shall be construed to preclude Tenant from prosecuting any claim directly against the condemning authority for loss of business, to cancel and terminate this Agreementfor damage to, and cost of removal of, trade fixtures, furniture and other personal property belonging to Tenant, and for the unamortized cost of leasehold improvements to the extent same were installed at Tenant's expense (and not with the proceeds of the Construction Allowance). In no event shall Tenant shall be limited have or assert a claim for the value of any unexpired term of this Lease. Subject to consequential damages onlythe foregoing provisions of this subparagraph (d), Tenant hereby assigns to Landlord any and all of its right, title and interest in or to any compensation awarded or paid as a result of any such taking.
Appears in 2 contracts
Samples: Lease Agreement (Wells Real Estate Fund Ix Lp), Lease Agreement (Wells Real Estate Investment Trust Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If the whole all or any substantial part of the Demised Premises shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public domain or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase conveyance in lieu thereof, this Agreement and Lease shall terminate as to any portion of the term hereby granted shall be terminable at Landlord’s sole option and if Landlord Premises so terminates then this Agreement shall expire taken or conveyed on the date when possession title vests in the condemnor, and Landlord shall be taken by entitled to any and all payment, income, rent, award or any interest therein whatsoever which may be paid or made in connection with such taking or conveyance, and Tenant shall have no claim against Landlord or otherwise for the condemnor and value of any unexpired term of this Lease. Notwithstanding the Base Rent herein reserved foregoing Paragraph, any compensation specifically awarded Tenant for Tenant’s personal property, relocation costs, business damage or business interruption, specifically excluding, however, the so called “bonus value” of this Lease, shall be apportioned and paid in full remain the property of Tenant (it being specifically acknowledged that Tenant shall not be entitled to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenantany so called “bonus value” of the Lease). In the event Landlord does not elect of a partial taking or conveyance of the Premises, if the portion of the Premises taken or conveyed is so substantial that the Tenant can no longer reasonably conduct its business from the remaining Premises, Tenant shall have the privilege of terminating this Lease. In addition, if the portion of the Premises which is taken that is contained in any Building renders that portion of the Premises unusable to cancel or Tenant, Tenant may terminate this Agreement Lease only as to the Building as to which the taking has occurred. Any termination hereunder must occur within sixty (60) days from the date of such taking or conveyance, upon written notice to Landlord of its intention so to do, and upon giving of such notice this Lease shall terminate on the last day of the calendar month next following the month in which such notice is given or upon the effective date of the taking, at Tenant’s election, upon payment by Tenant of the rent through the date of termination. If a portion of the Premises be taken by condemnation or conveyance in lieu thereof and neither Landlord nor Tenant shall terminate this Lease as provided aboveherein, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement Lease shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant as to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises not so taken or conveyed, and the rent herein shall be apportioned as of the date of such taking or conveyance so that thereafter the rent to be paid by Tenant shall be in the ratio that the area of the portion of the Premises not so taken or conveyed bears to the total square footage area of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages only.
Appears in 2 contracts
Samples: Lease Agreement (Intuit Inc), Lease Agreement (Intuit Inc)
Eminent Domain. With respect 23.1 If the entire Premises or so much thereof as to render the balance thereof not reasonably usable for the conduct of Tenant's business, shall be taken or appropriated under the power of eminent domain:
Adomain or conveyed in lieu thereof, either party hereto may, by serving written notice upon the other party hereto within thirty (30) Condemnation of Demised Premisesdays thereafter, immediately terminate this Lease. If the whole or any such substantial part of the Demised Project excluding the Premises shall be taken or acquired by any public or quasi-public authority appropriated under the power or threat of eminent domaindomain or conveyed in lieu thereof, Landlord may so terminate this Lease. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand by Landlord) any income, rent, award or any interest therein which may be paid in connection therewith, and Tenant shall have no claim for other than a temporary periodany part of any sum so paid, whether or not attributable to the Lease Term shall cease as value of the day possession unexpired term of this Lease; provided, however, that nothing herein shall prevent Tenant from pursuing a separate award in connection with the taking of Tenant's removable tangible personal property placed in the Premises solely at Tenant's expense and for Tenant's relocation costs. If a part of the Premises shall be taken so taken, appropriated or conveyed and neither party hereto shall elect to so terminate this Lease, (i) Base Rent and Additional Rent payable hereunder shall be abated in the proportion that the rentable area of the Premises so taken, appropriated or conveyed beats to the rentable area of the entire Premises, and (ii) if the Premises shall have been damaged as a consequence of such partial taking, appropriation or conveyance, Landlord shall, to the extent of any severance damages received by such public Landlord, restore the Premises continuing under this