Eminent Domain. SECTION 12.1. If the whole of the Premises is acquired or condemned for any public or quasi-public use or purpose, this Lease and the Term shall end as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby. (A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that: (1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse 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
Sources: Lease Agreement (Comfort Systems Usa Inc), Lease Agreement (Comfort Systems Usa Inc), Lease Agreement (Comfort Systems Usa Inc)
Eminent Domain. SECTION 12.1. a. If the whole of the Building or Premises is acquired lawfully taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease and the Term shall end terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything Rent shall be prorated to such date. If less than the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration whole of the Building or 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 sixty ninety (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 (12090) days after the date of such physical taking, then, as a result of any circumstances described in subparagraphs taking if twenty percent (120%) 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, and (2ii) hereof, Landlord shall have the Tenant, at Tenant's option, may right to terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination notice to Tenant given within thirty ninety (3090) days after the passage date of such taking. If either Landlord or Tenant so elects to terminate this Lease, the Lease shall 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 times periods in subparagraphs (1) Premises and (2) above. Project.
b. In the event that such a Notice of termination any taking, partial or whole, all of the proceeds of any award, judgment or settlement payable by the condemning authority shall be giventhe exclusive property of Landlord, then this Lease and Tenant hereby assigns to Landlord all of its right, title and interest in any award, judgment or settlement from the term condemning authority. Tenant, however, shall have the right, to the extent that Landlord’s award is 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 estate hereby granted shall expire as damage to Tenant’s personal property.
c. In the event of a partial taking of the date of termination stated Premises which does not result in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the a termination of this Lease as provided in this Subsection 12.3(A) Lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the cost of any Maintenance Repair Premises as nearly as practicable to its condition prior to the condemnation or Requirement Alterations taking, but only to the extent required by Section 7.1 aboveof Building Standard Work. Tenant shall be responsible 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
Sources: Sublease Agreement (Biolargo, Inc.), Office Building Lease (1st Centennial Bancorp), Office Building Lease (Realogy Corp)
Eminent Domain. SECTION 12.1. a. If the whole of the Building or Premises is acquired lawfully taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease and the Term shall end terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything Rent shall be prorated to such date. If less than the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration whole of the Building or 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 sixty ninety (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 (12090) days after the date of such physical taking, then, as a result of any circumstances described in subparagraphs taking if twenty percent (120%) 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, and (2ii) hereof, Landlord shall have the Tenant, at Tenant's option, may right to terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination notice to Tenant given within thirty ninety (3090) days after the passage date of such taking. If either Landlord or Tenant so elects to terminate this Lease, the Lease shall 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 times periods in subparagraphs (1) Premises and (2) above. Project.
b. In the event that such a Notice of termination any taking, partial or whole, all of the proceeds of any award, judgment or settlement payable by the condemning authority shall be giventhe exclusive property of Landlord, then this Lease and Tenant hereby assigns to Landlord all of its right, title and interest in any award, judgment or settlement from the term condemning authority. Tenant, however, shall have the right, to the extent that Landlord's award is 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 estate hereby granted shall expire as damage to Tenant's personal property.
c. In the event of a partial taking of the date of termination stated Premises which does not result in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the a termination of this Lease as provided in this Subsection 12.3(A) Lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the cost of any Maintenance Repair Premises as nearly as practicable to its condition prior to the condemnation or Requirement Alterations taking, but only to the extent required by Section 7.1 aboveof Building Standard Work. Tenant shall be responsible 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
Sources: Lease Agreement (Air Methods Corp), Office Building Lease (Centennial First Financial Services), Office Lease (Beverage Works Inc)
Eminent Domain. SECTION 12.1. Section 12.1 If the whole (a) all of the floor area of the Premises, or so much thereof as shall render the Premises is wholly untenantable or not reasonably sufficient for Tenant to continue the normal and practical operation of its business, shall be acquired or condemned for any public or quasi-public use or purpose, or (b) a portion of the Real Property, not including the Premises, shall be so acquired or condemned, but by reason of such acquisition or condemnation, Tenant no longer has means of access to the Premises, then this Lease and the Term shall end as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1Article 12, the Fixed Rent or and Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent or Additional Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2. Section 12.2 In the event of any such acquisition or condemnation of all or any part of the PremisesReal Property, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 ’s Property included in such taking, taking and for any moving expenses, so long as 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's award is not reduced thereby.
(A) Notwithstanding anything 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 contrary contained Term shall continue in Sections 12.1 force and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration effect. If a part of the Premises within sixty (60) days after shall be so acquired or condemned and this Lease and the physical taking of a portion of the Premises; or
(2) Landlord fails complete all repairsTerm shall not be terminated, reconstruction or restoration Landlord, at Landlord’s expense, shall restore that part of the Premises within one hundred twenty (120) days not so acquired or condemned so as to constitute tenantable Premises. From and after the date of such physical takingthe vesting of title, 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding reduced in the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion proportion which the area of the cost part of any Maintenance Repair the Premises so acquired or Requirement Alterations condemned bears to the extent required by Section 7.1 abovetotal area of the Premises immediately prior to such acquisition or condemnation.
Appears in 4 contracts
Sources: Sublease (Switch & Data, Inc.), Sublease (Switch & Data, Inc.), Sublease (Switch & Data, Inc.)
Eminent Domain. SECTION 12.1. Section 12.1 If the whole (a) all of the floor area of the Premises, or so much thereof as shall render the Premises is wholly untenantable, shall be acquired or condemned for any public or quasi-public use or purpose, or (b) a portion of the Real Property, not including the Premises, shall be so acquired or condemned, but by reason of such acquisition or condemnation, Tenant no longer has means of access to the Premises, then this Lease and the Term shall end as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1Article 12, the Fixed Rent or and Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent or Additional Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2. Section 12.2 In the event of any such acquisition or condemnation of all or any part of the PremisesReal Property, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 ’s Property included in such taking, taking and for any moving expenses, so long as 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's award is not reduced thereby.
(A) Notwithstanding anything 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 contrary contained Term shall continue in Sections 12.1 force and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration effect. If a part of the Premises within sixty (60) days after shall be so acquired or condemned and this Lease and the physical taking of a portion of the Premises; or
(2) Landlord fails complete all repairsTerm shall not be terminated, reconstruction or restoration Landlord, at Landlord’s expense, shall restore that part of the Premises within one hundred twenty (120) days not so acquired or condemned so as to constitute tenantable Premises. From and after the date of such physical takingthe vesting of title, 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding reduced in the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion proportion which the area of the cost part of any Maintenance Repair the Premises so acquired or Requirement Alterations condemned bears to the extent required by Section 7.1 abovetotal area of the Premises immediately prior to such acquisition or condemnation.
Appears in 3 contracts
Sources: Sublease Agreement (Switch & Data, Inc.), Lease Agreement (Switch & Data, Inc.), Lease Agreement (Switch & Data, Inc.)
Eminent Domain. SECTION 12.1. If (a) In the event that title to the whole or any part of the Premises is acquired shall be lawfully condemned or condemned taken in any manner for any public or quasi-public use or purposeuse, this Lease and the Term term and estate hereby granted shall end forthwith cease and terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall be entitled to receive the entire award for any such acquisition or condemnationaward, but shall be obligated to proceed with reasonable diligence to repair and restore the Premises, at Landlord's expense, to a condition 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 assigning to the Landlord all of its right in and to any such awardthe Tenant’s interest therein, if any. Nothing contained in this Section 12.2 However, nothing herein shall be deemed to prevent give Landlord any interest in or to require Tenant from making a separate claim in to assign to Landlord any condemnation proceedings award made to Tenant for the value taking of any personal property or fixtures belonging to Tenant or for the interruption of or damage to Tenant's Property included in such taking, and ’s business or for any Tenant’s moving expenses, so long as Landlord's award is not reduced thereby.
(Ab) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in In the event that:
(1) that title to a part of the Building other than the Premises shall be so condemned or taken, the Landlord fails to commence any repairs, reconstruction or restoration of the 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, granted by notifying the Landlord in writing Tenant of such termination within thirty sixty (3060) days after following the passage date of the times periods in subparagraphs (1) vesting of title, and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the term and estate hereby granted shall expire as of on the date specified in the notice of termination stated in said Notice with termination, not less than sixty (60) days after the same effect giving of such notice, as fully and completely as if that such date were the Fixed Expiration Datedate hereinbefore set for the expiration of the term of this Lease, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding .
(c) In the termination event of any condemnation or taking of any portion of the parking area of the Property, which does not result in a reduction of the parking ratio to less than one space for each 375 square feet of leased area, the terms of this Lease as provided shall continue in full force and effect. If more of the Property is taken, either party shall have the right to terminate this Subsection 12.3(ALease upon giving written notice to the other party within thirty (30) Landlord days of such taking.
(d) For the purpose of this Section 14, a sale to a public or quasi-public authority under threat of condemnation shall constitute a vesting of title and shall be obligated to reimburse to Tenant constructed as a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required taking by Section 7.1 abovesuch condemning authority.
Appears in 3 contracts
Sources: Office Lease (Alimera Sciences Inc), Office Lease (Alimera Sciences Inc), Office Lease (Alimera Sciences Inc)
Eminent Domain. SECTION 12.1. (a) If the whole of the Building or Premises is acquired lawfully taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease and the Term shall end terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything Rent shall be prorated to such date. If less than the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration whole of the Building or Premises within sixty (60) days after the physical taking of a portion of the Premises; or
(2) Landlord fails complete all repairsis so taken, reconstruction or restoration of the Premises within one hundred twenty (120) days after the date of this Lease shall be unaffected by such physical taking, then, as a result of any circumstances described in subparagraphs provided that (1i) or (2) hereof, Tenant shall have the Tenant, at Tenant's option, may right to terminate this Lease and the term and estate hereby granted, by notifying the notice to Landlord in writing of such termination given within thirty (30) days after the passage date of such taking if twenty percent (20%) or more of the times periods in subparagraphs (1) Premises is taken and the remaining area of the Premises is not reasonably sufficient for Tenant to continue operation of its business, and (2ii) aboveLandlord 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 shall 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 Premises and Project.
(b) In the event that such a Notice of termination any taking, partial or whole, all of the proceeds of any lawful judgment or settlement payable by the condemning authority shall be giventhe exclusive property of Landlord, then this Lease and Tenant hereby assigns to Landlord all of its rights, title and interest in any award, judgment or settlement from the term condemning authority. Tenant, however, shall have the right, to the extent that Landlord’s award is 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 estate hereby granted shall expire as damage to Tenant’s personal property, fixtures and tenant improvements.
(c) In the event of a partial taking of the date of termination stated Premises which does not result in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the a termination of this Lease as provided in this Subsection 12.3(A) Lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the cost of any Maintenance Repair Premises as nearly as practicable to its condition prior to the condemnation or Requirement Alterations taking, but only to the extent required by Section 7.1 aboveof Building Standard Work, Tenant shall be responsible 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
Sources: Office Lease (Arcadia Biosciences, Inc.), Office Lease (Arcadia Biosciences, Inc.), Office Lease (Arcadia Biosciences, Inc.)
Eminent Domain. SECTION 12.1. (a) If the whole all of the Premises is acquired taken or condemned for any a public or quasi-public use or purposeuse, this Lease and the Term shall end terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the Term and estate hereby granted shall expire as earlier of the date of termination stated title to the condemned real estate vests in said Notice, with the same effect as if that date were the Fixed Expiration Date. In the event of any termination of this Lease condemner and the Term pursuant to the provisions date on which Tenant is deprived of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as possession of all of the date of sooner termination and any prepaid portion of the Fixed Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2Premises. In the event of any such acquisition Any taking or condemnation of all or any part of the Premises by any authority having the power of eminent domain is hereinafter referred to as a “Taking”. In such event, 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 shall forthwith be repaid 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 terminate pursuant to Section 8.2(b) above (any such taking or condemnation is hereinafter referred to as a “Partial Taking”), this 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 T▇▇▇▇▇ except as 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 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 Tenant agree in writing to the plans and specifications for the proposed restoration, which shall resemble as nearly as possible the condition of the Premises immediately prior to the taking, reduced in size and scope (yet still a complete architectural unit) to allow the restoration to be entitled completed out of available award or, (ii) Tenant agrees to receive pay the costs of the repairs and construction necessary to restore the Premises to the condition as existed prior to such taking 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 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 relocation allowance or award, and the value of the leasehold, so long as such acquisition claim, allowance or condemnation, but award shall be obligated to proceed with reasonable diligence to repair and restore the Premises, at not diminish or otherwise adversely affect Landlord's expense, to a condition most suitable for the Permitted Use’s award. Tenant shall have no the right, at its own expense, to defend or prosecute any condemnation claim against Landlord or the condemning authority for the value of any unexpired portion on behalf of the Term Landlord and Tenant hereby expressly assigns to T▇▇▇▇▇. Landlord all of its right in and to shall not convey 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 value of any Tenant's Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, interest in the event that:
(1) Premises in lieu of condemnation without the Landlord fails approval of T▇▇▇▇▇ provided that Tenant undertakes to commence defend any repairs, reconstruction or restoration of the 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, subsequent and related condemnation action at Tenant's option, may terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 aboveits own expense.
Appears in 3 contracts
Sources: Lease Agreement (Southland Holdings, Inc.), Lease Agreement (Southland Holdings, Inc.), Lease Agreement (Southland Holdings, Inc.)
Eminent Domain. SECTION 12.1. (a) If the whole of the Premises Building is acquired taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease and the Term shall end terminate as of the date of the vesting of title with in the same effect condemning authority (which date is hereinafter sometimes referred to as if said the "date were of taking"), and the Fixed Expiration DateRent shall be prorated to such date. If only a any part of the Premises Building or Land is so acquired or condemned then, except as hereinafter provided in this Section 12.1taken, this Lease and the Term shall continue in effect butbe unaffected by such taking, if a part of the Premises is so acquired or condemned, from and except that (i) Landlord may terminate this Lease by notice to Tenant within ninety (90) days after the date of the vesting taking, and (ii) if 20% or more of title, the Fixed Rent and Additional Rent, if any, shall be reduced in the proportion which the area of the part of the Premises so acquired or 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 taken and the remaining area of the Premises, in Tenant's reasonable estimation, shall not be reasonably sufficient for the Permitted UseTenant to continue operation of its business, 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 notice to Landlord within one hundred twenty ninety (12090) days after the date upon of taking. This Lease shall terminate on the 30th day after any such notice by Landlord or Tenant, by which date Tenant receives Notice of vesting of title. In shall vacate and surrender the event that such Notice of termination Premises to Landlord, and in which case the Rent shall be given, then prorated to such date as Tenant vacates the Premises by reason of said taking. If this Lease continues in force upon such partial taking, the Rent and Tenant's Proportionate Share shall be equitably adjusted according to the Term and estate hereby granted shall expire as rentable area of the date of termination stated in said Notice, with the same effect as if that date were the Fixed Expiration Date. Premises and Building remaining after such partial taking.
(b) In the event of any termination of this Lease and taking as set forth in the Term pursuant to the provisions of this Section 12.1immediately preceding subsection, the Fixed Rent or Additional Rent shall be apportioned as all of the date of sooner termination and any prepaid portion of the Fixed Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2. In the event proceeds of any such acquisition award, judgment or condemnation of all or any part of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have no claim against Landlord or settlement payable by the condemning authority other than for damage to Tenant's Property shall be and remain the value sole and exclusive property of any unexpired portion of the Term Landlord, and Tenant hereby expressly assigns to Landlord all of its right right, title and interest in and to any such award, judgment or settlement to Landlord. 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 optionhowever, may terminate this Lease and shall have the term and estate hereby grantedright, by notifying the Landlord in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required that the same shall not reduce or prejudice any award, judgment or settlement to Landlord, to claim from the condemning authority, but not from Landlord, such compensation as may be recoverable by Section 7.1 aboveTenant in its own right for moving expenses and damage to Tenant's Property.
Appears in 2 contracts
Sources: Sublease Agreement (Accord Networks LTD), Sublease Agreement (Accord Networks LTD)
Eminent Domain. SECTION 12.1. Section 11.1 If the whole of the Real Property, the Building or the Premises is shall be acquired or condemned for any public or quasi-public use or purpose, this Lease and the Term shall end as of the 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 Real Property and not the entire Premises is shall be so acquired or condemned then, (1) except as hereinafter provided in this Section 12.111.1, this Lease and the Term shall continue in force and effect but, if a part of the Premises is included in the part of the Real Property so acquired or condemned, from and after the date of the vesting of title, the Fixed Rent and Additional Rent, if any, the Space Factor shall be reduced in the proportion which the area of the part of the Premises so acquired or condemned bears to the total area of the Premises immediately prior to such acquisition or condemnation. If condemnation and Tenant’s Share shall be redetermined based upon the part proportion in which the ratio between the rentable area of the Premises acquired remaining after such acquisition or condemned contains more than condemnation bears to the rentable area of the Building remaining after such acquisition or condemnation; (2) whether or not the Premises shall be affected thereby, Landlord, at Landlord’s option, may give to Tenant, within sixty (60) days next following the date upon which Landlord shall have received notice of vesting of title, a ninety (90) days’ notice of termination of this Lease if Landlord shall elect to terminate leases (including this Lease), affecting at least fifty percent (50%) of the rentable square feet area of the Building; and (3) if the part of the Real Property so acquired or condemned shall contain more than fifteen percent (15%) of the total area of the Premises immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises or if, in Tenant’s reasonable opinion, the portion of the Premises remaining shall be rendered wholly inadequate for Tenant to conduct its business at the Premises or substantially unsuitable for if a temporary taking of the Permitted UsePremises is in excess of one hundred eighty (180) days, then either Tenant, at Tenant’s option, may give to Landlord, within sixty (60) days next following the date upon which Tenant shall have received notice of vesting of title, a thirty (30) days’ notice of termination of this Lease. If any such thirty (30) days’ notice of termination is given, by Landlord or Tenant may terminate Tenant, this Lease and the Term shall come to an end and estate hereby granted, by notifying expire upon the other party in writing expiration of such termination within one hundred twenty said thirty (12030) days after the date upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the Term and estate hereby granted shall expire as of the date of termination stated in said Notice, with the same effect as if that the date of expiration of said thirty (30) days were the Fixed Expiration Date. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated pursuant to the foregoing provisions of this Section 11.1, Landlord, at Landlord’s expense, shall restore that part of the Premises not so acquired or condemned to a self-contained rental unit to a condition similar to that on the Commencement Date exclusive of Tenant’s Alterations, except that if such acquisition or condemnation occurs prior to completion of the Initial Alterations, Landlord shall only be required to restore that part of the Premises not so acquired or condemned to a self-contained rental unit exclusive of Tenant’s Alterations. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.111.1, the Fixed Rent or Additional Rent shall be apportioned as of the earlier of (i) the date of sooner termination or (ii) vesting of title, and any prepaid portion of the Fixed Rent or Escalation Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2. Section 11.2 In the event of any such acquisition or condemnation of all or any part of the PremisesReal Property, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 award. Nothing contained in this Section 12.2 11.2 shall be deemed to prevent Tenant from making a separate claim in any condemnation proceedings for the then value of any Tenant's ’s Property included in such taking, and for any moving expenses, so long as provided that same does not reduce any award or payment to Landlord's award is not reduced thereby.
Section 11.3 If the whole or any part of the Premises shall be acquired or condemned temporarily (Anot to exceed one hundred eighty (180) Notwithstanding anything days) during the Term for any public or quasi-public use or purpose, Tenant shall give prompt notice thereof to Landlord and the contrary contained Term shall not be reduced or affected in Sections 12.1 any way and 12.2 aboveTenant shall continue to pay in full all items of Rental payable by Tenant hereunder without reduction or abatement, in the event and Tenant shall be entitled to receive for itself any award or payments for such use, provided, however, that:
(1i) if the acquisition or condemnation is for a period not extending beyond the Term and if such award or payment is made less frequently than in monthly installments, the same shall be paid to and held by Landlord fails as a fund which Landlord shall apply from time to commence any repairstime to the Rental payable by Tenant hereunder, reconstruction except that, if by reason of such acquisition or condemnation changes or alterations are required to be made to the Premises which would necessitate an expenditure to restore the Premises, then a portion of such award or payment reasonably considered by Landlord as appropriate to cover the expenses of the restoration shall be retained by Landlord, without application as aforesaid, and applied toward the restoration of the Premises within sixty (60) days after the physical taking of a portion of the Premisesas provided in Section 11.1 hereof; or
(2ii) if the acquisition or condemnation is for a period extending beyond the Term, such award or payment shall be apportioned between Landlord fails complete all repairsand Tenant as of the Expiration Date; Tenant’s share thereof, reconstruction if paid less frequently than in monthly installments, shall be paid to Landlord and applied in accordance with the provisions of clause (i) above, provided, however, that the amount of any award or payment allowed or retained for restoration of the Premises within one hundred twenty (120) days after shall remain the date property 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 Landlord if this Lease and shall expire prior to the term and estate hereby granted, by notifying the Landlord in writing of such termination within thirty (30) days after the passage restoration of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 abovePremises.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement (National Financial Partners Corp)
Eminent Domain. SECTION 12.120.01. If the whole of the Building or the Premises is acquired shall be taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease and the Term term and estate hereby granted shall end terminate as of the date of the vesting of title with on such taking (herein called the same effect as if said date were “Date of the Taking”), and the Fixed Expiration DateRent and Additional Charges shall be prorated and adjusted as of such date.
20.02. If only any Part of the Building or the Land shall be so taken, this Lease shall be unaffected by such taking, except that (a) if more than fifty (50%) percent of the Building or the Land shall be so taken, then provided that concurrently with such termination Landlord terminates leases covering at least seventy-five (75%) percent of the rentable square footage of the Building then occupied by tenants, Landlord may, at its option, terminate this Lease by giving Tenant notice to that effect within sixty (60) days after the Date of the Taking, and (b) if a material portion of the rentable area of the Premises shall be so taken or if Tenant’s access to the Building or the Premises is denied or materially interfered with or if any of the services which Landlord provides shall be reduced and, in any such case, the remaining rentable area of the Premises shall not be reasonably sufficient for Tenant to continue feasible operation of its business, Tenant may terminate this Lease by giving Landlord notice to that effect within sixty (60) days after the Date of the Taking. This Lease shall terminate on the date which is thirty (30) days after the date that such notice from Landlord or Tenant to the other shall be given, and the Fixed Rent and Additional Charges under Article 3 shall be prorated and adjusted as of the Date of the Taking. Upon such partial taking and this Lease continuing in force as to any 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 titlePremises, the Fixed Rent and Additional Rent, if any, Tenant’s Proportionate Share shall be reduced and Tenant’s Tax Payments and Tenant’s Operating Payments shall be adjusted in the proportion which that the area of the part of the Premises so acquired or condemned taken 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent for any period after such date shall be refunded by Landlord to TenantPremises.
SECTION 12.220.03. In the event of any such acquisition or condemnation of all or any part of the Premises, Landlord shall be entitled to receive the entire award or payment in connection with any taking without reduction therefrom for any such acquisition estate vested in Tenant by this Lease or condemnation, but shall be obligated any value attributable to proceed with reasonable diligence to repair and restore the Premises, at Landlord's expense, to a condition 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 term of 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 right, title and interest in and to every such award or payment and waives any such awardright to the value of the unexpired portion of the term of this Lease. Nothing contained in this Section 12.2 herein provided shall be deemed to prevent preclude Tenant from making a separate claim in any condemnation proceedings for the cost of Tenant’s moving expenses and the value of any fixtures, alterations and improvements installed by Tenant in the Premises and paid for by Tenant's .
20.04. If the temporary use or occupancy of all or any part of the Premises shall be taken by condemnation or in any other manner for any public or quasi-public use or purpose during the term of this Lease, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the taking of Tenant’s Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything and Landlord shall be entitled to receive that portion which represents reimbursement for the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or cost of restoration of the Premises within sixty (60) days after and compensation for the physical taking of a portion use and occupancy of the Premises; or
(2) Landlord fails complete . Except as hereinafter provided, this Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all repairs, reconstruction or restoration of its obligations hereunder insofar as such obligations are not affected by such taking. During the Premises within one hundred twenty (120) days after the date period of such physical temporary taking, thenall Fixed Rent and Additional Charges under this Lease shall be fully abated. If the period of temporary use or occupancy described herein shall extend for a period of fourteen (14) consecutive months, as a result of any circumstances described in subparagraphs (1) or (2) hereof, the Tenantthen Tenant may, at Tenant's its option, may terminate this Lease and the term and estate hereby granted, by notifying the giving notice to Landlord in writing of such termination to such-effect within thirty (30) days after following the passage expiration of the times periods in subparagraphs such fourteen (114) month period and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the term and estate hereby granted shall expire terminate effective as of the date last day of termination stated in said Notice with the same effect as if that date were the Fixed Expiration Date, such thirty (30) day period and the Fixed Rent and Additional Rent hereunder Charges under Article 3 shall be apportioned prorated and adjusted as of such date.
20.05. Notwithstanding In the event of a taking of less than the whole of the Building and/or the Land which does not result in termination of this Lease Lease, or in the event of a taking for a temporary use or occupancy of all or any part of the Premises which does not result in a termination of this Lease, (a) Landlord, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with due diligence to repair the remaining parts of the Building and the Premises (other than those parts of the Premises which are deemed Landlord’s property Pursuant to Section 12.01 hereof and Tenant’s Property) to substantially their former condition to the extent that the same may be feasible and so as provided to constitute a complete and rentable Building and Premises of substantially the same character, quality and appearance as the Building and the Premises prior to the taking and (b) Tenant, at its expense, shall proceed with reasonable diligence to repair the remaining parts of the Premises which are deemed Landlord’s Property pursuant to Section 12.01 hereof, to substantially their former condition to the extent that the same may be feasible, subject to reasonable changes which shall be deemed Alterations; provided, however, in this Subsection 12.3(A) Landlord no event, shall Tenant be obligated to reimburse to Tenant a portion expend any money in excess of the cost amount of any Maintenance Repair or Requirement Alterations to the extent required award received by Section 7.1 aboveTenant in connection with such taking.
Appears in 2 contracts
Sources: Lease (Ambac Financial Group Inc), Settlement Agreement (Ambac Financial Group Inc)
Eminent Domain. SECTION 12.1. a. If the whole all or any part of the Premises is acquired or condemned for are taken by any public or quasi-public use authority under the power of eminent domain, or purposeany agreement in lieu thereof (a "taking"), this Lease and shall terminate as to the Term shall end portion of the Premises taken effective as of the date of the vesting of title with the same effect as if said date were the Fixed Expiration Datetaking. If only a part portion of the Premises is so acquired or condemned thentaken, 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 as to the Term and estate hereby granted, by notifying remainder of the Premises upon written notice to the other party in writing of such termination within one hundred twenty ninety (12090) days after the date upon which Tenant receives Notice of vesting of title. In the event taking; provided, however, that such Notice of termination shall be given, then Tenant's right to terminate this Lease and is conditioned upon the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid remaining portion of the Fixed Rent for any period after Premises being of Such size or configuration that 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 remaining portion of the Premises, Premises is unusable or uneconomical for Tenant's business. Landlord shall be entitled to receive the entire award for all compensation, damages, income, rent awards and interest thereon whatsoever which may be paid or made in connection with any such acquisition or condemnation, but shall be obligated to proceed with reasonable diligence to repair taking and restore the Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have no claim against Landlord or the condemning any governmental authority for the value of any unexpired portion term of this Lease or of any of the Term and Tenant hereby expressly assigns to Landlord all of its right improvements or Alterations in and to any such award. Nothing contained in this Section 12.2 the Premises; provided, however, that the foregoing shall be deemed to prevent not prohibit Tenant from making prosecuting a separate claim in any condemnation proceedings against the taking authority for the value of any an amount separately designated for Tenant's Property included in such takingrelocation expenses or the interruption of or damage to Tenant's business or as compensation for Tenant's personal property, and trade fixtures, Alterations or other improvements paid for any moving expenses, by Tenant so long as any award to Tenant will not reduce the award to Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in . In the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of a partial taking of the Premises within sixty (60) days after which does not result in a termination of this Lease, the physical taking of a portion Monthly Rent and Additional Rent under Paragraphs 5 and 7 hereunder shall be equitably reduced. If all or any part of the Premises; or
(2) Landlord fails complete all repairs, reconstruction or restoration of Real Property other than the Premises is taken, Landlord may terminate this Lease upon written notice to Tenant given within one hundred twenty ninety (12090) days after the date of such physical taking.
b. Notwithstanding the foregoing, thenif all or any portion of the Premises is taken for a period of time ending prior to the end of the term of this Lease, as a result of any circumstances described in subparagraphs (1) or (2) hereof, the Tenant, at Tenant's option, may terminate this Lease shall remain in full force and the term effect and estate hereby grantedTenant shall continue to pay all rent and to perform all of its obligations under this Lease; provided, by notifying the Landlord however, that Tenant shall be entitled to all compensation, damages, income, rent awards and interest thereon that is paid or made in writing of connection with such termination within thirty (30) days after the passage temporary taking of the times periods Premises (or portion thereof), except that any such compensation in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the term and estate hereby granted shall expire as excess of the date of termination stated in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent rent or other amounts payable to Landlord hereunder shall be apportioned promptly paid over to Landlord as received. Landlord and Tenant each hereby waive the provisions of such date. Notwithstanding 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 as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant upon a portion partial taking of the cost of any Maintenance Repair or Requirement Alterations to Premises and/or the extent required by Section 7.1 aboveBuilding.
Appears in 2 contracts
Sources: Office Lease (Digital Island Inc), Office Lease (Digital Island Inc)
Eminent Domain. SECTION 12.1. 20.1 If the whole of the Premises Building is acquired lawfully taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease and the Term shall end terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything Rent shall be prorated to such date. If less than the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration whole of the Building or 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 sixty ninety (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 (12090) days after the date of such physical taking if in Tenant’s reasonable opinion, the remaining area of the Building or Premises is not reasonably sufficient for Tenant to continue the unimpaired operation of its business in a manner similar to that conducted immediately prior to the taking, then, as a result of any circumstances described in subparagraphs and (1ii) or (2) hereof, Landlord shall have the Tenant, at Tenant's option, may right to terminate this Lease and by notice to Tenant given within ninety (90) days after the term and estate hereby granted, by notifying the Landlord in writing date of such termination taking if more than 20% of the Building is taken. If either Landlord or Tenant so elects to terminate this Lease, this Lease shall terminate on the thirtieth (30th) day after either such notice. Notwithstanding anything contained herein to the contrary, if the restoration of the Premises, or the Building is not commenced within thirty (30) days after the passage of Landlord’s receipt of the times periods in subparagraphs (1) and (2) abovecondemnation award or is not completed within 365 days from the Condemnation Date, then Tenant may terminate this Lease at any time before Landlord completes the restoration. In the event that such a Notice of termination The Rent shall be given, then this Lease and the term and estate hereby granted shall expire as of prorated to the date of termination stated and the Base Rent and Tenant’s Pro Rata Share of Additional Rent shall be equitably adjusted according to the remaining Rentable Area of the Premises and Building. If this Lease continues in said Notice with force upon such partial taking, the same effect as if that date were Base Rent and Tenant’s Pro Rata Share of Additional Rent shall be equitably adjusted according to the Fixed Expiration Dateremaining Rentable Area of the Premises and Building.
20.2 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 the 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 Fixed Rent condemning authority. Tenant, however, shall have the right, to the extent that Landlord’s award is 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 Additional Rent hereunder shall be apportioned as damage to Tenant’s Property.
20.3 In the event of such date. Notwithstanding a partial taking of the Premises or Building Common Areas which does not result in a termination of this Lease as provided in this Subsection 12.3(A) Lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the cost of any Maintenance Repair or Requirement Alterations Premises and Building Common Areas as nearly as practicable to their condition prior to the extent required by Section 7.1 abovecondemnation or taking, including the Tenant Improvements. Tenant shall be responsible at its sole cost and expense for the repair, restoration and replacement of Tenant’s Property.
Appears in 2 contracts
Sources: Office Building Lease, Office Building Lease (Avalara Inc)
Eminent Domain. SECTION 12.1. 12.1 If (a) all of the whole floor area of the Premises is 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 acquired or condemned for any public or quasi-public use or purpose, or (b) a portion of the Property, not including the Premises, shall be so acquired or condemned, but by reason of such acquisition or condemnation, Tenant no longer has means of access to the Premises, then this Lease and the Term shall end as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1Article 12, the Fixed Rent or and Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent or Additional Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2. 12.2 In the event of any such acquisition or condemnation of all or any part of the PremisesProperty, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 or Tenant 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, taking and for any moving expenses, so long as 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's award is not reduced thereby.
SECTION 12.3 If only a part of the Property shall be so acquired or condemned and the remaining portion thereof is reasonably feasible (A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1reasonable opinion of Tenant) to permit the Landlord fails Tenant to commence any repairscontinue its operation as a Mission Critical Data Center, reconstruction or restoration then, subject to Section 12.1, this Lease and the Term shall continue in force and effect. If a part of the Premises within sixty (60) days after shall be so acquired or condemned and this Lease and the physical taking of a portion of the Premises; or
(2) Landlord fails complete all repairsTerm shall not be terminated, reconstruction or restoration Landlord, at Landlord's expense, shall restore that part of the Premises within one hundred twenty (120) days not so acquired or condemned so as to constitute tenantable Premises. From and after the date of such physical takingthe vesting of title, 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding reduced in the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion proportion which the area of the cost part of any Maintenance Repair the Premises so acquired or Requirement Alterations condemned bears to the extent required by Section 7.1 abovetotal area of the Premises immediately prior to such acquisition or condemnation.
Appears in 2 contracts
Sources: Lease Agreement (Athenahealth Inc), Lease Agreement (Athenahealth Inc)
Eminent Domain. SECTION 12.120.01. If the whole of the Building or the Premises is acquired shall be taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease and the Term term and estate hereby granted shall end terminate as of the date of the vesting of title with the same effect as if said date were the Fixed Expiration Date. If only a part on such taking (“Date of the Premises is so acquired or condemned thenTaking”), 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, Charges shall be reduced in the proportion which the area prorated and adjusted as of such date.
20.02. If a portion of the part of the Premises so acquired Building or 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 so taken and the Term and estate hereby granted, by notifying Condominium Board of Managers shall elect in accordance with the other party in writing of such termination within one hundred twenty (120) days after Declaration not to rebuild the date upon which Tenant receives Notice of vesting of title. In or restore the event that such Notice of termination shall be given, then this Lease and the Term and estate hereby granted shall expire as balance of the date of termination stated in said Notice, with the same effect as if that date were the Fixed Expiration Date. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be givenBuilding, then this Lease and the term and estate hereby granted shall expire terminate as of the date of termination stated in said Notice with the same effect as if that date were the Fixed Expiration Datesuch election is made, and the Fixed Rent and Additional Rent hereunder Charges shall be apportioned prorated and adjusted as of such date. Notwithstanding If forty (40%) percent or more of the Premises or any Base Building Elements shall be so taken and the Premises or the remaining area of the Premises, as the case may be, shall no longer be sufficient or suitable, in Tenant’s reasonable judgment, for Tenant to continue the operation of its business, Tenant may, at its option, terminate this Lease by giving Landlord notice to that effect within 90 days after the Date of the Taking. In case of any termination pursuant to this Section 20.02, this Lease shall terminate on the date that such notice from Landlord or Tenant to the other shall be given, and the Fixed Rent and Additional Charges shall be prorated and adjusted as of such termination date, except that with respect to any portion of the Premises taken the Fixed Rent and Additional Charges shall be prorated and adjusted as of the Date of the Taking if earlier. Upon any partial taking of the Premises and this Lease continuing in force as to any part of the Premises, the Fixed Rent and Additional Charges shall be adjusted according to the rentable area remaining.
20.03. The award or payment in connection with any taking shall be payable to Landlord; provided, however, that Tenant shall have the right to make a separate claim for its moving expenses and for any of Tenant’s Property and Alterations taken.
20.04. If the temporary use or occupancy of all or any part of the Premises shall be taken by condemnation or in any other manner for any public or quasi-public use or purpose during the term of this Lease, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the Premises, for the taking of Tenant’s Property and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the Premises. This Lease shall be and remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay in full the Fixed Rent and Additional Charges when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date of this Lease, that part of the award which represents compensation for the use and occupancy of the Premises (or a part thereof) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents the period up to and including such Expiration Date and Landlord shall receive so much thereof as represents the period after such Expiration Date. All monies paid as, or as part of, an award for temporary use and occupancy for a period beyond the date to which the Fixed Rent and Additional Charges have been paid shall be received, held and applied by Landlord as a trust fund for payment of the Fixed Rent and Additional Charges becoming due hereunder.
20.05. In the event of a taking of less than the whole of the Building and/or the Land which does not result in termination of this Lease as provided Lease, or in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant the event of a portion taking for a temporary use or occupancy of all or any part of the cost Premises which does not result in a termination of any Maintenance Repair or Requirement Alterations this Lease, after the Condominium Board of Managers shall proceed to repair the remaining parts of the Building and the Premises (other than those parts of the Premises which are deemed Landlord’s property pursuant to Section 12.01 hereof and Tenant’s Property) to substantially their former condition to the extent required by that the same may be feasible (subject to reasonable changes which Landlord and the Condominium Board of Managers shall deem desirable) and so as to constitute complete and rentable Building and Premises, then Tenant, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair the remaining parts of the Premises which are deemed Landlord’s property pursuant to Section 7.1 above12.01 hereof and Tenant’s Property, to substantially their former condition to the extent that the same may be feasible, subject to reasonable changes which shall be deemed Alterations. Notwithstanding anything to the contrary set forth in this Article 20, the portion of any award which is allocable to the repairs which Tenant is obligated to perform pursuant to the preceding sentence shall be paid to Tenant.
Appears in 2 contracts
Sources: Operating Agreement (New York Times Co), Operating Agreement (New York Times Co)
Eminent Domain. SECTION 12.1. (a) If the whole of the Building or Premises is acquired condemned or condemned in any other manner taken for any public or quasi-public use or purpose, this Lease and the Term shall end terminate as of the date of the vesting of title with the same effect as if said date were the Fixed Expiration Datesuch condemnation and Rent shall be prorated to such date. If only a part less than the whole of the Building or Premises is so acquired or condemned then, except as hereinafter provided in this Section 12.1taken, 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 reduced in the proportion which the area of the part of the Premises so acquired or condemned bears to the total area of the Premises immediately prior to unaffected by such acquisition or condemnation. If the part of the Premises acquired or condemned contains more than fifty percent taking, provided that (50%1) 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 right to terminate this lease by notice 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 value of any Tenant's Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
given within ninety (A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 (12090) days after the date of such physical taking, then, as a result of any circumstances described in subparagraphs taking if twenty percent (120%) 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, and (2) hereof, Landlord shall have the Tenant, at Tenant's option, may right to terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination notice to Tenant given within thirty ninety (3090) days after the passage date of such taking. If either Landlord or Tenant so elects to terminate this Lease, the Lease shall 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 times periods in subparagraphs Premises and Project.
(1b) and (2) above. In the event that such a Notice of termination any taking, partial or whole, all the proceeds of any award, judgment or settlement payable by the condemning authority shall be giventhe exclusive property of Landlord, then this Lease and Tenant hereby assigns to Landlord all of its right, title and interest in any award, judgment or settlement from the term condemning authority. Tenant, however, shall have the right, to the extent that Landlord's award is 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 estate hereby granted shall expire as damage to Tenant's Property.
(c) In the event of a partial taking of the date of termination stated Premises which does not result in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the a termination of this Lease as provided in this Subsection 12.3(A) Lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the cost of any Maintenance Repair Premises as nearly as reasonably practicable to its condition prior to the condemnation or Requirement Alterations taking, but only to the extent required by Section 7.1 aboveof the Work. Tenant shall be responsible, 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
Sources: Office Building Lease (Ampersand Medical Corp), Office Building Lease (Ampersand Medical Corp)
Eminent Domain. SECTION 12.1. 19.1 If the whole of the Real Property or the Building or the Premises is shall be acquired or condemned by eminent domain for any public or quasi-public use or purpose, this Lease and the Term shall end terminate as of the date of the vesting or acquisition of title in the condemning authority with the same effect as if said date were the Fixed 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 only a part (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 is so acquired or condemned thenthe Building, except as hereinafter provided in this which does not give rise to a right to terminate pursuant to Section 12.119.2, this Lease and the Term shall continue in effect but, if a part of the Premises is 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 Fixed Basic Rent and Additional Rent, if any, payable hereunder during the unexpired portion of this Lease shall be reduced in proportion to the proportion which the area 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 so acquired or 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 condemned or substantially unsuitable taken for any public or quasi-public use or purpose during the Permitted UseTerm, then either Landlord or Tenant may terminate this Lease and the Term shall be and estate hereby granted, remain unaffected by notifying such condemnation or taking and Tenant shall continue responsible for all of its obligations hereunder (except to the other party in writing extent prevented from so doing by reason of such termination within one hundred twenty (120condemnation or taking) days after and it shall continue to pay the date upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the Term and estate hereby granted shall expire as of the date of termination stated Rent in said Notice, with the same effect as if that date were the Fixed Expiration Datefull. In the event of any temporary condemnation or taking, Tenant shall be entitled to appear, claim, prove and receive the entire award unless the period of temporary use or occupancy extends beyond the Expiration Date or date of earlier termination of this Lease and the Term pursuant to the provisions of this Section 12.1Lease, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2. In the in which event of any such acquisition or condemnation of all or any part of the Premises, Landlord shall be entitled to appear, claim, prove and receive the entire award for any such acquisition or condemnation, but shall be obligated to proceed with reasonable diligence to repair and restore as represents the Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have no claim against Landlord or the condemning authority for the value cost of any unexpired portion of the Term 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 value of any Tenant's Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the Premises within sixty (60) days after and the physical taking balance of a portion any such award shall be apportioned between Landlord and Tenant as of the Premises; or
(2) Landlord fails complete all repairsExpiration Date or date of earlier termination, reconstruction At the termination of such occupancy prior to the Expiration Date, Tenant, at its own expense, will restore the Premises as nearly as possible to their condition prior to the condemnation or restoration taking. Notwithstanding the foregoing, any lump sum award received by Tenant as compensation for temporary use and occupancy of the Premises within one hundred twenty (120) days after shall be delivered to and held by Landlord in trust for the date making of such physical taking, then, as rent payments. The rights and interest of Landlord and Tenant to any award received or receivable with respect to a result condemnation or taking for temporary use or occupancy shall be in all other respects governed by the applicable provisions of any circumstances described in subparagraphs (1) or (2) hereof, the Tenant, at Tenant's option, may terminate this Superior Lease and the term Superior Mortgage and estate hereby granted, by notifying in the Landlord in writing event of such termination within thirty (30) days after any conflict between the passage terms of this Section and of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Superior Lease and the term and estate hereby granted shall expire as Superior Mortgage, those of the date of termination stated in said Notice with the same effect as if that date were the Fixed Expiration Date, Superior Lease and the Fixed Rent and Additional Rent hereunder Superior Mortgage shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 abovegovern.
Appears in 2 contracts
Sources: Lease Agreement (Cerecor Inc.), Lease Agreement (Cerecor Inc.)
Eminent Domain. SECTION 12.1. (a) If the whole Premises or any substantial part thereof shall be taken under the power of the Premises is eminent domain or be acquired or condemned for any public or quasi-public use or purpose, this the Lease 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 Term shall end as of rent at the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent current rate shall be apportioned as of the date of sooner termination and termination.
(b) If any prepaid portion of the Fixed Rent for any period after such date condemnation proceeding shall be refunded by Landlord instituted in which it is sought to Tenant.
SECTION 12.2. In the event of any such acquisition take or condemnation of all 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, Landlord . Such termination shall be entitled to receive effective as of the entire award for any such acquisition or condemnation, but shall be obligated to proceed with reasonable diligence to repair and restore date when physical possession of the Premises, at Landlord's expense, to a condition most suitable for applicable portion of the Permitted Use. Tenant shall have no claim against Landlord or Premises is taken by the condemning authority for and the value of any unexpired portion of rent at the Term and Tenant hereby expressly assigns to Landlord all of its right in and to any such award. Nothing contained in this Section 12.2 then current rate 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the term and estate hereby granted shall expire apportioned as of the date of termination stated in said Notice with the same effect as if that date were the Fixed Expiration Date, termination.
(c) If there is a partial taking and the Fixed Rent Premises is left untenantable or CRNF’s access or parking are materially and Additional Rent hereunder adversely affected by such 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 such date. Notwithstanding the termination 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 as provided in this Subsection 12.3(A) Landlord shall will be obligated abated by an amount allocable to reimburse to Tenant a the portion of the Premises which was so taken or sold, and CRRM will, at CRRM’s sole cost of any Maintenance Repair or Requirement Alterations and expense, promptly restore and reconstruct the Premises to substantially its former condition to the extent required the same is feasible.
(e) In the event 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 right of termination 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 in any judgment for damages caused by the taking or the change of grade. Nothing in this Section 7.1 above21(e) shall preclude any award being made to CRNF for loss of business or depreciation to and cost of removal of equipment or fixtures.
Appears in 2 contracts
Sources: Master Service Agreement (CVR Partners, Lp), Master Service Agreement (CVR Energy Inc)
Eminent Domain. SECTION 12.1. a. If the whole all or any part of the Premises is acquired or condemned for taken by any public or quasi-public use authority under the power of eminent domain, or purposeany agreement in lieu thereof (a “taking”), this Lease and shall terminate as to the Term shall end portion of the Premises taken effective as of the date of the vesting of title with the same effect as if said date were the Fixed Expiration Datetaking. If only a part portion of the Premises is so acquired or condemned thentaken, 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 as to the Term and estate hereby granted, by notifying remainder of the Premises upon written notice to the other party in writing of such termination within one hundred twenty ninety (12090) days after the date upon which Tenant receives Notice of vesting of title. In the event taking; provided, however, that such Notice of termination shall be given, then Tenant’s right to terminate this Lease and is conditioned upon the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid remaining portion of the Fixed Rent for any period after Premises being of such date shall be refunded by Landlord to Tenant.
SECTION 12.2. In the event of any size or configuration that such acquisition or condemnation of all or any part remaining portion of the Premises, Premises is unusable or uneconomical for Tenant’s business. Landlord shall be entitled to receive the entire award for all compensation, damages, income, rent awards and interest thereon whatsoever which may be paid or made in connection with any such acquisition or condemnation, but shall be obligated to proceed with reasonable diligence to repair taking and restore the Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have no claim against Landlord or the condemning any governmental authority for the value of any unexpired portion term of this Lease or of any of the Term and Tenant hereby expressly assigns to Landlord all of its right improvements or Alterations in and to any such award. Nothing contained in this Section 12.2 the Premises; provided, however, that the foregoing shall be deemed to prevent not prohibit Tenant from making prosecuting a separate claim in any condemnation proceedings against the taking authority for an amount separately designated for Tenant’s relocation expenses or the value interruption of any or damage to Tenant's Property included in such taking’s business or as compensation for Tenant’s personal property, and trade fixtures, Alterations or other improvements paid for any moving expenses, by Tenant so long as any award to Tenant will not reduce the award to Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in . In the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of a partial taking of the Premises within sixty (60) days after which does not result in a termination of this Lease, the physical taking of a portion Monthly Rent and Additional Rent under Paragraphs 5 and 7 hereunder shall be equitably reduced. If all or any material part of the Premises; or
(2) Landlord fails complete all repairs, reconstruction or restoration of Real Property other than the Premises is taken, Landlord may terminate this Lease upon written notice to Tenant given within one hundred twenty ninety (12090) days after the date of such physical taking.
b. Notwithstanding the foregoing, then, as if all or any portion of the Premises is taken for a result period of any circumstances described in subparagraphs time of one (1) year or (2) hereofless ending prior to the end of the term of this Lease, the Tenant, at Tenant's option, may terminate this Lease shall remain in full force and the term effect and estate hereby grantedTenant shall continue to pay all rent and to perform all of its obligations under this Lease; provided, by notifying the Landlord however, that Tenant shall be entitled to all compensation, damages, income, rent awards and interest thereon that is paid or made in writing of connection with such termination within thirty (30) days after the passage temporary taking of the times periods Premises (or portion thereof), except that any such compensation in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the term and estate hereby granted shall expire as excess of the date of termination stated in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent rent or other amounts payable to Landlord hereunder shall be apportioned promptly paid over to Landlord as received. Landlord and Tenant each hereby waive the provisions of such date. Notwithstanding any 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 as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant upon a portion partial taking of the cost of any Maintenance Repair or Requirement Alterations to Premises and/or the extent required by Section 7.1 aboveBuilding.
Appears in 2 contracts
Sources: Office Lease (Salt Blockchain Inc.), Office Lease (2U, Inc.)
Eminent Domain. SECTION 12.1. 8.2.1 If the whole of the Demised Premises is acquired or condemned for shall be taken by any public or quasi-public use authority under the power of condemnation, eminent domain or purposeexpropriation, this or in the event of a conveyance in lieu thereof, the Lease and the Term shall end cease as of the date possession shall be taken by such authority.
8.2.2 If twenty-five percent (25%) or less of the vesting of title with the same effect as if said date were the Fixed Expiration Date. If only a part Floor Space of the Demised Premises is shall be so acquired taken or condemned thenconveyed, except as hereinafter provided in this Section 12.1, this the Lease and the Term shall continue in effect butcease only with respect to the part so taken or conveyed, if a part as 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, possession shall be reduced in the proportion which the area of the part of the Premises so acquired or condemned bears to the total area of the Premises immediately prior to taken by such acquisition or condemnation. authority.
8.2.3 If the part of the Premises acquired or condemned contains more than fifty twenty-five percent (5025%) of the rentable square feet Floor Space of the Premises or if, by reason of such acquisition or condemnation, the Demised Premises shall be rendered wholly so taken or substantially unsuitable for conveyed, the Permitted UseLease Term shall cease only with respect to the part so taken or conveyed, 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent possession shall be apportioned as of the date of sooner termination taken by such authority, and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant either party 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 right 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 value of any Tenant's Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 upon notice in writing of such termination within thirty (30) days after the passage such taking of the times periods in subparagraphs (1) and (2) above. possession.
8.2.4 In the event that of any such a Notice taking or conveyance of termination the Demised Premises, or any portion thereof, Tenant shall pay Fixed Minimum Rent and additional rent to the day when possession thereof shall be giventaken by such authority, then this Lease and the term and estate hereby granted shall expire with an appropriate refund by Landlord of such rent as of the date of termination stated may have been paid in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of advance for a period subsequent to such date. Notwithstanding the termination of If this Lease shall continue in effect as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a any portion of the cost Demised Premises not so taken or conveyed, the Fixed Minimum Rent shall be equitably reduced and the other charges shall thereafter be recomputed on the basis of any Maintenance Repair or Requirement Alterations the remaining Floor Space. If this Lease shall so continue, Landlord shall, at its expense, but only to the extent required by Section 7.1 aboveof an equitable proportion of the award or other compensation for the portion taken or conveyed of the Building in which the Demised Premises are located, make all necessary repairs or alterations so as to constitute the remaining Demised Premises a complete architectural and tenantable unit.
8.2.5 All compensation awarded for any such taking or conveyance, whether for the whole or a part of the Demised Premises or otherwise, shall be the property of Landlord, and Tenant hereby assigns to the Landlord all of Tenant's right, title and interest in and to any and all such compensation.
Appears in 2 contracts
Sources: Lease Agreement (Ticketmaster Online Citysearch Inc), Lease Agreement (Citysearch Inc)
Eminent Domain. SECTION 12.1. If the whole of the Premises is acquired or condemned for any public or quasi-public use or purpose, this Lease and the Term shall end as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title1. In the event that such Notice 50% or more of termination the total number of square feet in the Demised Premises shall be givencondemned or taken for public or quasi public use, then the Lessee may elect to terminate this Lease and Lease. If the Term and estate hereby granted shall expire as of the date of termination stated in said NoticeLessee elects to terminate this Lease, with the same effect as if that date were the Fixed Expiration Date. In the event of any termination of this Lease and the Term pursuant it must exercise its right to terminate by giving written notice to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 in writing of such termination Lessor within thirty (30) days after the passage nature and extent of the times periods taking have been finally determined. If the Lessee elects to terminate this Lease as provided herein, the Lessee shall also notify the Lessor of the date of termination which date shall be not earlier than thirty (30) days after the Lessee has notified the Lessor of its election to terminate; provided, however, that this Lease shall terminate on the date of the taking of the date if the taking falls on a date prior to the date of termination as designated by the Lessee. If the Lessee does not elect to terminate this Lease within the thirty (30) day period, this Lease shall continue in subparagraphs (1) full force and (effect except that Base Rent and additional rent shall be reduced pursuant to Section 2 hereof.
SECTION 2) above. In the event that such a Notice any portion of termination shall be given, then the Demised Premises is taken by condemnation and this Lease remains in full force and the term and estate hereby granted shall expire as of effect, on the date of termination stated the taking, the Base Rent and all additional rent shall be reduced by an amount that is in said Notice with the same effect as if that date were ratio to the Fixed Expiration Date, and the Fixed Base Rent and Additional Rent hereunder as the total number of square feet in the Demised Premises taken bears to the total number of square feet in the Demised Premises immediately prior to the date of the taking.
SECTION 3. The Lessor shall be apportioned as of entitled to the entire award resulting from any such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a condemnation or taking, including, without limitation, any portion of the cost award attributable to the value of the leasehold estate created by this Lease, provided, however, that the Lessee shall be entitled to any portion of any Maintenance Repair or Requirement Alterations award attributable to the extent required by Section 7.1 aboveLessee's personal property or fixtures, or specifically attributable to its relocation expenses or the interruption or damage to its business.
Appears in 2 contracts
Sources: Lease (Digitalnet Holdings Inc), Lease (Digitalnet Holdings Inc)
Eminent Domain. SECTION 12.1. (a) If the whole all or any substantial part of the Premises or the Building is acquired or condemned taken for any public or quasi-quasi- public use under governmental law or purposeby right of eminent domain (the Taking), this Lease terminates at Landlord’s election, which ▇▇▇▇▇▇▇▇ 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 Term shall end as 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 vesting Taking, any reconstruction of title the Premises, of the Building, or of both that is necessary for ▇▇▇▇▇▇’s use and occupancy of the Premises in accordance with the same effect as 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 said date were there is a Taking is subject to the Fixed Expiration Date. If only 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 so acquired not terminated and Landlord has failed to complete such restoration within said 150-day period. Any such termination of the Lease by Landlord or condemned then, except as hereinafter provided in this Section 12.1Tenant is effective no earlier than 30 days after the giving of notice. Unless terminated pursuant to the foregoing provisions, this 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 Term shall continue in effect but, if Taking effects less than all or a substantial part of the Premises is so acquired or condemnedthe Building, from Landlord must proceed with diligence to establish and after collect all valid claims that arise against the date 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 Building, or their remains, as nearly as practicable to their condition before such Taking, at Landlord’s sole expense, subject, however, to the extent of the vesting of title, proceeds from the Fixed Rent and Additional Rent, if any, shall be reduced in the proportion which the area 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 so acquired unfit for Tenant’s use and occupancy, or 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 otherwise materially interferes with Tenant’s use 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 occupancy of the Premises, Landlord shall or (iii) causes a material cessation or reduction in Landlord’s Services under this Lease (even if Tenant continues to use and occupy the Premises), Rent or a just portion of Rent must be entitled to receive abated until the entire award for any Premises or their remains, such acquisition services, or condemnationall of them are restored, but shall be obligated to proceed with reasonable diligence to repair and restore as this Lease requires. In the case of a Taking that reduces the Usable Area of the Premises, at interferes with ▇▇▇▇▇▇’s use and occupancy of the Premises, or materially diminishes Landlord's expense’s Services on a permanent basis, to a condition most suitable just portion of Rent must be abated for the Permitted Use. Tenant shall have no claim against remainder of the Term.
(e) Landlord reserves all rights to any damages or the condemning authority for the value compensation payable by reason of any unexpired portion of the Term Taking, and Tenant hereby expressly assigns grants 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 value of any Tenant's Property included in rights to such takingdamages 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, that Tenant reserves for Tenant any award specifically reimbursing Tenant for moving or relocation expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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) hereofother award, the Tenant, at Tenant's option, may terminate this Lease and payment of which does not diminish the term and estate hereby granted, by notifying the Landlord in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated amounts otherwise payable to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 aboveLandlord.
Appears in 2 contracts
Sources: Office Lease, Office Lease
Eminent Domain. SECTION 12.1. If Supplementing Article 10 hereof:
50.01 In the event that the whole of the Premises is acquired premises shall be lawfully condemned or condemned taken in any manner for any public or quasi-public use or purposepurpose (other than for temporary use or occupancy), this Lease and the Term shall end as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease lease and the Term and estate hereby granted shall expire forthwith cease and terminate as of the date of termination stated in said Noticevesting of title (hereinafter referred to as the “date of taking”), with and Tenant shall have no claim against Owner for, or make any claim for, the same effect as if that date were value of any unexpired Term of this lease, and the Fixed Expiration Date. Rent and Additional Rent shall be apportioned as of such date.
50.02 In the event that any part of any termination of the premises shall be so condemned or taken, then this Lease lease shall be and the Term pursuant to the provisions of this Section 12.1remain unaffected by such condemnation or taking, except that the Fixed Rent or and Additional Rent allocable to the part so taken shall be apportioned as of the date of sooner taking, provided, however, that Tenant may elect to cancel this lease in the event all access to the demised premises or more than ten percent (10%) of the premises should be so condemned or taken or if such building services as are reasonably necessary for the conduct of Tenant’s business can no longer be supplied, provided such notice of election is given by Tenant to Owner not later than forty-five (45) days after notice to Tenant of the date when title shall vest in the condemning authority. Upon the giving of such notice, this lease shall terminate on the tenth (10th) day following the date of such notice and the Fixed Rent and Additional Rent allocable to the part not taken shall be apportioned as of such termination date. Owner shall promptly give Tenant copies of any notice received from the condemning authority as to vesting. Upon such partial taking and this lease continuing in effect as to any prepaid part of the premises, the Fixed Rent and Additional Rent shall be diminished by an amount representing the part of said Fixed Rent and Additional Rent properly applicable to the portion or portions of the premises which may be so condemned or taken. If as a result of the partial taking (and this lease continuing in effect as to the part of the premises not so taken), any part of the premises not taken is damaged, Owner agrees with reasonable promptness to commence the work necessary to restore the damaged portion to the condition existing immediately prior to the taking, and prosecute the same with reasonable diligence to its completion.
50.03 In the event that only a part of the premises shall be so taken and Tenant shall not have elected to cancel this lease as above provided, the entire award for a partial taking shall be paid to Owner, and Owner, at Owner’s own expense, shall restore the unaffected part of the Building to substantially the same condition and as existed prior to the taking.
50.04 Until said unaffected portion is restored, Tenant shall be entitled to a proportionate abatement of Fixed Rent and Additional Rent for that portion of the Fixed Rent premises which is not usable and is not used, until the completion of the restoration or until the portion of the premises being restored is fit for any period after such date occupancy by Tenant for the conduct of its business, whichever occurs sooner. Said unaffected portion shall be refunded restored within a reasonable time but not more than three (3) months after the taking; provided, however, if Owner is delayed by Landlord strike, lockout, the elements, or other causes beyond Owner’s control (which shall include the non-payment of funds in such condemnation proceeding), the time for completion shall be extended for a period equivalent to Tenantthe delay. Should Owner fail to complete the restoration within the said three (3) months as the same may be extended as aforesaid, Tenant may elect to cancel this lease and the Term hereby granted provided such notice of election is given by Tenant to Owner not later than thirty (30) days after the end of said three (3) month or extended period, as the case may be.
SECTION 12.2. 50.05 In the event of any such acquisition condemnation or condemnation taking hereinbefore mentioned of all or any a part of the PremisesBuilding or the premises, Landlord Owner shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this lease in Tenant, and Tenant hereby expressly assigns to Owner any and all right, title and interest of Tenant now or hereafter arising in or to any such acquisition award or condemnationany part thereof, but and Tenant shall be obligated entitled to proceed with reasonable diligence to repair and restore the Premises, at Landlord's expense, to receive no part of such award. In any condemnation proceeding Tenant may submit a condition most suitable for the Permitted Use. Tenant shall have no separate claim against Landlord or the condemning authority for the value of any unexpired portion of the Term Tenant’s trade fixtures and Tenant hereby expressly assigns to Landlord all of its right in personalty 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 value of any Tenant's Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair removal or Requirement Alterations relocation, if such separate claims are allowable as such and do not reduce or affect the award otherwise payable to the extent required by Section 7.1 aboveOwner.
Appears in 1 contract
Eminent Domain. SECTION 12.1. Section 12.1 If the whole (a) all of the floor area of the Premises, or so much thereof as shall render the Premises is wholly untenantable, shall be acquired or condemned for any public or quasi-public use or purpose, or (b) a portion of the Real Property, not including the Premises, shall be so acquired or condemned, but by reason of such acquisition or condemnation, Tenant no longer has means of access to the Premises, then this Lease and the Term shall end as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1Article 12, the Fixed Rent or and Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent or Additional Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2. Section 12.2 In the event of any such acquisition or condemnation of all or any part of the Premises, Real Property. Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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, taking and for any moving expenses, so long as 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's award is not reduced thereby.
(A) Notwithstanding anything 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 contrary contained Term shall continue in Sections 12.1 force and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration effect. If a part of the Premises within sixty (60) days after shall be so acquired or condemned and this Lease and the physical taking of a portion of the Premises; or
(2) Landlord fails complete all repairsTerm shall not be terminated, reconstruction or restoration Landlord, at Landlord's expense, shall restore that part of the Premises within one hundred twenty (120) days not so acquired or condemned so as to constitute tenantable Premises. From and after the date of such physical takingthe vesting of title, 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding reduced in the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion proportion which the area of the cost part of any Maintenance Repair the Premises so acquired or Requirement Alterations condemned bears to the extent required by Section 7.1 abovetotal area of the Premises immediately prior to such acquisition or condemnation.
Appears in 1 contract
Sources: Lease Agreement (Ibasis Inc)
Eminent Domain. SECTION 12.1. Section 11.1 If the whole or substantially all of the Premises is acquired Real Property or condemned the Building shall be taken by condemnation or in any other manner for any public or quasi-public use or purpose, this Lease and the Term term and estate hereby granted shall end terminate as of the date of the vesting of title with the same effect as if said date were on such taking, and the Fixed Expiration Date. Rent and Escalation Rent shall be prorated and adjusted as of such date.
(A) If only a any part of Real Property or Building shall be so taken, this Lease shall be unaffected by such taking, except that if the portion of Real Property or Building taken exceeds fifteen (15%) percent of the rentable area thereof or if thirty percent (30%) or more of the rentable area of the Premises is shall be so acquired or condemned thentaken and Landlord cancels leases of other tenants in the Building which demise, except as hereinafter provided in this Section 12.1the aggregate, at least fifty (50%) percent of the entire rentable square footage of the space in the Building (excluding the retail portion) that shall be leased at the time of the casualty, Landlord may, at its option, terminate this Lease and the Term shall continue in by giving Tenant notice to that effect but, if a part of the Premises is so acquired or condemned, from and within ninety (90) days after the date of the vesting of titletaking. This Lease shall terminate on the date fixed in the notice but not less than thirty (30) days after the date that such notice from Landlord to Tenant shall be given, and the Fixed Rent and Additional RentEscalation Rent shall be prorated and adjusted as of such termination date. Upon such partial taking and this Lease continuing in force as to any part of the Premises, if any, the area of the Premises taken will be deleted from the Premises and Fixed Rent and Escalation Rent shall be reduced in the proportion which that the area of the Premises taken bears to the total area of the Premises immediately prior to such taking.
(B) If the part of the Premises Building or the Real Property so acquired or condemned bears to contains fifteen (15%) percent or more of 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, Tenant no longer has reasonable means of access to the Premises shall be rendered wholly or substantially unsuitable for the Permitted UsePremises, 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 notice to Landlord given within one hundred twenty sixty (12060) days after following the date upon which ▇▇▇▇▇▇ received notice of such acquisition or condemnation. If Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be givenso notifies Landlord, then this Lease shall terminate and the Term shall end and estate hereby granted shall expire as of upon the date set forth in the notice, which date shall not be more than thirty (30) days following the giving of termination stated such notice.
Section 11.3 Except as expressly provided in said Notice, with the same effect as if that date were the Fixed Expiration Date. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises11.3, Landlord shall be entitled to receive the entire award or payment in connection with any taking without reduction therefrom for any such acquisition estate vested in Tenant by this Lease or condemnation, but shall be obligated any value attributable to proceed with reasonable diligence to repair and restore the Premises, at Landlord's expense, to a condition 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 term of 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 right, title and interest in and to every such award or payment and waives any such awardright; to the value of the unexpired portion of the term of this Lease. Nothing contained in this Section 12.2 11.3 shall be deemed to prevent Tenant from making a separate claim in any condemnation proceedings proceeding for the then value of any Tenant's ’s Property included in such takingwhich have been taken, and moving expenses incurred as a result thereof, provided such claim does not reduce the amount of the award payable to Landlord.
Section 11.4 If the temporary use or occupancy of all or any part of the Premises shall be taken by condemnation or in any other manner for any public-or quasi-public use or purpose during the term of this Lease, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the Premises, during the Term for the taking of Tenant’s Property, for the repair of those items required to be repaired by Tenant pursuant to Section 11.5 hereof and for moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything and Landlord shall be entitled to receive that portion which represents reimbursement for the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or cost of restoration of the Premises within sixty (60) days after Premises, excluding the physical taking cost 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 takingitems to be restored by Tenant pursuant to Section 11.5 hereof. Except as hereinafter set forth, 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the term remain unaffected by any such taking and estate hereby granted Tenant shall expire continue responsible for all of its obligations hereunder insofar as of the date of termination stated such obligations are not affected by such taking and shall continue to pay in said Notice with the same effect as if that date were full the Fixed Expiration DateRent, and the Fixed Escalation Rent and Additional Rent hereunder when due. All monies payable to Tenant as, or as part of, an award for temporary use and occupancy for a period beyond the date to which the Fixed Rent, Escalation Rent and Additional Rent have been paid shall be apportioned held and applied by Landlord as a trust fund for payment of such date. Notwithstanding the Fixed Rent, Escalation Rent and Additional Rent becoming due hereunder.
Section 11.5 In the event of a taking which does not result in termination of this Lease as provided Lease, or in the event of a taking for a temporary use or occupancy of all or any part of the Premises which does not result in a termination of this Subsection 12.3(ALease, (a) Landlord shall be obligated to reimburse to Tenant a portion repair the remaining parts of the cost Building (other than those parts of any Maintenance Repair or Requirement the Premises which are deemed Alterations and Tenant’s Property) to a condition substantially comparable to their former condition to the extent required by Section 7.1 abovethat Landlord deems the same to be feasible (subject to changes which Landlord shall deem reasonable and desirable) so as to constitute a complete and rentable Building and (b) Tenant, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair the remaining parts of the Premises which are deemed Alterations and Tenant’s Property, to substantially their former condition to the extent that the same may be feasible.
Appears in 1 contract
Sources: Lease (Coty Inc /)
Eminent Domain. SECTION 12.1. (a) If the whole all or any substantial part of the Premises or the Building is acquired or condemned taken for any public or quasi-quasi- public use under governmental law or purposeby right of eminent domain (the Taking), this Lease terminates at Landlord’s election, which ▇▇▇▇▇▇▇▇ 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 ▇▇▇▇▇▇’s use and occupancy of the Term shall end as 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 vesting Taking, any reconstruction of title the Premises, of the Building, or of both that is necessary for Tenant’s use and occupancy of the Premises in accordance with the same effect as 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 said date were there is a Taking is subject to the Fixed Expiration Date. If only 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 so acquired not terminated and Landlord has failed to complete such restoration within said 150-day period. Any such termination of the Lease by Landlord or condemned then, except as hereinafter provided in this Section 12.1Tenant is effective no earlier than 30 days after the giving of notice. Unless terminated pursuant to the foregoing provisions, this 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 Term shall continue in effect but, if Taking effects less than all or a substantial part of the Premises is so acquired or condemnedthe Building, from Landlord must proceed with diligence to establish and after collect all valid claims that arise against the date 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 Building, or their remains, as nearly as practicable to their condition before such Taking, at Landlord’s sole expense, subject, however, to the extent of the vesting of title, proceeds from the Fixed Rent and Additional Rent, if any, shall be reduced in the proportion which the area 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 so acquired unfit for Tenant’s use and occupancy, or 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 otherwise materially interferes with Tenant’s use 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 occupancy of the Premises, Landlord shall or (iii) causes a material cessation or reduction in Landlord’s Services under this Lease (even if Tenant continues to use and occupy the Premises), Rent or a just portion of Rent must be entitled to receive abated until the entire award for any Premises or their remains, such acquisition services, or condemnationall of them are restored, but shall be obligated to proceed with reasonable diligence to repair and restore as this Lease requires. In the case of a Taking that reduces the Usable Area of the Premises, at interferes with ▇▇▇▇▇▇’s use and occupancy of the Premises, or materially diminishes Landlord's expense’s Services on a permanent basis, to a condition most suitable just portion of Rent must be abated for the Permitted Use. Tenant shall have no claim against remainder of the Term.
(e) Landlord reserves all rights to any damages or the condemning authority for the value compensation payable by reason of any unexpired portion of the Term Taking, and Tenant hereby expressly assigns grants 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 value of any Tenant's Property included in rights to such takingdamages 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, that Tenant reserves for Tenant any award specifically reimbursing Tenant for moving or relocation expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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) hereofother award, the Tenant, at Tenant's option, may terminate this Lease and payment of which does not diminish the term and estate hereby granted, by notifying the Landlord in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) aboveamounts otherwise payable to Landlord. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 aboveTHE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.
Appears in 1 contract
Sources: Office Lease
Eminent Domain. SECTION 12.122.01. If the whole of the Premises is acquired Building or condemned access thereto or the parking areas thereof shall be lawfully taken by condemnation or in any other manner for any public or quasi-public use or of purpose, this Lease and the Term shall end as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the Term and estate hereby granted shall expire forthwith terminate as of the date of termination stated vesting of title on such taking (which date is herein after also referred to as the “date of the taking”), and the rents shall be prorated and adjusted as of such date.
22.02. If any part of the Building or access thereto or the parking areas thereof shall be so taken, this Lease shall be unaffected by such taking, except that Tenant may elect to terminate this Lease in said Notice, with the same effect as if that date were the Fixed Expiration Date. In the event of any termination a partial taking, if the area of the Demised Premises or access thereto or the parking areas serving the same shall not be reasonably sufficient for Tenant to continue feasible operation of its business. Tenant shall give notice of such election to Landlord not later than thirty (30) days after the date of such taking. Upon the giving of such notice to Landlord, this Lease shall terminate on the date of service of notice and the Term pursuant rents apportioned to the provisions part of this Section 12.1, the Fixed Rent or Additional Rent Demised Premises so taken shall be apportioned prorated and adjusted as of the date of sooner termination the taking and any prepaid portion the rents apportioned to the remainder of the Fixed Rent for any period after such date Demised Premises shall be refunded by Landlord prorated and adjusted as of such termination date. Upon such partial taking and this Lease continuing in force as to Tenant.
SECTION 12.2. In the event of any such acquisition or condemnation of all or 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 shall be reduced to the amount apportioned to the remainder of the Demised Premises and additional rent shall be payable pursuant to Article 5 according to the Rentable Area remaining.
22.03. Except as specifically set forth in Section 22.04. hereof, 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 such acquisition or condemnationestate vested in Tenant by this Lease, but shall be obligated to proceed with reasonable diligence to repair and restore the Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have receive no claim against Landlord or the condemning authority for the value part of any unexpired portion of the Term and such award. Tenant hereby expressly assigns to Landlord all of its right right, title, and interest in and or to any every such award. Nothing contained Notwithstanding the foregoing, Tenant may claim a condemnation award for the unamortized portion of the cost incurred by Tenant in connection with any of Tenant’s Property installed pursuant to this Lease and severance damages. In addition, Tenant may ▇▇▇ the appropriate, agency for relocation expenses pursuant to the Relocation Assistance Act, N.J.S.A. 20:4-1 et seq.
22.04. If the temporary use or occupancy of all or any part of the Demised Premises shall be lawfully taken by condemnation or in any other manner for any public or quasi-public use or purpose during the Term of this Lease, Tenant shall be entitled, except as hereinafter set forth, to receive any award which does not serve to diminish Landlord’s award in any respect and, if so awarded, for the taking of Tenant’s Property and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the Demised Premises. This Lease shall be and remain unaffected by such taking and Tenant shall remain responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay in full the fixed rent and additional rent when due. If the period of temporary use or occupancy of the Demised Premises (or a part thereof) shall be divided between Landlord and Tenant, Tenant shall receive so much thereof as represents the period prior to the Expiration Date and Landlord shall receive so much thereof as represents the period subsequent to the Expiration Date. All moneys received by Tenant as, or as part of, an award for temporary use and occupancy for a period beyond the date to which the rents hereunder have been paid by Tenant shall be received, held, and applied by Tenant as a trust fund for payment of the rents falling due hereunder.
22.05. In the event of any taking of less than the whole of the Building which does not result in a termination of this Lease, or in the event of a taking for a temporary use or occupancy of all or any part of the Demised Premises, 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 their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and Demised Premises provided that Landlord’s liability under this Section 12.2 22.05 shall be deemed limited to prevent the net amount (after deducting all costs and expenses, including, but not limited to, legal expenses incurred in connection with the eminent domain proceeding) received by Landlord as an award arising out of such taking. If such taking occurs within the last three (3) years of the Term of this Lease, Landlord shall have the right to terminate this Lease by giving the Tenant from making a separate claim in any condemnation proceedings for the value of any Tenant's Property included in written notice to such effect within ninety (90) days after such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, this Lease shall then expire on that effective date stated in the event that:
(1) notice as if that were the Landlord fails to commence any repairsExpiration Date, reconstruction or restoration of but the 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 fixed rent and the term and estate hereby granted, by notifying the Landlord in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination additional rent shall be given, then this Lease prorated and the term and estate hereby granted shall expire adjusted as of the date of termination stated in said Notice such taking.
22.06. Any dispute which may arise between the parties with respect to the same effect as if that date were meaning or application of any of the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder provisions of this Article shall be apportioned as of such date. Notwithstanding determined by arbitration in the termination of this Lease as manner provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 aboveArticle 33.
Appears in 1 contract
Eminent Domain. SECTION 12.1. A. If the whole of the Building or Premises or Land is acquired lawfully taken by condemnation or condemned sold under threat of the exercise of such power, or taken in any other manner for any public or quasi-quasi public use or purpose, this Lease and the Term shall end terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything Rent shall be prorated to such date. If less than the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration whole of the Building or 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 sixty ninety (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 (12090) days after the date of such physical taking, then, as a result of any circumstances described in subparagraphs taking if twenty percent (120%) 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, and (2ii) hereof, Landlord shall have the Tenant, at Tenant's option, may right to terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination notice to Tenant given within thirty ninety (3090) days after the passage date of such taking. If either Landlord or Tenant so elects to terminate this Lease, the Lease shall 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 times periods in subparagraphs (1) Premises and (2) above. Project.
B. In the event that such a Notice of termination any taking, partial or whole, all of the proceeds of any award, judgment or settlement payable by the condemning authority shall be giventhe exclusive property of Landlord, then this Lease and Tenant hereby assigns to Landlord all of its right, title and interest in any award, judgment or settlement from the term condemning authority. Tenant, however, shall have the right, to the extent that Landlord's award is 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 estate hereby granted shall expire as damage to Tenant's personal property.
C. In the event of a partial taking of the date of termination stated Premises which does not result in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the a termination of this Lease as provided in this Subsection 12.3(A) Lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the cost of any Maintenance Repair Premises as nearly as practicable to its condition prior to the condemnation or Requirement Alterations taking, but only to the extent required of Building Standard Work. Landlord's obligation to restore the remaining portion of the Premises should be subject to the amount of damages applicable to the same. Tenant shall be responsible at its sole cost and expense for the repair, restoration and replacement of any other Leasehold Improvements and Tenant's Property.
D. The rights and obligations of the parties hereto are subject to the rights of lenders who hold a security interest in the Project to require that casualty insurance proceeds relating to the Project be applied against the debt secured by Section 7.1 abovethe project.
Appears in 1 contract
Eminent Domain. SECTION 12.114.1. If In the event that the whole of the Premises is acquired demised premises shall be lawfully condemned or condemned taken in any manner for any public or quasi-public use or purpose, this Lease and the Term term and estate hereby granted shall end forthwith cease and terminate as of the date of the vesting of title with (hereinafter referred to as the same effect as if said "date were of taking"), and Tenant shall have no claim against Landlord for, or make any claim for the Fixed Expiration Date. If only a part value of the Premises is so acquired or condemned thenany unexpired term of this Lease, 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 fixed annual rent and after the date of the vesting of title, the Fixed Rent and Additional Rent, if any, additional rent shall be reduced in the proportion which the area of the part of the Premises so acquired or 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 apportioned as 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 upon which Tenant receives Notice of vesting of titledate.