Lease, provided, however, that Landlord shall not be required to repair or quasi-public authorityrestore any damage to the property of Tenant or to make any repairs to or restoration of any alterations, additions, fixtures or improvements installed on the Premises by or at the expense of Tenant, and Tenant shall pay Rent up any amount in excess of such severance damages required to that date with an appropriate refund by Landlord complete such repairs or restoration. Notwithstanding anything to the contrary contained in this Section, if the temporary use or occupancy of any rent which may have been paid part of the Premises shall be taken or appropriated under the power of eminent domain or conveyed in advance for any period subsequent to the date possession is taken. In the event that lieu thereof during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereofLease, this Agreement Lease shall be and remain unaffected by such taking, appropriation or conveyance and Tenant shall continue to pay in full all rent payable hereunder by Tenant during the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then of this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to TenantLease. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to of any such taking and this Agreement shall continue in full force and effect except thattemporary taking, during such restorationappropriation or conveyance, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited entitled to consequential damages onlyreceive that portion of any award which represents compensation for loss of the use or occupancy of the Premises during the term of this Lease, and Landlord shall be entitled to receive the balance of such award.
Appears in 2 contracts
Samples: Lease (Digital Island Inc), Lease (Digital Island Inc)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If the whole or any substantial part of the Demised Leased Premises shall be taken appropriated or acquired condemned under power of eminent domain (which shall include a voluntary sale in lieu of taking) or by any competent authority for any public or quasi-public authority under use or purpose during the power term of this Lease, or threat any renewal hereof, Tenant reserves the right to prosecute its claim for an award for damages based on the value of eminent domainTenant's Property erected or installed on the Leased Premises and any damages Tenant may sustain for removal, relocation and replacement costs and expenses caused by said appropriation or taking, provided, however, such claim by Tenant shall not impair any rights of Landlord for other than a temporary periodsuch appropriation and taking of, or the injury to, the remainder. In said event, this Lease Term shall cease as of terminate when Tenant can no longer reasonably use the day Leased Premises in the manner herein intended, or when possession thereof shall be taken required by such public the appropriating or quasi-public condemning authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent or when legal title to the date possession is takenLeased Premises shall vest in the appropriating or condemning authority, whichever shall first occur, but such termination of this Lease shall not preclude nor restrict Tenant's right to an award hereinbefore provided. In the event that during a part of the term of this Agreement Leased Premises shall be appropriated or condemned and the Demised part so taken shall include the building on the Leased Premises, or any part thereof, ; or (ii) more than __________20% of the Real Property parking area, or result in the loss of any driveway, or curb cut, which provides access to any adjacent public street or highway, the loss of which would materially interfere with Tenant's use of the Common Area is taken Leased Premises for the purposes for which the same are then being used by condemnation Tenant, then, and in any said event, Tenant, at its sole option, to be exercised at any time either prior to or right within a period of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on sixty (60) days after the date when possession of the part of the Leased Premises so taken shall be taken required by the condemnor appropriating or condemning authority, may elect to terminate this Lease. In the event, Tenant shall exercise said election to terminate this Lease, Tenant shall have the right to prosecute its claim for an award for damages based upon the value of Tenant's Property erected, placed or installed on or about the Leased Premises, in the same manner and to the Base Rent herein same extent as that hereinbefore reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect Tenant shall fail to cancel or exercise said option to terminate this Agreement as provided aboveLease, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned or in the proportion event that the square footage of the a part of the Demised Leased Premises so shall be taken bears or condemned under circumstances in which Tenant shall have no such option, then in either said event, Landlord, with reasonable promptness, shall make necessary repairs to and alterations of Landlord's Improvements for the purpose of restoring the same to the total square footage of same condition as existed before the Demised Premises taking so that Tenant may make the same use thereof as that which was in effect immediately prior to such taking; providedtaking and to the extent that may have been necessitated by such appropriation or condemnation. In said event, howeverthe annual base rent shall be reduced, as of the date when possession of the Leased Premises shall be required by the appropriating or condemning authority, in proportion to the degree of interference with Tenant's business resulting from such condemnation. In no event shall there the reduction in the annual base rent be any abatement greater, annually, than an amount equal to 10% of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions as a result of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net such condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages only.