14.2. In the event that such Notice any part of termination the demised premises shall be givenso condemned or taken, then this Lease shall be and remain unaffected by such condemnation or taking, except that the Term fixed annual rent 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. In the event of any termination of this Lease and the Term pursuant additional rent allocable to the provisions of this Section 12.1, the Fixed Rent or Additional Rent part so taken shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expensesprovided, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything however, that Tenant may elect to the contrary contained in Sections 12.1 and 12.2 above, cancel this Lease in the event that:
that more than twenty-five (125%) the Landlord fails to commence any repairs, reconstruction or restoration percent of the Premises within sixty (60) days after the physical taking demised premises should be so condemned or taken, provided such notice of a portion of the Premises; or
(2) election is given by Tenant to 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 in writing of such termination within not later than thirty (30) days after the passage date when title shall vest in the condemning authority. Upon the giving of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be givennotice, then this Lease and shall terminate on the term and estate hereby granted shall expire as of thirtieth day following the date of termination stated in said Notice with the same effect as if that date were the Fixed Expiration Date, such notice and the Fixed Rent fixed annual rent and Additional Rent hereunder additional rent shall be apportioned as of such termination date. Notwithstanding Upon such partial taking and this Lease continuing in force as to any part of the termination demised premises, the fixed annual rent and additional rent shall be diminished by an amount representing the part of the fixed annual rent and additional rent properly applicable to the portion or portions of the demised premises which may be so condemned or taken. If as a result of the partial taking (and this Lease continuing in force as to the part of the demised premises not so taken), any part of the demised premises not taken is damaged, Landlord agrees with reasonable promptness to commence the work necessary to restore the damaged portion to the condition existing immediately prior to the taking, and prosecute the same with reasonable diligence to its completion. In the event Landlord and Tenant are unable to agree as to the amount by which the fixed annual rent and additional rent shall be diminished, the matter shall be determined by arbitration in accordance with the provisions of Article 33 of this Lease. Pending such determination, Tenant shall pay to Landlord the fixed annual rent and additional rent as fixed by Landlord, subject to adjustment in accordance with the arbitration.
14.3. Nothing herein provided shall preclude Tenant from appearing, claiming, proving and receiving in the condemnation proceeding, Tenant's moving expenses, and the value of Tenant's fixtures, or Tenant's alterations, installments and improvements which do not become part of the Building, or property of Landlord.
14.4. In the event that more than twenty-five (25%) percent of the demised premises shall be so taken and Tenant shall not have elected to cancel this Lease as provided in this Subsection 12.3(A) Landlord above provided, the entire award for a partial taking shall be obligated paid to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations Landlord, and Landlord, at Landlord's own expense, shall to the extent required by Section 7.1 aboveof the net proceeds (after deducting reasonable expenses including attorneys' and appraisers' fees) of the award restore the unaffected part of the demised premises to substantially the same condition and tenantability as existed prior to the taking.
Appears in 1 contract
Eminent Domain. SECTION 12.1Section 11.01. If the whole of the Demised Premises is shall be acquired or condemned for any public or quasi-public use or purpose, this Lease and the Demised Term shall end as of the 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 Demised Premises is shall be so acquired or condemned then, except as hereinafter otherwise provided in this Section 12.1Section, this Lease and the Demised Term shall continue in force and 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 reduced in the proportion which the area of the part of the Demised Premises so acquired or condemned bears to the total area of the Demised Premises immediately prior to such acquisition or condemnation. If only a part of the Real Property shall be so acquired or condemned, then (i) whether or not the Demised Premises shall be affected thereby (unless only an insubstantial part of the Real Property is so acquired or condemned), Landlord, at Landlord's option, may give to Tenant, within sixty (60) days next following the date upon which Landlord shall have received notice of vesting of title, a thirty (30) days' notice of termination of this Lease, and (ii) if the part of the Premises Real Property so acquired or condemned contains shall contain more than fifty percent ten (5010%) percent of the rentable square feet total area of the Demised Premises immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises shall be rendered wholly or substantially unsuitable for the Permitted UseDemised Premises, then either Landlord or Tenant Tenant, at Tenant's option, may terminate this Lease and the Term and estate hereby grantedgive to Landlord, by notifying the other party in writing of such termination within one hundred twenty sixty (12060) days after next following the date upon which Tenant receives Notice shall have received notice of vesting of title, a thirty (30) days' notice of termination of this Lease. In the event that any such Notice thirty (30) days' notice of termination shall be is given, then by Landlord or Tenant, this Lease and the Demised Term shall come to an end and estate hereby granted shall expire as upon the expiration of the date of termination stated in said Notice, thirty (30) days with the same effect as if that the date of expiration of said thirty (30) days were the Fixed Expiration Date. If a part of the Demised Premises shall be so acquired or condemned and this Lease and the Demised Term shall not be terminated pursuant to the foregoing provisions of this Section, Landlord, at Landlord's expense, shall restore that part of the Demised Premises not so acquired or condemned to a self-contained rental unit. In the event of any termination of this Lease and the Demised Term pursuant to the provisions of this Section 12.1Section, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner such termination and any prepaid portion of the Fixed Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2Section 11.02. In the event of any such acquisition or condemnation of all or any part of the PremisesReal Property, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 Demised Term and Tenant hereby expressly assigns to Landlord all of its right rights 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 proceeding for the value of any items of Tenant's Personal Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 abovewhich are compensable, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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, thenlaw, as a result of any circumstances described in subparagraphs (1) trade fixtures, or (2) hereof, the for moving and relocation damages separately payable to Tenant, at Tenant's option, may terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse 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 1 contract
Sources: Lease Agreement (Liberty Financial Companies Inc /Ma/)
Eminent Domain. SECTION 12.1. (A) If during the whole Term all of the Premises is acquired shall be taken (or condemned temporarily taken for a period of one (1) year or more) by a public authority under any public statute or quasi-public use by right of eminent domain, or purposepurchased under threat of such taking, this Lease and shall automatically terminate on the Term shall end as date on which the condemning authority takes possession of the date Premises ("Date of Such Taking").
(B) If, during the vesting of title with the same effect as if said date were the Fixed Expiration Date. If only a Term, part of the Premises is so acquired taken or condemned thenpurchased, except and if, in the reasonable opinion of Landlord, substantial alteration or reconstruction of the Premises is necessary or desirable as hereinafter provided a result thereof, whether or not the Premises are or may be affected, Landlord shall have the right to terminate this Lease by giving Tenant at least thirty (30) days' written notice of such termination, and thereupon this Lease shall terminate on the date set forth in such notice.
(C) Tenant shall immediately surrender to Landlord the Premises and all interests therein under this Lease on any such date of termination under this Section 12.16.01. Landlord may re-enter and take possession of the Premises and remove Tenant there from if necessary, and, in the event of a termination under this Lease Section 6.01, the Base Rent and Additional Rent shall ▇▇▇▇▇ on the Term later of the date of termination or the Date of Such Taking. After such termination, and on notice from Landlord stating the Base Rent and Additional Rent then owing, Tenant shall continue in effect but, if forthwith pay Landlord such amounts.
(D) If a part portion of the Premises is so acquired or condemnedtaken, from and after the date no rights of the vesting of titletermination herein conferred are timely exercised, the Fixed Term of this Lease shall expire with respect to the portion so taken on the Date of Such Taking. In such event, the Base Rent and Additional RentRent with respect to such portion so taken shall ▇▇▇▇▇ on such date or on such later date as Tenant shall deliver possession thereof, if any, shall be reduced in and the proportion which the area of the part of the Premises so acquired or condemned bears Base Rent and Additional Rent thereafter payable with respect to the total area remainder 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 adjusted pro rate by Landlord in order to account for the Permitted Usereduction in the number of rentable square feet in the Premises. Landlord shall restore and redemise the Premises to the extent required to exclude from the Premises that portion so taken; provided, then either Landlord or Tenant may terminate this Lease that Landlord's obligation to restore and redemise the Term and estate hereby granted, by notifying remainder of the other party in writing of such termination within one hundred twenty (120) days after the date upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination Premises shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant limited to the provisions of this Section 12.1, funds available to Landlord from the Fixed Rent condemnation award or Additional Rent shall be apportioned as of other consideration paid for the date of sooner termination and any prepaid affected portion of the Fixed Rent for Premises. Landlord shall not be obligated to replace, repair or restore any period after such date improvements or alterations to the Premises made by or on behalf of Tenant, nor shall Landlord be refunded by Landlord obligated to replace, repair or restore Tenant's leasehold improvements, personal property, furniture, fixtures, equipment or the like.
SECTION 12.2. In the event of (E) Upon any such acquisition taking or condemnation of all or any part of the Premises, purchase. Landlord shall be entitled to receive and retain the entire award or consideration for any such acquisition or condemnation, but shall be obligated to proceed with reasonable diligence to repair and restore the affected portion of the Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. and Tenant shall not have no or advance any claim against Landlord or the condemning authority for the value of its property or its leasehold estate or the unexpired Term of the Lease, or for costs of removal or relocation, or business interruption expense or any unexpired other damages arising out of such taking or purchase. Nothing herein shall give Landlord any interest in or preclude Tenant from seeking and recovering for its own account from the condemning authority any award or compensation attributable to the taking or purchase of Tenants improvements, channels or trade fixtures, or the removal or relocation of its business and effects, or the interruption of its business; provided that any such award or compensation shall nor reduce the award otherwise payable to Landlord. If any such award made or compensation paid to either party specifically includes an award or amount for the other, the party first receiving the same shall promptly account therefor to the other.
(F) If all or any portion of the Term Premises shall be condemned or taken for governmental occupancy for a period of less than one year, this Lease shall continue in full force and effect and Tenant hereby expressly assigns shall continue to Landlord pay in full 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 value of any Tenant's Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Base Rent and Additional Rent hereunder and other charges herein reserved, without reduction or abatement, and Tenant shall be apportioned entitled to receive, for itself, so much of any award or payment made for such use as of is equal to the payments that are actually made by Tenant to Landlord during such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) temporary taking, and Landlord shall be obligated to reimburse to Tenant a portion of receive the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 abovebalance thereof.
Appears in 1 contract
Sources: Lease (Espos Inc)
Eminent Domain. SECTION 12.1. If the whole of the Premises is acquired Premises, the Building, or condemned for any public the Property shall be taken by condemnation or quasi-public use or purposerights of eminent domain (the words "condemnation" and "eminent domain" as used herein to include purchase in lieu thereof) hereinafter collectively referred to as "taking", this Lease and then the Term term hereof shall end cease as of the date of the vesting of title with or as of the same effect as if said date were the Fixed Expiration Dateday possession shall be taken thereunder, whichever is earlier. If only a part twenty-five percent (25%) or more of the Property shall be taken (whether or not the Building or 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 within said twenty-five percent (5025%) of the rentable square feet or if twenty-five percent (25%) or more of the Premises or if, by reason twenty-five percent (25%) or more of such acquisition or condemnation, the Premises Building are a part 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premisestaken, Landlord shall be entitled to receive terminate this Lease effective as of the entire award for any such acquisition day of vesting of title or condemnation, but as of the day possession shall be obligated to proceed with reasonable diligence to repair and restore the Premisestaken thereunder, at Landlord's expensewhichever Landlord shall elect, to a condition most suitable for the Permitted Use. by giving 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 notice 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 value of any Tenant's Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the Premises election within sixty (60) days after the physical of such vesting of title or taking of possession; but if Landlord does not elect to so terminate this Lease, it shall with due diligence restore the Premises and/or the Building and/or the Property to an architectural unit as nearly like its condition prior to such taking as shall be practical. If twenty-five percent (25%) or more of the Premises shall be taken, or if twenty-five percent (25%) or more of the Building of which the Premises are a part shall be taken, including in such taking some portion of the Premises; or
, Tenant shall be entitled to terminate this Lease by giving notice to Landlord to that effect within sixty (260) Landlord fails complete all repairs, reconstruction or restoration days following the taking of possession of the Premises within one hundred twenty (120) days after the date of such physical takingPremises, then, as a result of any circumstances described in subparagraphs (1) or (2) hereof, the Tenant, at Tenant's option, may terminate which event this Lease and the term hereof shall cease and estate hereby granted, by notifying the Landlord in writing of such termination within thirty (30) days after the passage terminate as of the times periods end of the calendar month in subparagraphs (1) and (2) above. In the event that which such a Notice of termination notice shall be given, then . If this Lease and the term and estate hereby granted shall expire is not terminated as hereinbefore provided, either by Landlord or Tenant, all of the date provisions hereof shall continue in effect, but in case there shall be a reduction of termination stated in said Notice with the same effect as if that date were floor area of the Fixed Expiration DatePremises by reason of such taking, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 above.be
Appears in 1 contract
Sources: Lease Agreement (Net Genesis Corp)
Eminent Domain. SECTION 12.1. 10.1 If the whole not more than ten percent (10%) of the Premises is acquired Demised Premises, or condemned not more than twenty-five percent (25%) of the parking area, shall be taken under the power of eminent domain, then the term of this Lease shall cease only as to the part so taken from the date possession shall be taken for any public or quasi-public use or purpose, this Lease and the Term fixed rent shall end be paid up to that date. If in such event any part of the Demised Premises is taken, Lessor shall, at its cost and expense, rebuild, repair and restore as rapidly as possible the remaining portion of the Demised Premises and improvements to as nearly as possible their condition immediately prior to such taking. From the 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 such condemnation proceedings to the date of completion of the vesting repairs and restoration of titlethe Demised Premises, there shall be an abatement of the Fixed Rent and Additional Rentannual fixed rent, except for the portion of the Demised Premises, if any, that Lessee in its discretion shall determine to be usable for its business. The repairs and restoration shall be deemed completed within the premises are again ready for tenancy, occupancy and use of the Demised Premises. After the repairs and restoration have been completed following the partial taking, the annual fixed rent for the unexpired term of the Lease shall be reduced in the by that proportion which the area of the part of the Premises so acquired or condemned bears taken shall bear to the total entire area of the Demised Premises immediately prior to such acquisition or condemnationtaking. If Notwithstanding the part foregoing, in the event Lessee’s business shall be damaged as a results of such taking, Lessee shall have the right to terminate this Lease, after the end of the Premises acquired or condemned contains fourth (4th) month but prior to the end of the seventh (7th) month following said taking, without further liability, upon giving sixty (60) days’ written notice to Lessor, provided said notice is served on Lessor prior to the end of said seventh (7th) month following said taking.
10.2 If more than fifty ten percent (5010%) of the rentable square feet Demised Premises, or more than twenty-five percent (25%) of the Premises or ifparking area, by reason of such acquisition or condemnation, the Premises shall be rendered wholly or substantially unsuitable for taken under the Permitted Usepower of eminent domain, then from that date Lessee shall have the right either Landlord or Tenant may to 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as possession of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, condemned is so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 grantedtaken, by notifying the Landlord in writing of such termination giving written notice to Lessor within thirty (30) days after the passage such date, or to continue in possession of the times periods in subparagraphs (1) Demised under all of the terms, covenants and (2) above. In conditions of this Lease, except that the event that such a Notice of termination fixed rent shall be given, then this Lease proportionately and equitably reduced by that proportion which the term and estate hereby granted area so taken shall expire as bear to the entire area of the date of termination stated in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of Demised Premises immediately prior to such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 abovetaking.
Appears in 1 contract
Eminent Domain. SECTION 12.1Section 9.01. If In the event that the whole of the Real Property, Building or Demised Premises is acquired shall be lawfully condemned or condemned taken in any manner for any public or quasi-public use or purpose, this Lease and the Term term and estate hereby granted shall end forthwith cease and terminate as of the date of the vesting of title with title. In the same effect as if said date were the Fixed Expiration Date. If event that only a part of the Real Property and not the entire Demised Premises is shall be so acquired condemned or condemned taken, then, (a) except as hereinafter provided in this Section 12.19.01, this Lease and the Term shall continue in full force and effect but, if a part of the Demised Premises is included in the part of the Real Property so acquired condemned or condemnedtaken, from and after then, effective as of the date of the vesting of title, the Fixed Rent and Additional Rent, if any, additional rent hereunder shall be reduced abated in the proportion which an amount thereof apportioned according to the area of the part of the Demised Premises so acquired condemned or condemned bears to taken; (b) whether or not 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 Demised Premises shall be rendered wholly affected thereby, if such condemnation or substantially unsuitable for taking shall be of twenty-five percent (25%) or more of the Permitted UseBuilding and if Landlord's operation of the Building is materially impaired, then either Landlord or Tenant may may, at Landlord's option, terminate this Lease and the Term and estate hereby granted, granted as of the date of such vesting of title by notifying the other party Tenant in writing of such termination within one hundred twenty sixty (12060) days after following the date upon on which Landlord shall have received notice of vesting of title, provided, however, that Landlord shall not make the election described in (b) above unless all of the leases in the Building are canceled effective on dates no later than the termination date of this Lease (inclusive of this Lease), or (c) if such condemnation or taking shall be of a substantial part of the Demised Premises (as such term is defined in Section 9.07), Tenant may, at Tenant's option, by delivery of notice in writing to Landlord within sixty (60) days following the date on which Tenant receives Notice shall have received notice of vesting of title, terminate this Lease and the Term and estate hereby granted as of the date of vesting of title. If neither Landlord nor Tenant elects to terminate this Lease as aforesaid, this Lease shall be and remain unaffected by such condemnation or taking, except that the Fixed Rent and additional rent shall be abated to the extent, if any, hereinabove provided in this Article. In the event that such Notice only a part of termination the Demised Premises shall be givenso condemned or taken and this Lease and the Term and estate hereby granted are not terminated as hereinbefore provided, Landlord will, with reasonable diligence and at its expense, restore the remaining portion of the Demised Premises as nearly as practicable to the same condition as it was in prior to such condemnation or taking (but in all respects subject to building codes and zoning, environmental and other governmental laws then in existence), provided that Landlord shall not be required to repair or replace any of Tenant's leasehold improvements, Tenant's Alterations or Tenant's Property in the Demised Premises or elsewhere.
Section 9.02. In the event of the termination of this Lease in any of the cases provided in this Article, this Lease and the Term and estate hereby granted shall expire as of the date of such termination stated in said Notice, with the same effect as if that date were the Fixed Expiration Date. In date hereinbefore set for the event expiration of any termination the Term of this Lease Lease, and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent Rents shall be apportioned as of the date of sooner termination and such date.
Section 9.03. Except as expressly otherwise provided in any prepaid portion of the Fixed Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2. In the event following Sections of any such acquisition or condemnation of all or any part of the Premisesthis Article, Landlord shall be entitled to receive the entire award in any proceeding with respect to any taking provided for in this Article, including any such acquisition or condemnation, but shall be obligated to proceed with reasonable diligence to repair and restore the Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have no claim against Landlord or the condemning authority award made for the value of any unexpired portion of the Term estate vested in Tenant by this Lease and Tenant hereby expressly assigns to Landlord any and all right, title and interest of its right Tenant now or hereafter arising in and or to any such award or any part thereof, and Tenant shall receive no part of such Landlord's award. Nothing contained in Notwithstanding the foregoing provisions of this Section 12.2 Article, Tenant shall be deemed entitled to prevent Tenant from making appear, claim, prove and receive in the proceedings relating to any taking mentioned in the preceding Sections of this Article, a separate claim award for the then value of Tenant's Property and for moving expenses, but Tenant may participate in any condemnation proceedings such proceeding and recover a separate award for the value of any Tenant's Property included and for moving expenses only to the extent that Tenant's participation and such separate award does not reduce the amount of the award payable to Landlord in such takingproceeding.
Section 9.04. If the temporary use or occupancy of all or any part of the Demised Premises shall be lawfully taken by condemnation or in any other manner for any public or quasi-public use or purpose during the Term of this Lease, Tenant shall be entitled, except as hereinafter set forth, to receive only that portion of the award for such taking which represents compensation for the use and occupancy of the Demised Premises, for the taking of Tenant's Property and for any moving expenses, and Landlord shall be entitled to receive the entire balance of the award, including that portion which represents reimbursement for the cost of restoration of the Demised Premises. This Lease and the Term of this Lease shall be and remain unaffected by such condemnation or taking and Tenant shall continue responsible for all of its obligations hereunder (except to the extent Tenant shall be prevented from doing so long by reason of such condemnation or taking) and in any case, Tenant shall notwithstanding such temporary taking continue to pay in full the Fixed Rent and additional rents when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date of the Term of this Lease, that part of the award which represents compensation for the use or occupancy of the Demised Premises (or a part thereof) shall be divided between Landlord and Tenant so that Tenant shall be entitled to so much thereof as represents the period prior to such Expiration Date and Landlord shall be entitled to so much thereof as represents the period subsequent to such Expiration Date. All moneys that Tenant may be entitled to as, or as part of, an award for temporary use and occupancy for a period beyond the date to which Fixed Rent and additional rents hereunder have been paid by Tenant shall be received by Landlord's award is not reduced thereby, to be held and applied to it as a trust fund for payment of Fixed Rent and additional rents falling due hereunder.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
Section 9.05. If such temporary use or occupancy exceeds one (1) year and the Landlord fails conditions set forth in Section 9.01(c) have been met, then Tenant may thereafter terminate this Lease by giving written notice to commence such effect. If the temporary use or occupancy of all or any repairs, reconstruction or restoration substantial part of the Demised Premises shall be so taken at any time during the last six (6) months of the Term of this Lease (calculated without regard to unexercised renewal options), Tenant may terminate this Lease by giving Landlord written notice to such effect 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that of either such a Notice termination, this Lease shall then expire on the date stated in such notice by the Tenant as if that were the Expiration Date of termination the Term and the Fixed Rent and additional rents shall be given, then this Lease prorated and the term and estate hereby granted shall expire adjusted as of the date of termination stated such taking. Except as expressly provided in said Notice Section 9.04, an award in any proceeding with respect to any temporary taking provided for in this Article shall be applied, and Tenant may appear, claim, prove and receive in the proceedings a separate award, in accordance with the same effect as if that date were provisions of Section 9.03 hereof.
Section 9.06. In the Fixed Expiration Date, and event of any taking of the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the Building which does not result in a termination of this Lease Lease, or in the event of a taking for a temporary use or occupancy 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 part of the Building and the Demised Premises to substantially their former condition to the extent that the same may be feasible, whether or not the award received by Landlord (net of costs of collection, including attorneys' and appraiser's fees and disbursements) may be sufficient therefor, so as provided in this Subsection 12.3(A) Landlord to constitute a complete and tenantable Building and Demised Premises which shall be obligated substantially comparable in quality and service to reimburse the Building and Demised Premises as they existed prior to Tenant such taking, but in all respects subject to building codes and zoning, environmental and other governmental laws then in existence.
Section 9.07. For the purposes of this Article 9, a substantial part of the Demised Premises or similar phrases shall mean that the remaining undamaged or untaken portion of the cost Demised Premises shall be insufficient to permit Tenant's occupancy of the remaining undamaged or untaken portion of the Demised Premises as a workable or usable unit for the proper conduct of Tenant's business or that the access or Building Services to the Demised Premises has been so damaged or taken that the remaining usable access or Building Services shall not be adequate for the proper conduct of Tenant's business in its reasonable judgment.
Section 9.08. The provisions of Sections 8.03 shall apply, mutatis mutandis, to Article 9.
Section 9.09. Any dispute which may arise between the parties with respect to the meaning or application of any Maintenance Repair or Requirement Alterations to of the extent required provisions of this Article shall be determined by Expedited Arbitration in the manner provided in Section 7.1 above27.02.
Appears in 1 contract
Eminent Domain. SECTION 12.1. If 24.1 In the whole event that all of the Land, the Building or the Premises is shall be acquired or condemned for any public or quasi-public use or purposeby eminent domain, this Lease and the Term shall end terminate as of the date of the vesting of title with in the same effect condemning authority as if said date were the Fixed Expiration Date. If only a part of the Premises is shall be so acquired or condemned then, except as hereinafter otherwise provided in this Section 12.1Article, this Lease and the Term shall continue in effect butfull force and effect, if a part of the Premises is so acquired or condemned, but from and after the date of the vesting of title, the Fixed Base Rent and Additional Rent, if any, shall be reduced by an amount equal to the product obtained by multiplying (i) the Base Rent in effect immediately prior to such condemnation by (ii) a fraction, the proportion numerator of which is the area number of the part rentable square feet of the Premises so acquired or condemned bears to taken and the total area denominator of which is the number of rentable square feet of the Premises immediately prior to such acquisition or the condemnation. If Tenant's Proportionate Share shall also be reduced to equal a fraction, the part numerator of which is the Premises acquired or condemned contains more than fifty percent (50%) number of the rentable square feet of the Premises after the taking and the denominator of which is the number of rentable square feet of the Building after the taking. The aforesaid calculations shall be reasonably determined by Landlord, whose calculations shall be conclusive absent manifest error.
24.2 If more than twenty-five percent (25%) of the Land or ifthe Building shall be so acquired or condemned so that continued operation of the remaining portion of the Building shall be impracticable or uneconomical as determined by Landlord, by reason of such acquisition then (i) whether or condemnation, not the Premises shall be rendered wholly affected, Landlord may, within ninety (90) days following the date of vesting of title, give Tenant thirty (30) days' Notice of termination of this Lease or substantially unsuitable (ii) if more than twenty-five percent (25%) of the total area of the then Premises is acquired or condemned, and the taking of such portion of the Premises renders the balance of the Premises impracticable or uneconomical as determined by Tenant for the Permitted Use, then either Landlord or Tenant may terminate this Lease and the Term and estate hereby grantedmay, by notifying the other party in writing of such termination within one hundred twenty ninety (12090) days after following the date upon which Tenant receives shall have received Notice of vesting of title, give to Landlord thirty (30) days' Notice of termination of this Lease. In the event that any such thirty (30) day Notice of termination shall be givenis given by Landlord or Tenant, then this Lease and shall terminate upon the Term and estate hereby granted shall expire as expiration of the date of termination stated in said Notice, thirty (30) days with the same effect as if that date were the Fixed Expiration Date. In the event of any termination of , without prejudice to Landlord's or Tenant's rights under this Lease in effect prior to such termination, and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent for any period after such date shall be refunded by Landlord to Tenantor sooner termination.
SECTION 12.2. 24.3 In the event of any such acquisition or condemnation of all or any part of the PremisesLand or the Building, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 agrees not to join in any claim made by Landlord and to execute all further documents that may be required in order to facilitate the collection of the award by Landlord. Tenant hereby expressly appoints Landlord as attorney-in-fact for Tenant, which appointment, being coupled with an interest is irrevocable, to sign such further documentation on behalf of Tenant. Tenant shall, however, retain the right to make a separate claim for (i) the value of any personal property taken or Tenant's Work so taken, and (ii) its moving expenses, provided same does not diminish or delay the award otherwise obtainable by Landlord.
24.4 Upon Landlord's receipt of the condemnation award referred to in Section 24.3, and provided that this Lease has not been terminated pursuant to the provisions of Section 24.1 or Section 24.2, Landlord shall promptly perform Landlord's Restoration Work to the extent such condemnation award is sufficient for such purpose, the Superior Mortgagee has agreed in writing to advance the condemnation award to Landlord for the performance of Landlords Restoration Work and provided Landlord receives all permits and approvals necessary to perform Landlord's Restoration Work and all such permits and approvals are final and non-appealable (or the time for appeal has expired). Tenant shall perform Tenant's Restoration Work whether or not Tenant's award is sufficient for such purpose.
24.5 If the temporary use or occupancy of all or part of the Premises shall be condemned or taken, this Lease shall remain unaffected by such condemnation or taking and Tenant shall continue to be responsible for all of its obligations hereunder (except to the extent prevented from so doing by reason of such condemnation or taking) and it shall continue to pay the Base Rent and Additional Rent as provided hereunder. Tenant shall have the right to claim, prove and receive so much of any award for such condemnation or taking for temporary use or occupancy as represents compensation for the use and occupancy of the Premises and, if so awarded, for the loss of value or utility of Tenant's personal property, Tenant's Work and any Alterations and Tenant's moving expenses, up to and including the Expiration Date or the date of termination of the condemnation or taking for temporary use or occupancy, whichever is earlier, and Landlord shall be entitled to claim, prove and receive the balance of any such award. Notwithstanding the foregoing, however, the rights and interests 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/or the Superior Mortgage.
24.6 If the grade of any street upon which the Land is situated or abuts shall be changed, this Lease shall nevertheless continue in full force and effect, and Landlord shall be entitled to collect and keep the entire award that may be made. Tenant hereby assigns to Landlord all of its right in and to every such award or 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 value of any Tenant's Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced therebypart thereof.
(A) Notwithstanding anything to the contrary contained 24.7 The terms "condemnation" and "acquisition" as used herein shall include any agreement in Sections 12.1 and 12.2 above, lieu of or in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration anticipation of the Premises within sixty (60) days after the physical taking of a portion exercise of the Premises; or
(2) power of eminent domain between Landlord fails complete all repairs, reconstruction or restoration and any Governmental Authority authorized to exercise the power 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 aboveeminent domain.
Appears in 1 contract
Sources: Lease Agreement (Organic Inc)
Eminent Domain. SECTION 12.1. a. If the whole of the Building or Premises is acquired lawfully taken by condemnation or condemned in any other manner for any public or quasi-quasi public use or purpose, this Lease and the Term shall end terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything Rent shall be prorated to such date. If less than the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration whole of the Building or 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 sixty ninety (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 (12090) days after the date of such physical taking, then, as a result of any circumstances described in subparagraphs taking if twenty percent (120%) 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, and (2ii) hereof, Landlord shall have the Tenant, at Tenant's option, may right to terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination notice to Tenant given within thirty ninety (3090) days after the passage date of such taking. If either Landlord or Tenant so elects to terminate this Lease, the Lease shall terminate on the thirtieth (30th) day after either such notice. The Rents 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 times periods in subparagraphs (1) Premises and (2) above. Project.
b. In the event that such a Notice of termination any taking, partial or whole, all of the proceeds of any award, judgment or settlement payable by the condemning authority shall be giventhe exclusive property of Landlord, then this Lease and Tenant hereby assigns to Landlord all of Its right, title and interest In any award, judgment or settlement from the term condemning authority. Tenant, however, shall have the right, to the extent that Landlord's award is 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 estate hereby granted shall expire as damage to Tenant's personal property.
c. In the event of a partial taking of the date of termination stated Premises which does not result in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the a termination of this Lease as provided in this Subsection 12.3(A) Lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the cost of any Maintenance Repair Premises as nearly as practicable to its condition prior to the condemnation or Requirement Alterations taking, but only to the extent required by Section 7.1 aboveof Building Standard Work. Tenant shall be responsible at its sole cost and expense for the repair, restoration and replacement of any other Leasehold Improvements and Tenant's Property.
Appears in 1 contract
Sources: Lease Agreement (Air Methods Corp)
Eminent Domain. SECTION 12.1. a. If the whole all or any part of the Premises is acquired or condemned for taken by any public or quasi-public use authority under the power of eminent domain, or purposeany agreement in lieu thereof (a "taking"), this Lease and shall terminate as to the Term shall end portion of the Premises taken effective as of the date of the vesting of title with the same effect as if said date were the Fixed Expiration Datetaking. If only a part portion of the Premises is so acquired or condemned thentaken, 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 as to the Term and estate hereby granted, by notifying remainder of the Premises upon written notice to the other party in writing of such termination within one hundred twenty ninety (12090) days after the date upon which Tenant receives Notice of vesting of title. In the event taking; provided, however, that such Notice of termination shall be given, then Tenant's right to terminate this Lease and is conditioned upon the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid remaining portion of the Fixed Rent for any period after Premises being of such date shall be refunded by Landlord to Tenant.
SECTION 12.2. In the event of any size or configuration that such acquisition or condemnation of all or any part remaining portion of the Premises, Premises is unusable or uneconomical for Tenant's business. Landlord shall be entitled to receive the entire award for all compensation, damages, income, rent awards and interest thereon whatsoever which may be paid or made in connection with any such acquisition or condemnation, but shall be obligated to proceed with reasonable diligence to repair taking and restore the Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have no claim against Landlord or the condemning any governmental authority for the value of any unexpired term of this Lease or of any of the improvements or Alterations in the Premises; provided, however, that the foregoing shall 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 Tenant's business or as compensation for Tenant's personal property, trade fixtures, Alterations or other improvements paid for by Tenant. In the event of a partial taking of the Premises which does not result in a termination of this Lease, the Monthly Rent and Additional Rent under Paragraphs 5 and 7 hereunder shall be equitably reduced based on the rentable area of the portion of the Term and Tenant hereby expressly assigns to Landlord Premises taken. If all of its right in and to or 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 value of any Tenant's Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the Premises within sixty (60) days after the physical taking of a material portion of the Premises; or
(2) Landlord fails complete all repairs, reconstruction or restoration of Real Property other than the Premises is taken, Landlord may terminate this Lease upon written notice to Tenant given within one hundred twenty ninety (12090) days after the date of such physical taking, thenprovided that such termination right shall be conditioned upon Landlord's terminating the leases of all other tenants of the Building which are similarly affected by the taking and as to which Landlord has such a termination right.
b. Notwithstanding the foregoing, as if all or any portion of the Premises is taken for a result period of any circumstances described in subparagraphs time of one (1) year or (2) hereofless ending prior to the end of the term of this Lease, the Tenant, at Tenant's option, may terminate this Lease shall remain in full force and the term effect and estate hereby grantedTenant shall continue to pay all rent and to perform all of its obligations under this Lease; provided, by notifying the Landlord however, that Tenant shall be entitled to all compensation, damages, income, rent awards and interest thereon that is paid or made in writing of connection with such termination within thirty (30) days after the passage temporary taking of the times periods Premises (or portion thereof), except that fifty percent (50%) of any such compensation in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the term and estate hereby granted shall expire as excess of the date of termination stated in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent rent or other amounts payable to Landlord hereunder shall be apportioned promptly paid over to Landlord as received. Landlord and Tenant each hereby waive the provisions of such date. Notwithstanding 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 as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant upon a portion partial taking of the cost of any Maintenance Repair or Requirement Alterations to Premises and/or the extent required by Section 7.1 aboveBuilding.
Appears in 1 contract
Sources: Office Lease (Ask Jeeves Inc)
Eminent Domain. SECTION 12.1. Section 13.1 If the whole (a) all of the floor area of the Premises, or so much thereof as shall render the Premises is wholly untenantable, shall be acquired or condemned for any public or quasi-public use or purpose, or (b) a portion of the Real Property, not including the Premises, shall be so acquired or condemned, but by reason of such acquisition or condemnation, Tenant no longer has means of access to the Premises, then this Lease and the Term shall end as of the date of the vesting of title with the same effect as if said that date were the Fixed Expiration Date. In the event of any termination of this Lease and the Term pursuant to the provisions of this Article 13, 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 13.2 In the event of any such acquisition or condemnation of all or any part of the Real Property, Landlord shall 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’s Alterations, and Tenant hereby expressly assigns to Landlord all of its right in and to any such award. Nothing contained in this Section 13.2 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 13.3 If only a part of the Premises is Real Property shall be so acquired or condemned then, except as hereinafter provided in this subject to Section 12.113.1, this Lease and the Term shall continue in effect but, if force and effect. If a part of the Premises is shall be so acquired or condemnedcondemned and this Lease and the Term shall not be terminated, from 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, the Fixed Rent and Additional Rent, if any, Rent shall be reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse 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 1 contract
Sources: Lease Agreement (Rackspace Inc)
Eminent Domain. SECTION 12.1. 12.1 If the whole (a) all of the floor area of the Premises, or so much thereof as shall render the Premises is wholly untenantable, shall be acquired or condemned for any public or quasi-public use or purpose, or (b) a portion of the Real Property, not including the Premises, shall be so acquired or condemned, but by reason of such acquisition or condemnation, Tenant no longer has means of access to the Premises, then this Lease and the Term shall end as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1Article 12, the Fixed Rent or and Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent or Additional Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2. 12.2 In the event of any such acquisition or condemnation of all or any part of the PremisesReal Property, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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, taking and for any moving expenses, so long as 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's award is not reduced thereby.
(A) Notwithstanding anything 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 contrary contained Term shall continue in Sections 12.1 force and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration effect. If a part of the Premises within sixty (60) days after shall be so acquired or condemned and this Lease and the physical taking of a portion of the Premises; or
(2) Landlord fails complete all repairsTerm shall not be terminated, reconstruction or restoration Landlord, at Landlord's expense, shall restore that part of the Premises within one hundred twenty (120) days not so acquired or condemned so as to constitute tenantable Premises. From and after the date of such physical takingthe vesting of title, 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding reduced in the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion proportion which the area of the cost part of any Maintenance Repair the Premises so acquired or Requirement Alterations condemned bears to the extent required by Section 7.1 abovetotal area of the Premises immediately prior to such acquisition or condemnation.
Appears in 1 contract
Eminent Domain. SECTION 12.1. a. If the whole of the Building or Premises is acquired lawfully taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease and the Term shall end terminate as of the date of the vesting of title with the same effect as if said date were the Fixed Expiration Datesuch taking, and Rent shall be prorated to such date. If only a part less than the whole of the Building or 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 of the date of such taking if twenty percent (20%) or more of the Premises is so acquired or condemned then, except as hereinafter provided in this Section 12.1, this Lease taken and the Term shall continue in effect but, if a part remaining area of the Premises is so acquired or condemnednot reasonably sufficient for Tenant to continue operation of its business, from and after (ii) Landlord shall have the date of the vesting of title, the Fixed Rent and Additional Rent, if any, shall be reduced in the proportion which the area of the part of the Premises so acquired or condemned bears right 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 notice to Tenant given within one hundred twenty ninety (120) days after the date upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 (12090) days after the date of such physical taking. If either Landlord or Tenant so elects to terminate this Lease, the Lease shall 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, then, as a result of any circumstances described in subparagraphs (1) or (2) hereof, the Tenant, at TenantBase Rent and ▇▇▇▇▇▇'s option, may terminate this Lease and Proportionate Share shall be equitably adjusted according to the term and estate hereby granted, by notifying the Landlord in writing of such termination within thirty (30) days after the passage remaining Rentable Area of the times periods in subparagraphs (1) Premises and (2) above. Project.
b. In the event that such a Notice of termination any taking, partial or whole, all of the proceeds of any award, judgment or settlement payable by the condemning authority shall be giventhe exclusive property of Landlord, then this Lease and Tenant hereby assigns to Landlord all of its right, title and interest in any award, judgment or settlement from the term condemning authority. Tenant, however, shall have the right, to the extent that Landlord's award is 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 estate hereby granted shall expire as damage to ▇▇▇▇▇▇'s personal property.
c. In the event of a partial taking of the date of termination stated Premises which does not result in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the a termination of this Lease as provided in this Subsection 12.3(A) Lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the cost of any Maintenance Repair Premises as nearly as practicable to its condition prior to the condemnation or Requirement Alterations taking, but only to the extent required by Section 7.1 aboveof Building Standard Work. Tenant shall be responsible at its sole cost and expense for the repair, restoration and replacement of any other Leasehold Improvements and Tenant's Property.
Appears in 1 contract
Eminent Domain. SECTION 12.1. 13.1 If fifty (50%) percent or more of the whole leasable floor area of the Building or any material portion of the Premises is acquired condemned or condemned taken in any manner, including without limitation any conveyance in lieu of condemnation, for any public or quasi-public use or purpose(“Taken”), the Term of this Lease shall cease and the Term shall end terminate as of the date title is vested in the condemning authority.
13.2 If less than fifty (50%) percent of the vesting leasable floor area of title with the same effect as Building or if said date were the Fixed Expiration Date. If only a part any material portion of the Premises is so acquired or condemned thenTaken, except as hereinafter provided in this Section 12.1Landlord shall have the right, but not the obligation, to terminate this Lease by giving written notice within thirty (30) days after being notified of such taking, and in such event, termination shall be effective upon the Term shall continue date designated by Landlord in effect butthe notice of termination. In addition, if a part less than fifty (50%) percent of the leasable floor area of the Building or if any material portion of the Premises is so acquired Taken, and Tenant determines, in its reasonable business opinion, that operating its business is no longer tenable, then Tenant shall also have the right to terminate the Lease by giving written notice to Landlord within thirty (30) days after being notified of such Taking.
13.3 The whole of any award or condemned, from and after the date compensation for any portion of the vesting Premises Taken, including the value of title, Tenant’s leasehold interest under the Fixed Rent and Additional Rent, if anyLease, shall be reduced solely the Premises of Landlord. Tenant is not precluded from seeking, at its own expense, an award from the condemning authority for loss of the value of any trade fixtures or other personal Premises in the proportion which Premises, or moving expenses, provided that the area award for such claim or claims shall not diminish the award made to Landlord. If the unexpired Term of the part Lease is not terminated, then Landlord shall, within 210 days after the taking by the governmental authority, complete restoration of the Premises so acquired or condemned bears in its condition as close thereto as is reasonably possible and if Landlord fails to the total area of completely restore the Premises immediately prior to such acquisition or condemnation. If within the part 210 day period other than as a result 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 UseTenant Delay, then either Landlord or Tenant may terminate this the Lease and the Term and estate hereby granted, by notifying the other party in writing of such termination within one hundred twenty (12020) days after the date upon which Tenant receives Notice of vesting of title210 day period. In such event all liability shall terminate.
13.4 In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 Premises or any part of the Premisesportion are Taken, Landlord shall 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 Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have no claim against Landlord or the condemning authority for the value of any unexpired portion Term of the Term 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 value of any Tenant's Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) aboveor otherwise. In the event that such of a Notice of termination shall be given, then this Lease and the term and estate hereby granted shall expire as partial taking of the date of termination stated Premises which does not result in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the a termination of this Lease as provided in this Subsection 12.3(A) Landlord Lease, the Annual Base Rent thereafter shall be obligated to reimburse to Tenant a partially reduced. The reduction shall be computed on the basis of the ratio which the floor area of that portion of the cost of any Maintenance Repair or Requirement Alterations Premises Taken bears to the extent required by Section 7.1 aboverentable floor area of Premises.
Appears in 1 contract
Eminent Domain. SECTION 12.1. a. If the whole of the Building or Premises is acquired lawfully taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease and the Term shall end terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything Rent shall be prorated to such date. If less than the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration whole of the Building or 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 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 (120Ninety(90) days after the date of such physical taking, then, as a result of any circumstances described in subparagraphs taking if twenty percent (120%) 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, and (2ii) hereof, Landlord shall have the Tenant, at Tenant's option, may right to terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination notice to Tenant given within thirty ninety (3090) days after the passage date of such taking. If either Landlord or Tenant so elects to terminate this Lease, the Lease shall terminate on the thirtieth (30th) day after either such notice. The Rent shall be prorated to the date Tenant is required to surrender occupancy. If this Lease continues in force upon such partial taking, the Base Rent and Tenant's Proportionate Share shall be equitably adjusted retroactive to the date of the times periods in subparagraphs (1) taking according to the remaining Rentable Area of the Premises and (2) above. Project.
b. In the event that such a Notice of termination any taking, partial or whole, all of the proceeds of any award, judgment or settlement payable by the condemning authority shall be giventhe exclusive property of Landlord, then this Lease and Tenant hereby assigns to Landlord all of its right, title and interest in any award, judgment or settlement from the term condemning authority. Tenant, however, shall have the right, to the extent that Landlord's award is 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 estate hereby granted shall expire as damage to Tenant's personal property.
c. In the event of a partial taking of the date of termination stated Premises which does not result in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the a termination of this Lease as provided in this Subsection 12.3(A) Lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the cost of any Maintenance Repair Premises as nearly as practicable to its condition prior to the condemnation or Requirement Alterations taking, but only to the extent required by Section 7.1 aboveof the tenant improvements described in Exhibit "C". Tenant shall be responsible at its sole cost and expense for the repair, restoration and replacement of any other Leasehold Improvements and Tenant's Property.
Appears in 1 contract
Eminent Domain. SECTION 12.1. 20.01 If the whole of the Building or the Premises is acquired shall be taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease and the Term term and estate hereby granted shall end terminate as of the date of the vesting of title with on such taking (the same effect as if said date were “Date of the Taking”), and the Fixed Expiration DateRent and Additional Charges shall be prorated and adjusted as of such date.
20.02 If more than forty (40%) percent of the Building shall be so taken, this Lease shall be unaffected by such taking, except that (a) Landlord may, at its option, provided that Landlord shall terminate leases of no less than fifty (50%) percent of the office space then leased to tenants in the Building upon which the effect of such taking shall have been substantially similar to the effect of same upon the Premises, terminate this Lease by giving Tenant notice to that effect within ninety (90) days after the Date of the Taking, and (b) if twenty (20%) percent or more of the Premises shall be so taken and the remaining area of the Premises shall not be sufficient, in Tenant’s reasonable judgment, for Tenant to continue the operation of its business, Tenant may terminate this Lease by giving Landlord notice to that effect within ninety (90) days after the Date of the Taking. If only a This Lease shall terminate on the date that such notice from Landlord or Tenant to the other shall be given, and the Fixed Rent and Additional Charges shall be prorated and adjusted as of such termination date, except that with respect to any portion of the Premises which is the subject of the taking, if earlier, as of the Date of the Taking. Upon such partial taking and this Lease continuing in force as to any 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 titlePremises, the Fixed Rent and Additional Rent, if any, Charges shall be reduced in the proportion which the area of the part of the Premises so acquired or condemned bears adjusted according to the total rentable 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent for any period after such date shall be refunded by Landlord to Tenantremaining.
SECTION 12.2. In the event of any such acquisition or condemnation of all or any part of the Premises, 20.03 Landlord shall be entitled to receive the entire award or payment in connection with any taking without deduction therefrom for any such acquisition or condemnation, but shall be obligated to proceed with reasonable diligence to repair estate vested in Tenant by this Lease and restore the Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have receive no claim against Landlord or the condemning authority for the value part of any unexpired portion of the Term and such award except as hereinafter expressly provided in this Article 20. Tenant hereby expressly assigns to Landlord all of its right right, title and interest in and to any every such award. Nothing contained in this Section 12.2 award or payment; provided, however, that Tenant shall be deemed have the right to prevent Tenant from making make a separate claim for its moving expenses and to the extent the award otherwise payable to Landlord shall not be diminished thereby, for any of Tenant’s Property taken.
20.04 If the temporary use or occupancy of all or any part of the Premises shall be taken by condemnation or in any condemnation proceedings other manner for any public or quasi-public use or purpose during the term of this Lease, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the value use and occupancy of any the Premises, for the taking of Tenant's ’s Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything and Landlord shall be entitled to receive that portion which represents reimbursement for the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or cost of restoration of the 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 . This Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the term remain unaffected by such taking and estate hereby granted Tenant shall expire continue to be responsible for all of its obligations hereunder insofar as of the date of termination stated such obligations are not affected by such taking and shall continue to pay in said Notice with the same effect as if that date were the Fixed Expiration Date, and full the Fixed Rent and Additional Rent hereunder Charges when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date of this Lease, that part of the award which represents compensation for the use and occupancy of the Premises (or a part thereof) shall be apportioned divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents the period up to and including such Expiration Date and Landlord shall receive so much thereof as represents the period after such Expiration Date. All monies paid as, or as part of, an award for temporary use and occupancy for a period beyond the date to which the Fixed Rent and Additional Charges have been paid shall be received, held and applied by Landlord as a trust fund for payment of such date. Notwithstanding the Fixed Rent and Additional Charges becoming due hereunder.
20.05 In the event of a taking of less than the whole of the Building and/or the Land which does not result in termination of this Lease as provided Lease, or in the event of a taking for a temporary use or occupancy of all or any part of the Premises which does not result in a termination of this Subsection 12.3(ALease, (a) Landlord Landlord, at its expense, and whether or not any award or awards shall be obligated sufficient for the purpose, shall proceed with reasonable diligence to reimburse to Tenant a portion repair the remaining parts of the cost of any Maintenance Repair or Requirement Alterations Building and the Premises (other than Tenant’s Property) to substantially their former condition to the extent required that the same may be feasible (subject to reasonable changes which Landlord shall deem desirable) and so as to constitute a complete and rentable Building and Premises, and (b) Tenant, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to replace or repair Tenant’s Property to substantially its former condition, to the extent that the same may be necessary or desirable, as reasonably determined by Section 7.1 aboveTenant, for the operation of Tenant’s business in the Premises.
Appears in 1 contract
Eminent Domain. SECTION 12.1Section 13.1. If the whole (a) all of the floor area of the Premises, or so much thereof as renders the Premises is wholly untenantable, shall be acquired or condemned for any public or quasi-public use or purpose, or (b) a portion of the Real Property, not including the Premises, is so acquired or condemned, but by reason of such acquisition or condemnation, Tenant no longer has means of access to the Premises, then this Lease and the Term shall end as of the date of the vesting of title with the same effect as if said that date were the Fixed Expiration Date. In the event of any termination of this Lease and the Term pursuant to the provisions of this Article 13, 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 13.2. In the event of any such acquisition or condemnation of all or any part of the Real Property, Landlord shall 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’s Alterations, and Tenant hereby expressly assigns to Landlord all of its right in and to any such award. Nothing contained in this Section 13.2 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 13.3. If only a part of the Premises is Real Property shall be so acquired or condemned then, except as hereinafter provided in this subject to Section 12.113.1, this Lease and the Term shall continue in effect but, if force and effect. If a part of the Premises is shall be so acquired or condemnedcondemned and this Lease and the Term shall not be terminated, from 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, the Fixed Rent and Additional Rent, if any, Rent shall be reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse 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 1 contract
Sources: Lease Agreement (Telx Group, Inc.)
Eminent Domain. SECTION 12.1. Section 11.1 If the whole of the Real Property, the Building or the Premises is shall be acquired or condemned for any public or quasi-public use or purpose, this Lease and the Term shall end as of the 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 Real Property and not the entire Premises is shall be so acquired or condemned then, (a) except as hereinafter provided in this Section 12.111.1, this Lease and the Term shall continue in effect force and effect, but, if a part of the Premises is included in the part of the Real Property so acquired or condemned, from and after the date of the vesting of title, (i) the Fixed Rent and Additional Rent, if any, the Space Factor shall be reduced in the proportion which the area of the part of the Premises so acquired or condemned bears to the total area of the Premises immediately prior to such acquisition or condemnation. If , (ii) Tenant's Operating Share shall be redetermined based upon the part proportion in which the ratio between the rentable area of the Premises acquired remaining after such acquisition or condemned contains more than fifty condemnation bears to the rentable area of the Building remaining after such acquisition or condemnation and (iii) Tenant's Tax Share shall be redetermined based upon the proportion in which the ratio between the rentable area of the Premises remaining after such acquisition or condemnation bears to the rentable area of the Building remaining after such acquisition or condemnation; (b) whether or not the Premises shall be affected thereby, Landlord, at Landlord's option, may give to Tenant, within sixty (60) days next following the date upon which Landlord shall have received notice of vesting of title, a thirty (30) days' notice of termination of this Lease if Landlord shall elect to terminate leases (including this Lease), affecting at least twenty-five percent (5025%) of the rentable square feet area of the Building (excluding any rentable area leased by Landlord or its Affiliates); and (c) if the part of the Real Property so acquired or condemned shall contain more than fifteen percent (15%) of the total area of the Premises immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises Premises, Tenant, at Tenant's option, may give to Landlord, within sixty (60) days next following the date upon which Tenant shall be rendered wholly or substantially unsuitable for the Permitted Usehave received notice of vesting of title, then either a thirty (30) days' notice of termination of this Lease. If any such thirty (30) days' notice of termination is given by Landlord or Tenant may terminate Tenant, this Lease and the Term shall come to an end and estate hereby granted, by notifying expire upon the other party in writing expiration of such termination within one hundred twenty said thirty (12030) days after the date upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the Term and estate hereby granted shall expire as of the date of termination stated in said Notice, with the same effect as if that the date of expiration of said thirty (30) days were the Fixed Expiration Date. In If a part of the event Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated pursuant to the foregoing provisions of this Section 11.1, Landlord, at Landlord's expense, shall restore that part of the Premises not so acquired or condemned to a self-contained rental unit inclusive of Tenant's Alterations other than Specialty Alterations (provided, however, that Landlord shall not be obligated to restore or replace any Alterations unless Tenant shall have theretofore notified Landlord of the completion of such Alterations and the cost thereof, and shall have maintained adequate records with respect to such Alterations), except that if such acquisition or condemnation occurs prior to completion of the Initial Alterations, Landlord shall only be required to restore that part of the Premises not so acquired or condemned to a self-contained rental unit exclusive of Tenant's Alterations. Upon the termination of this Lease and the Term pursuant to the provisions of this Section 12.111. 1, the Fixed Rent or Additional and Escalation Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent and Escalation Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2. Section 11.2 In the event of any such acquisition or condemnation of all or any part of the PremisesReal Property, Landlord shall 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 Premises, at Landlord's expense, to a condition most suitable including any award made for the Permitted Use. value of the estate vested in Tenant by, or the unexpired term of, this Lease, 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 award. Nothing contained in this Section 12.2 11.2 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, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything Section 11.3 If the whole or any part of the Premises shall be acquired or condemned temporarily during the Term for any public or quasi-public use or purpose, Tenant shall give prompt notice thereof to Landlord and the contrary contained Term shall not be reduced or affected in Sections 12.1 any way and 12.2 aboveTenant shall continue to pay in full all items of Rental payable by Tenant hereunder without reduction or abatement, in the event and Tenant shall be entitled to receive for itself any award or payments for such use, provided, however, that:
(1a) if the acquisition or condemnation is for a period not extending beyond the Term and if such award or payment is made less frequently than in monthly installments, the same shall be paid to and held by Landlord fails as a fund which Landlord shall apply from time-to-time to commence any repairsthe Rental payable by Tenant hereunder, reconstruction except that, if by reason of such acquisition or condemnation changes or alterations are required to be made to the Premises which would necessitate an expenditure to restore the Premises, then a portion of such award or payment considered by Landlord as appropriate to cover the expenses of the restoration shall be retained by Landlord, without application as aforesaid, and applied toward the restoration of the Premises within sixty (60) days after the physical taking of a portion of the Premises; as provided in Section 11.1 hereof, or
(2b) if the acquisition or condemnation is for a period extending beyond the Term, such award or payment shall be apportioned between Landlord fails complete all repairsand Tenant as of the Expiration Date; Tenant's share thereof, reconstruction if paid less frequently than in monthly installments, shall be paid to Landlord and applied in accordance with the provisions of clause (a) above, provided, however, that the amount of any award or payment allowed or retained for restoration of the Premises within one hundred twenty (120) days after shall remain the date property 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 Landlord if this Lease and shall expire prior to the term and estate hereby granted, by notifying the Landlord in writing of such termination within thirty (30) days after the passage restoration of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 abovePremises.
Appears in 1 contract
Eminent Domain. SECTION 12.1. a. If the whole of the Building or Premises is acquired lawfully taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease and the Term shall end terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything Rent shall be prorated to such date. If less than the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration whole of the Premises Building or Premise 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 sixty ninety (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 (12090) days after the date of such physical taking, then, as a result of any circumstances described in subparagraphs taking if twenty percent (120%) 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, and (2II) hereof, Landlord shall have the Tenant, at Tenant's option, may right to terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination notice to Tenant given within thirty ninety (3090) days after the passage date of such taking. If either Landlord or Tenant so elects to terminate this Lease, the Lease shall terminate on the thirtieth (30) 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 ▇▇▇▇▇▇'s Proportionate Share shall be equitably adjusted according to the remaining Rentable Area of the times periods in subparagraphs (1) Premises and (2) above. Project.
b. In the event that such a Notice of termination any taking, partial or whole, all of the proceeds of any award, judgment or settlement payable by the condemning authority shall be giventhe exclusive property of Landlord, then this Lease and Tenant hereby assigns to Landlord all of its right, title and interest in any award, judgment or settlement from the term condemning authority, Tenant, however, shall have the right, to the extent that Landlord's award is 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 estate hereby granted shall expire as damage to ▇▇▇▇▇▇'s personal property.
c. In the event of a partial taking of the date of termination stated Premises which does not result in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the a termination of this Lease as provided in this Subsection 12.3(A) Lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the cost of any Maintenance Repair Premises as nearly as practicable to its condition prior to the condemnation or Requirement Alterations taking, but only to the extent required by Section 7.1 aboveof Building Standard Work. Tenant shall be responsible at its sole cost and expense for the repair, restoration and replacement of any other Leasehold improvements and Tenant's Property.
Appears in 1 contract
Sources: Lease Addendum (Freei Networks Inc)
Eminent Domain. SECTION 12.122.01. If the whole of the Premises is acquired Building shall be lawfully taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease and the Term shall end as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease lease and the term and estate hereby granted shall expire forthwith terminate as of the date of termination stated in said Notice with vesting of title on such taking (which date is hereinafter also referred to as the same effect as if that "date were of the Fixed Expiration Datetaking"), and the Fixed Rent and Additional Rent hereunder rents shall be apportioned prorated and adjusted as of such date.
22.02. Notwithstanding If any part of the termination 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, if the area of the Demised Premises shall not be reasonably sufficient for Tenant to continue feasible operation of its business and more than forty (40%) percent of the Demised Premises shall have been taken. Tenant shall give notice of such election to Landlord not later than thirty (30) days after the date of such taking. Upon the giving of such notice to Landlord this Lease as provided in this Subsection 12.3(A) Landlord shall terminate on the date of service of notice and the rents apportioned to the part of the Demised Premises so taken shall be obligated to reimburse to Tenant a portion prorated and adjusted as of the cost date of any Maintenance Repair or Requirement Alterations the taking and the rents apportioned to the extent required by Section 7.1 aboveremainder of the Demised Premises shall be prorated and adjusted 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 shall be reduced to the amount apportioned to the remainder of the Demised Premises and additional rent shall be payable pursuant to Article 5 according to the rentable area remaining.
Appears in 1 contract
Sources: Lease (Barringer Technologies Inc)
Eminent Domain. SECTION 12.1. A. If the whole or substantially all of the Demised Premises is shall be acquired or condemned for any public or quasi-public use or purpose, then, and in that event, the Term shall cease and terminate from the date of title vesting in such proceeding.
B. If less than substantially all of the Demised Premises shall be acquired or condemned for any public or quasi-public use or purpose, this Lease and the Term shall end as of the 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 butfull force and effect, if a part of the Premises is so acquired or condemned, provided that from and after the date of the vesting of title, the Fixed Annual Rent and Additional RentTax Payments shall be modified on a pro rata per rentable square foot basis to reflect the reduction of the rentable square footage of the Demised Premises and the Building as a result of such acquisition or condemnation.
C. Notwithstanding the provisions of Section 14B, above, if any, shall be reduced in at least twenty-five percent (25%) of the proportion which the rentable area of the Building is affected thereby, then Landlord may give to Tenant, within sixty (60) days following the date that Landlord receives notice of vesting of title, a notice of termination of this Lease; and if the part of the Premises Building so condemned or acquired or condemned bears to contains more than twenty-five (25%) percent of the total rentable area of the Demised Premises immediately prior to such acquisition condemnation 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 iftaking, or, if by reason of such acquisition condemnation or condemnationtaking, Tenant no longer has reasonable means of access to the Demised Premises shall be rendered wholly or substantially unsuitable for the Permitted Useas determined by Tenant, in Tenant’s reasonable discretion, then either Tenant shall have the right to terminate this Lease by giving notice thereof to Landlord on or prior the sixtieth (60th) day after Tenant receives notice of the taking. Landlord shall promptly give Tenant copies of any notice received from the condemning authority as to vesting. If Landlord or Tenant may gives any such notice to 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be givenLease, then this Lease and the Term shall come to an end and estate hereby granted shall expire as of upon the thirtieth (30th) day after the date of termination stated in said Notice, with the same effect as if that date were the Fixed Expiration Datesuch notice is given. In the event of any termination of If this Lease and the Term pursuant to the provisions shall not be terminated as a result of this Section 12.1a partial taking, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 if any part of the PremisesDemised Premises not so taken is damaged, Landlord, at Landlord’s own expense, but subject to the extent of the net proceeds (after deducting reasonable expenses including attorneys’ and appraisers’ fees and any sums payable to the holder of a Superior Interest) of the award, shall perform the work necessary to restore the damaged portion thereof to substantially the same condition existing immediately prior to the taking with reasonable diligence. Tenant shall be entitled to a proportionate abatement of Fixed Annual Rent and Tax Payments for that portion of the Demised Premises which is being so restored and which is not usable during the period commencing on the date such damage occurred and ending on the date such restoration is substantially complete or would have been substantially complete but for delays caused by Tenant, its agents, employees, or any other party claiming under or through Tenant, as reasonably determined by Landlord, or the date Tenant or any party claiming under or through Tenant reoccupies the affected portion of the Demised Premises or resumes the conduct business therein, if earlier.
D. Subject to the terms of Section 14E below, Landlord shall be entitled to receive the entire award for any condemnation or taking of all or any part of the Building, including any such acquisition condemnation or condemnation, but shall be obligated to proceed with reasonable diligence to repair and restore taking affecting the Demised Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. and Tenant shall have no claim against Landlord or the any condemning authority for or entity for, nor shall Tenant make any claim for, the value of any unexpired portion of the Term Term, and Tenant hereby expressly assigns to Landlord all of its right in and to any such award. Nothing contained in this Section 12.2 15D shall be deemed to prevent preclude Tenant from making a separate claim in any condemnation proceedings for the then value of any Tenant's Property included in such taking’s personal property, trade fixtures and equipment and for any Tenant’s moving expenses, so long as provided Tenant is entitled pursuant to the terms of this Lease to remove such property, trade fixtures, and equipment at the end of the Term, and provided further that such claim does not result in a reduction in Landlord's award is not reduced thereby’s award.
(A) Notwithstanding anything to E. If the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence whole or any repairs, reconstruction or restoration part of the Demised Premises within sixty (60) days after is acquired or condemned temporarily during the physical taking Term for any use or purpose, then the Term shall not be reduced or affected in any way and, accordingly, Tenant shall continue to pay in full all items of Fixed Annual Rent and Additional Rent payable by Tenant hereunder without reduction or abatement. Tenant shall be entitled to receive for itself any award or payments for such use; provided, however, that if the acquisition or condemnation is for a portion of period extending beyond the Premises; or
(2) Term, such award or payment shall be apportioned equitably between 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 and Tenant. Tenant, at Tenant's option’s sole cost and expense, may terminate this Lease shall make Alterations (subject to and the term and estate hereby granted, by notifying the Landlord in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the term and estate hereby granted shall expire as of the date of termination stated in said Notice accordance with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination all applicable provisions of this Lease as provided in this Subsection 12.3(ALease) Landlord shall be obligated to reimburse to Tenant a portion of restore the cost of any Maintenance Repair or Requirement Alterations Demised Premises to the extent required by Section 7.1 abovecondition existing prior to any such temporary acquisition or condemnation.
Appears in 1 contract
Eminent Domain. SECTION 12.1Section 10.01. If the whole of the Demised Premises is shall be acquired or condemned for any public or quasi-public use or purpose, this Lease and the Demised Term shall end as of the 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 Demised Premises is shall be so acquired or condemned then, except as hereinafter otherwise provided in this Section 12.1Section, this Lease and the Demised Term shall continue in force and 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 Base Rent and Additional Rent, if any, additional rent shall be reduced in the proportion which the area of the part of the Demised Premises so acquired or condemned bears to the total area of the Demised Premises immediately prior to such acquisition or condemnation. If only a part of the Real Property shall be so acquired or condemned, then (i) whether or not the Demised Premises shall be affected thereby, provided more than fifty (50%) percent of the Building is so acquired, Landlord, at Landlord’s option, may give to Tenant, within sixty (60) days next following the date upon which Landlord shall have received notice of vesting of title, a five (5) days’ notice of termination of this Lease, and (ii) if the part of the Premises Real Property so acquired or condemned contains shall contain more than fifty percent twenty-five (5025%) per cent of the rentable square feet total area of the Demised Premises immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises shall be rendered wholly Demised Premises, Tenant, at Tenant’s option, may give to Landlord, or substantially unsuitable for the Permitted UseLandlord, then either Landlord or Tenant at Landlord’s option may terminate this Lease and the Term and estate hereby grantedgive to Tenant, by notifying the other party in writing of such termination within one hundred twenty sixty (12060) days after next following the date upon which Tenant receives Notice shall have received notice of vesting of title, a five (5) days’ notice of termination of this Lease. In the event that any such Notice five (5) days’ notice of termination shall be is given, then by Landlord or Tenant, this Lease and the Demised Term shall come to an end and estate hereby granted shall expire as upon the expiration of the date of termination stated in said Notice, five (5) days with the same effect as if that the date of expiration of said five (5) days were the Fixed Expiration Date. If a part of the Demised Premises shall be so acquired or condemned and this Lease and the Demised Term shall not be terminated pursuant to the foregoing provisions of this Section, Landlord, at Landlord’s expense, shall restore that part of the Demised Premises not so acquired or condemned to a self-contained rental unit. In the event of any termination of this Lease and the Demised Term pursuant to the provisions of this Section 12.1Section, the Fixed Base Rent or Additional Rent and additional rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Base Rent and additional rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2Section 10.02. In the event of any such acquisition or condemnation of all or any part of the PremisesReal Property, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 Demised Term 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 value of any items of Tenant's ’s Personal Property included which are compensable, in such takinglaw, as trade fixtures and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse 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 1 contract
Sources: Lease Agreement (Majesco)
Eminent Domain. SECTION 12.1. If 24.1 In the whole event that all of the Land, the Building or the Premises is shall be acquired or condemned for any public or quasi-public use or purposeby eminent domain, this Lease and the Term shall end terminate as of the date of the vesting of title with in the same effect condemning authority as if said date were the Fixed Expiration Date. If only a part of the Premises is shall be so acquired or condemned then, except as hereinafter otherwise provided in this Section 12.1Article, this Lease and the Term shall continue in effect butfull force and effect, if a part of the Premises is so acquired or condemned, but from and after the date of the vesting of title, the Fixed Base Rent and Additional Rent, if any, shall be reduced by an amount equal to the product obtained by multiplying (i) the Base Rent in effect immediately prior to such condemnation by (ii) a fraction, the proportion numerator of which is the area number of the part rentable square feet of the Premises so acquired or condemned bears to taken and the total area denominator of which is the number of rentable square feet of the Premises immediately prior to such acquisition or the condemnation. If Tenant's Proportionate Share shall also be reduced to equal a fraction, the part numerator of which is the Premises acquired or condemned contains more than fifty percent (50%) number of the rentable square feet of the Premises after the taking and the denominator of which is the number of rentable square feet of the Building after the taking. The aforesaid calculations shall be reasonably determined by Landlord, whose calculations shall be conclusive absent manifest error.
24.2 If more than twenty-five percent (25%) of the Land or ifthe Building shall be so acquired or condemned so that continued operation of the remaining portion of the Building shall be impracticable or uneconomical as determined by Landlord, by reason of such acquisition then (i) whether or condemnation, not the Premises shall be rendered wholly affected, Landlord may, within ninety (90) days following the date of vesting of title, give Tenant thirty (30) days' Notice of termination of this Lease or substantially unsuitable (ii) if more than twenty-five percent (25%) of the total area of the then Premises is acquired or condemned, and the taking of such portion of the Premises renders the balance of the Premises impracticable or uneconomical as determined by Tenant for the Permitted Use, then either Landlord or Tenant may terminate this Lease and the Term and estate hereby grantedmay, by notifying the other party in writing of such termination within one hundred twenty ninety (12090) days after following the date upon which Tenant receives shall have received Notice of vesting of title, give to Landlord thirty (30) days' Notice of termination of this Lease. In the event that any such thirty (30) day Notice of termination shall be givenis given by Landlord or Tenant, then this Lease and shall terminate upon the Term and estate hereby granted shall expire as expiration of the date of termination stated in said Notice, thirty (30) days with the same effect as if that date were the Fixed Expiration Date. In the event of any termination of , without prejudice to Landlord's or Tenant's rights under this Lease in effect prior to such termination, and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent for any period after such date shall be refunded by Landlord to Tenantor sooner termination.
SECTION 12.2. 24.3 In the event of any such acquisition or condemnation of all or any part of the PremisesLand or the Building, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 agrees not to join in any claim made by Landlord and to execute all further documents that may be required in order to facilitate the collection of the award by Landlord. Tenant hereby expressly appoints Landlord as attorney-in-fact for Tenant, which appointment, being coupled with an interest, is irrevocable, to sign such further documentation on behalf of Tenant. Tenant shall, however, retain the right to make a separate claim for (i) the value of any personal property taken or Tenant's Work so taken, and (ii) its moving expenses, provided same does not diminish or delay the award otherwise obtainable by Landlord.
24.4 Upon Landlord's receipt of the condemnation award referred to in Section 24.3, and provided that this Lease has not been terminated pursuant to the provisions of Section 24.1 or Section 24.2, Landlord shall promptly perform Landlord's Restoration Work to the extent such condemnation award is sufficient for such purpose, the Superior Mortgagee has agreed in writing to advance the condemnation award to Landlord for the performance of Landlord's Restoration Work and provided Landlord receives all permits and approvals necessary to perform Landlord's Restoration Work and all such permits and approvals are final and nonappealable (or the time for appeal has expired). Tenant shall perform Tenant's Restoration Work whether or not Tenant's award is sufficient for such purpose.
24.5 If the temporary use or occupancy of all or part of the Premises shall be condemned or taken, this Lease shall remain unaffected by such condemnation or taking and Tenant shall continue to be responsible for all of its obligations hereunder (except to the extent prevented from so doing by reason of such condemnation or taking) and it shall continue to pay the Base Rent and Additional Rent as provided hereunder. Tenant shall have the right to claim, prove and receive so much of any award for such condemnation or taking for temporary use or occupancy as represents compensation for the use and occupancy of the Premises and, if so awarded, for the loss of value or utility of Tenant's personal property, Tenant's Work and any Alterations and Tenant's moving expenses, up to and including the Expiration Date or the date of termination of the condemnation or taking for temporary use or occupancy, whichever is earlier, and Landlord shall be entitled to claim, prove and receive the balance of any such award. Notwithstanding the foregoing, however, the rights and interests 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/or the Superior Mortgage.
24.6 If the grade of any street upon which the Land is situated or abuts shall be changed, this Lease shall nevertheless continue in full force and effect, and Landlord shall be entitled to collect and keep the entire award that may be made. Tenant hereby assigns to Landlord all of its right in and to every such award or 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 value of any Tenant's Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced therebypart thereof.
(A) Notwithstanding anything to the contrary contained 24.7 The terms "condemnation" and "acquisition" as used herein shall include any agreement in Sections 12.1 and 12.2 above, lieu of or in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration anticipation of the Premises within sixty (60) days after the physical taking of a portion exercise of the Premises; or
(2) power of eminent domain between Landlord fails complete all repairs, reconstruction or restoration and any Governmental Authority authorized to exercise the power 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 aboveeminent domain.
Appears in 1 contract
Sources: Lease Agreement (Agency Com LTD)
Eminent Domain. SECTION 12.1. 23.01 If the whole of the Premises is acquired Unit shall be lawfully taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease lease and the Term term and estate hereby granted shall end forthwith terminate as of the date of the vesting of title with in such taking (which date is hereinafter also referred to as the same effect “date of the taking”), and the rents shall be prorated and adjusted as if said date were the Fixed Expiration Date. of such date.
23.02 If only a part of the Premises is Unit shall be so acquired or condemned thentaken this lease shall be unaffected by such taking, except as hereinafter provided that Tenant may elect to terminate this lease in the event of a partial taking of the Demised Premises, if the remaining area of the Demised Premises shall not be reasonably sufficient for Tenant to continue feasible operation of its business. 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 date of such taking, whichever occurs sooner. Upon the giving of such notice by Tenant this Section 12.1, this Lease lease shall terminate on the date of such taking and the Term rents shall continue be prorated as of such termination date. Upon such partial taking and this lease continuing in effect but, if a force as to any part of the Premises is so acquired or condemned, from and after the date of the vesting of titleDemised Premises, the Fixed Rent and Additional Rent, if any, rents apportioned to the part taken shall be reduced in the proportion which the area of the part of the Premises so acquired or 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 prorated 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the Term and estate hereby granted shall expire adjusted as of the date of termination stated in said Notice, with taking and from such date the same effect as if that date were fixed rent for the Fixed Expiration Date. In the event of any termination of this Lease Demised Premises and the Term additional rent shall be payable pursuant to Article 5 according to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent for any period after such date shall be refunded by Landlord to Tenantrentable area remaining.
SECTION 12.2. In the event of any such acquisition or condemnation of all or any part of the Premises, 23.03 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 such acquisition or condemnation, but shall be obligated to proceed with reasonable diligence to repair estate vested in Tenant by this lease and restore the Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have receive no claim against Landlord or the condemning authority for the value part of any unexpired portion of the Term and such award, except as hereinafter expressly provided in this Article. Tenant hereby expressly assigns to Landlord all of its right right, title and interest in and or to any every such award. Nothing contained in this Section 12.2 shall be deemed Notwithstanding anything herein to prevent the contrary, Tenant from making may, at its sole cost and expense, make a separate claim in any condemnation proceedings with the condemning authority for Tenant’s moving expenses, the value of any Tenant's Property included in such taking’s fixtures or Tenant’s Changes which do not become part of the Building or property of the Landlord, and for any moving expenses, so long as provided however that Landlord's ’s award is not thereby reduced therebyor otherwise adversely affected.
(A) Notwithstanding anything to 23.04 In the contrary contained event of any taking of less than the whole of the Building which does not result in Sections 12.1 and 12.2 abovea termination of this lease, or in the event that:
(1) the Landlord fails to commence of a taking for a temporary use or occupancy of all or any repairs, reconstruction or restoration part of the Demised Premises within sixty (60) days after which does not extend beyond 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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, Landlord, at its expense, and to the 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 Fixed Rent Demised Premises to substantially a building standard condition to the extent that the same may be feasible and Additional Rent so as to constitute a complete and tenantable Building and Demised Premises.
23.05 Should any part of the Demised Premises 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 compliance is the obligation of Tenant under this lease, Tenant shall not be entitled to any diminution or abatement of rent or other compensation from Landlord therefor, but (ii) if such compliance is the obligation of Landlord under this lease, the fixed rent hereunder shall be apportioned reduced and additional rents under Article 5 shall be adjusted in the same manner as is provided in Section 23.02 according to the reduction in rentable area of the Demised Premises resulting from such date. Notwithstanding taking.
23.06 Any dispute which may arise between the termination parties with respect to the meaning or application of any of the provisions of this Lease as Article shall be determined by arbitration in the manner provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 aboveArticle 34.
Appears in 1 contract
Sources: Lease Agreement (American Realty Capital New York Recovery Reit Inc)
Eminent Domain. SECTION 12.1. If 25.1 In the whole event that all of the Land, the Building or the Premises is shall be acquired or condemned for any public by eminent domain or quasi-public use access to the Building or purposethe Premises shall be permanently and materially restricted or reduced, this Lease and the Term shall end terminate as of the date of the vesting of title with in the same effect condemning authority as if said date were the Fixed Expiration Date. If only a part of the Premises is shall be so acquired or condemned then, except as hereinafter otherwise provided in this Section 12.1Article, this Lease and the Term shall continue in effect butfull force and effect, if a part of the Premises is so acquired or condemned, but from and after the date of the vesting of title, the Fixed Base Rent and Additional Rent, if any, shall be reduced by an amount equal to the product obtained by multiplying (i) the Base Rent in effect immediately prior to such condemnation by (ii) a fraction, the proportion numerator of which is the area number of the part rentable square feet of the Premises so acquired or condemned bears to taken and the total area denominator of which is the number of rentable square feet of the Premises immediately prior to such acquisition or the condemnation. If Tenant’s Proportionate Share shall also be reduced to equal a fraction, the part numerator of which is the Premises acquired or condemned contains more than fifty percent (50%) number of the rentable square feet of the Premises or ifafter the taking and the denominator of which is the number of rentable square feet of the Building after the taking. The Floor Common Area Proportionate Share for the Premises on any floor of the Building shall also be reduced to equal a fraction, by reason the numerator of which is the number of rentable square feet of the Premises on such floor of the Building after the taking and the denominator of which is the number of rentable square feet of such acquisition floor of the Building after the taking. The aforesaid calculations shall be reasonably determined by Landlord, whose calculations shall be conclusive absent manifest error.
25.2 If such a part of the Land or condemnationthe Building shall be so acquired or condemned so that continued operation of the remaining portion of the Building shall be impracticable or uneconomical as reasonably determined by Landlord, then (i) whether or not the Premises shall be rendered wholly affected, Landlord may, within ninety (90) days following the date of vesting of title, give Tenant thirty (30) days’ Notice of termination of this Lease or substantially unsuitable (ii) if more than fifteen percent (15%) of the total area of the then Premises is acquired or condemned, and the taking of such portion of the Premises renders the balance of the Premises unusable by Tenant for the Permitted Use, then either Landlord or Tenant may terminate this Lease and the Term and estate hereby grantedmay, by notifying the other party in writing of such termination within one hundred twenty ninety (12090) days after following the date upon which Tenant receives shall have received Notice of vesting of title, give to Landlord thirty (30) days’ Notice of termination of this Lease. In the event that any such thirty (30) day Notice of termination shall be givenis given by Landlord or Tenant, then this Lease and shall terminate upon the Term and estate hereby granted shall expire as expiration of the date of termination stated in said Notice, thirty (30) days with the same effect as if that date were the Fixed Expiration Date. In the event of any termination of , without prejudice to Landlord’s or Tenant’s rights under this Lease in effect prior to such termination, and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent for any period after such date shall be refunded by Landlord to Tenantor sooner termination.
SECTION 12.2. 25.3 In the event of any such acquisition or condemnation of all or any part of the PremisesLand or the Building, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 agrees not to join in any claim made by Landlord and to execute all further documents that may be required in order to facilitate the collection of the award by Landlord. If the condemnation affects the Premises, Tenant shall, however, retain the right to make a separate claim for (i) the value of any personal property taken, (ii) its moving expenses, and (iii) its loss of business; provided same does not diminish or delay the award otherwise obtainable by Landlord.