Appears in 2 contracts
Samples: Lease (Founders Food & Firkins LTD /Mn), Lease (Founders Food & Firkins LTD /Mn)
Eminent Domain. With respect to eminent domain:
A(a) Condemnation of Demised Premises. If the whole all or any substantial part of the Demised Premises shall be or the Building is taken or acquired by for any public or quasi-quasi- public authority use under the power governmental law or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domaindomain (the Taking), this Lease terminates at Landlord’s election, which Xxxxxxxx has the right to make notwithstanding the divestiture of Landlord’s entire interest in the Building. Tenant has the right to terminate this Lease if the Taking would materially interfere with Tenant’s use and occupancy of the Premises (even if Landlord reconstructs the Premises and Building to the maximum extent practicable in the case of a partial Taking), or, in the case of a partial Taking, if (i) Tenant determines, in Tenant’s reasonable business judgment, that Landlord cannot reasonably be expected to complete, within 150 days from the date of the Taking, any reconstruction of the Premises, of the Building, or of both that is necessary for Xxxxxx’s use and occupancy of the Premises in accordance with the provisions of this Lease, or (ii) Landlord, having elected not to terminate the Lease, fails to complete such reconstruction within 150 days after the Taking.
(b) The foregoing rights of Landlord and Tenant to terminate this Lease if there is a Taking is subject to the following notice provisions: Within 30 days after a Taking of all or a substantial part of the Premises or the Building, Landlord must notify Tenant of Landlord’s election to terminate the Lease in accordance with the preceding paragraph. Tenant must notify Landlord of Tenant’s election to terminate the Lease within 30 days after the Taking, or within 30 days after the expiration of the 150-day period given to Landlord to restore the Premises after a partial Taking if this Lease is not terminated and Landlord has failed to complete such restoration within said 150-day period. Any such termination of the Lease by private purchase in lieu thereofLandlord or Tenant is effective no earlier than 30 days after the giving of notice. Unless terminated pursuant to the foregoing provisions, this Agreement Lease remains in full force and effect, subject, however to other provisions of this § 7.2.
(c) If Landlord does not terminate this Lease after a Taking, or if the Taking effects less than all or a substantial part of the Premises or the Building, Landlord must proceed with diligence to establish and collect all valid claims that arise against the Taking authority or others and, subject to the then-applicable building codes, zoning ordinances, and other legal requirements, Landlord must proceed with diligence to restore the Premises and the term hereby granted shall be terminable Building, or their remains, as nearly as practicable to their condition before such Taking, at Landlord’s sole option expense, subject, however, to the extent of the proceeds from the Taking.
(d) If any Taking of the Premises or the Building or if Landlord’s restoration of either or both (i) reduces the Usable Area of the Premises, (ii) renders any part of the Premises unfit for Tenant’s use and occupancy, or otherwise materially interferes with Tenant’s use and occupancy of the Premises, or (iii) causes a material cessation or reduction in Landlord’s Services under this Lease (even if Landlord so terminates then Tenant continues to use and occupy the Premises), Rent or a just portion of Rent must be abated until the Premises or their remains, such services, or all of them are restored, as this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to TenantLease requires. In the event case of a Taking that reduces the Usable Area of the Premises, interferes with Xxxxxx’s use and occupancy of the Premises, or materially diminishes Landlord’s Services on a permanent basis, a just portion of Rent must be abated for the remainder of the Term.
(e) Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior reserves all rights to any such taking damages or compensation payable by reason of any Taking, and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant Tenant grants to the terms Landlord all of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior Tenant's rights to such taking; damages or compensation, and covenants to execute and deliver such further instruments as Landlord requests from time to time in order to obtain such damages or compensation, provided, however, in no event shall there be that Tenant reserves for Tenant any abatement of award specifically reimbursing Tenant for moving or relocation expenses, and any other award, the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed diminish the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient amounts otherwise payable to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages only.
Appears in 2 contracts
Samples: Office Lease, Office Lease
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. a. If the whole all or any substantial part of the Demised Premises shall be are taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase any agreement in lieu thereofthereof (a "taking"), this Agreement and Lease shall terminate as to the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on portion of the Premises taken effective as of the date when possession shall be taken by of taking. If only a portion of the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Premises is taken, Landlord to Tenant. In the event Landlord does not elect to cancel or Tenant may terminate this Agreement Lease as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage remainder of the part of the Demised Premises so taken bears upon written notice to the total square footage of other party within ninety (90) days after the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement that Xxxxxx's right to terminate this Lease is conditioned upon the remaining portion of the payment Premises being of such size or configuration that such remaining portion of the Premises is unusable or uneconomical for Tenant's business. Landlord shall be entitled to all compensation, damages, income, rent awards and interest thereon whatsoever which may be paid or made in connection with any taking and Tenant shall have no claim against Landlord or any governmental authority for the value of any Operating Costs, provided furtherunexpired term of this Lease or of any of the improvements or Alterations in the Premises; provided, however, that the Landlord’s obligations to restore or rebuild foregoing shall be limited to not prohibit Tenant from prosecuting a separate claim against the taking authority for an amount separately designated for Tenant's relocation expenses or the interruption of or damage to Xxxxxx's business or as compensation for Xxxxxx's personal property, trade fixtures, Alterations or other improvements paid for by Tenant so long as any award to Tenant will not reduce the award to Landlord. In the event of a partial taking of the Premises which does not exceed result in a termination of this Lease, the proceeds obtained from Monthly Rent and Additional Rent under Paragraphs 5 and 7 hereunder shall be equitably reduced. If all or any part of the Real Property other than the Premises is taken, Landlord may terminate this Lease upon written notice to Tenant given within ninety (90) days after the date of taking; provided, however, that Landlord shall not terminate this Lease as a result of such taking, unless it also exercises any comparable rights to terminate the leases of all tenants in the Building that are similarly affected by the taking (less expenses incurred as determined by Landlord in collecting the sameits reasonable judgment). .
b. Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore if all or rebuild the structural portions any portion of the Demised Premises is taken for a period of time ending prior to the Landlord shall have the option within __________ days after Landlord’s receipt end of the net condemnationterm of this Lease, to cancel this Lease shall remain in full force and terminate this Agreement, effect and Tenant shall continue to pay all rent and to perform all of its obligations under this Lease; provided, however, that Tenant shall be limited entitled to consequential damages onlyall compensation, damages, income, rent awards and interest thereon that is paid or made in connection with such temporary taking of the Premises (or portion thereof), except that any such compensation in excess of the rent or other amounts payable to Landlord hereunder shall be promptly paid over to Landlord as received. Landlord and Tenant each hereby waive the provisions of California Code of Civil Procedure Section 1265.130 and any other applicable existing or future Legal Requirement providing for, or allowing either party to petition the courts of the state in which the Real Property is located for, a termination of this Lease upon a partial taking of the Premises and/or the Building.
Appears in 2 contracts
Samples: Office Lease (Ask Jeeves Inc), Office Lease (Ask Jeeves Inc)
Eminent Domain. With respect (a) If a Property, or such material portion thereof as to eminent domain:
A) Condemnation render the balance unsuitable for the operation of Demised Premises. If the whole or any substantial part of the Demised Premises such Property by Tenant as required under this Lease, shall be taken or acquired by (excluding a taking of the fee interest in such Property if, after such taking, Tenant’s rights under this Lease are not affected and no rights of any Permitted Leasehold Mortgagee are affected) for any public or quasi-public authority under purpose by any Governmental Authority by the power exercise of the right of condemnation or threat of eminent domaindomain or by agreement among Landlord, for other than a temporary periodTenant, the Permitted Leasehold Mortgagee and those authorized to exercise any such right, then this Lease Term shall cease terminate with respect to such Property as of the effective date of such taking. In such event, the actual amount of the award paid in connection with or arising from the acquisition or other taking of such Property or any portion of thereof by any such authority, less all reasonable out-of-pocket expenses incurred by Landlord, Tenant or the Permitted Leasehold Mortgagee in connection with obtaining such award, including, without limitation, all reasonable attorneys’ fees and disbursements incurred in connection therewith (the “NET CONDEMNATION AWARD”) shall be apportioned between Landlord and Tenant as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Premises, or any part thereof, or more than __________% of the Real Property or of the Common Area is taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to the vesting of title in such authority as follows:
(i) First, Landlord shall receive the then fair market value of the Property so taken or condemned considered as vacant, unimproved, and unencumbered, but subject to this Lease and including the Landlord’s reversionary interest in the Project at the end of the Term; and
(ii) Second, Tenant shall be entitled to the then fair market value of Tenant’s interest under this Lease in such Property and Tenant’s leasehold estate so taken or condemned (subject, however, to the rights of any Permitted Leasehold Mortgagees therein).