25.4 Upon Landlord’s receipt of the condemnation award referred to in Section 25.3, and provided that this Lease has not been terminated pursuant to the provisions of Section 25.1 or Section 25.2, Landlord shall promptly perform Landlord’s Restoration Work to the extent such condemnation award is sufficient for such purpose, the Superior Mortgagee has agreed in writing to advance the condemnation award to Landlord for the performance of Landlord’s Restoration Work and provided Landlord receives all permits and approvals necessary to perform Landlord’s Restoration Work and all such permits and approvals are final and nonappealable (or the time for appeal has expired). Tenant shall perform Tenant’s Restoration Work (to the extent that the same would not be performed by Landlord’s restoration of the Building to the level of a Building standard “white box”) whether or not Tenant’s award is sufficient for such purpose. Notwithstanding the provisions of Section 24.4 and 25.4 hereof, if Landlord shall advise Tenant that the period necessary to Substantially Complete Landlord’s Restoration Work exceeds two hundred and seventy (270) days, Tenant shall have the right to terminate this Lease, subject to the terms of this Section 25.4, by giving Notice to Landlord as promptly as possible, but in no event more than thirty (30) days from receipt of Landlord’s Notice from Landlord. If the period necessary to Substantially Complete Landlord’s Restoration Work is less than two hundred and seventy (270) days, Landlord shall proceed to Substantially Complete Landlord’s Restoration Work and Tenant shall have no right to terminate this Lease. In the event Landlord does not Substantially Complete Landlord’s Restoration Work within two hundred and forty (240) days from the date Landlord receives the condemnation award, as such date may be extended by up to thirty (30) days on account of (i) Tenant Delay or (ii) delays in Tenant’s performance of Tenant’s Restoration Work which result in delays in the performance of Landlord’s Restoration Work or (iii) Force Majeure, or if Landlord gives Tenant Notice that the time necessary to Substantially Complete Landlord’s Restoration Work exceeds two hundred and seventy (270) days, Tenant may serve Notice on Landlord (and sublandlord under the Sublease) that this Lease (together with a termination of the Sublease) shall automatically terminate on the thirtieth (30th) day following the date of such Notice as if such termination date were the Expiration Date, without prejudice to Landlord’s and Tenant’s rights under this Lease, unless within thirty (30) days after Landlord’s receipt of such Notice, Landlord shall have Substantially Completed Landlord’s Restoration Work, in which case Tenant shall have no further right to terminate this Lease (or the Sublease) pursuant to this Section 25.4 (or any similar provision of the Sublease). In addition to the foregoing, Tenant shall also have a right to terminate this Lease with respect to the 25th Floor Premises only if, as a result of an acquisition or taking before the Lease Commencement Date for the 25th Floor Premises, Tenant is permitted to and does in fact terminate the Sublease in accordance and pursuant to the terms and provisions thereof as they currently exist without modification or compensation of any kind being exchanged; and Tenant shall thereafter have a right to terminate this Lease with respect to the 37th Floor Premises on December 31, 2010 or on the first anniversary of the date of termination of this Lease with respect to the 25th Floor Premises, whichever is later.
25.5 If the temporary use or occupancy of all or part of the Premises shall be condemned or taken, this Lease shall remain unaffected by such condemnation or taking and Tenant shall continue to be responsible for all of its obligations hereunder (except to the extent prevented from so doing by reason of such condemnation or taking) and it shall continue to pay the Base Rent and Additional Rent as provided hereunder. Tenant shall have the right to claim, prove and receive so much of any award for such condemnation or taking for temporary use or occupancy as represents compensation for the use and occupancy of the Premises and, if so awarded, for the loss of value or utility of Tenant’s personal property, Tenant’s Work and any Alterations and Tenant’s moving expenses, up to and including the Expiration Date or the date of termination of the condemnation or taking for temporary use or occupancy, whichever is earlier, and Landlord shall be entitled to claim, prove and receive the balance of any such award. Notwithstanding the foregoing, however, the rights and interests 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/or the Superior Mortgage.
25.6 If the grade of any street upon which the Land is situated or abuts shall be changed, this Lease shall nevertheless continue in full force and effect, and Landlord shall be entitled to collect and keep the entire award that may be made. Tenant hereby expressly assigns to Landlord all of its right in and to every such award or any such award. Nothing contained in this Section 12.2 shall be deemed to prevent Tenant from making a separate claim in part thereof.
25.7 If (x) all or any condemnation proceedings for part of the value of Parking Garage is condemned or taken by any Tenant's Property included in such taking, and Governmental Authority for any moving expensespurpose, so long provided Landlord obtains substitute parking for Tenant as Landlord's award is not reduced thereby.
(A) Notwithstanding anything close to the contrary contained in Sections 12.1 and 12.2 aboveBuilding as is reasonably possible, in the event that:
or (1y) the Landlord fails to commence any repairs, reconstruction or restoration part of the Premises within sixty (60) days after the physical taking of Land or a portion of the Premises; or
(2) Landlord fails complete all repairs, reconstruction or restoration street level of the Building not necessary for convenient access to and from the Premises within one hundred twenty (120) days after is condemned or taken by any Governmental Authority in connection with the date construction and operation of such physical takinga light rail transit system in the area in which the Building is located, then, as a result of any circumstances described in subparagraphs (1) or (2) hereofeither event, the Tenant, at Tenant's option, may terminate this Lease shall continue in full force and the term effect and estate hereby granted, by notifying the Landlord in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated entitled to reimburse receive the entire award in the condemnation proceeding(s) in connection therewith, and Tenant hereby assigns to Tenant Landlord all its right, if any, in and to any such award(s) or any part thereof and any such condemnation or taking shall in no event give rise to any right on Tenant’s part to seek a portion reduction in Rent payable hereunder or to terminate this Lease.
25.8 The terms “condemnation“ and “acquisition” as used herein shall include any agreement in lieu of or in anticipation of the cost exercise of the power of eminent domain between Master Landlord or Landlord and any Maintenance Repair or Requirement Alterations Governmental Authority authorized to exercise the extent required by Section 7.1 abovepower of eminent domain.
Appears in 1 contract
Eminent Domain. SECTION 12.1. a. If the whole of the Building or Premises is acquired lawfully taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease and the Term shall end terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything Rent shall be prorated to such date. If less than the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration whole of the Building or 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 sixty ninety (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 (12090) days after the date of such physical taking, then, as a result of any circumstances described in subparagraphs taking if twenty percent (120%) 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, and (2ii) hereof, Landlord shall have the Tenant, at Tenant's option, may right to terminate this Lease and by notice to Tenant given within ninety (90) days alter the term and estate hereby granted, by notifying the Landlord in writing date of such termination within thirty taking. If either Landlord or Tenant so elects to terminate this Lease, the Lease shall terminate on the thirtieth (3030th) days day after either such notice. The Rent shall be prorated to the passage 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 times periods in subparagraphs (1) Premises and (2) above. Project.
b. In the event that such a Notice of termination any taking, partial or whole, all of the proceeds of any award, judgment or settlement payable by the condemning authority shall be giventhe exclusive property of Landlord, then this Lease and Tenant hereby assigns to Landlord all of its right, title and interest in any award, judgment or settlement from the term condemning authority. Tenant, however, shall have the right, to the extent that Landlord's award is 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 estate hereby granted shall expire as damage to Tenant's personal property.
c. In the event of a partial taking of the date of termination stated Premises which does not result in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the a termination of this Lease as provided in this Subsection 12.3(A) Lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the cost of any Maintenance Repair Premises as nearly as practicable to its condition prior to the condemnation or Requirement Alterations taking, but only to the extent required by Section 7.1 aboveof Building Standard Work. Tenant shall be responsible at its sole cost and expense for the repair, restoration and replacement of any other Leasehold Improvements and Tenant's Property.
Appears in 1 contract
Sources: Lease Agreement (Air Methods Corp)
Eminent Domain. SECTION 12.1. 13.1 If the whole all or any part of the Premises is acquired condemned or condemned taken in any manner for any public or quasi-public use use, including, but not limited to, a conveyance or purposeassignment in lieu of a condemnation or taking, this Lease and shall terminate as to the Term shall end as part so taken on the earlier to occur of the date of the vesting of title with or the same effect date of dispossession of Tenant as a result of such condemnation or taking, and either Landlord or Tenant shall have the right to terminate this Lease as to the balance of the Premises by written notice to the other party within thirty (30) days if said date were the Fixed Expiration Date. If only a portion of the Premises taken shall be of such extent and nature as to render the balance of the Premises untenantable and unusable by Tenant if any part of the Building other than the Premises is condemned or otherwise taken so acquired as to require in the opinion of Landlord, a substantial alteration or condemned then, except as hereinafter provided in this Section 12.1reconstruction of the remaining portions thereof, this Lease and the Term shall continue in effect butmay be terminated by Landlord, if a part as of the Premises is so acquired or condemned, from and after earlier of the date of the vesting of title, or the Fixed date of dispossession as a result of such condemnation or taking, by written notice to Tenant within sixty (60) days following notice to Landlord of the date on which said vesting or dispossession will occur. If the Lease is not so terminated, Landlord shall proceed to repair and reconstruct the remaining portion of the Building to the extent insurance and condemnation proceeds are available to do so.
13.2 Landlord shall be entitled to the entire award in any condemnation proceeding or other proceeding, including, without limitation, any award made for the value of the leasehold estate created by this Lease. No award for any partial or entire taking shall be apportioned, and Tenant hereby assigns to Landlord any award that may be made in such condemnation or other taking, together with any and all rights of Tenant now or hereafter arising in or to same or any part thereof, provided, however, that nothing contained herein shall be deemed to give Landlord any interest in or to require Tenant to assign to Landlord any award made to Tenant specifically for its relocation expenses or the taking of personal property and fixtures belonging to Tenant.
13.3 In the event of a partial condemnation or other taking that does not result in a termination of this Lease as to the entire Premises, the Rent and Additional Rent, if any, Charges shall be reduced ▇▇▇▇▇ in the proportion which that the rentable area of the part of the Premises so acquired taken by such condemnation or condemned other taking bears to the total rentable area of the Premises.
13.4 If all or any portion of the Premises is condemned or otherwise taken for public or quasi-public use for a limited period of time not to exceed 180 days, this Lease shall remain in full force and effect and Tenant shall continue to perform all of the terms, conditions and covenants of this Lease; provided, however, that the Rent and Additional Charges shall ▇▇▇▇▇ during such limited period in the proportion that the rentable 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 rendered untenantable and unusable as a result of such acquisition condemnation 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant taking bears to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 total rentable area of the Premises, . Landlord shall be entitled to receive the entire award for made in connection with any such acquisition temporary condemnation or condemnation, but shall be obligated to proceed with reasonable diligence to repair and restore the Premises, at Landlord's expense, to a condition 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 other taking.
13.5 Tenant hereby expressly assigns waives and releases any right 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 value of any Tenant's Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 under Sections 1265.120 and the term and estate hereby granted, by notifying the Landlord in writing of such termination within thirty (30) days after the passage 1265,130 of the times periods California Code of Civil Procedure, or under any similar law, statute or ordinance now or hereafter in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 aboveeffect.
Appears in 1 contract
Sources: Office Lease (Andromedia Inc)
Eminent Domain. SECTION 12.1. If In the event that the whole of the Demised Premises or access thereto or a material part of the parking area is acquired taken without substitution of comparable parking space located within a three (3) block radius of the Building, shall be lawfully condemned or condemned taken in any manner for any public or quasi-public use or purposeuse, this Lease and the Term shall end as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the term and estate hereby granted shall expire forthwith cease and terminate as of the date of termination stated in said Notice with vesting of title. In the same effect event that a material part of the Demised Premises shall be so condemned or taken, then effective as if that of the date were the Fixed Expiration Dateof vesting of title, rent and the Fixed Rent and Additional Rent additional rent hereunder shall be abated in an amount thereof apportioned according to the area of the Demised Premises so condemned or taken. In the event that a material part of the Building (in excess of 40%) shall be so condemned or taken, then (a) Landlord (whether or not the Demised Premises be affected) may, at its option terminate this Lease and the term and estate hereby granted as of the date of such date. Notwithstanding vesting of title by notifying Tenant in writing of such termination within forty-five (45) days following date on which Landlord shall have received notice of vesting of title, and (b) if such condemnation or taking shall be of a substantial part of the termination Demised Premises (in excess of 25% of the Demised Premises) or a substantial part (25% or more) of the means of access thereto or of the parking, Tenant shall have the right, by delivery of notice in writing to Landlord within sixty (60) days following the date on which Tenant shall have received notice of vesting of title, to terminate this Lease and the term and estate hereby granted as of the date of vesting of title or, (c) if neither Landlord nor Tenant elects to terminate this Lease, as aforesaid, this Lease shall be and remain unaffected by such condemnation or taking, except that the rent and additional rent shall be abated to the extent, if any, herein above provided in this Subsection 12.3(A) Landlord Article 36. In the event that only a part of the Demised Premises shall be obligated to reimburse to Tenant a so condemned or taken and this Lease and the term and estate hereby granted are not terminated as hereinbefore provided, Landlord will, at its expense, promptly (but lii all events in less than 120 days) restore the remaining portion of the cost of any Maintenance Repair or Requirement Alterations Demised Premises as nearly as practicable to the extent required by Section 7.1 abovesame condition as it was in prior to such condemnation or taking. In the event Landlord fails to restore the Demised Premises, Tenant shall have the right, upon ten (10) days' notice to Landlord, to terminate this Lease.
Appears in 1 contract
Eminent Domain. SECTION 12.1. Section 11.1 If the whole of the Real Property, the Building or the Premises is shall be acquired or condemned for any public or quasi-public use or purpose, this Lease and the Term shall end as of the 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 Real Property and not the entire Premises is shall be so acquired or condemned then, (1) except as hereinafter provided in this Section 12.111.1, this Lease and the Term shall continue in effect force and effect, but, if a part of the Premises is included in the part of the Real Property so acquired or condemned, from and after the date of the vesting of title, the Fixed Rent and Additional Rent, if any, shall be reduced in to the proportion which the area of the part of the Premises so acquired or condemned bears to the total area of the Premises immediately prior to such acquisition or condemnation and Tenant’s Share and Tenant’s Tax Share shall each be redetermined based upon the proportion in which the ratio between the rentable area of the Premises remaining after such acquisition or condemnation bears to the rentable area of the Building remaining after such acquisition or condemnation. If , (2) if the part of the Premises Real Property acquired or condemned contains more than fifty shall be a material part and Landlord is not able to operate the remainder of the Building in an economic manner, then whether or not the Premises shall be affected thereby, Landlord, at Landlord’s option, may give to Tenant, within sixty (60) days next following the date upon which Landlord shall have received notice of vesting of title, a thirty (30) days’ notice of termination of this Lease if Landlord shall elect to terminate leases (including this Lease), affecting at least seventy-five percent (5075%) of the rentable square feet area of the Building (excluding any rentable area leased by Landlord or its Affiliates); and (3) if the part of the Real Property so acquired or condemned shall contain more than twenty-five percent (25%) of the total area of the Premises immediately prior to such acquisition or condemnation of the Real Property, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises Premises, Tenant, at Tenant’s option, may give to Landlord, within sixty (60) days next following the date upon which Tenant shall be rendered wholly or substantially unsuitable for the Permitted Usehave received notice of vesting of title, then either a thirty (30) days’ notice of termination of this Lease. If any such thirty (30) days’ notice of termination is given by Landlord or Tenant may terminate Tenant, this Lease and the Term shall come to an end and estate hereby granted, by notifying expire upon the other party in writing expiration of such termination within one hundred twenty said thirty (12030) days after the date upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the Term and estate hereby granted shall expire as of the date of termination stated in said Notice, with the same effect as if that the date of expiration of said thirty (30) days were the Fixed Expiration Date. In If a part of the event Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated pursuant to the foregoing provisions of any this Section 11.1, Landlord, at Landlord’s expense, shall restore that part of the Premises not so acquired or condemned to a self-contained rental unit inclusive of Tenant’s Alterations. Upon the termination of this Lease and the Term pursuant to the provisions of this Section 12.111.1, the Fixed Rent or Additional and Escalation Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent and Escalation Rent for any period after such date shall be promptly refunded by Landlord to Tenant.
SECTION 12.2. Section 11.2 In the event of any such acquisition or condemnation of all or any part of the PremisesReal Property, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 award. Nothing contained in this Section 12.2 11.2 shall be deemed to prevent Tenant from making a separate claim in any condemnation proceedings for the then value of any Tenant's ’s Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
Section 11.3 If the whole or any part of the Premises shall be acquired or condemned for a temporary period of twelve (A12) Notwithstanding anything months or less during the Term for any public or quasi-public use or purpose, Tenant shall give prompt notice thereof to Landlord and the contrary contained Term shall not be reduced or affected in Sections 12.1 any way and 12.2 aboveTenant shall continue to pay in full all items of Rental payable by Tenant hereunder without reduction or abatement, in and Tenant shall be entitled to receive for itself any award or payments for such use, provided, however, that if the event that:
(1) acquisition or condemnation is for a period extending beyond the Term, any lump sum award or payment shall be apportioned between Landlord fails to commence and Tenant as of the Expiration Date, and provided further that the amount of any repairs, reconstruction award or payment allowed by the condemning authority for restoration of the Premises within sixty (60) days after shall remain the physical taking property of a portion Landlord if this Lease shall expire prior to the restoration 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse 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 1 contract
Sources: Lease Agreement (Coty Inc /)
Eminent Domain. SECTION 12.1Section 16.01. If the whole of the Demised Premises is shall be acquired or condemned for any public or quasi-public use or purpose, this Lease and the Demised Term shall end as of the 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 Demised Premises is shall so be acquired or condemned then, then except as hereinafter otherwise provided in this Section 12.1Section, this Lease and the Demised Term shall continue in force and 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 reduced in the proportion which the area of the part of the Demised Premises so acquired or condemned bears to the total area of the Demised Premises immediately prior to such acquisition or condemnation. If only a part of the Real Property shall be so acquired or condemned, then if the part of the Premises Real Property so acquired or condemned contains shall contain more than fifty percent ten (5010%) percent of the rentable square feet total area of the Demised Premises or if, by reason of immediately prior to such acquisition or condemnation, the Premises shall be rendered wholly or substantially unsuitable for the Permitted Use, then either Landlord condemnation or Tenant no longer has reasonable means of access to the Demised Premises, Tenant, at Tenant's option, may terminate this Lease and the Term and estate hereby grantedgive to Landlord, by notifying the other party in writing of such termination within one hundred twenty sixty (12060) days after next following the date upon which Tenant receives Notice shall have received notice of vesting of title, a thirty (30) days' notice of termination of this Lease. In the event that any such Notice thirty (30) days' notice of termination shall be is given, then by Tenant, this Lease and the Demised Term shall come to an end and estate hereby granted shall expire as upon the expiration of the date of termination stated in said Notice, thirty (30) days with the same effect as if that the date of expiration of said thirty (30) days were the Fixed Expiration Date. If a part of the Demised Premises shall be so acquired or condemned and this Lease and the Demised Term shall not be terminated, pursuant to the foregoing provisions of this Section, Landlord, at Landlord's expense, shall restore that part of the Demised Premises not so acquired or condemned to a self-contained rental unit. In the event of any termination of this Lease and the Demised Term pursuant to the provisions of this Section 12.1Section, the Fixed Rent or Additional Rent and all other sums otherwise due Landlord under this Lease shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent rent for any period after such date shall be refunded by Landlord to TenantTenant within fifteen (15) days. This provision shall survive such termination of this Lease.
SECTION 12.2Section 16.02. In the event of any such acquisition or condemnation of all or any part of the PremisesReal Property, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 Demised Term 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 value of any Tenant's Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse 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 1 contract
Eminent Domain. SECTION 12.1. a. If the whole all or any part of the Premises is acquired or condemned for taken by any public or quasi-public use authority under the power of eminent domain, or purposeany agreement in lieu thereof (a “taking”), this Lease and shall terminate as to the Term shall end portion of the Premises taken effective as of the date of the vesting of title with the same effect as if said date were the Fixed Expiration Datetaking. If only a part portion of the Premises is so acquired or condemned thentaken, 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 as to the Term and estate hereby granted, by notifying remainder of the Premises upon written notice to the other party in writing of such termination within one hundred twenty ninety (12090) days after the date upon which Tenant receives Notice of vesting of title. In the event taking; provided, however, that such Notice of termination shall be given, then Tenant’s right to terminate this Lease and is conditioned upon the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid remaining portion of the Fixed Rent for any period after Premises being of such date shall be refunded by Landlord to Tenant.
SECTION 12.2. In the event of any size or configuration that such acquisition or condemnation of all or any part remaining portion of the Premises, Premises is unusable or uneconomical for Tenant’s business. Landlord shall be entitled to receive the entire award for all compensation, damages, income, rent awards and interest thereon whatsoever which may be paid or made in connection with any such acquisition or condemnation, but shall be obligated to proceed with reasonable diligence to repair taking and restore the Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have no claim against Landlord or the condemning any governmental authority for the value of any unexpired portion term of this Lease or of any of the Term and Tenant hereby expressly assigns to Landlord all of its right improvements or Alterations in and to any such award. Nothing contained in this Section 12.2 the Premises; provided, however, that the foregoing shall be deemed to prevent not prohibit Tenant from making prosecuting a separate claim in any condemnation proceedings against the taking authority for an amount separately designated for Tenant’s relocation expenses or the value interruption of any or damage to Tenant's Property included in such taking’s business or as compensation for Tenant’s personal property, and trade fixtures, Alterations or other improvements paid for any moving expenses, by Tenant so long as any award to Tenant will not reduce the award to Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in . In the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of a partial taking of the Premises within sixty (60) days after which does not result in a termination of this Lease, the physical taking of a portion Monthly Rent, Tenant’s Electrical Charge and Additional Rent under Paragraphs 5 and 7 hereunder shall be equitably reduced. If all or any material part of the Premises; or
(2) Landlord fails complete all repairs, reconstruction or restoration of Real Property other than the Premises is taken, Landlord may terminate this Lease upon written notice to Tenant given within one hundred twenty ninety (12090) days after the date of such physical taking, thenprovided that Landlord also terminates the leases of all other tenants of the Real Property that are similarly affected by the taking and for which Landlord has a termination right.
b. Notwithstanding the foregoing, as if all or any portion of the Premises is taken for a result period of any circumstances described in subparagraphs time of one (1) year or (2) hereofless ending prior to the end of the term of this Lease, the Tenant, at Tenant's option, may terminate this Lease shall remain in full force and the term effect and estate hereby grantedTenant shall continue to pay all rent and to perform all of its obligations under this Lease; provided, by notifying the Landlord however, that Tenant shall be entitled to all compensation, damages, income, rent awards and interest thereon that is paid or made in writing of connection with such termination within thirty (30) days after the passage temporary taking of the times periods Premises (or portion thereof), except that any such compensation in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the term and estate hereby granted shall expire as excess of the date of termination stated in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent rent or other amounts payable to Landlord hereunder shall be apportioned promptly paid over to Landlord as received. Landlord and Tenant each hereby waive the provisions of such date. Notwithstanding any 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 as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant upon a portion partial taking of the cost of any Maintenance Repair or Requirement Alterations to Premises and/or the extent required by Section 7.1 aboveBuilding.
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Eminent Domain. SECTION 12.1. a. If the whole of the Building or Premises is acquired lawfully taken by condemnation or condemned in any other manner for any public or quasi-quasi public use or purpose, this Lease and the Term shall end terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything Rent shall be prorated to such date. If less than the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration whole of the Building or 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 sixty ninety (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 (12090) days after the date of such physical taking, then, as a result of any circumstances described in subparagraphs taking if twenty percent (120%) 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, and (2ii) hereof, Landlord shall have the Tenant, at Tenant's option, may right to terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination notice to Tenant given within thirty ninety (3090) days after the passage date of such taking. If either Landlord or Tenant so elects to terminate this Lease, the Lease shall 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 times periods in subparagraphs (1) Premises and (2) above. Project.
b. In the event that such a Notice of termination any taking, partial or whole, all of the proceeds of any award, judgment or settlement payable by the condemning authority shall be giventhe exclusive property of Landlord, then this Lease and Tenant hereby assigns to Landlord all of its right, title and interest in any award, judgment or settlement from the term condemning authority. Tenant, however, shall have the right, to the extent that Landlord's award is 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 estate hereby granted shall expire as damage to ▇▇▇▇▇▇'s personal property.
c. In the event of a partial taking of the date of termination stated Premises which does not result in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the a termination of this Lease as provided in this Subsection 12.3(A) lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the cost of any Maintenance Repair Premises as nearly as practicable to its condition prior to the condemnation or Requirement Alterations taking, but only to the extent required by Section 7.1 aboveof Building Standard Work. Tenant shall be responsible at its sole cost and expense for the repair, restoration and replacement of any other Leasehold Improvements and Tenant's Property.
Appears in 1 contract
Eminent Domain. SECTION 12.1. 20.01 If the whole of the Building or the Premises is acquired shall be taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease and the Term term and estate hereby granted shall end terminate as of the date of the vesting of title with on such taking (the same effect as if said date were “Date of the Taking”), and the Fixed Expiration DateRent and Additional Charges shall be prorated and adjusted as of such date.
20.02 If more than forty (40%) percent of the Building shall be so taken, this Lease shall be unaffected by such taking, except that (a) Landlord may, at its option, provided that Landlord shall terminate leases of no less than fifty (50%) percent of the office space then leased to tenants in the Building upon which the effect of such taking shall have been substantially similar to the effect of same upon the Premises, terminate this Lease by giving Tenant notice to that effect within ninety (90) days after the Date of the Taking, and (b) if twenty (20%) percent or more of the Premises shall be so taken and the remaining area of the Premises shall not be sufficient, in Tenant’s reasonable judgment, for Tenant to continue the operation of its business, Tenant may terminate this Lease by giving Landlord notice to that effect within ninety (90) days after the Date of the Taking. If only a This Lease shall terminate on the date that such notice from Landlord or Tenant to the other shall be given, and the Fixed Rent and Additional Charges shall be prorated and adjusted as of such termination date, except that with respect to any portion of the Premises which is the subject of the taking, if earlier, as of the Date of the Taking. Upon such partial taking and this Lease continuing in force as to any 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 titlePremises, the Fixed Rent and Additional Rent, if any, Charges shall be reduced in the proportion which the area of the part of the Premises so acquired or condemned bears adjusted according to the total rentable 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent for any period after such date shall be refunded by Landlord to Tenantremaining.
SECTION 12.2. In the event of any such acquisition or condemnation of all or any part of the Premises, 20.03 Landlord shall be entitled to receive the entire award or payment in connection with any taking without deduction therefrom for any such acquisition or condemnation, but shall be obligated to proceed with reasonable diligence to repair estate vested in Tenant by this Lease and restore the Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have receive no claim against Landlord or the condemning authority for the value part of any unexpired portion of the Term and such award except as hereinafter expressly provided in this Article 20. Tenant hereby expressly assigns to Landlord all of its right right, title and interest in and to any every such award. Nothing contained in this Section 12.2 award or payment; provided, however, that Tenant shall be deemed have the right to prevent Tenant from making make a separate claim for its moving expenses and to the extent the award otherwise payable to Landlord shall not be diminished thereby, for any of Tenant’s Property taken.
20.04 If the temporary use or occupancy of all or any part of the Premises shall be taken by condemnation or in any condemnation proceedings other manner for any public or quasi-public use or purpose during the term of this Lease, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the value use and occupancy of any the Premises, for the taking of Tenant's ’s Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything and Landlord shall be entitled to receive that portion which represents reimbursement for the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or cost of restoration of the 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 . This Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the term remain unaffected by such taking and estate hereby granted Tenant shall expire continue to be responsible for all of its obligations hereunder insofar as of the date of termination stated such obligations are not affected by such taking and shall continue to pay in said Notice with the same effect as if that date were the Fixed Expiration Date, and full the Fixed Rent and Additional Rent hereunder Charges when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date of this Lease, that part of the award which represents compensation for the use and occupancy of the Premises (or a part thereof) shall be apportioned divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents the period up to and including such Expiration Date and Landlord shall receive so much thereof as represents the period after such Expiration Date. All monies paid as, or as part of, an award for temporary use and occupancy for a period beyond the date to which the Fixed Rent and Additional Charges have been paid shall be received, held and applied by Landlord as a trust fund for payment of such date. Notwithstanding the Fixed Rent and Additional Charges becoming due hereunder.
20.05 In the event of a taking of less than the whole of the Building and/or the Land which does not result in termination of this Lease as provided Lease, or in the event of a taking for a temporary use or occupancy of all or any part of the Premises which does not result in a termination of this Subsection 12.3(ALease, (a) Landlord Landlord, at its expense, and whether or not any award or awards shall be obligated sufficient for the purpose, shall proceed with reasonable diligence to reimburse to Tenant a portion repair the remaining parts of the cost Building and the Premises (other than those parts of any Maintenance Repair or Requirement Alterations the Premises which are deemed Landlord’s property pursuant to Section 12.01 hereof and Tenant’s Property) to substantially their former condition to the extent required by that the same may be feasible (subject to reasonable changes which Landlord shall deem desirable) and so as to constitute a complete and rentable Building and Premises and (b) Tenant, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair the remaining parts of the Premises which are deemed Landlord’s property pursuant to Section 7.1 above12.01 hereof and Tenant’s Property, to substantially their former condition to the extent that the same may be feasible, subject to reasonable changes which shall be deemed Alterations.
Appears in 1 contract
Sources: Lease Agreement (Heidrick & Struggles International Inc)
Eminent Domain. SECTION 12.1. a. If the whole of the Building or Premises is acquired lawfully taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease and the Term shall end terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything Rent shall be prorated to such date. If less than the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration whole of the Building or 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 sixty ninety (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 (12090) days after the date of such physical taking, then, as a result of any circumstances described in subparagraphs taking if twenty percent (120%) or more of the Premises or parking is taken and the remaining area of the Premises or parking is not reasonably sufficient for Tenant to continue operation of its business, and (2ii) hereof, Landlord shall have the Tenant, at Tenant's option, may right to terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination notice to Tenant given within thirty ninety (3090) days after the passage date of such taking. If either Landlord or Tenant so elects to terminate this Lease, the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination Lease shall be given, then this Lease and the term and estate hereby granted shall expire terminate as of the date of termination stated such taking. The Rent shall be prorated to the date of termination. If this Lease continues in said Notice with force upon such partial taking, the same effect as if that date were Base Rent and ▇▇▇▇▇▇'s Proportionate Share shall be equitably adjusted according to the Fixed Expiration Dateremaining Rentable Area of the Premises and Project.
b. In the event of any taking, partial or whole, all of the proceeds of any award, judgement or settlement payable by the condemning authority shall be the exclusive property of Landlord, and Tenant hereby assigns to Landlord all of its right, title and interest in any award, judgement or settlement from the Fixed Rent condemning authority. Tenant, however, shall have the right, to the extent that Landlord's award is 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 Additional Rent hereunder shall be apportioned as damage to ▇▇▇▇▇▇'s personal property.
c. In the event of such date. Notwithstanding a partial taking of the Premises which does no result in a termination of this Lease as provided in this Subsection 12.3(A) Lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the cost of any Maintenance Repair Premises as nearly as practicable to its condition prior to the condemnation or Requirement Alterations taking, but only to the extent required by Section 7.1 aboveof Building Standard Work. Tenant shall be responsible at its sole cost and expense for the repair, restoration and replacement of any other Leasehold Improvements and Tenant's Property.
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Sources: Multi Tenant Office R&d Building Lease (Protein Polymer Technologies Inc)
Eminent Domain. SECTION 12.1. 25.1 If the whole of the Premises is shall be acquired or condemned for any public or quasi-public use or purpose, this Lease and the Lease Term shall end as of the date of the vesting of title with the same effect as if said date were the Fixed Expiration Datedate of expiration of the Lease Term. If only a part of the Premises is shall be so acquired or condemned condemned, then, except as hereinafter otherwise provided in this Section 12.1Article, this Lease and the Lease Term shall continue in force and 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 Base Rent and Additional Rent, if any, shall be reduced in the proportion which the area of the part of the Premises so acquired or condemned bears to the total area of the Premises immediately prior to such acquisition or condemnation. .
25.2 If the any part of the Premises Building shall be acquired or condemned contains more than fifty percent (50%) of the rentable square feet of the Premises for any public or ifquasi-public use or purpose, and by reason of such acquisition or condemnation, Landlord, in Landlord's reasonable judgment, deems it necessary for the soundest use of the land upon which the Building is situated to terminate this Lease, then (except in the case of a di minimis acquisition which has no effect on the operation of the Building), whether or not the Premises shall be rendered wholly affected thereby, Landlord, at Landlord's option, may give to Tenant, at any time thereafter, fifteen (15) days' notice of termination of this Lease. If the part of the Building so acquired or substantially unsuitable condemned shall contain more than ten percent (10%) of the total area of the Premises immediately prior to such acquisition or condemnation, or if Tenant no longer has reasonable means of access to the Premises, or if more than twenty-five per cent (25%) of the office space available for lease in the Permitted UseBuilding shall be so acquired or condemned, then either Landlord or Tenant then, in any such event, Tenant, at Tenant's option, may terminate this Lease and the Term and estate hereby grantedgive to Landlord, by notifying the other party in writing of such termination within one hundred twenty sixty (12060) days after next following the date upon which Tenant receives Notice shall have received notice of vesting of title, fifteen (15) days' notice of termination of this Lease. In the event that any such Notice fifteen (15) day notice of termination shall be is given, then by Landlord or Tenant, this Lease and the Lease Term shall come to an end and estate hereby granted shall expire as upon the expiration of the date of termination stated in said Notice, fifteen (15) days with the same effect as if that the date of expiration of said fifteen (15) days were the Fixed Expiration Datedate for the expiration of the Lease Term. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1Section, the Fixed Base Rent or Additional Rent and additional rent shall be apportioned as of the date of sooner such termination and any prepaid portion of the Fixed Base Rent and additional rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.225.3 If a part of the Premises shall be so acquired or condemned and this Lease and the Lease Term shall not be terminated pursuant to the foregoing provisions, Landlord, at Landlord's expense, shall restore that part of the Premises not acquired or condemned as nearly as practicable to its condition prior to such acquisition or condemnation, but Landlord shall have no obligation to repair or restore any of Tenant's leasehold improvements or trade fixtures. Notwithstanding the foregoing, Landlord shall not have any obligation whatsoever to restore the Premises unless the condemnation award, if any, is sufficient to cover the cost of such restoration.
25.4 In the event of any such acquisition or condemnation of all or any part of the Building (including, without limitation, all or part of the Premises), Landlord shall 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 Premises, at Landlord's expense, to a condition 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 Lease Term, and Tenant Ten ant hereby expressly assigns to Landlord all of its right in and to any such award. Nothing herein contained in this Section 12.2 shall be deemed to prevent pre clude Tenant from making a separate claim in any condemnation proceedings an application for an award for the value of any Tenant's Property included in such taking, the trade fixtures and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the Premises within sixty (60) days after the physical taking of a portion of leasehold improvements at 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required owned by Section 7.1 aboveTenant, or for Tenant's relocation expenses.
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Eminent Domain. SECTION 12.1. If the whole of the Premises Property or the Building is acquired taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease and the Term shall end terminate as of the date of the vesting of title with in the same effect as if said date were condemning authority (the Fixed Expiration Date"Date of Taking"), and the Rent shall be prorated to the Date of Taking. If only a any part of the Premises Building or Property is so acquired or condemned then, except as hereinafter provided in this Section 12.1taken, this Lease shall be unaffected by such taking, except that (i) Landlord, in Landlord's sole dis- cretion, may terminate this Lease by notice to Tenant within ninety (90) days after the Date of Taking, and (ii) if 20% or more of the Demised Premises shall be taken 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 reduced in the proportion which the remaining area of the part Demised Premises, in Tenant's reasonable estimation, shall not be reasonably sufficient for Tenant to continue operation of the Premises so acquired or 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 ifTenant's business, 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 notice to Landlord within one hundred twenty ninety (12090) days after the Date of Taking. This Lease shall terminate on the thirtieth (30th) day after any such notice by Landlord or Tenant, by which date upon Tenant shall vacate and surrender the Demised Premises to Landlord, and in which Tenant receives Notice of vesting of title. In case the event that such Notice of termination Rent shall be given, then prorated to such date as Tenant vacates the Demised Premises by reason of such taking. If this Lease continues in force upon such partial taking, the Rent and Tenant's Proportionate Share of Landlord's Electrical Expense, Operating Expense Increases and Real Estate Tax Increases shall be equitably adjusted according to the rentable area of the Demised Premises and the 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 DateBuilding remaining after such partial taking. In the event of any termination of this Lease and taking as set forth in the Term pursuant to the provisions of this Section 12.1immediately preceding subsection, the Fixed Rent or Additional Rent shall be apportioned as all of the date of sooner termination and any prepaid portion of the Fixed Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2. In the event proceeds of any such acquisition award, judgment or condemnation of all or any part of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have no claim against Landlord or settlement payable by the condemning authority for shall be and remain the value sole and exclusive property of any unexpired portion of the Term Landlord, and Tenant hereby expressly assigns to Landlord all of its right Tenant's right, title and interest in and to any such award, judgment or settlement to Landlord. 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 optionhowever, may terminate this Lease and shall have the term and estate hereby granted, by notifying the Landlord in writing of such termination within thirty right (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required that the same shall not reduce or prejudice any award, judgment or settlement to Landlord) to claim from the condemning authority ( but not from Landlord) such compensation as may be recoverable by Section 7.1 aboveTenant in Tenant's own right for moving expenses and damage to Tenant's property.
Appears in 1 contract
Eminent Domain. SECTION 12.1Section 10.01. If the whole of the Demised Premises is shall be acquired or condemned for any public or quasi-public quasipublic use or purpose, this Lease and the Demised Term shall end as of the 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 Demised Premises is shall be so acquired or condemned then, except as hereinafter otherwise provided in this Section 12.1Section, this Lease and the Demised Term shall continue in force and 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 reduced in the proportion which the area of the part of the Demised Premises so acquired or condemned bears to the total area of the Demised Premises immediately prior to such acquisition or condemnation and the amount of "Tenant's Proportionate Share" (defined in Section 23.01) shall be appropriately adjusted to reflect that part of the Demised Premises so acquired or condemned. If only a part of the Real Property shall be so acquired or condemned, then (i) whether or not the Demised Premises shall be affected thereby, Owner, at Owner's option, may give to Tenant, within sixty (60) days next following the date upon which Owner shall have received notice of vesting of title, a five (5) days' notice of termination of this Lease, and (ii) if the part of the Real Property so acquired or condemned shall contain more than ten (10%) per cent of the total area of the Demised 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, Tenant no longer has reasonable means of access to the Premises shall be rendered wholly or substantially unsuitable for the Permitted UseDemised Premises, then either Landlord or Tenant Tenant, at Tenant's option, may terminate this Lease and the Term and estate hereby grantedgive to Owner, by notifying the other party in writing of such termination within one hundred twenty sixty (12060) days after next following the date upon which Tenant receives Notice shall have received notice of vesting of title, a five (5) days' notice of termination of this Lease. In the event that any such Notice five (5) days' notice of termination shall be is given, then by Owner or Tenant, this Lease and the Demised Term shall come to an end and estate hereby granted shall expire as upon the expiration of the date of termination stated in said Notice, five (5) days with the same effect as if that the date of expiration of said five (5) days were the Fixed Expiration Date. If a part of the Demised Premises shall be so acquired or condemned and this Lease and the Demised Term shall not be terminated pursuant to the foregoing provisions of this Section, Owner, at Owner's expense, shall restore that part of the Demised Premises not so acquired or condemned to a self-contained rental unit in substantially the same condition as existed prior to such acquisition or condemnation. In the event of any termination of this Lease and the Demised Term pursuant to the provisions of this Section 12.1Section, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent for any period after such date shall be refunded by Landlord Owner to Tenant.