(b) If this Lease does not terminate with respect to the affected Property due to such taking and this Agreement or condemnation, (i) Tenant shall continue in full force and effect except thatbe entitled to the entire award to the extent required, during such restoration, the Base Rent payable pursuant to the terms of this Agreement Lease, for the restoration of the remaining portion of such Property, and (ii) out of the portion of the award not applied to restoration, the award shall be equitably apportioned distributed to Landlord and (subject to the rights of any Permitted Leasehold Mortgagee) Tenant, which (A) as to Landlord, shall be in the same proportion that as the square footage of the part of the Demised Premises so taken loss attributable to such Property, considered as set forth in Section 11.2(a)(i), bears to the total square footage sum of the Demised Premises immediately prior loss attributable to such taking; providedProperty and Tenant’s leasehold estate in such Property and (B) as to Tenant, however, shall be in no event shall there be any abatement the same proportion as the loss attributable to Tenant’s leasehold estate bears to the sum of the payment loss attributable to such Property and Tenant’s leasehold estate in such Property. If this Lease does not terminate due to such taking or condemnation, then Tenant shall commence such restoration within one hundred eighty (180) days after receipt of any Operating Coststhe Net Condemnation Award and, provided furtherthereafter proceed with due diligence to restore the remaining portion of such Property and the Project to complete, howeverindependent and self-contained architectural units in accordance with plans and specifications approved by Landlord, which approval shall not be unreasonably withheld or delayed. If in connection with a taking the award is in excess of $3,000,000, adjusted for inflation, then the award shall be deposited with the Permitted Leasehold Mortgagee or, if none, with a Lending Institution pursuant to a mutually acceptable trust agreement. Except as may otherwise be required by a Permitted Leasehold Mortgagee, if such funds are less than or equal to $3,000,000, adjusted for inflation, the Landlord’s obligations to restore or rebuild same shall be limited paid directly to an amount which does not exceed Tenant to be applied as provided herein. Provided Tenant is conducting the proceeds obtained condemnation restoration in accordance with this Lease and the Permitted Leasehold Mortgage, the Permitted Leasehold Mortgagee or Lending Institution shall disburse the funds to Tenant from such taking (less expenses incurred time to time upon receipt of a request from Tenant to cover amounts due to contractors, subcontractors, materialmen, engineers, architects or other Persons who have rendered services or furnished materials in collecting connection with the same)condemnation restoration. Notwithstanding If the foregoing, in the event the net condemnation award received by Landlord Net Condemnation Award is insufficient to restore or rebuild pay for the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnationrestoration, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages onlyresponsible for the remaining cost and expense.
Appears in 2 contracts
Samples: Ground Lease, Ground Lease (Universal City Travel Partners)
Eminent Domain. With respect to eminent domain:
A) Condemnation of Demised Premises. If In the event the whole or any substantial part of the Demised Premises Premises, Building, Project and/or Common Areas, as the case may be, and/or such part thereof as shall unreasonably interfere with Tenant’s use and occupation thereof, including without limiting the foregoing, the taking of more than ten percent (10%) of the parking stalls allocated to Tenant pursuant to Subsection 1.01(q) above in the parking areas serving the Building as required by Subsection 18.16, shall be taken or acquired by for any public or quasi-public authority under the purpose by any lawful power or threat authority by exercise of the right of appropriation, condemnation or eminent domain, for other than a temporary periodor is sold in lieu of or to prevent such taking, then Tenant shall have the right to terminate this Lease Term shall cease effective as of the day date possession is required to be surrendered to said authority. In the event the whole of the Premises, Building, Project, Common Areas and/or Property, as the case may be, or such part thereof as shall substantially interfere with Landlord’s use and occupation thereof, or if any access points to adjoining streets, shall be taken by such for any public or quasi-public authoritypurpose by any lawful power or authority by exercise of the right of appropriation, and Tenant condemnation or eminent domain, or is sold in lieu of or to prevent such taking, then Landlord shall pay Rent up have the right to that date with an appropriate refund by Landlord terminate this Lease effective as of any rent which may have been paid in advance for any period subsequent to the date possession is takenrequired to be surrendered to said authority. Except as provided below, Tenant shall not assert any claim against Landlord or the taking authority for any compensation because of such taking, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenant in the Premises. Nothing contained in this Section 12.01 shall be deemed to give Landlord any interest in any separate award made to Tenant for the value of any Alterations made by Tenant, the taking of personal property and fixtures belonging to Tenant and for Tenant’s moving expenses to the extent such claim is available as a separate claim by Tenant pursuant to applicable law. In the event that during the term amount of this Agreement property or the Demised Premisestype of estate taken shall not substantially interfere with the conduct of Tenant’s business, or any part thereof, or more than __________% Landlord shall be entitled to the entire amount of the Real Property award without deduction for any estate or interest of Tenant, Landlord shall promptly proceed to restore the Common Area is taken by condemnation or right of eminent domainBuilding to substantially their same condition prior to such partial taking less the portion thereof lost in such condemnation, or by private purchase in lieu thereof, this Agreement and the term hereby granted shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned proportionately reduced by the time during which, and paid in full to that date and all prepaid Base Rent the portion of the Premises which, Tenant shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such have been deprived of possession on account of said taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of the payment of any Operating Costs, provided further, however, the Landlord’s obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event the net condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt of the net condemnation, to cancel and terminate this Agreement, and Tenant shall be limited to consequential damages only.
Appears in 2 contracts
Samples: Lease (Osi Systems Inc), Lease Agreement (Osi Systems Inc)
Eminent Domain. With respect If title to eminent domain:
A) Condemnation of Demised Premises. If or the whole or any substantial part temporary use of the Demised Premises shall be taken or acquired by any public or quasi-public authority under the power or threat of eminent domain, for other than a temporary period, the Lease Term shall cease as of the day possession shall be taken by such public or quasi-public authority, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of any rent which may have been paid in advance for any period subsequent to the date possession is taken. In the event that during the term of this Agreement the Demised Leased Premises, or any part thereof, shall be taken under the exercise or the power of eminent domain by any governmental body or by any person, firm or corporation acting under governmental authority, any net proceeds received from any award made in such eminent domain proceedings (after payment of expenses incurred in such collection) shall be paid to and held by the Lessor. Such proceeds shall be applied in one or more than __________% of the Real Property or following ways:
(a) The restoration of the Common Area is taken by condemnation or right Leased Premises to substantially the same condition as it existed prior to the exercise of that power of eminent domain, or
(b) The acquisition, by construction or by private purchase otherwise, of other improvements suitable for the Lessee’s operations on the Leased Premises and which are in lieu thereof, this Agreement furtherance of the purposes of the Redevelopment Act and the term hereby granted EDC Act (the improvements shall be terminable at Landlord’s sole option and if Landlord so terminates then this Agreement shall expire on the date when possession shall be taken by the condemnor and the Base Rent herein reserved shall be apportioned and paid in full to that date and all prepaid Base Rent shall forthwith be repaid by Landlord to Tenant. In the event Landlord does not elect to cancel or terminate this Agreement as provided above, then Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Agreement shall continue in full force and effect except that, during such restoration, the Base Rent payable pursuant to the terms of this Agreement shall be equitably apportioned in the proportion that the square footage of the deemed a part of the Demised Leased Premises so taken bears to and available for use and occupancy by the total square footage of the Demised Premises immediately prior to such taking; provided, however, in no event shall there be any abatement of Lessee without the payment of any Operating Costsrent other than as herein provided, provided further, howeverto the same extent as if such other improvements were specifically described herein and demised hereby). Within ninety (90) days from the date of entry of a final order in any eminent domain proceedings granting condemnation, the Landlord’s obligations Lessee shall direct the Lessor in writing as to restore or rebuild shall be limited which of the ways specified in this Section 8 the Lessee elects to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, in the event have the net proceeds of the condemnation award received by Landlord is insufficient to restore or rebuild the structural portions of the Demised Premises the Landlord shall have the option within __________ days after Landlord’s receipt applied. Any balance of the net condemnation, proceeds of the award in such eminent domain proceedings not required to cancel and terminate this Agreement, and Tenant be applied for the purposes specified in subsections (a) or (b) above shall be limited deposited in the sinking fund held by the Trustee under the Indenture and applied to consequential damages onlythe repayment of the Bonds. The Lessor shall cooperate fully with the Lessee in the handling and conduct of any prospective or pending condemnation proceedings with respect to the Leased Premises or any part thereof and will to the extent it may lawfully do so permit the Lessee to litigate in any such proceedings in its own name or in the name and on behalf of the Lessor. In no event will the Lessor voluntarily settle or consent to the settlement of any prospective or pending condemnation proceedings with respect to the Leased Premises or any part thereof without the written consent of the Lessee, which consent shall not be unreasonably withheld.
Appears in 2 contracts
Samples: Garage Lease Agreement, Garage Lease Agreement