SECTION 12.2Section 10.02. In the event of any such acquisition or condemnation of all or any part of the PremisesReal Property, Landlord Owner shall 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 Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have no claim against Landlord Owner or the condemning authority for the value of any unexpired portion of the Demised Term and Tenant hereby expressly assigns to Landlord Owner 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 value of any items of Tenant's Personal Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 abovewhich are compensable, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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, thenlaw, 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 abovetrade fixtures.
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Eminent Domain. SECTION 12.1. If A. In the whole of event the entire Building, Real Property or Premises is acquired shall be lawfully condemned or condemned taken in any manner for any public or quasi-public use or purposeuse, this Lease and the Term and estate hereby granted shall end forthwith cease and terminate as of the date of the vesting taking of title with possession by the same effect as if said date were condemning authority. In the Fixed Expiration Date. If event that only a part of the Premises is shall be so acquired condemned or condemned taken then, except effective 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 taking of title, possession by the Fixed condemning authority. Base Rent and Additional Rent, if any, Rent Adjustments shall be reduced ▇▇▇▇▇ in the proportion which an amount apportioned according to the area of the Premises so condemned or taken. If only part of the Premises Building or Real Property shall be so acquired condemned or condemned bears to the total area taken FN 11.3. then 1. Landlord (whether or not a material portion of the Premises immediately prior to such acquisition or condemnation. If be affected) may, at the part option of the Premises acquired or condemned contains more than fifty percent (50%) of the rentable square feet of the Premises or ifLandlord, 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 grantedgranted as of the date of such taking of possession by the condemning authority by notifying Tenant of such Termination within sixty (60) days following the date on which Landlord shall have received notice of the taking of possession by the condemning authority, or 2. if such condemnation or taking shall be of a material (more than twenty (20%) of the Rentable Area part of the Premises or of a substantial part of the means of access of access thereto, Tenant may, at the option of Tenant, by notifying the other party in writing delivery of such termination notice to Landlord within one hundred twenty sixty (12060) days after following the date upon on which Tenant receives Notice shall have received notice of vesting the taking of titlepossession by the condemning authority, terminate this Lease and the Term and estate hereby granted as of the date of the taking of possession by the condemning authority, or if 3. if neither Landlord nor Tenant elects to terminate this Lease, as aforesaid, this Lease shall remain unaffected by such condemnation or taking, except that Base Rent and Rent Adjustments shall ▇▇▇▇▇ to the extent, if any, provided in this Section 13. In the event only a part of the Premises shall be so condemned or taken and this Lease and the Term and estate hereby granted with respect to the remaining portion of the Premises are not terminated as hereinbefore provided, Landlord will, with reasonable diligence and at its expense, restore the remaining portion of the Premises as nearly as practicable to the same condition as it was in prior to such condemnation or taking FN 11.4. FN 11.1. through FN 11.4. - see page 11(a) FN 11.1. - continued from Section 12.A. and since this mutual waiver will preclude the assignment of any such claim by subrogation (or otherwise) to an insurance company (or any other person), Landlord and Tenant each agree to give each insurance company which has issued, or in the future may issue, its policies of fire, extended coverage or material damage insurance written notice of the terms of this mutual waiver, and to have such insurance policies properly endorsed, if necessary, to prevent the invalidation of any of the coverage provided by such insurance policies by reason of such mutual waiver. FN 11.2. - continued from Section 12.B. ; provided, however, if Tenant maintains insurance on a "claims made" basis, Tenant shall be obligated to maintain such insurance, as set forth herein, for a period of no less than two (2) years after the Expiration Date or any extension thereto, and (b) standard so-called "all-risk" property insurance covering all Tenant's personal property, trade fixtures and any improvements not covered by Landlord's insurance, and (c) excess liability insurance with minimum coverage of $19,000,000.00; FN 11.3. - continued from Section 13.A. and the part taken is substantial enough that the taking would destroy the marketability of the Building, as determined by Landlord in its reasonable judgment, FN 11.4. - continued from Section 13.A. ; provided, however, that Landlord shall have no obligation to repair, replace or restore the Tenant's furniture, equipment or other personal property and that Landlord shall repair, replace and restore the Initial Alterations and the Alterations, but only to the extent that Landlord actually receives condemnation proceeds on account thereof. Landlord agrees to make and diligently purse a claim for condemnation proceeds sufficient to repair, replace or restore the Initial Alterations and the Alterations. If (i) the grade of any street or alley adjacent to the Building or Real Property is changed by any competent authority, and (ii) such Notice change of grade makes it necessary to remodel the Building to conform to the changed grade, and (iii) in Landlord's judgment, termination of this Lease is necessary to accomplish such remodeling, Landlord shall have the right to terminate this Lease upon not less than one hundred eighty (180) days notice prior to the date of termination shall be givendesignated in said notice.
B. In the event of their termination in any of the cases hereinbefore provided, then this Lease and the Term and estate hereby granted shall expire as of the date of such termination stated in said Notice, with the same effect as if that date were the Fixed Expiration Date. In the event of any termination of this Lease , and the Term pursuant to the provisions of this Section 12.1, the Fixed Base Rent or Additional and Rent Adjustments shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent for any period after such date shall be refunded by Landlord to Tenantaccordingly apportioned.
SECTION 12.2. C. In the event of any such acquisition condemnation or condemnation taking hereinbefore mentioned of all or any a part of the PremisesBuilding or Real Property, Landlord shall be entitled to receive the entire award for in the condemnation proceeding, including any such acquisition or condemnation, but shall be obligated to proceed with reasonable diligence to repair and restore the Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have no claim against Landlord or the condemning authority award made for the value of any unexpired portion of the Term estate vested by this Lease in Tenant FN 12.1. and Tenant hereby expressly assigns to Landlord any and all right, title and interest of its right Tenant now or hereafter arising in and or to any such awardaward or any part thereof, and Tenant shall be entitled to receive no part of such award FN 12.2. Nothing contained Further, Tenant shall have no right to share in any judgment for damages caused by the grade of any street or alley adjacent to the Building or Real Property. No money or other consideration shall be payable by Landlord to Tenant for any termination by Landlord pursuant to 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 for any moving expenses, so long as Landlord's award is not reduced thereby13.
(A) Notwithstanding anything D. For purposes of this Section 13, the terms "condemned", "condemnation", "taken" or "taking" shall include a voluntary conveyance by Landlord to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration condemning authority under threat of the 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 condemnation and the term and estate hereby granted, "award" shall include the consideration paid by notifying the Landlord in writing of condemning authority for such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 abovedeed.
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Eminent Domain. SECTION 12.1. a. If the whole of the Building or Premises is acquired lawfully taken by condemnation or condemned in any other manner for any public or quasi-quasi - public use or purpose, this Lease and the Term shall end terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything Rent shall be prorated to such date. If less than the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration whole of the Building or 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 sixty ninety (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 (12090) days after the date of such physical taking, then, as a result of any circumstances described in subparagraphs taking if twenty percent (120%) 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, and (2ii) hereof, Landlord shall have the Tenant, at Tenant's option, may right to terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination notice to Tenant given within thirty ninety (3090) days after the passage date of such taking. If either Landlord or Tenant so elects to terminate this Lease, the Lease shall 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 times periods in subparagraphs (1) Premises and (2) above. Project.
b. In the event that such a Notice of termination any taking, partial or whole, all of the proceeds of any award, judgment or settlement payable by the condemning authority shall be giventhe exclusive property of Landlord, then this Lease and Tenant hereby assigns to Landlord all of its right, title and interest in any award, judgment or settlement from the term condemning authority. Tenant, however, shall have the right, to the extent that Landlord’s award is 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 estate hereby granted shall expire as damage to Tenant's personal property.
c. In the event of a partial taking of the date of termination stated Premises which does not result in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the a termination of this Lease as provided in this Subsection 12.3(A) Lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the cost of any Maintenance Repair Premises as nearly as practicable to its condition prior to the condemnation or Requirement Alterations taking, but only to the extent required by Section 7.1 aboveof Building Standard Work. Tenant shall be responsible at its sole cost and expense for the repair, restoration and replacement of any other Leasehold Improvements and Tenant’s Property.
Appears in 1 contract
Eminent Domain. SECTION 12.1. If the whole all or any part of the Premises is acquired or condemned for shall be taken by any -------------- public or quasi-public use authority under the power of eminent domain or purposeconveyance 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 Page 12 Initial: /s/ MS ---------------------------- /s/ MCD MRB ---------------------------- the value of any unexpired Term of this Lease. Notwithstanding the foregoing sentence, 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 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, Landlord shall notify Tenant in writing of such condemnation and/or taking within sixty (60) days of receipt of said notice, and 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 sixty (60) days following Landlord's notice to Tenant 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 thirty (30) days from the date it receives notice from Landlord of such taking by giving written notice to Landlord of its intention so to do, and this Lease shall terminate on the day immediately prior to the conveyance of the Premises so taken. 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 herein, this Lease shall continue in full force and effect as to the part of the Premises not so taken or conveyed, and the Term Rent herein shall end be apportioned as of the date of such taking or conveyance so that thereafter 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, to be paid by Tenant shall be reduced in the proportion which ratio that the area of the part portion of the Premises not so acquired taken or condemned conveyed 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent for any period after such date shall be refunded by Landlord to Tenanttaking.
SECTION 12.2. In the event of any such acquisition or condemnation of all or any part of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse 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 1 contract
Eminent Domain. SECTION 12.1. If 32.01 In the whole event that all of the Building, all of the Unit or all of the Premises is acquired shall be lawfully condemned or condemned taken in any manner for any public or quasi-public use or purposeuse, this Lease and the Term and estate hereby granted shall end forthwith cease and terminate as of the date of the vesting of title with title. In the same effect as if said date were the Fixed Expiration Date. If only event that a part of the Premises is shall be so acquired condemned or condemned then, except as hereinafter provided taken or in this Section 12.1, this Lease and the Term shall continue in effect but, if event that a part of the Premises is so acquired or condemned, from and after Building and/or the date of the vesting of title, the Fixed Rent and Additional Rent, if any, shall be reduced in the proportion which the area of the Unit but no part of the Premises so acquired or 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 so condemned or substantially unsuitable for the Permitted Use, taken then either Landlord or Tenant may terminate this Lease and the Term and estate hereby granted, granted as of the date of such vesting of title by notifying the other party Tenant in writing of such termination within one hundred twenty sixty (12060) days after following the date upon on which Tenant receives Notice Landlord shall have received notice of vesting of title. If Landlord does not elect to terminate this Lease as aforesaid, this Lease shall be and remain unaffected thereby, except that, if a part of the Premises shall have been condemned or taken, effective as of the date of vesting of title, Fixed Rent and Additional Rent under Article 1 shall be abated in an amount thereof apportioned according to the area of the Premises so condemned or taken.
32.02 In the event that such Notice of its termination shall be givenin any of the cases hereinbefore provided, then this Lease and the Term and estate hereby granted shall expire as of the date of such termination stated in said Notice, with the same effect as if that date were the Fixed Expiration Date. , and Fixed Rent and Additional Rent payable hereunder shall be apportioned as of such date.
32.03 In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent condemnation or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 taking hereinbefore mentioned of all or any a part of the Building, the Unit or the Premises, Landlord shall be entitled to receive the entire award for of the condemnation proceeding, including any such acquisition or condemnation, but shall be obligated to proceed with reasonable diligence to repair and restore the Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have no claim against Landlord or the condemning authority award made for the value of any unexpired portion of the Term and estate vested by this Lease in Tenant. Tenant hereby expressly assigns to Landlord any and all right, title and interest of its right Tenant now or hereafter arising in and or to any such award or any part thereof, and Tenant shall be entitled to receive no part of such award. Nothing contained in this Section 12.2 Notwithstanding the foregoing, Tenant shall be deemed have the right to prevent Tenant from making enter a separate claim in for the unamortized costs of any condemnation proceedings for Tenant Changes, moving expenses and the value of any Tenant's Property included fixtures, equipment, improvements and appurtenances which Tenant shall be permitted to remove from the Premises pursuant to Section 18.01 and Section 29.01, provided, however, any such award shall not result in such taking, and for any moving expenses, so long as a reduction of Landlord's award is not reduced thereby’s award.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in 32.04 In the event that:
(1) of any taking of less than the Landlord fails to commence any repairs, reconstruction or restoration whole of the Premises within sixty (60) days after which does not result in a termination of this Lease, Landlord shall proceed with reasonable diligence to repair, alter and restore the physical taking of a portion of the Premises; or
(2) Landlord fails complete all repairs, reconstruction or restoration remaining parts of the Premises within one hundred twenty (120exclusive of Tenant Changes and Tenant Property) 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations substantially their former condition to the extent required by Section 7.1 abovethat the same may be feasible and may be accomplished without expenditure of funds in excess of the proceeds awarded for purposes of such work.
Appears in 1 contract
Sources: Lease Agreement
Eminent Domain. SECTION 12.1. (A) If the whole of the Property or the Premises is shall be acquired or condemned for any public or quasi-public use or purpose, this Lease and the Term shall end as of the date of the vesting of title as to any Taking with the same effect as if said date were the Fixed Expiration Date. Any acquisition or condemnation of all or a portion of the Property for any public or quasi-public use or purpose, as described in this Article 11, is called a "Taking" or is deemed "Taken".
(B) If only a part of the Property and not the entire Premises is so acquired or condemned shall be Taken then, :
(1) except as hereinafter provided in this Section 12.111.1, this Lease and the Term shall continue in effect force and effect, but, if a part of the Premises is included in the part of the Property so acquired or condemnedTaken, from and after the date of the vesting of titletitle as to such Taking, the Fixed Rent and Additional Rent, if any, Tenant's Tax Share and the Tenant's Operating Share shall be reduced in the proportion which the area of the part of the Premises so acquired or condemned Taken bears to the total area of the Premises immediately prior to such acquisition Taking; (2) whether or condemnation. If not the Premises shall be affected thereby, if a substantial portion of the Property shall be so Taken, as determined by Landlord in its sole discretion, Landlord, at Landlord's option, may give to Tenant, within sixty (60) days next following the date upon which Landlord shall have received notice of vesting of title as to such Taking, a thirty (30) days' notice of termination of this Lease, and (3) if the part of the Premises acquired or condemned contains Property so Taken shall contain more than fifty thirty-five percent (5035%) of the total rentable square feet area of the Premises immediately prior to such Taking, or if, by reason of such acquisition or condemnationTaking, Tenant no longer has reasonable means of access to the Premises Premises, Tenant, at Tenant's option, may give to Landlord, within sixty (60) days next following the date upon which Tenant shall be rendered wholly or substantially unsuitable for the Permitted Usehave received notice of vesting of title of such Taking, then either a thirty (30) days' notice of termination of this Lease. If any such thirty (30) days' notice of termination is given by Landlord or Tenant may terminate Tenant, this Lease and the Term shall come to an end and estate hereby granted, by notifying expire upon the other party in writing expiration of such termination within one hundred twenty said thirty (12030) days after the date upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the Term and estate hereby granted shall expire as of the date of termination stated in said Notice, with the same effect as if that the date of expiration of said thirty (30) days were the Fixed Expiration Date. In .
(C) If a part of the event Premises shall be so Taken and this Lease and the Term shall not be terminated pursuant to the foregoing provisions of any this Section 11.1, Landlord, at Landlord's expense, shall restore that part of the Premises not so Taken to a self-contained rental unit exclusive of Tenant's Property and Alterations.
(D) Upon the termination of this Lease and the Term pursuant to the provisions of this Section 12.111.1, the Fixed Rent or and Additional Rent Charges shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent and Additional Charges for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2. Section 11.2 In the event of any such acquisition or condemnation Taking of all or any part of the PremisesProperty, Landlord shall be entitled to receive the entire award for any such acquisition or condemnationTaking, but shall be obligated to proceed with reasonable diligence to repair and restore the Premises, at Landlord's expense, to a condition 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 award. Nothing contained in this Section 12.2 11.2 shall be deemed to prevent Tenant from making a separate claim in any condemnation proceedings for the then value of any Tenant's Property or Alterations included in such takingTaking, and for any moving expenses, so long as provided same does not reduce or affect Landlord's award is not reduced therebyin any way.
(A) Notwithstanding anything to Section 11.3 If the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence whole or any repairs, reconstruction or restoration part of the Premises within sixty (60) days after shall be temporarily Taken during the physical taking Term for any public or quasi-public use or purpose this Lease shall be and remain unaffected by such temporary Taking and Tenant shall continue to be responsible for all of a its obligations hereunder insofar as such obligations are not affected by such temporary Taking and shall continue to pay in full the Fixed Rent and Additional Rent when due. Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the Premises; or
(2) Landlord fails complete all repairs, reconstruction or restoration award for such Taking which represents compensation for the use and occupancy of the Premises within one hundred twenty (120) days after and, if so awarded, for the date Taking 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 Property and for moving expenses. If the term and estate hereby granted, by notifying the Landlord in writing period of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination temporary Taking shall be given, then this Lease and the 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 extend beyond the Fixed Expiration Date, that part of the award which represents compensation for the use of occupancy of the Premises, or a part thereof, shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents the period prior to and including the Fixed Expiration Date and Landlord shall receive so much thereof as represents the period subsequent to the Fixed Expiration Date. All monies received by Tenant as, or as part of, an award for a temporary Taking for a period beyond the date to which the Fixed Rent and Additional Rent hereunder have been paid by Tenant shall be apportioned received, held and applied by Tenant as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion trust fund for payment of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 aboveFixed Rent and Additional Rent hereunder.
Appears in 1 contract
Eminent Domain. SECTION 12.1. If (a) In the event that title to the whole or any part of the Premises is acquired shall be lawfully condemned or condemned taken in any manner for any public or quasi-public use or purposeuse, this Lease and the Term term and estate hereby granted shall end forthwith cease and terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall be entitled to receive the entire award for any such acquisition or condemnationaward, but shall be obligated to proceed with reasonable diligence to repair and restore the Premises, at Landlord's expense, to a condition 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 assigning 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 value of any Tenant's Property included in such takinginterest therein, and for any moving expenses, so long as Landlord's award is not reduced therebyif any.
(Ab) Notwithstanding anything In the event that title to a part of the contrary contained Building other than the Premises shall be so condemned or taken, and if in Sections 12.1 and 12.2 abovethe opinion of Landlord, the Building should be restored in such a way as to alter the Premises materially, or in the event that:
(1) the Landlord fails that title to commence any repairs, reconstruction all or restoration a material part of the Premises within sixty (60) days after the physical taking of a portion of the Premises; or
(2) Outside Common Areas shall be so condemned or taken, 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, granted by notifying the Landlord in writing Tenant of such termination within thirty sixty (3060) days after following the passage date of vesting the times periods in subparagraphs (1) title, and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the term and estate hereby granted shall expire as on the date specified in the notice of termination, which date shall be not less than sixty (60) days following the date of termination stated vesting of title, and this Lease and the term and estate hereby granted shall expire on the date specified in said Notice with the same effect notice of termination, which date shall be not less than sixty (60) days after the giving of such notice, as fully and completely as if that such date were the Fixed Expiration Datedate hereinbefore set for the expiration of the term of this Lease, and the Fixed Rent Monthly Rent, Additional Rent, and Additional Rent other charges hereunder shall be apportioned as of such date. Notwithstanding In such event, Tenant shall not entitled to any po▇▇▇▇▇ of Landlord's award hereunder, if any, nor shall Tenant have any claim against Landlord for the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a unexpired portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 aboveterm.
Appears in 1 contract
Eminent Domain. SECTION 12.1. a. If the whole of the Building or Premises is acquired lawfully taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease and the Term shall end terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything Rent shall be prorated to such date. If less than the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration whole of the Building or 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 sixty ninety (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 (12090) days after the date of such physical taking, then, as a result of any circumstances described in subparagraphs taking if twenty percent (120%) 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, and (2ii) hereof, Landlord shall have the Tenant, at Tenant's option, may right to terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination notice to Tenant given within thirty ninety (3090) days after the passage date of such taking. If either Landlord or Tenant so elects to Terminate this Lease, the Lease shall 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 ▇▇▇▇▇▇'s Proportionate Share shall be equitably adjusted according to the remaining Rentable Area of the times periods in subparagraphs (1) Premises and (2) above. Project.
b. In the event that such a Notice of termination any taking, partial or whole, all of the proceeds of any award, judgment or settlement payable by the condemning authority shall be giventhe exclusive property of Landlord, then this Lease and Tenant hereby assigns to Landlord all of its right, title and interest in any award, judgment or settlement from the term condemning authority. Tenant, however, shall have the right, to the extent that Landlord's award is 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 estate hereby granted shall expire as damage to ▇▇▇▇▇▇'s personal property.
c. In the event of a partial taking of the date of termination stated Premises which does not result in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the a termination of this Lease as provided in this Subsection 12.3(A) Lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the cost of any Maintenance Repair Premises as nearly as practicable to its condition prior to the condemnation or Requirement Alterations taking, but only to the extent required by Section 7.1 aboveof Building Standard Work. Tenant shall be responsible at its sole cost and expense for the repair, restoration and replacement of any other Leasehold Improvements and Tenant's Property.
Appears in 1 contract
Sources: Lease Agreement (Mounger Corp)
Eminent Domain. SECTION 12.122.01. If the whole of the Premises is acquired Building shall be lawfully taken by condemnation or condemned in any other manner for any public or quasi-public use or of purpose, this Lease and the Term term and estate hereby granted shall end forthwith terminate as of the date of vesting of title on such taking (which date is herein after also referred to as the "date of the taking"), and the rents shall be prorated and adjusted as of such date.
22.02. If any 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 permanent partial taking, of or part of the Demised Premises if the Demised Premises are not be reasonably sufficient for Tenant to continue feasible operation of its business. Tenant shall give notice of such election to Landlord not later than thirty (30) days after the date of such taking. Upon the giving of such notice to Landlord, this Lease shall terminate on the date of service of notice and the rents apportioned to the part of the Demised Premises so taken shall be prorated and adjusted as of the date of the vesting taking and the rents apportioned to the remainder of title with the same effect Demised Premises shall be prorated and adjusted as if said date were the Fixed Expiration Dateof such termination date. If only a Upon such partial taking and this Lease continuing in force as to any 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 titleDemised Premises, the Fixed Rent and Additional Rent, if any, rents apportioned to the part taken shall be reduced in the proportion which the area of the part of the Premises so acquired or 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 prorated 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the Term and estate hereby granted shall expire adjusted as of the date of termination stated in said Notice, with taking and from such date the same effect as if that date were fixed rent shall be reduced to the Fixed Expiration Date. In amount apportioned to the event remainder of any termination of this Lease the Demised Premises and the Term additional rent shall be payable pursuant to Article 5 according to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent for any period after such date shall be refunded by Landlord to Tenantrentable area remaining.
SECTION 12.222.03. In the event of any such acquisition or condemnation of all or any part of the PremisesExcept as specifically set forth in Section 22.04. hereof, 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 such acquisition or condemnationestate vested in Tenant by this Lease, but shall be obligated to proceed with reasonable diligence to repair and restore the Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have receive no claim against Landlord or the condemning authority for the value part of any unexpired portion of the Term and such award. Tenant hereby expressly assigns to Landlord all of its right right, title, and interest in and or to any every such award. Nothing contained in this Section 12.2 shall be deemed to prevent Tenant from making may claim a separate claim in any condemnation proceedings award for the value unamortized portion of the cost incurred by Tenant in connection with any of Tenant's Property included installed pursuant to this Lease. In addition, Tenant may ▇▇▇ the appropriate agency for relocation expenses.
22.04. If the temporary use or occupancy of all or any part of the Demised Premises shall be lawfully taken by condemnation or in any other manner for any public or quasi-public use or purpose during the term of this Lease, Tenant shall be entitled, except as hereinafter set forth, to receive any award for such taking up to the aggregate of all fixed rent and additional rent provided any such reward does not serve to diminish Landlord's award in any respect whatsoever and, if so awarded, for the taking of Tenant's Property and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of restoration of the Demised Premises. This Lease shall be and remain unaffected by such taking and Tenant shall remain responsible for all of its obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay in full the fixed rent and additional rent when due. If the period of temporary use or occupancy of the Demised Premises (or a part thereof) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents the period prior to the Expiration Date and Landlord shall receive so much thereof as represents the period subsequent to the Expiration Date. All moneys received by Tenant as, or as part of, an award for temporary use and occupancy for a period beyond the date to which the rents hereunder have been paid by Tenant shall be received, held, and applied by Tenant as a trust fund for payment of the rents falling due hereunder. Any temporary taking which lasts longer than nine (9) months shall constitute a permanent taking.
22.05. In the event of any taking of less than the whole of the Building which does not result in a termination of this Lease, or in the event of a taking for a temporary use or occupancy of all or any part of the Demised Premises which does not extend beyond the Expiration Date, 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 their former condition to the extent that the same may be feasible and so as to constitute a complete and tenantable Building and Demised Premises provided that Landlord's liability under this Section 22.05 shall be limited to the net amount (after deducting all costs and expenses, including, but not limited to, legal expenses incurred in connection with the eminent domain proceeding) received by Landlord as an award arising out of such taking. If such taking occurs within the last three (3) years of the term of this Lease, Landlord shall have the right to terminate this Lease by giving the Tenant written notice to such effect within ninety (90) days after such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, this Lease shall then expire on that effective date stated in the event that:
(1) notice as if that were the Landlord fails to commence any repairsExpiration Date, reconstruction or restoration of but the 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 fixed rent and the term and estate hereby granted, by notifying the Landlord in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination additional rent shall be given, then this Lease prorated and the term and estate hereby granted shall expire adjusted as of the date of termination stated in said Notice with such taking. If such taking occurs during the same last two (2) years of the term of this Lease, then Tenant shall have the right to terminate this lease by giving the Landlord written notice to such effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent foregoing provisions of this Section 22.05 shall apply with respect to the Tenant's notification to terminate.
22.06. Should any part of the Demised Premises 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 compliance is the obligation of Tenant under this Lease, Tenant shall not be entitled to any diminution or abatement of rent or other compensation from Landlord therefor, but (ii) if such compliance is the obligation of Landlord under this Lease, the fixed rent hereunder shall be apportioned reduced and additional rents under Article 5 shall be adjusted in the same manner as is provided in Section 22.02 according to the reduction in rentable area of the Demised Premises resulting from such datetaking.
22.07. Notwithstanding Any dispute which may arise between the termination parties with respect to the meaning or application of any of the provisions of this Lease as Article shall be determined by arbitration in the manner provided in this Subsection 12.3(AArticle 33.
22.08. Landlord and Tenant agree that any taking limited to the parking deck and surrounding areas, within the Land, which results in a permanent loss of twenty percent (20%) Landlord of the parking spaces, then such event shall be obligated to reimburse to Tenant deemed a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 abovetaking under this Article 22.
Appears in 1 contract
Sources: Lease Agreement (Pxre Group LTD)
Eminent Domain. SECTION 12.1. Section 12.1 If the whole (a) all of the floor area of the Premises, or so much thereof as shall render the Premises is wholly untenantable, shall be acquired or condemned for any public or quasi-public use or purpose, or (b) a portion of the Real Property, not including the Premises, shall be so acquired or condemned, but by reason of such acquisition or condemnation, Tenant no longer has means of access to the Premises, then this Lease and the Term shall end as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1Article 12, the Fixed Rent or and Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent or Additional Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2. Section 12.2 In the event of any such acquisition or condemnation of all or any part of the PremisesReal Property, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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, taking and for any moving expenses, so long as 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's award is not reduced thereby.
(A) Notwithstanding anything 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 contrary contained Term shall continue in Sections 12.1 force and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration effect. If a part of the Premises within sixty (60) days after shall be so acquired or condemned and this Lease and the physical taking of a portion of the Premises; or
(2) Landlord fails complete all repairsTerm shall not be terminated, reconstruction or restoration Landlord, at Landlord's expense, shall restore that part of the Premises within one hundred twenty (120) days not so acquired or condemned so as to constitute tenantable Premises. From and after the date of such physical takingthe vesting of title, 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding reduced in the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion proportion which the area of the cost part of any Maintenance Repair the Premises so acquired or Requirement Alterations condemned bears to the extent required by Section 7.1 abovetotal area of the Premises immediately prior to such acquisition or condemnation.
Appears in 1 contract
Eminent Domain. SECTION 12.1. If the whole there is any taking of the Premises is acquired or condemned for any public or quasi-public use or purpose, this Lease and the Term shall end as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or condemned bears damage 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Demised Premises or any interest therein because of the exercise of the power of eminent domain, whether by condemnation proceedings or otherwise, or any transfer of any part of the Demised Premises or any interest therein made in avoidance of the exercise of the power of eminent domain (all of the foregoing being hereinafter referred to as “taking”) prior to or during the Term hereof, the rights and obligations of Landlord and Tenant with respect to such taking shall be as follows:
A. If there is a taking of all of the Demised Premises, this Lease shall terminate as of the date of such taking;
B. If twenty-five percent (25%) or more of the ground floor area of the Demised Premises shall be taken, or twenty-five percent (25%) of the land area described in Exhibit “B” (as the same may be amended) shall be taken (regardless of whether or not any part of the Demised Premises is taken) then, in that event, Landlord shall be entitled either to receive terminate this Lease or to rebuild the remainder of the Demised Premises or the Shopping Center. Landlord shall give written notice to Tenant of its election no later than ninety (90) days after the date Landlord receives notice that possession or title to the portion of the Demised Premises or Shopping Center taken has vested in the condemner. If this Lease is terminated in accordance with the provisions of this Paragraph 16 such termination shall become effective as of the date physical possession of the particular portion is taken or immediate possession is ordered. The parties shall be released from all further liability hereunder. If this Lease is not terminated as provided in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall restore the remainder of the improvements occupied by Tenant so far as practicable to a complete unit of like quality, character, and condition as that which existed immediately prior to the taking. Cuyamaca Bank/La Mesa Lease Initial Standard Shopping Center Lease Initial 28731-6/1822140.2 [Word] 01/30/03 If this Lease is not terminated as provided in the Paragraph 16, the annual fixed minimum rent only set forth in Article 1 for the remainder of the Term shall be reduced by the proportion which the number of square feet of ground floor area of the Demised Premises taken bears to the total ground floor area of the Demised Premises immediately before the taking. The entire award or compensation in such proceedings, whether for any such acquisition a total or condemnation, but shall be obligated to proceed with reasonable diligence to repair and restore the Premises, at Landlord's expense, to a condition most suitable partial taking or for the Permitted Use. Tenant shall have no claim against Landlord or the condemning authority for diminution in the value of any unexpired portion the leasehold or for the fee shall belong to and be the property of the Term Landlord, 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 Tenant’s interest in any condemnation proceedings for the value of any Tenant's Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced therebyaward.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse 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 1 contract
Sources: Standard Shopping Center Lease (Community Bancorp Inc)
Eminent Domain. SECTION 12.1. a. If the whole of the Building or Premises is acquired lawfully taken by condemnation or condemned in any other manner for any public or quasi-quasi public use or purpose, this Lease and the Term shall end terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything Rent shall be prorated to such date. If less than the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration whole of the Building or 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 sixty ninety (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 (12090) days after the date of such physical taking, then, as a result of any circumstances described in subparagraphs taking if twenty percent (120%) 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, and (2ii) hereof, Landlord shall have the Tenant, at Tenant's option, may right to terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination notice to Tenant given within thirty ninety (3090) days after the passage date of such taking. If either Landlord or Tenant so elects to terminate this Lease, the Lease shall 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 ▇▇▇▇▇▇'s Proportionate Share shall be equitably adjusted according to the remaining Rentable Area of the times periods in subparagraphs (1) Premises and (2) above. Project.
b. In the event that such a Notice of termination any taking, partial or whole, all of the proceeds of any award, judgment or settlement payable by the condemning authority shall be giventhe exclusive property of Landlord, then this Lease and Tenant hereby assigns to Landlord all of its right, title and interest in any award, judgment or settlement from the term condemning authority. Tenant, however, shall have the right, to the extent that Landlord's award is 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 estate hereby granted shall expire as damage to ▇▇▇▇▇▇'s personal property.
c. In the event of a partial taking of the date of termination stated Premises which does not result in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the a termination of this Lease as provided in this Subsection 12.3(A) Lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the cost of any Maintenance Repair Premises as nearly as practicable to its condition prior to the condemnation or Requirement Alterations taking, but only to the extent required by Section 7.1 aboveof Building Standard Work. Tenant shall be responsible at its sole cost and expense for the repair, restoration and replacement of any other Leasehold Improvements and Tenant's Property.
Appears in 1 contract
Eminent Domain. SECTION 12.1. Section 11.1 If the whole of the Real Property, the Building or the Premises is shall be acquired or condemned for any public or quasi-public use or purpose, this Lease and the Term shall end as of the 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 Real Property and not the entire Premises is shall be so acquired or condemned then, (1) except as hereinafter provided in this Section 12.111.1, this Lease and the Term shall continue in force and effect but, if a part of the Premises is included in the part of the Real Property so acquired or condemned, from and after the date of the vesting of title, the Fixed Rent and Additional Rent, if any, the Space Factor shall be reduced in the proportion which the area of the part of the Premises so acquired or condemned bears to the total area of the Premises immediately prior to such acquisition or condemnation. If condemnation and Tenant’s Share shall be redetermined based upon the part proportion in which the ratio between the rentable area of the Premises acquired remaining after such acquisition or condemned contains more than condemnation bears to the rentable area of the Building remaining after such acquisition or condemnation; (2) if the Premises shall be affected thereby, Landlord, at Landlord’s option, may give to Tenant, within sixty (60) days next following the date upon which Landlord shall have received notice of vesting of title, a ninety (90) days’ notice of termination of this Lease if Landlord shall elect to terminate leases (including this Lease), affecting at least fifty percent (50%) of the rentable square feet area of the Building; (3) if at least fifty percent (50%) of the Building, but not the Premises, shall have been affected thereby, Landlord, at Landlord’s option, may give to Tenant, within sixty (60) days next following the date upon which Landlord shall have received notice of vesting of title, a ninety (90) days’ notice of termination of this Lease if Landlord shall elect to terminate leases (including this Lease), affecting at least seventy-five percent (75%) of the rentable area of the Building; and (4) if the part of the Real Property so acquired or condemned shall contain more than fifteen percent (15%) of the total area of the Premises immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises or if, in Tenant’s reasonable opinion, the portion of the Premises remaining shall be rendered wholly inadequate for Tenant to conduct its business at the Premises or substantially unsuitable for if a temporary taking of the Permitted UsePremises is in excess of one hundred eighty (180) days, then either Tenant, at Tenant’s option, may give to Landlord, within sixty (60) days next following the date upon which Tenant shall have received notice of vesting of title, a thirty (30) days’ notice of termination of this Lease. If any such thirty (30) days’ notice of termination is given, by Landlord or Tenant may terminate Tenant, this Lease and the Term shall come to an end and estate hereby granted, by notifying expire upon the other party in writing expiration of such termination within one hundred twenty said thirty (12030) days after the date upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the Term and estate hereby granted shall expire as of the date of termination stated in said Notice, with the same effect as if that the date of expiration of said thirty (30) days were the Fixed Expiration Date. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated pursuant to the foregoing provisions of this Section 11.1, Landlord, at Landlord’s expense, shall restore that part of the Premises not so acquired or condemned and any Alterations affected thereby to a self-contained rental unit to a condition similar to that on the Commencement Date exclusive of Tenant’s Alterations. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.111.1, the Fixed Rent, Escalation Rent or and Additional Rent shall be apportioned as of the earlier of (i) the date of sooner termination or (ii) vesting of title, and any prepaid portion of the Fixed Rent, Escalation Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2. Section 11.2 In the event of any such acquisition or condemnation of all or any part of the PremisesReal Property, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 award. Nothing contained in this Section 12.2 11.2 shall be deemed to prevent Tenant from making a separate claim in any condemnation proceedings for the then value of any Tenant's ’s Property included in such taking, and for any moving expenses, so long as provided that same does not reduce any award or payment to Landlord's award is not reduced thereby.
Section 11.3 If the whole or any part of the Premises shall be acquired or condemned temporarily (Anot to exceed one hundred eighty (180) Notwithstanding anything days) during the Term for any public or quasi-public use or purpose, Tenant shall give prompt notice thereof to Landlord and the contrary contained Term shall not be reduced or affected in Sections 12.1 any way and 12.2 aboveTenant shall continue to pay in full all items of Rental payable by Tenant hereunder without reduction or abatement, in the event and Tenant shall be entitled to receive for itself any award or payments for such use, provided, however, that:
(1i) if the acquisition or condemnation is for a period not extending beyond the Term and if such award or payment is made less frequently than in monthly installments, the same shall be paid to and held by Landlord fails as a fund which Landlord shall apply from time to commence any repairstime to the Rental payable by Tenant hereunder, reconstruction except that, if by reason of such acquisition or condemnation changes or alterations are required to be made to the Premises which would necessitate an expenditure to restore the Premises, then a portion of such award or payment reasonably considered by Landlord as appropriate to cover the expenses of the restoration shall be retained by Landlord, without application as aforesaid, and applied toward the restoration of the Premises within sixty (60) days after the physical taking of a portion of the Premisesas provided in Section 11.1 hereof; or
(2ii) if the acquisition or condemnation is for a period extending beyond the Term, such award or payment shall be apportioned between Landlord fails complete all repairsand Tenant as of the Expiration Date; Tenant’s share thereof, reconstruction if paid less frequently than in monthly installments, shall be paid to Landlord and applied in accordance with the provisions of clause (i) above, provided, however, that the amount of any award or payment allowed or retained for restoration of the Premises within one hundred twenty (120) days after shall remain the date property 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 Landlord if this Lease and shall expire prior to the term and estate hereby granted, by notifying the Landlord in writing of such termination within thirty (30) days after the passage restoration of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 abovePremises.
Appears in 1 contract
Sources: Lease Agreement (Kbw, Inc.)
Eminent Domain. SECTION 12.1. 16.1 If the whole all of the Premises is acquired are condemned or condemned taken in any manner for any public or quasi-public use use, including, but not limited to, a conveyance or purposeassignment in lieu of a condemnation or taking, this Lease and shall automatically terminate as of the Term shall end as earlier of the date of the vesting of title with or the same effect date of dispossession of Tenant as if said date were the Fixed Expiration Datea result of such condemnation or other taking. If only a part of the Premises is so acquired condemned or condemned then, except as hereinafter provided in this Section 12.1taken, this Lease and shall automatically terminate as to the Term shall continue in effect but, if a part portion of the Premises so taken as of the earlier of the date of the vesting of title or the date of dispossession of Tenant as a result of such condemnation or taking. If such portion of the Building is condemned or otherwise taken so acquired as to require, in the opinion of Landlord, a substantial alteration or condemnedreconstruction of the remaining portions thereof, from and after then this Lease may be terminated by Landlord, as of the earlier of (a) the date of the vesting of title, or the Fixed Rent and Additional Rentdate of dispossession as a result of such condemnation or taking, if any, or (b) by written notice from Landlord to Tenant that the termination shall be reduced in occur on the proportion which the area sixtieth (60th) day following ▇▇▇▇▇▇▇▇'s receipt of notice of the date on which said vesting or dispossession will occur. Tenant shall have the right to terminate this Lease if a part of the Premises so acquired is condemned or condemned bears to taken in any manner for public or quasi-public use, including, but not limited to, a conveyance or assignment in lieu of a condemnation or taking.
16.2 This Lease shall not be affected if the total area taking authority by the exercise of its power of eminent domain shall take the Premises immediately prior to such acquisition use or condemnation. If the part of the Premises acquired or condemned contains more than fifty percent (50%) of the rentable square feet occupancy of the Premises or ifany part thereof for a temporary period (hereinafter, by reason "Temporary Taking"). A Temporary Taking is a period of such acquisition or condemnationless than thirty (30) days. The Tenant shall continue to pay, in the manner and at the times specified in this Lease, the Premises shall be rendered wholly or substantially unsuitable for full amount of Annual Base, Additional Rent and other charges payable by the Permitted Use, then either Landlord or Tenant under this Lease. Except only to the extent that the 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term prevented from so doing pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as terms of the date of sooner termination and any prepaid portion order of the Fixed Rent for any period after such date taking authority, Tenant shall be refunded by Landlord continue to Tenant.
SECTION 12.2perform and observe all its other obligations under this Lease, as though the Temporary Taking had not occurred. In the event of any such acquisition or condemnation of all or any part of the Premises, Landlord Tenant shall be entitled to receive the entire Amount of any award made for any such acquisition the "Temporary Taking" whether paid by way of damages, rent, or condemnationotherwise, unless the period of temporary use or occupancy shall extend to or beyond the Expiration Date of this Lease, in which case the award shall be apportioned between Landlord and Tenant as of the Expiration Date, but Landlord shall be obligated in that circumstance receive the entire portion of the award that is attributable to proceed with reasonable diligence physical damage to repair the Premises and the restoration thereof to the condition immediately prior to the taking. The Tenant covenants that, upon the termination of any Temporary Taking, prior to the Expiration Date, it will, at its sole cost and expense, restore the Premises, at Landlord's expenseas nearly as may be reasonably possible, to a the condition most suitable in which the same ware immediately prior to the Temporary Taking.
16.3 Except as provided in the preceding Section 16.2 Landlord shall be entitled to the entire award in any condemnation proceeding or other proceeding for the Permitted Use. Tenant shall have no claim against Landlord taking for public or the condemning authority quasi-public use, including, without limitation, any award made for the value of the leasehold estate created by this Lease. No award for any unexpired portion of the Term partial or entire taking shall be apportioned, and Tenant hereby expressly assigns to Landlord any award that may be made in such condemnation or other taking, together with any and all rights of its right Tenant now or hereafter arising in and or to same or any such award. Nothing part thereof; provided, however, that nothing contained in this Section 12.2 herein shall be deemed to prevent give Landlord any interest in or to require Tenant from making a separate claim in to assign to Landlord any condemnation proceedings award made to Tenant specifically for its relocation expenses or the value taking of any Tenant's Property included in personal property and fixtures belonging to ▇▇▇▇▇▇; provided that such taking, and for any moving expenses, so long as award does not diminish or reduce the amount of the award payable to Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. 16.4 In the event of a partial condemnation or other taking that such does not result in a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord to the entire Premises, then the Annual Base Rental shall be obligated adjusted in proportion to reimburse to Tenant a the portion of the cost of any Maintenance Repair Premises taken by such condemnation or Requirement Alterations to the extent required by Section 7.1 aboveother taking.
Appears in 1 contract
Sources: Office Lease (Mastech Corp)
Eminent Domain. SECTION 12.1. Section 14.1 If the whole of the Buildings or the Premises is acquired or condemned for any public or quasi-public use or purpose, this Lease and the Term shall end as of the date of the vesting of title with the same effect as if said date were the Fixed Expiration Date. If only a part of a Building, the Buildings or the Land and not the entire Premises is so acquired or condemned then, (1) except as hereinafter provided in this Section 12.114.1, this Lease and the Term shall continue in effect but, if a part of the Premises is included in the part of a Building or the Land so acquired or condemned, from and after the date of the vesting of title, the Fixed Rent and the Additional Rent, if any, Rent payable pursuant to Articles 3 and 4 shall be reduced in the proportion which the area of the part of the Premises so acquired or condemned bears to the total area of the Premises immediately prior to such acquisition or condemnation. If ; (2) provided that the Premises are affected thereby, Landlord, at Landlord’s option, may give to Tenant, within sixty (60) days next following the date upon which Landlord receives notice of vesting of title, a thirty (30) day notice of termination of this Lease; and (3) if the part of a Building, the Premises Buildings or the Land so acquired or condemned contains more than fifty twenty percent (5020%) of the rentable square feet total area of the Premises immediately prior to such acquisition or condemnation and the remaining area of the Premises shall not be reasonably sufficient for Tenant to continue feasible operation of its business, or if, by reason of such acquisition or condemnation, Tenant no longer has access to the Premises shall be rendered wholly or substantially unsuitable for the Permitted UsePremises, then either Landlord or Tenant Tenant, at Tenant’s option, may terminate this Lease and the Term and estate hereby grantedgive to Landlord, by notifying the other party in writing of such termination within one hundred twenty sixty (12060) days after next following the date upon which Tenant receives Notice notice of vesting of title. In the event that such Notice , a thirty (30) day notice Table of Contents of termination shall be of this Lease. If any such thirty (30) day notice of termination is given, then by Landlord or Tenant, this Lease and the Term shall come to an end and estate hereby granted shall expire as upon the expiration of the date of termination stated in said Notice, thirty (30) days with the same effect as if that the date of expiration of said thirty (30) days were the Fixed Expiration Date. If a part of the Premises is so acquired or condemned and this Lease and the Term are not terminated pursuant to the foregoing provisions of this Section 14.1, Landlord, at Landlord’s cost and expense, shall restore that part of the Premises not so acquired or condemned to a self-contained rental unit, exclusive of Tenant’s Alterations, leasehold improvements and Tenant’s Property. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.114.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent or Additional Rent payable pursuant to Articles 3 and 4 for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2. Section 14.2 In the event of any such acquisition or condemnation of all or any part of the PremisesReal Property, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 award. Nothing contained in this Section 12.2 14.2 shall be deemed to prevent Tenant from making a separate claim in any condemnation proceedings for the value of any Tenant's ’s Property and Tenant’s Alterations included in such taking, and for any moving expenses, so long as Landlord's ’s award is not reduced thereby.
(A) Notwithstanding anything Section 14.3 If the whole or any part of the Premises is acquired or condemned temporarily during the Term for any public or quasi-public use or purpose, the Term shall not be reduced or affected in any way and Tenant shall continue to pay in full all items of Rental payable by Tenant hereunder without reduction or abatement, and Tenant shall be entitled to receive for itself any award or payments for such use; provided, however, that if the contrary contained in Sections 12.1 acquisition or condemnation is for a period extending beyond the Term, such award or payment shall be apportioned between Landlord and 12.2 aboveTenant as of the Expiration Date; provided, in however, that the event that:
(1) the Landlord fails to commence amount of any repairs, reconstruction award or payment allowed or retained for restoration of the Premises within sixty (60) days after shall remain the physical taking property of a portion Landlord if this Lease expires prior to the restoration 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse 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 1 contract
Eminent Domain. SECTION 12.1Section 13.1. If the whole of the Real Property or the Premises is acquired or condemned for any public or quasi-public use or purpose, this Lease and the Term shall end as of the date of the vesting of title or the date upon which Tenant is denied use and possession of the Premises pursuant to the terms of this Lease, whichever occurs first, with the same effect as if said date were the Fixed Expiration Date. If only a part of the Real Property and not the entire Premises is so acquired or condemned then, (a) except as hereinafter provided in this Section 12.113.1, this Lease and the Term shall continue in effect but, if a part of the Premises is included in the part of the Real Property so acquired or condemned, from and after the date of the vesting of titletitle or Tenant's denial of use and possession, whichever occurs first, the Fixed Base Rent and Additional Rent, if any, shall be reduced in the proportion which the area of the part of the Premises so acquired or condemned bears to the total area of the Premises immediately prior to such acquisition or condemnation. If ; and (b) if the part of the Premises Real Property so acquired or condemned contains more than fifty thirty percent (5030%) of the rentable square feet total area of the Premises immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has access to the Premises shall be rendered wholly or substantially unsuitable for the Permitted UsePremises, then either Landlord or Tenant Tenant, at Tenant’s option, may terminate this Lease and the Term and estate hereby grantedgive to Landlord, by notifying the other party in writing of such termination within one hundred twenty sixty (12060) days after next following the date upon which Tenant receives Notice notice of vesting of title. In the event that such Notice , a thirty (30) day notice of termination shall be of this Lease. If any such thirty (30) day notice of termination is given, then by Tenant, this Lease and the Term shall come to an end and estate hereby granted shall expire as upon the expiration of the date of termination stated in said Notice, thirty (30) days with the same effect as if that the date of expiration of said thirty (30) days were the Fixed Expiration Date. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.113.1, the Fixed Rent or Additional Base Rent shall be apportioned as of the date of sooner the termination and any prepaid portion of the Fixed Base Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2Section 13.2. In the event of any such acquisition or condemnation of all or any part of the PremisesReal Property, Landlord shall be entitled to receive the entire pursue an award for any such acquisition or condemnation, but shall be obligated condemnation as to proceed with reasonable diligence the Buildings (subject to repair and restore the Premises, at LandlordTenant's expense, to a condition most suitable for the Permitted Userights under this Section 13.2). Tenant shall have no claim against Landlord or be entitled to pursue an award for any loss from the condemning authority authority, including, without limitation, 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 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 Term, Tenant's Property included in such takingWork, and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 Alterations and/or Tenant's option, may terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 aboveProperty.
Appears in 1 contract
Eminent Domain. SECTION 12.1. a. If the whole of the Building or Premises is acquired lawfully taken by condemnation or condemned in any other manner for any public or quasi-public use or quasipublic purpose, this Lease and the Term shall end terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything Rent shall be prorated to such date. If less than the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration whole of the Building or 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 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 (120ninety(90) days after the date of such physical taking, then, as a result of any circumstances described in subparagraphs taking if twenty percent (120%) 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, and (2ii) hereof, Landlord shall have the Tenant, at Tenant's option, may right to terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination notice to Tenant given within thirty ninety (3090) days after the passage date of such taking. If either Landlord or Tenant so elects to terminate this Lease, the Lease shall terminate on the thirtieth (30th) day after either such notice. The Rentshall 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 times periods in subparagraphs (1) Premises and (2) above. Project.
b. In the event that such a Notice of termination any taking, partial or whole, all of the proceeds of any award, judgment or settlement payable by the condemning authority shall be giventhe exclusive property of Landlord, then this Lease and Tenant hereby assigns to Landlord all of its right, title and interest in any award, judgment or settlement from the term condemning authority. Tenant, however, shall have the right, to the extent that Landlord's award is 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 estate hereby granted shall expire as damage to Tenant's personal property.
c. In the event of a partial taking of the date of termination stated Premises which does not result in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the a termination of this Lease as provided in this Subsection 12.3(A) Lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the Premises as nearly as practicable to its condition priorto the condemnation or taking, but only to.the extent of Building Standard Work. Tenant shall be responsible at its sole cost and expense for the repair, restoration and replacement of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 aboveother Leasehold Improvements and Tenant's Property.
Appears in 1 contract
Sources: Office Building Lease (Unify Corp)
Eminent Domain. SECTION 12.1. (a) If the whole of the Building or Premises is acquired condemned or condemned in any other manner taken for any public or quasi-public use or purpose, this Lease and the Term shall end terminate as of the date of the vesting of title with the same effect as if said date were the Fixed Expiration Datesuch condemnation and Rent shall be prorated to such date. If only a part less than the whole of the Building or Premises is so acquired or condemned then, except as hereinafter provided in this Section 12.1taken, 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 reduced in the proportion which the area of the part of the Premises so acquired or condemned bears to the total area of the Premises immediately prior to unaffected by such acquisition or condemnation. If the part of the Premises acquired or condemned contains more than fifty percent taking, provided that (50%I) 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 right to terminate this lease by notice 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 value of any Tenant's Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
given within ninety (A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 (12090) days after the date of such physical taking, then, as a result of any circumstances described in subparagraphs taking if twenty percent (120%) 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, and (2) hereof, Landlord shall have the Tenant, at Tenant's option, may right to terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination notice to Tenant given within thirty ninety (3090) days after the passage date of such taking. If either Landlord or Tenant so elects to terminate this Lease, the Lease shall 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 ▇▇▇▇▇▇’s Proportionate Share shall be equitably adjusted according to the remaining Rentable Area of the times periods in subparagraphs Premises and Project.
(1b) and (2) above. In the event that such a Notice of termination any taking, partial or whole, all the proceeds of any award, judgment or settlement payable by the condemning authority shall be giventhe exclusive property of Landlord, then this Lease and Tenant hereby assigns to Landlord all of its right, title and interest in any award, judgment, or settlement from the term condemning authority. Tenant, however, shall have the right, to the extent that Landlord’s award is 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 estate hereby granted shall expire as damage to ▇▇▇▇▇▇’s Property.
(c) In the event of a partial taking of the date of termination stated Premises which does not result in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the a termination of this Lease as provided in this Subsection 12.3(A) Lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the cost of any Maintenance Repair Premises as nearly as reasonably practicable to its condition prior to the condemnation or Requirement Alterations taking, but only to the extent required by Section 7.1 aboveof the Work. Tenant shall be responsible, at its sole cost and expense for the repair, restoration and replacement of any other Leasehold Improvements and Tenant’s Property.
Appears in 1 contract
Sources: Office Building Lease (Cardio Diagnostics Holdings, Inc.)
Eminent Domain. SECTION 12.114.1. If In the event that the whole of the Premises is acquired demised premises shall be lawfully condemned or condemned taken in any manner for any public or quasi-public use or purpose, this Lease and the Term term and estate hereby granted shall end forthwith cease and terminate as of the date of the vesting of title with (herein called the same effect as if said “date were of taking”), and Tenant shall have no claim against Landlord for, or make any claim for the Fixed Expiration Date. If only a part value of the Premises is so acquired or condemned thenany unexpired term of this Lease, 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 fixed annual rent and after the date of the vesting of title, the Fixed Rent and Additional Rent, if any, additional rent shall be reduced in the proportion which the area of the part of the Premises so acquired or 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 apportioned as 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 upon which Tenant receives Notice of vesting of titledate.
14.2. In the event that such Notice any part of termination the demised premises shall be givenso condemned or taken, then this Lease shall be and remain unaffected by such condemnation or taking, except that the Term fixed annual rent 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. In the event of any termination of this Lease additional rent under Articles 4 and the Term pursuant 5 hereof allocable to the provisions of this Section 12.1, the Fixed Rent or Additional Rent part so taken shall be apportioned as of the date of sooner termination and any prepaid portion taking; provided, however, that Tenant may elect to cancel this Lease in the event that more than twenty-five (25%) percent of the Fixed Rent for any period demised premises should be so condemned or taken or Tenant no longer has reasonable means of access to the demised premises, provided such notice of election is given by Tenant to Landlord not later than sixty (60) days after the date when title shall vest in the condemning authority. Upon the giving of such notice, this Lease shall terminate on the thirtieth (30th) day following the date of such notice and the fixed annual rent and additional rent shall be refunded apportioned as of such termination date. Upon such partial taking and this Lease continuing in force as to any part of the demised premises, the fixed annual rent and additional rent under Articles 4 and 5 hereof shall be diminished by an amount representing the part of the fixed annual rent and additional rent properly applicable to the portion or portions of the demised premises which may be so condemned or taken. If as a result of the partial taking (and this Lease continuing in force as to the part of the demised premises not so taken), any part of the demised premises not taken is damaged, Landlord agrees with reasonable promptness, at Landlord’s sole cost and expense, to Tenant.
SECTION 12.2do the work necessary to restore the damaged portion to the condition existing immediately prior to the taking, and prosecute the same with reasonable diligence to its completion. In the event Landlord and Tenant are unable to agree as to the amount by which the fixed annual rent and additional rent shall be diminished, the matter shall be determined by arbitration in accordance with the provisions of any Article 33 of this Lease. Pending such acquisition or condemnation of all or any part of determination, Tenant shall pay to Landlord the Premisesfixed annual rent and additional rent as fixed by Landlord, subject to adjustment in accordance with the arbitration.
14.3. Except as otherwise expressly provided in Section 14.5 hereof, Landlord shall be entitled to receive the entire award or payment in connection with any taking without deduction therefrom for any such acquisition or condemnation, but shall be obligated to proceed with reasonable diligence to repair estate vested in Tenant by this Lease and restore the Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have receive no claim against Landlord or the condemning authority for the value part of any unexpired portion of the Term and such award except as hereinafter expressly provided in this Article 14. Tenant hereby expressly assigns to Landlord all of its right right, title and interest in and to any every such award. Nothing contained in this Section 12.2 award or payment; provided, however, that Tenant shall be deemed have the right to prevent Tenant from making make a separate claim in any condemnation proceedings for its moving expenses and to the value of any Tenant's Property included in such takingextent the award otherwise payable to Landlord shall not be diminished thereby, and for any moving expenses, so long as Landlord's award is not reduced therebyof Tenant’s Property taken.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above14.4. In the event that such a Notice more than twenty-five (25%) percent of termination the demised premises shall be given, then this Lease so taken and the term and estate hereby granted Tenant 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of not have elected to cancel this Lease as provided in this Subsection 12.3(A) Landlord above provided, the entire award for a partial taking shall be obligated paid to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations Landlord, and (a) Landlord, at Landlord’s own expense, shall to the extent required by of the net proceeds (after deducting reasonable expenses including attorneys’ and appraisers’ fees and disbursements) of the award restore the unaffected part of the demised premises (other than those parts of the demised premises which are deemed Landlord’s property pursuant to Section 7.1 above.8.11 hereof and Tenant’s Property) to substantially the same condition and tenantability as existed prior to the taking to the extent the same may be feasible (subject to reasonable changes which Landlord shall deemed desirable) and (b) Tenant, at its expense, shall proceed with reasonable diligence to repair the remaining parts of the demised premises which are deemed Landlord’s property pursuant to Section 8.11 hereof and Tenant’s Property, to substantially their former condition to the extent that the same may be feasible, subject to reasonable changes which shall be deemed Alterations. Until said unaffected portion is restored, Tenant shall be entitled to a proportionate abatement of fixed annual rent and additional rent under Articles 4 and 5 hereof for that
Appears in 1 contract
Sources: Lease Agreement (Blackrock Inc /Ny)
Eminent Domain. SECTION Section 12.1. If the whole of the Premises is acquired or condemned for any public or quasi-public use or purpose, this Lease and the Term shall end as of the date of the vesting of title with the same effect as if said such date were the Fixed Expiration DateDate or the Expiration Date of any Option Period, as applicable. If only a part of the Premises is so acquired or condemned then, except as hereinafter provided below 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 Base Rent and Additional Rent, if any, shall be reduced in the proportion which the area of the part of the Premises so acquired or 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 shall, in Tenant’s reasonable judgment, be rendered wholly or substantially unsuitable for the Permitted Use, then either Landlord or Tenant Tenant, at Tenant’s option, may terminate this Lease and the Term and estate hereby granted, by notifying the other party Landlord in writing of such termination within one hundred twenty (120) days after the date upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the Term and estate hereby granted shall expire terminate as of the date of termination stated in said such Notice, with the same effect as if that such date were the Fixed Expiration DateDate or the Expiration Date of any Option Period, as applicable. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Base Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Base Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION Section 12.2. In the event of any such acquisition or condemnation of all or any part of the Premises, Landlord shall 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 Premises, at Landlord's ’s expense, to a condition most reasonably 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 Term, 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 (a) the value of any of Tenant's ’s Property included in such taking, taking and for (b) any moving expenses, in each case so long as Landlord's ’s award is not reduced thereby.
(A) Section 12.3. Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above12.2, in the event that:
(1a) the Landlord fails to commence any repairs, reconstruction or restoration of the Premises within sixty (60) days after the physical taking of a any portion of the Premises; or
(2b) Landlord fails to 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 circumstance described in subparagraphs clause (1a) or (2b) hereofabove, the Tenant, at Tenant's ’s option, may terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination within thirty (30) days after the passage of the times periods applicable time period specified in subparagraphs clause (1a) and or (2b) above. In the event that such a Notice of termination shall be given, then this Lease and the term and estate hereby granted shall expire terminate as of the date of termination stated in said such Notice with the same effect as if that such date were the Fixed Expiration DateDate or the Expiration Date of any Option Period, as applicable, and the Fixed Base Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Section 12.3, Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations Alteration to the extent required by Section 7.1 above7.1.
Appears in 1 contract
Eminent Domain. SECTION 12.1. (a) If the whole (i) all of the floor area of the Premises, or so much thereof as shall render the Premises is wholly untenantable, shall be acquired or condemned for any public or quasi-public use or purpose, or (ii) a portion of the Real Property, not including the Premises, shall be so acquired or condemned, but by reason of such acquisition or condemnation, Tenant no longer has means of access to the Premises, then this Lease and the Term shall end as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1Article 12, the Fixed Rent or and Additional Rent shall be apportioned as of the date of sooner such termination and any prepaid portion of the Fixed Rent or Additional Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2(b) If the part of the Real Property so acquired or condemned contains more than twenty-five percent (25%) of the total area of the Premises immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease by notice to Landlord given within thirty (30) days following the date upon which Tenant receives notice of such acquisition or condemnation. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the thirtieth (30th) day following the giving of such notice.
Section 12.2 In the event of any such acquisition or condemnation of all or any part of the PremisesReal Property, Landlord shall be entitled to receive the entire award for any such 44 acquisition or condemnation, but shall be obligated to proceed with reasonable diligence to repair and restore the Premises, at Landlord's expense, to a condition 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 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, taking and for any moving expenses, so long as 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's award is not reduced thereby.
(A) Notwithstanding anything 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 contrary contained Term shall continue in Sections 12.1 force and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration effect. If a part of the Premises within sixty (60) days after shall be so acquired or condemned and this Lease and the physical taking of a portion of the Premises; or
(2) Landlord fails complete all repairsTerm shall not be terminated, reconstruction or restoration Landlord, at Landlord's expense, shall restore that part of the Premises within one hundred twenty (120) days not so acquired or condemned so as to constitute tenantable Premises. From and after the date of such physical takingthe vesting of title, 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding reduced in the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion proportion which the area of the cost part of any Maintenance Repair the Premises so acquired or Requirement Alterations condemned bears to the extent required by Section 7.1 abovetotal area of the Premises immediately prior to such acquisition or condemnation.
Appears in 1 contract
Eminent Domain. SECTION 12.1. 17.1 If thirty-three percent (33%) or less of the whole usable area of the Premises is acquired taken by exercise of the power of eminent domain before the Commencement Date or condemned for any public or quasi-public use or purposeduring the term of this Lease, this Lease and shall terminate as to the Term shall end portion of the Premises so taken as of the date of the vesting of title with the same such taking and shall remain in full force and effect as if said to the portion of the Premises not so taken, and the Base Rent shall be reduced as of the date were of such taking in the Fixed Expiration Dateproportion that the usable area of the Premises so taken bears to the total usable area of the Premises. If only a part more than thirty-three percent (33%), but less than all, of the usable area 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 taken by exercise of the Premises is so acquired power of eminent domain before the Commencement Date or condemnedduring the term of this Lease, from Landlord and after Tenant each shall have the date of the vesting of titleright, the Fixed Rent and Additional Rent, if any, shall be reduced in the proportion which the area of the part of the Premises so acquired or condemned bears by giving written notice 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 other within thirty (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 (12030) days after the date upon which of such taking, to terminate this Lease. If either Landlord or Tenant receives Notice of vesting of title. In the event that exercises such Notice of termination shall be given, then right to terminate this Lease and the Term and estate hereby granted in accordance with this Section 17.1, this Lease shall expire terminate as of the date of termination stated in said Notice, with the same effect as if that date were the Fixed Expiration Datesuch taking. In the event of any termination of If neither Landlord or Tenant exercises such right to terminate this Lease and the Term pursuant in accordance with this Section 17.1, this Lease shall terminate as to the provisions portion of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned Premises so taken as of the date of sooner termination such taking and any prepaid shall remain in full force and effect as to the portion of the Fixed Premises not so taken, and the Base Rent for any period after such date shall be refunded reduced as of the date of such taking in the proportion that the usable area of the Premises so taken bears to the total usable area of the Premises. If all of the Premises is taken by Landlord to Tenantexercise of the power of eminent domain before the Commencement Date or during the term of this Lease, this Lease shall terminate as of the date of such taking.
SECTION 12.2. In the event of any such acquisition or condemnation of 17.2 If all or any part of the PremisesPremises 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 17.2, be paid to and become the property of Landlord, and Tenant hereby assigns to Landlord shall be entitled to receive all of the entire award for any such acquisition or condemnationforegoing. Without limiting the generality of the foregoing, but shall be obligated to proceed with reasonable diligence to repair and restore the Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have no claim against Landlord or the condemning authority entity exercising the power of eminent domain for the value of the leasehold estate created by this Lease or any unexpired term of this Lease. Tenant shall have the right to claim and receive directly from the entity exercising the power of eminent domain only the share of any award determined to be owing to Tenant for the taking of improvements installed in the portion of the Term Premises so taken by Tenant at Tenant's sole cost and expense based on the unamortized cost actually paid by Tenant hereby expressly assigns to Landlord all for such improvements, for the taking of its right in Tenant's movable furniture, equipment, trade fixtures, and to any such award. Nothing contained personal property, for loss of goodwill, for interference with or interruption of Tenant's business, or for removal and relocation expenses.
17.3 As used in this Section 12.2 shall be deemed to prevent Tenant from making Article 17, a separate claim in any condemnation proceedings for "taking" means the value acquisition of any Tenant's Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction all or restoration part of the Premises within sixty (60) days after the physical taking of for a portion public use by exercise of the Premises; or
(2) Landlord fails complete all repairs, reconstruction or restoration power of eminent domain and the taking shall be considered to occur as of the earlier of the date on which possession of the Premises within one hundred twenty (120or part so taken) days after by the entity exercising the power of eminent domain is authorized as stated in an order for possession or 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations on which title to the extent required by Section 7.1 abovePremises (or part so taken) vests in the entity exercising the power of eminent domain.
Appears in 1 contract
Eminent Domain. SECTION 12.1. 20.1 If the whole of the Premises Project is acquired lawfully taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease and the Term shall end terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything Rent shall be prorated to such date. If less than the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration whole of the Project, Building or 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 sixty ninety (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 (12090) days after the date of such physical taking, thentaking if twenty percent (20%) or more of the Premises is taken or the remaining area of the Premises is not practical for Tenant to continue operation of its business, as a result of any circumstances described in subparagraphs (1) or (2) hereof, the may be reasonably determined by Tenant, at Tenant's option, may and (ii) Landlord shall have the right to terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination notice to Tenant given within thirty ninety (3090) days after the passage date of such taking. If either Landlord or Tenant so elects to terminate this Lease, the Lease shall 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 Pro Rata Share of Additional Rent shall be equitably adjusted according to the remaining Rentable Area of the times periods in subparagraphs (1) Premises and (2) above. Project.
20.2 In the event that such a Notice of termination any taking, partial or whole, all of the proceeds of any award, judgment or settlement payable by the condemning authority shall be giventhe exclusive property of Landlord, then this Lease and Tenant hereby assigns to Landlord all of its right, title and interest in any award, judgment or settlement from the term condemning authority. Tenant, however, shall have the right, to the extent that Landlord’s award is 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 estate hereby granted shall expire as damage to Tenant’s personal property.
20.3 In the event of a partial taking of the date of termination stated Premises which does not result in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the a termination of this Lease as provided in this Subsection 12.3(A) Lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the cost of any Maintenance Repair Premises as nearly as practicable to its condition prior to the condemnation or Requirement Alterations taking, but only to the extent required by Section 7.1 aboveof building standard finishes. Tenant shall be responsible at its sole cost and expense for the repair, restoration and replacement of any other Tenant Improvements and Tenant’s Property.
Appears in 1 contract
Eminent Domain. SECTION 12.1Section 11.1. If the whole of the Real Property, the Building or the Premises is shall be acquired or condemned for any public or quasi-public use or purpose, this Lease and the Term shall end as of the 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 Real Property and not the entire Premises is shall be so acquired or condemned then, (1) except as hereinafter provided in this Section 12.111.1, this Lease and the Term shall continue in effect force and effect, but, if a part of the Premises is included in the part of the Real Property so acquired or condemned, from and after the date of the vesting of title, the Fixed Rent and Additional Rent, if any, the Space Factor shall be reduced in the proportion which the area of the part of the Premises so acquired or condemned bears to the total area of the Premises immediately prior to such acquisition or condemnation. If condemnation and Tenant's Share shall be redetermined based upon the part proportion in which the ratio between the rentable area of the Premises remaining after such acquisition or condemnation bears to the rentable area of the Building remaining after such acquisition or condemnation; (2) if at least ten percent (10%) of the Real Property is so acquired or condemned contains more than and whether or not the Premises shall be affected thereby, Landlord, at Landlord's option, may give to Tenant, within sixty (60) days next following the date upon which Landlord shall have received notice of vesting of title, a thirty (30) days' notice of termination of this Lease if Landlord shall elect to terminate leases (including this Lease), affecting at least fifty percent (50%) of the rentable square feet area of the Building (excluding any rentable area leased by Landlord or its Affiliates); and (3) if the part of the Real Property so acquired or condemned shall contain more than fifteen percent (15%) of the total area of the Premises immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises Premises, Tenant, at Tenant's option, may give to Landlord, within sixty (60) days next following the date upon which Tenant shall be rendered wholly or substantially unsuitable for the Permitted Usehave received notice of vesting of title, then either a thirty (30) days' notice of termination of this Lease. If any such thirty (30) days' notice of termination is given by Landlord or Tenant may terminate Tenant, this Lease and the Term shall come to an end and estate hereby granted, by notifying expire upon the other party in writing expiration of such termination within one hundred twenty said thirty (12030) days after the date upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the Term and estate hereby granted shall expire as of the date of termination stated in said Notice, with the same effect as if that the date of expiration of said thirty (30) days were the Fixed Expiration Date. In If a part of the event Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated pursuant to the foregoing provisions of any this Section 11.1, Landlord, at Landlord's expense, shall restore that part of the Premises not so acquired or condemned to a self-contained rental unit inclusive of Tenant's Alterations (other than Specialty Alterations), except that if such acquisition or condemnation occurs prior to completion of the Initial Alterations, Landlord shall only be required to restore that part of the Premises not so acquired or condemned to a self-contained rental unit exclusive of Tenant's Alterations. Upon the termination of this Lease and the Term pursuant to the provisions of this Section 12.111.1, the Fixed Rent or Additional and Escalation Rent shall be apportioned as of the date of sooner termination vesting of title and any prepaid portion of the Fixed Rent and Escalation Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2Section 11.2. In the event of any such acquisition or condemnation of all or any part of the PremisesReal Property, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 award. Nothing contained in this Section 12.2 11.2 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, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything Section 11.3. If the whole or any part of the Premises shall be acquired or condemned temporarily during the Term for any public or quasi-public use or purpose, Tenant shall give prompt notice thereof to Landlord and the contrary contained Term shall not be reduced or affected in Sections 12.1 any way and 12.2 aboveTenant shall continue to pay in full all items of Rental payable by Tenant hereunder without reduction or abatement, in the event and Tenant shall be entitled to receive for itself any award or payments for such use, provided, however, that:
(1i) if the acquisition or condemnation is for a period not extending beyond the Term and if such award or payment is made less frequently than in monthly installments, the same shall be paid to and held by Landlord fails as a fund which Landlord shall apply from time to commence any repairstime to the Rental payable by Tenant hereunder, reconstruction except that, if by reason of such acquisition or condemnation changes or alterations are required to be made to the Premises which would necessitate an expenditure to restore the Premises, then a portion of such award or payment reasonably appropriate to cover the expenses of the restoration shall be retained by Landlord, without application as aforesaid, and applied toward the restoration of the Premises within sixty (60) days after the physical taking of a portion of the Premisesas provided in Section 11.1 hereof; or
(2ii) if the acquisition or condemnation is for a period extending beyond the Term, such award or payment shall be apportioned between Landlord fails complete all repairsand Tenant as of the Expiration Date; Tenant's share thereof, reconstruction if paid less frequently than in monthly installments, shall be paid to Landlord and applied in accordance with the provisions of clause (i) above, provided, however, that the amount of any award or payment allowed or retained for restoration of the Premises within one hundred twenty (120) days after shall remain the date property 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 Landlord if this Lease and shall expire prior to the term and estate hereby granted, by notifying the Landlord in writing of such termination within thirty (30) days after the passage restoration of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 abovePremises.
Appears in 1 contract
Sources: Lease Agreement (Liveperson Inc)
Eminent Domain. SECTION 12.1. If (A) If, during the whole Term all of the Premises is acquired shall be taken (or condemned temporarily taken for a period of one (1) year or more) by a public authority under any public statute or quasi-public use by right of eminent domain, or purposepurchased under threat of such taking, this Lease and shall automatically terminate on the Term shall end as date on which the condemning authority takes possession of the date Premises ("Date of Such Taking").
(B) If, during the vesting of title with the same effect as if said date were the Fixed Expiration Date. If only a Term, part of the Premises is so acquired taken or condemned thenpurchased, except and if, in the reasonable opinion of Landlord, substantial alteration or reconstruction of the Premises is necessary or desirable as hereinafter provided a result thereof, whether or not the Premises are or may be affected, Landlord shall have the right to terminate this Lease by giving Tenant at least thirty (30) days' written notice of such termination, and thereupon this Lease shall terminate on the date set forth in such notice.
(C) Tenant shall immediately surrender to Landlord the Premises and all interests therein under this Lease on any such date of termination under this Section 12.16.01. Landlord may re-enter and take possession of the Premises and remove Tenant therefrom if necessary, and, in the event of a termination under this Lease Section 6.01, the Base Rent and Additional Rent shall abate on the Term later of the date of termination or the Date of Su▇▇ ▇aking. After such termination, and on notice from Landlord stating the Base Rent and Additional Rent then owing, Tenant shall continue in effect but, if forthwith pay Landlord such amounts.
(D) If a part portion of the Premises is so acquired or condemnedtaken, from and after the date no rights of the vesting of titletermination herein conferred are timely exercised, the Fixed Term of this Lease shall expire with respect to the portion so taken on the Date of Such Taking. In such event, the Base Rent and Additional RentRent with respect to such portion so taken shall abate on such date or on such later date as Tenant shall deliver ▇▇▇▇ession thereof, if any, shall be reduced in and the proportion which the area of the part of the Premises so acquired or condemned bears Base Rent and Additional Rent thereafter payable with respect to the total area remainder 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 adjusted pro rata by Landlord in order to account for the Permitted Usereduction in the number of rentable square feet in the Premises. Landlord shall restore and redemise the Premises to the extent required to exclude from the Premises that portion so taken; provided, then either Landlord or Tenant may terminate this Lease that Landlord's obligation to restore and redemise the Term and estate hereby granted, by notifying remainder of the other party in writing of such termination within one hundred twenty (120) days after the date upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination Premises shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant limited to the provisions of this Section 12.1, funds available to Landlord from the Fixed Rent condemnation award or Additional Rent shall be apportioned as of other consideration paid for the date of sooner termination and any prepaid affected portion of the Fixed Rent for Premises. Landlord shall not be obligated to replace, repair or restore any period after such date improvements or alterations to the Premises made by or on behalf of Tenant, nor shall Landlord be refunded by Landlord obligated to replace, repair or restore Tenant's leasehold improvements, personal property, furniture, fixtures, equipment or the like.
SECTION 12.2. In the event of (E) Upon any such acquisition taking or condemnation of all or any part of the Premisespurchase, Landlord shall be entitled to receive and retain the entire award or consideration for any such acquisition or condemnation, but shall be obligated to proceed with reasonable diligence to repair and restore the affected portion of the Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. and Tenant shall not have no or advance any claim against Landlord or the condemning authority for the value of its property or its leasehold estate or the unexpired Term of the Lease, or for costs of removal or relocation, or business interruption expense or any unexpired other damages arising out of such taking or purchase. Nothing herein shall give Landlord any interest in or preclude Tenant from seeking and recovering for its own account from the condemning authority any award or compensation attributable to the taking or purchase of Tenant's improvements, chattels or trade fixtures, or the removal or relocation of its business and effects, or the interruption of its business; provided that any such award or compensation shall not reduce the amount of the award otherwise payable to Landlord. If any such award made or compensation paid to either party specifically includes an award or amount for the other, the party first receiving the same shall promptly account therefor to the other.
(F) If all or any portion of the Term Premises shall be condemned or taken for governmental occupancy for a period of less than one year, this Lease shall continue in full force and effect and Tenant hereby expressly assigns shall continue to Landlord pay in full 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 value of any Tenant's Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Base Rent and Additional Rent hereunder and other charges herein reserved, without reduction or abatement, and Tenant shall be apportioned entitled to receive, for itself, so much of any award or payment made for such use as of is equal to the payments that are actually made by Tenant to Landlord during such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) temporary taking, and Landlord shall be obligated to reimburse to Tenant a portion of receive the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 abovebalance thereof.
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Eminent Domain. SECTION 12.1. Section 1 1.1 If the whole of the Real Property, the Building or the Premises is shall be acquired or condemned for any public or quasi-public use or purpose, this Lease and the Term shall end as of the 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 Real Property (comprised of at least thirty percent (30%) of the rentable area of the Building) and not the entire Premises is shall be so acquired or condemned then, (1) except as hereinafter provided in this Section 12.111.1, this Lease and the Term shall continue in effect force and effect, but, if a part of the Premises is included in the part of the Real Property so acquired or condemned, from and after the date of the vesting of title, (x) the Fixed Rent and Additional Rent, if any, the Space Factor shall be reduced in the proportion which the area of the part of the Premises so acquired or condemned bears to the total area of the Premises immediately prior to such acquisition or condemnation. If , (y) Tenant’s Share shall be redetermined based upon the part proportion in which the ratio between the rentable area of the Premises acquired remaining after such acquisition or condemned contains more than condemnation bears to the rentable area of the Building remaining after such acquisition or condemnation, and (z) the security deposit pursuant to Article 31 below shall be reduced in the same proportion that the Fixed Rent and Space Factor are reduced; (2) whether or not the Premises shall be affected thereby, Landlord, at Landlord’s option, may give to Tenant, within sixty (60) days next following the date upon which Landlord shall have received notice of vesting of title, a thirty (30) days’ notice of termination of this Lease if Landlord shall elect to terminate leases (including this Lease), affecting at least fifty percent (50%) of the rentable square feet area of the Building (excluding any rentable area leased by Landlord or its Affiliates); and (3) if the part of the Real Property so acquired or condemned shall contain more than fifteen percent (15%) of the total area of the Premises immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises Premises, Tenant, at Tenant’s option, may give to Landlord, within sixty (60) days next following the date upon which Tenant shall be rendered wholly or substantially unsuitable for the Permitted Usehave received notice of vesting of title, then either a thirty (30) days’ notice of termination of this Lease. If any such thirty (30) days’ notice of termination is given by Landlord or Tenant may terminate Tenant, this Lease and the Term shall come to an end and estate hereby granted, by notifying expire upon the other party in writing \ expiration of such termination within one hundred twenty said thirty (12030) days after the date upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the Term and estate hereby granted shall expire as of the date of termination stated in said Notice, with the same effect as if that the date of expiration of said thirty (30) days were the Fixed Expiration Date. In If a part of the event Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated pursuant to the foregoing provisions of any this Section 1 1.1, Landlord, at Landlord’s expense, shall restore that part of the Premises not so acquired or condemned to a self-contained rental unit inclusive of Tenant’s Alterations (other than Specialty Alterations), except that if such acquisition or condemnation occurs prior to completion of the Initial Alterations, Landlord shall only be required to restore that part of the Premises not so acquired or condemned to a self-contained rental unit exclusive of Tenant’s Alterations. Upon the termination of this Lease and the Term pursuant to the provisions of this Section 12.111.1, the Fixed Rent or Additional Rent Rental shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent Rental 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 above.
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Eminent Domain. SECTION 12.1. If (a) In the whole event of the Premises is acquired or condemned a taking for any public or quasi-public use by any lawful power or purposeauthority by exercise of the right of condemnation or of eminent domain or by agreement between Landlord and those having the authority to exercise such right (hereinafter called “Taking”) of the entire Tenant’s Building, then: (l) this Lease and the Term term hereof shall end cease and expire as of the date of the vesting of title with the same effect or transfer of possession, whichever occurs earlier, as if said date were the Fixed Expiration Date. If only a part result of the Premises Taking; and (2) any Fixed Rent and Additional Rent paid for a period after such date of termination shall be refunded to Tenant upon demand.
(1) In the event of a Taking of any material portion of Tenant’s Building or in the event of a denial of adequate access to the Demised Premises, Tenant may elect to terminate this Lease by giving notice of termination to Landlord on or before the date which is so acquired or condemned thenninety (90) days after receipt by Tenant of notice that the Taking shall have occurred. Said notice of termination shall state the date of termination, except as hereinafter provided which date of termination shall be not more than thirty (30) days after the date on which such notice of termination is given to Landlord, in this Section 12.1, which event: (a) upon the date specified in such notice of termination this Lease and the Term term hereof shall continue in effect butcease and expire, if a part of the Premises is so acquired or condemned, from and after the date of the vesting of title, the (b) any Fixed Rent and Additional Rent, if any, Rent paid for a period after such date of termination shall be reduced in the proportion which the area of the part of the Premises so acquired or condemned bears refunded to the total area of the Premises immediately prior Tenant upon demand.
(2) If Tenant does not elect 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 as aforesaid, then the award or payment for the Taking shall 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 Term portion of the Demised Premises remaining after the Taking to substantially the same condition and estate hereby grantedtenantability as existed immediately preceding the Taking, by notifying except that Tenant shall have the other party right to require Landlord to make changes to Tenant’s Building in writing the course of such termination restoration. Landlord shall complete the restoration within one hundred twenty (120) days after the date upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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 DateTaking. In the event of a Taking of any termination part of this Lease and the Term pursuant to the provisions of this Section 12.1Tenant’s Building, the Fixed Rent or Additional Rent shall be apportioned as of then commencing upon the date of sooner termination and any prepaid portion vesting of title or transfer of possession, whichever occurs earlier, Fixed Rent (except as same shall be abated as hereinafter provided) shall be the product of the Fixed Rent for any period after such date immediately preceding the Taking and a fraction, the numerator of which shall be refunded by Landlord to the total floor area of the Tenant.
SECTION 12.2’s Building remaining after the Taking and the denominator of which shall be the total floor area of the Tenant’s Building immediately preceding the Taking. In the event of any such acquisition or condemnation a Taking of all or any part of the PremisesDemised Premises other than Tenant’s Building, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 then commencing upon the date of such physical takingvesting of title or transfer of possession, thenwhichever occurs earlier, as Fixed Rent shall be justly and equitably reduced to reflect a result Taking of or denial or diminishing of adequate access to the Demised Premises. During the period of any circumstances described in subparagraphs (1) or (2) hereofrestoration, the Tenant, at Tenant's option, may terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as 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 such dateits respective interest in any condemnation proceedings. Notwithstanding However, Tenant shall not make any claim for the termination value of this the unexpired term of the Lease as provided if it adversely affects Landlord’s award, in this Subsection 12.3(Awhich case, Landlord shall pay Tenant out of Landlord’s award the value of Tenant’s leasehold improvements, fixtures and equipment.
(c) The proceeds of any award or payment belonging to Landlord shall be obligated paid and disbursed for restoration in the same manner that the proceeds of fire insurance are required to reimburse be paid and disbursed pursuant to Tenant a portion subsection (d) of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 aboveArticle 23.
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Sources: Lease Agreement (Franklin Electronic Publishers Inc)
Eminent Domain. SECTION 12.115.1. If In the whole event of the Premises is acquired or condemned any taking for any public or quasi-public use or purpose, this Lease and the Term shall end as by exercise of the date right of eminent domain or by deed in lieu thereof between Landlord and those having the authority to exercise such right (hereinafter called "Taking") of the vesting of title with the same effect as if said date were the Fixed Expiration Date. If only a part whole 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the Term term hereof shall cease and estate hereby granted shall expire as of the date of termination stated in said Notice, with such Taking and the same effect as if that date were the Fixed Expiration Datebase rent under Exhibit B and any additional rent and all other charges paid for a period after such Taking shall be refunded to Tenant upon demand.
15.2. In the event of any termination Taking of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as more than one-fifth (1/5) of the date of sooner termination and any prepaid portion of the Fixed Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2. In Premises or in the event of any such acquisition a Taking so as to prevent or condemnation of all or any part of the substantially prevent adequate access to Premises, Landlord shall be entitled then Tenant may elect 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 Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have no claim against Landlord or the condemning authority for the value terminate this Lease by giving notice of any unexpired portion of the Term and Tenant hereby expressly assigns termination 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 on or before the value of any Tenant's Property included in such taking, and for any moving expenses, so long as Landlord's award date which is not reduced thereby.
ninety (A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the Premises within sixty (6090) days after receipt by Tenant of notice that the physical taking Taking or denial or diminishing of a portion access or termination of the Premises; or
(2) Landlord fails complete all repairs, reconstruction or restoration of the Premises within one hundred twenty (120) days after Tenant's lease shall have occurred. Upon the date specified in such notice 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 termination this Lease and the term hereof shall cease and estate hereby grantedexpire, by notifying and the Landlord in writing of base rent under Exhibit B and any additional rent and charges paid for a period after such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice date of termination shall be given, then refunded to Tenant upon demand.
15.3. If this Lease and the term and estate hereby granted shall expire as of the date of termination stated in said Notice with the same effect as is not terminated or if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of Tenant does not elect to terminate this Lease as provided in this Subsection 12.3(A) aforesaid then the award or payment for the Taking shall be paid to and used by Landlord for restoration as hereinafter- set forth and Landlord shall be obligated promptly commence and with due diligence continue to reimburse restore the Premises remaining after the Taking to Tenant a portion of substantially the cost same condition and tenantability as existed immediately preceding the Taking. During the period of any Maintenance Repair restoration, the base rent under Exhibit B, additional rent, and other charges shall be abated justly and equitably. Nothing herein contained shall be deemed or Requirement Alterations construed to prevent either Landlord or Tenant from enforcing and prosecuting a claim for the value of its respective interest in any condemnation proceedings.
15.4. 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 extent required by Section 7.1 aboveforegoing) from interposing and prosecuting in any condemnation proceeding, independent of any claim of Landlord, claims for which the Tenant; may be entitled to recover.
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Eminent Domain. SECTION 12.120.01. If the whole of the Building or the Premises is acquired shall be taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease lease and the Term term and estate hereby granted shall end terminate as of the date of the vesting of title with on such taking (herein called “Date of the same effect as if said date were Taking”), and the Fixed Expiration DateRent and Additional Charges shall be prorated and adjusted as of such date.
20.02. If only a any part of the Premises is Building or the Land shall be so acquired or condemned thentaken, this lease shall be unaffected by such taking, except that (a) Landlord may, at its option, terminate this lease by giving Tenant notice to that effect within ninety (90) days after the Date of the Taking, and (b) if ten (10%) percent or more of the rentable area of the Premises shall be so taken and, if as hereinafter provided in a result of any such partial taking, the entire Premises become untenantable, or there shall be no access to the Premises, Tenant may terminate this Section 12.1lease by giving Landlord notice to that effect within 90 days after the Date of the Taking. This lease shall terminate on the date that such notice from Landlord or Tenant to the other shall be given, this Lease and the Term Fixed Rent and Additional Charges shall continue be prorated and adjusted as of such termination date. Upon such partial taking and this lease continuing in effect but, if a force as to any part of the Premises is so acquired or condemned, from and after the date of the vesting of titlePremises, the Fixed Rent and Additional Rent, if any, Tenant’s Share shall be reduced and the Base Tax Amount and Base Operating Amount shall be adjusted in the proportion which that the area of the part of the Premises so acquired or condemned taken 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent for any period after such date shall be refunded by Landlord to TenantPremises.
SECTION 12.220.03. In the event of any such acquisition or condemnation of all or any part of the Premises, Landlord shall be entitled to receive the entire award or payment in connection with any taking without reduction therefrom for any such acquisition estate vested in Tenant by this lease or condemnation, but shall be obligated any value attributable to proceed with reasonable diligence to repair and restore the Premises, at Landlord's expense, to a condition 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 term of 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 right, title and interest in and to every such award or payment and waives any such awardright to the value of the unexpired portion of the term of this lease. Nothing contained in this Section 12.2 20.03 shall be deemed to prevent Tenant from making a separate claim in any condemnation proceedings for the then value of any Tenant's ’s Property included in such taking, and the then unamortized value, as of the date of taking, calculated on a straight line basis over the term of this lease, of any amount paid by Tenant on account of any leasehold improvements installed by Tenant or at Tenant’s expense and for any moving expenses, but only if such claim shall be awarded by the condemnation court in addition to, and shall not result in the reduction of, the award made by it for the Building or the Land so long as Landlord's award is not reduced therebytaken.
(A) Notwithstanding anything 20.04. If the temporary use or occupancy of all or any part of the Premises shall be taken by condemnation or in any other manner for any public or quasi-public use or purpose during the term of this lease, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the contrary contained in Sections 12.1 award or payment for such taking which represents compensation for the use and 12.2 aboveoccupancy of the Premises, in for the event that:
(1) taking of Tenant’s Property and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the Landlord fails to commence any repairs, reconstruction or cost of restoration of the Premises within sixty (60) days after Premises. This lease shall be and remain unaffected by such taking. If the physical taking period of a portion temporary use or occupancy shall extend beyond the Expiration Date of this lease, that part of the Premises; or
(2) Landlord fails complete all repairs, reconstruction or restoration award which represents compensation for the use and occupancy of the Premises within one hundred twenty (120or a part thereof) days shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents the period up to and including such Expiration Date and Landlord shall receive so much thereof as represents the period after such Expiration Date. All monies paid as, or as part of, an award for temporary use and occupancy for a period beyond 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 in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 to which the Fixed Rent and Additional Rent hereunder Charges have been paid shall be apportioned received, held and applied by Landlord as a trust fund for payment of the Fixed Rent and Additional Charges becoming due hereunder and Tenant shall have no obligation to pay any excess monies to Landlord or to otherwise comply with the provisions of this lease during such period that Tenant shall not have the right to occupy the Premises by reason of such datetemporary taking.
20.05. Notwithstanding In the event of a taking of less than the whole of the Building and/or the Land which does not result in termination of this Lease as provided lease, or in the event of a taking for a temporary use or occupancy of all or any part of the Premises which does not result in a termination of this Subsection 12.3(Alease, (a) Landlord Landlord, at its expense, and whether or not any award or awards shall be obligated sufficient for the purpose, shall proceed with reasonable diligence to reimburse to Tenant a portion repair the remaining parts of the cost of Building and the Premises (other than any Maintenance Repair or Requirement Alterations leasehold improvements) to substantially their former condition to the extent required by Section 7.1 above.that the same may be feasible (subject to reasonable changes which Landlord shall deem desirable) and so as to constitute a complete and rentable Building and Premises and
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Eminent Domain. SECTION 12.1. If 12.01 - Eminent Domain -----------------------
(a) In the event that title to the whole or any part of the Premises is acquired shall be lawfully condemned or condemned taken in any manner for any public or quasi-public use or purposeuse, this Lease and the Term term and estate hereby granted shall end forthwith cease and terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition most suitable for the Permitted Usereal property. Tenant shall have no hereby assigning to Landlord Tenant's interest therein, if any, provided Tenant may make a claim against Landlord or the condemning authority for the value of any unexpired portion of the Term its property 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 value of any Tenant's Property included in such taking, and for any moving expenses, so long as Landlord's award is not reduced therebyexpenses Incurred.
(Ab) Notwithstanding anything In the event that title to a part of the contrary contained in Sections 12.1 Building other than the Premises shall be so condemned or taken and 12.2 above, if in the event that:
(1) opinion of Landlord, the Landlord fails Building should be restored in such a way as to commence any repairs, reconstruction or restoration of alter the Premises within sixty (60) days after the physical taking of a portion of the Premises; or
(2) materially, 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, granted by notifying the Landlord in writing Tenant of such termination within thirty sixty (3060) days after following the passage date of the times periods in subparagraphs (1) vesting of title, and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the term and estate hereby granted shall expire as of on the date specified in the notice of termination stated in said Notice with termination, which date shall be not less than sixty (60) days after the same effect giving of such notice, as fully and completely as if that such date were the Fixed Expiration Datedate hereinbefore set for the expiration of the term of this Lease, and the Fixed Rent fixed monthly rent, additional rent, and Additional Rent other charges hereunder shall be apportioned as of if such date. Notwithstanding In such event. Tenant shall not be entitled to any portion of Landlord's award hereunder. if any, nor shall Tenant have any claim against Landlord for the termination value of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a the unexpired portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 aboveterm.
Appears in 1 contract
Sources: Office Space Lease (Broadview Networks Holdings Inc)
Eminent Domain. SECTION 12.1. A. If the whole of the Building or Premises is acquired law-fully taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease and the Term shall end terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything Rent shall be prorated to such date. If less than the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration whole of the Building or 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 sixty ninety (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 (12090) days after the date of such physical taking, then, as a result of any circumstances described in subparagraphs taking if twenty percent (120%) 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, and (2ii) hereof, Landlord shall have the Tenant, at Tenant's option, may right to terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination notice to Tenant given within thirty ninety (3090) days after the passage date of such taking. If either Landlord or Tenant so elects to terminate this Lease, the Lease shall 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 times periods in subparagraphs (1) Premises and (2) above. Project.
B. In the event that such a Notice of termination any taking, partial or whole, all of the proceeds of any award, judgment or settlement payable by the condemning authority shall be giventhe exclusive property of Landlord, then this Lease and Tenant hereby assigns to Landlord al1 of its right, title and interest in any award, judgment or settlement from the condemning authority. Tenant, however, shall be entitled to any separate award for loss of or damage to Tenant's trade fixtures, removable personal property and unamortized Tenant improvements that have been paid for by Tenant. For that purpose, the cost of such improvements shall be amortized over the original term and estate hereby granted shall expire as of the date Lease, excluding any options.
C. In the event of termination stated a partial taking of the Premises which does not result in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the a termination of this Lease as provided in this Subsection 12.3(A) Lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the cost of any Maintenance Repair Premises as nearly as practicable to its condition prior to the condemnation or Requirement Alterations taking, but only to the extent required by Section 7.1 aboveof Building Standard Work. Tenant shall be responsible at its sole cost and-- expense for the repair, restoration and replacement of any other Leasehold Improvements and Tenant's Property.
Appears in 1 contract
Sources: Office R&d Lease (Protein Polymer Technologies Inc)
Eminent Domain. SECTION 12.1. 25.01 If the whole of the Demised Premises is acquired or condemned for shall be taken by any public or quasi-public use authority under the power of condemnation, eminent domain or purposeexpropriation, or in the event of conveyance of the whole of the Demised Premises in lieu thereof, this Lease and the Term shall end terminate as of the date day possession shall be taken by such authority. If fifteen percent (15%) or less of the vesting of title with the same effect as if said date were the Fixed Expiration Date. If only a part Floor Space of the Premises is Building shall be so acquired taken or condemned then, except as hereinafter provided in this Section 12.1conveyed, this Lease and shall terminate only in respect of the Term part so taken or conveyed as of the day possession shall be taken by such authority. If more than fifteen percent (15%) of the Floor Space of the Building shall be so taken or conveyed, this Lease shall terminate only in respect of the part so taken or conveyed as of the day possession shall be taken by such authority, but either party shall have the right to terminate this Lease upon notice given to the other party within thirty (30) days after taking such possession. If so much of the parking facilities shall be so taken or conveyed that the number of parking spaces necessary, for the continued operation of the Demised Premises shall not be available, Tenant may, by notice to Landlord, terminate this Lease as of the day possession shall be taken. If this Lease shall continue in effect but, if a part as to any portion of the Demised Premises is not so acquired taken or condemned, from and after the date of the vesting of titleconveyed, the Fixed Rent and Additional Rent, if any, shall be reduced in the proportion which the area of the part of the Premises Building so acquired or condemned bears to the total area of the Premises Building immediately prior to such acquisition or condemnation. If Except as specifically provided herein, in the part event of the Premises acquired any such taking 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 conveyance there shall be rendered wholly or substantially unsuitable for no reduction in Rent. If this Lease shall be terminated in accordance with the Permitted Useprovisions of this Section 25.01, then either Landlord or Tenant may terminate 41 45 this Lease and the Term shall come to an end and estate hereby granted, by notifying the other party in writing of such termination within one hundred twenty (120) days after the date upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the Term and estate hereby granted shall expire as of the date of termination stated in said Noticethe taking, with the same effect as if that such date were the Fixed Expiration Date. In the event of any termination of this Lease , and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner such termination and any prepaid portion of the Fixed Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2. Notwithstanding the foregoing, however, if this Lease shall be terminated by reason of a taking of the whole of the Demised Premises or by reason of Tenant electing to terminate this Lease pursuant to the provisions hereof, and if Landlord, within five (5) days after such taking or after notice of such election is given by Tenant, Landlord shall offer to relocate Tenant's entire operation located at the Demised Premises to other premises located in the Lincoln Harbor Project, which other premises shall be of comparable size and quality and Landlord in fact shall so relocate Tenant within ninety (90) days (or such shorter period as may be possible and provided that Landlord shall use its best efforts) after notice of such election, then either such Termination shall be deemed to be rescinded and of no further force or effect and Tenant's obligations hereunder shall remain unaffected. In the event case of such relocations, Fixed Rent, Tenants' Fraction, Tenants' Proportionate Share, if applicable, and Operating Expenses shall be equitably adjusted based upon the floor space of such other premises. If this Lease shall continue in effect, Landlord shall, at its expense, but shall be obligated only to the extent of the net award or other compensation (after deducting all expenses in connection with obtaining same) available to Landlord for the improvements taken or conveyed (excluding any award or other compensation for land or for the unexpired portion of the term of any Superior Lease), make all necessary alterations so as to constitute the remaining Building a complete architectural and tenantable unit, except for the Tenant's Property, and Tenant shall make all alterations or replacements to the Tenant's Property and decorations in the Building. All awards and compensation for any taking or conveyance, whether for the whole or a part of the Land or Building or otherwise, shall be property of Landlord, and Tenant hereby assigns to Landlord all of Tenant's right, title and interest in and to any and all such acquisition awards and compensation. Tenant shall be entitled to claim, prove and receive in the condemnation proceeding such award or condemnation compensation as may be allowed for the Tenant's Property, Tenant's trade fixtures and for loss of business, goodwill, moving and depreciation or injury to and cost of removal of the Tenant's Property, to the 42 46 extent such award or compensation shall be made by the condemning authority in addition to, and shall not result in a reduction of, the award or compensation made by it to Landlord.
25.02 If the temporary use or occupancy of all or any part of the Demised Premises shall be taken during the Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award or payment for such taking which represents compensation for the use and occupancy of the Demised Premises, for the taking of the Tenant's Property and for moving expenses, and Landlord shall be entitled to receive that portion which represents reimbursement for the entire award for any such acquisition or condemnation, but cost of restoration of the Demised Premises. This Lease shall be obligated to proceed with reasonable diligence to repair and restore the Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. remain unaffected by such taking and Tenant shall have no claim against Landlord or the condemning authority continue responsible for the value of any unexpired portion of the Term and Tenant hereby expressly assigns to Landlord all of its right obligations hereunder insofar as such obligations are not affected by such taking and shall continue to pay the Rent in full when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award or payment which represents compensation for the use and to any such award. Nothing contained in this Section 12.2 occupancy of the Demised Premises (or a part thereof) shall be deemed to prevent divided between Landlord and Tenant from making a separate claim in any condemnation proceedings so that Tenant shall receive (except as otherwise provided below) so much thereof as represents compensation for the value of any Tenant's Property included in such taking, period up to and including the Expiration Date and Landlord shall receive so much thereof as represents compensation for any moving expenses, so long as Landlord's award is not reduced therebythe period after the Expiration Date.
(A) Notwithstanding anything 25.03 In the event the premises leased pursuant to the contrary contained Office Lease are taken or such portions of said facilities are taken resulting in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration a termination of the Premises within sixty (60) days after Office Lease and the physical taking tenant under the Office Lease shall be Tenant or an affiliate of a portion of the Premises; or
(2) Landlord fails complete all repairsTenant, 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 then Tenant, at Tenant's option, may shall have the right to terminate this Lease and on the term and estate hereby granteddate specified in such notice of election, by notifying the Landlord in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination which date shall be given, then this Lease and the term and estate hereby granted shall expire as of not less than six (6) months nor more than eighteen (18) months from the date of termination stated in said Notice with such notice; provided, however, that Tenant shall have the same effect as if that date were right to continue its occupancy of the Fixed Expiration Date, and Demised Premises subject to the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination terms of this Lease as provided in this Subsection 12.3(Aon a month-to-month basis (not to exceed twelve (12) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required by Section 7.1 abovemonths) until suitable moving arrangements are made.
Appears in 1 contract
Eminent Domain. SECTION 12.1. a. If the whole of the Building or Premises is acquired lawfully taken by condemnation or condemned in any other manner for any public or quasi-quasi public use or purpose, this Lease and the Term shall end terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything Rent shall be prorated to such date. If less than the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration whole of the Building or 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 sixty ninety (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 (12090) days after the date of such physical taking, then, as a result of any circumstances described in subparagraphs taking if twenty percent (120%) 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, and (2ii) hereof, Landlord shall have the Tenant, at Tenant's option, may right to terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination notice to Tenant given within thirty ninety (3090) days after the passage date of such taking. If either Landlord or Tenant so elects to terminate this Lease, the Lease shall 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 times periods in subparagraphs (1) Premises and (2) above. Project.
b. In the event that such a Notice of termination any taking, partial or whole, all of the proceeds of any award, judgment or settlement payable by the condemning authority shall be giventhe exclusive property of Landlord, then this Lease and Tenant hereby assigns to Landlord all of its right. title and interest in any award, judgment or settlement from the term condemning authority. Tenant, however, shall have the right, to the extent that Landlord's award is 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 estate hereby granted shall expire as damage to Tenant's personal property.
c. In the event of a partial taking of the date of termination stated Premises which does not result in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the a termination of this Lease as provided in this Subsection 12.3(A) Lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the cost of any Maintenance Repair Premises as nearly as practicable to its condition prior to the condemnation or Requirement Alterations taking, but only to the extent required by Section 7.1 aboveof Building Standard Work. Tenant shall be responsible at its sole cost and expense for the repair, restoration and replacement of any other Leasehold Improvements and Tenant's Property.
Appears in 1 contract
Eminent Domain. SECTION 12.1. a. If the whole of the Building or Premises is acquired lawfully taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, purpose this Lease and the Term shall end terminate as of the 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 upon which Tenant receives Notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed 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 of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition 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 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything Rent shall be prorated to such date. If less than the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration whole of the Building or 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 sixty ninety (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 (12090) days after the date of such physical taking, then, as a result of any circumstances described in subparagraphs taking if twenty percent (120%) 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, and (2ii) hereof, Landlord shall have the Tenant, at Tenant's option, may right to terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination notice to Tenant given within thirty ninety (3090) days after the passage date of such taking. If either Landlord or Tenant so elects to terminate this Lease, the Lease shall 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 Tena▇▇'▇ Proportionate Share shall be equitably adjusted according to the remaining Rentable Area of the times periods in subparagraphs (1) Premises and (2) above. Project.
b. In the event that such a Notice of termination any taking, partial or whole, all of the proceeds of any award, judgment or settlement payable by the condemning authority shall be giventhe exclusive property of Landlord, then this Lease and Tenant hereby assigns to Landlord all of its right, title and interest in any award, judgment or settlement from the term condemning authority. Tenant, however, shall have the right, to the extent that Landlord's award is not reduced or prejudiced, to claim from the condemning authority (but not from Landlord) which compensation as may be recoverable by Tenant in its own right for relocation expenses and estate hereby granted shall expire as damage to Tena▇▇'▇ ▇ersonal property. Landlord /s/ JF Tenant /s/ PF ----------- ----------
c. In the event of a partial taking of the date of termination stated Premises which does not result in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the a termination of this Lease as provided in this Subsection 12.3(A) Lease, Landlord shall be obligated to reimburse to Tenant a restore the remaining portion of the cost of any Maintenance Repair Premises as nearly as practicable to its condition prior to the condemnation or Requirement Alterations taking, but only to the extent required by Section 7.1 aboveof building standard work. Tenant shall be responsible at its sole cost and expense for the repair, restoration and replacement of any other Leasehold Improvements and Tenant's Property.
Appears in 1 contract
Sources: Lease Agreement (Tcsi Corp)
Eminent Domain. SECTION 12.1. If the whole of the Premises Property or the Building is acquired taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease and the Term shall end terminate as of the date of the vesting of title with in the same effect as if said date were condemning authority (the Fixed Expiration Date"Date of Taking"), and the Rent shall be prorated to the Date of Taking. If only a any part of the Premises Building or Property is so acquired or condemned then, except as hereinafter provided in this Section 12.1taken, this Lease shall be unaffected by such taking, except that (i) Landlord, in Landlord's sole discretion, may terminate this Lease by notice to Tenant within ninety (90) days after the Date of Taking, and (ii) if 20% or more of the Demised Premises shall be taken 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 reduced in the proportion which the remaining area of the part Demised Premises, in Tenant's reasonable estimation, shall not be reasonably sufficient for Tenant to continue operation of the Premises so acquired or 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 ifTenant's business, 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 notice to Landlord within one hundred twenty ninety (12090) days after the Date of Taking. This Lease shall terminate on the thirtieth (30th) day after any such notice by Landlord or Tenant, by which date upon Tenant shall vacate and surrender the Demised Premises to Landlord, and in which Tenant receives Notice of vesting of title. In case the event that such Notice of termination Rent shall be given, then prorated to such date as Tenant vacates the Demised Premises by reason of such taking. If this Lease continues in force upon such partial taking, the Rent and Tenant's Proportionate Share of Landlord's Electrical Expense, Operating Expense Increases and Real Estate Tax Increases shall be equitably adjusted according to the rentable area of the Demised Premises and the 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 DateBuilding remaining after such partial taking. In the event of any termination of this Lease and taking as set forth in the Term pursuant to the provisions of this Section 12.1immediately preceding subsection, the Fixed Rent or Additional Rent shall be apportioned as all of the date of sooner termination and any prepaid portion of the Fixed Rent for any period after such date shall be refunded by Landlord to Tenant.
SECTION 12.2. In the event proceeds of any such acquisition award, judgment or condemnation of all or any part of the Premises, Landlord shall 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 Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have no claim against Landlord or settlement payable by the condemning authority for shall be and remain the value sole and exclusive property of any unexpired portion of the Term Landlord, and Tenant hereby expressly assigns to Landlord all of its right Tenant's right, title and interest in and to any such award, judgment or settlement to Landlord. 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 for any moving expenses, so long as Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of the 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 optionhowever, may terminate this Lease and shall have the term and estate hereby granted, by notifying the Landlord in writing of such termination within thirty right (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Rent and Additional Rent hereunder shall be apportioned as of such date. Notwithstanding the termination of this Lease as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant a portion of the cost of any Maintenance Repair or Requirement Alterations to the extent required that the same shall not reduce or prejudice any award, judgment or settlement to Landlord) to claim from the condemning authority ( but not from Landlord) such compensation as may be recoverable by Section 7.1 aboveTenant in Tenant's own right for moving expenses and damage to Tenant's property.
Appears in 1 contract
Sources: Lease Agreement (I3 Mobile Inc)
Eminent Domain. SECTION 12.1. 23.01 If the whole of the Building or Premises is acquired shall be lawfully taken by condemnation or condemned in any other manner for any public or quasi-public use or purpose, this Lease Sublease and the Term term and estate hereby granted shall end forthwith terminate as of the date of the vesting of title with in such taking (which date is hereinafter also referred to as the same effect “date of the taking”), and the rents shall be prorated and adjusted as if said date were the Fixed Expiration Date. of such date.
23.02 If only a part of the Premises is Building shall be so acquired or condemned thentaken, this Sublease shall be unaffected by such taking, except as hereinafter provided that Tenant may elect to terminate this Sublease in this Section 12.1, this Lease and the Term shall continue in effect but, event of a partial taking if a part (i) the taking is for more than 10% of the RSF 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 reduced in the proportion which the area of the part of the Premises so acquired or condemned bears to the total remaining area of the Premises immediately prior shall not, in Tenant’s good faith judgment, be reasonably sufficient for Tenant to such acquisition continue normal operation of its business at the Premises, (ii) the Premises is inaccessible and comparable substitute access cannot be provided or condemnation. If the part (iii) all or any portion of the Premises acquired or condemned contains more than fifty percent (50%) of the rentable square feet of the Premises or if, by reason SOC is taken and no reasonable substitute is available. Tenant shall give notice of such acquisition or condemnation, the Premises shall be rendered wholly or substantially unsuitable for the Permitted Use, then either election to 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 not later than thirty (12030) days after the date upon which Tenant receives Notice notice of vesting of title. In the event that such Notice of termination shall be given, then this Lease and the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of the Fixed Rent for any period after such date shall be refunded taking is given by Landlord to Tenant.
SECTION 12.2. In Upon the event giving of any such acquisition or condemnation notice by Tenant this Sublease shall terminate on the date of all or such taking and the rents shall be prorated as of such termination date. Upon such partial taking and this Sublease continuing in force as to any part of the Premises, the rents apportioned to the part taken shall be prorated and adjusted as of the date of taking and from such date the Base Rent for the Premises and Additional Rent payable pursuant to Article 5 shall be appropriately adjusted according to the RSF remaining.
23.03 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 such acquisition or condemnation, but shall be obligated to proceed with reasonable diligence to repair estate vested in Tenant by this Sublease and restore the Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have receive no claim against Landlord or the condemning authority for the value part of any unexpired portion of the Term and such award, except as hereinafter expressly provided in this Article. Tenant hereby expressly assigns to Landlord all of its right right, title and interest in and or to any every such award. Nothing contained in this Section 12.2 shall be deemed Notwithstanding anything herein to prevent the contrary, Tenant from making may, at its sole cost and expense, make a separate claim in any condemnation proceedings with the condemning authority for Tenant’s moving expenses, the value of any Tenant's Property included in such taking’s Property, Tenant’s furniture, fixtures, and for any moving expenses, so long as Landlord's award is not reduced therebyequipment and Tenant’s Alterations.
(A) Notwithstanding anything to 23.04 If the contrary contained in Sections 12.1 and 12.2 above, in the event that:
(1) the Landlord fails to commence temporary use or occupancy of all or any repairs, reconstruction or restoration part of the Premises within sixty (60) days after shall be lawfully taken by condemnation or in any other manner for any public or quasi-public use or purpose during the physical taking of a Term, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the Premises; or
(2) Landlord fails complete all repairs, reconstruction or restoration award for such taking which represents compensation for the use and occupancy of the Premises within one hundred twenty (120) days after and, if so awarded, for the date taking of Tenant’s Property and for moving expenses. This Sublease shall be and remain unaffected by such physical taking, then, taking and Tenant shall continue to be responsible for all of its obligations hereunder insofar as a result of any circumstances described such obligations are not affected by such taking and shall continue to pay in subparagraphs (1) or (2) hereoffull, the Tenant, at Tenant's option, may terminate this Lease and the term and estate hereby granted, by notifying the Landlord in writing of such termination within thirty (30) days after the passage of the times periods in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the 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 the Fixed Base Rent and Additional Rent hereunder when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award which represents compensation for the use or occupancy of the Premises (or a part thereof) shall be apportioned divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents the period prior to the Expiration Date and Landlord shall receive so much thereof as represents the period subsequent to the Expiration Date. All moneys received by Tenant as, or as part of, an award for temporary use and occupancy for a period beyond the date to which the rents hereunder have been paid by Tenant shall be received, held and applied by Tenant as a trust fund for payment of such date. Notwithstanding the rents falling due hereunder.
23.05 In the event of any taking of less than the whole of the Building which does not result in a termination of this Lease Sublease, or in the event of a taking for a temporary use or occupancy of all or any part of the Premises which does not extend beyond the Expiration Date, Landlord, at its expense, shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the Building and the Premises to substantially a Building Standard condition to the extent that the same may be feasible and so as provided in this Subsection 12.3(A) to constitute a complete and tenantable Building and Premises; provided, however, that Landlord shall not be required to make (a) any repairs or restoration that are the obligation of Tenant or any other person to make (other than Landlord’s employees, agents or contractors), (b) repairs to leasehold improvements and alterations in other leasable areas of the Building, and (c) provided further that Landlord shall not be required to repair, replace or move any of Tenant’s Property or Roof Installations nor to repair or restore any Tenant’s Work or Alterations, except, with regard to clause (a) and clause (c), if the award paid to Landlord includes compensation for the items described in clauses (a) and/or (c) above, then upon receipt of such award Landlord shall remit the portion of the net proceeds received by Landlord allocated to such items to be used for Tenant’s restoration obligations under this Article. In furtherance of the foregoing, Landlord shall not be obligated to reimburse to Tenant a portion make any repairs which are the obligation of the cost Existing Lessor to make, but Landlord shall use good faith diligent efforts to cause the Existing Lessor to make any repairs which under the Existing Superior Lease are the obligation of the Existing Lessor to make, including if reasonably required, an action for specific performance against the Existing Lessor to cause such compliance with the Existing Superior Lease.
23.06 Omitted prior to execution.
23.07 Any dispute which may arise between the parties with respect to the meaning or application of any Maintenance Repair or Requirement Alterations to of the extent required provisions of this Article shall be determined by Section 7.1 abovearbitration in the manner provided in Article 34.
Appears in 1 contract
Sources: Sublease (Jetblue Airways Corp)
Eminent Domain. SECTION 12.1. a. If the whole all or any part of the Premises is acquired or condemned for are taken by any public or quasi-public use authority under the power of eminent domain, or purposeany agreement in lieu thereof (a "taking"), this Lease and shall terminate as to the Term shall end portion of the Premises taken effective as of the date of the vesting of title with the same effect as if said date were the Fixed Expiration Datetaking. If only a part portion of the Premises is so acquired or condemned thentaken, 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 reduced in the proportion which the area of the part of the Premises so acquired or 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 as to the Term and estate hereby granted, by notifying remainder of the Premises upon written notice to the other party in writing of such termination within one hundred twenty ninety (12090) days after the date upon which Tenant receives Notice of vesting of title. In the event taking; provided, however, that such Notice of termination shall be given, then Tenant's right to terminate this Lease and is conditioned upon the 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. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 12.1, the Fixed Rent or Additional Rent shall be apportioned as of the date of sooner termination and any prepaid remaining portion of the Fixed Rent for any period after Premises being of such date shall be refunded by Landlord to Tenant.
SECTION 12.2. In the event of any size or configuration that such acquisition or condemnation of all or any part remaining portion of the Premises, Premises is unusable or uneconomical for Tenant's business. Landlord shall be entitled to receive the entire award for all compensation, damages, income, rent awards and interest thereon whatsoever which may be paid or made in connection with any such acquisition or condemnation, but shall be obligated to proceed with reasonable diligence to repair taking and restore the Premises, at Landlord's expense, to a condition most suitable for the Permitted Use. Tenant shall have no claim against Landlord or the condemning any governmental authority for the value of any unexpired portion term of this Lease or of any of the Term and Tenant hereby expressly assigns to Landlord all of its right improvements or Alterations in and to any such award. Nothing contained in this Section 12.2 the Premises; provided, however, that the foregoing shall be deemed to prevent not prohibit Tenant from making prosecuting a separate claim in any condemnation proceedings against the taking authority for the value of any an amount separately designated for Tenant's Property included in such takingrelocation expenses or the interruption of or damage to Tenant's business or as compensation for Tenant's personal property, and trade fixtures, Alterations or other improvements paid for any moving expenses, by Tenant so long as any award to Tenant will not reduce the award to Landlord's award is not reduced thereby.
(A) Notwithstanding anything to the contrary contained in Sections 12.1 and 12.2 above, in . In the event that:
(1) the Landlord fails to commence any repairs, reconstruction or restoration of a partial taking of the Premises within sixty (60) days after which does not result in a termination of this Lease, the physical taking of a portion Monthly Rent, Tenant's Electrical Charge and Additional Rent under Paragraphs 5 and 7 hereunder shall be equitably reduced. If all or any part of the Premises; or
(2) Landlord fails complete all repairs, reconstruction or restoration of Real Property other than the Premises is taken, Landlord may terminate this Lease upon written notice to Tenant given within one hundred twenty ninety (12090) days after the date of such physical taking.
b. Notwithstanding the foregoing, thenif all or any portion of the Premises is taken for a period of time ending prior to the end of the term of this Lease, as a result of any circumstances described in subparagraphs (1) or (2) hereof, the Tenant, at Tenant's option, may terminate this Lease shall remain in full force and the term effect and estate hereby grantedTenant shall continue to pay all rent and to perform all of its obligations under this Lease; provided, by notifying the Landlord however, that Tenant shall be entitled to all compensation, damages, income, rent awards and interest thereon that is paid or made in writing of connection with such termination within thirty (30) days after the passage temporary taking of the times periods Premises (or portion thereof), except that any such compensation in subparagraphs (1) and (2) above. In the event that such a Notice of termination shall be given, then this Lease and the term and estate hereby granted shall expire as excess of the date of termination stated in said Notice with the same effect as if that date were the Fixed Expiration Date, and the Fixed Rent and Additional Rent rent or other amounts payable to Landlord hereunder shall be apportioned promptly paid over to Landlord as received. Landlord and Tenant each hereby waive the provisions of such date. Notwithstanding any 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 as provided in this Subsection 12.3(A) Landlord shall be obligated to reimburse to Tenant upon a portion partial taking of the cost of any Maintenance Repair or Requirement Alterations to Premises and/or the extent required by Section 7.1 aboveBuilding.
Appears in 1 contract