Eminent Domain. 15.1 If the Demised Premises, or any part thereof, or more than twenty- five percent (25%) of the Common Areas are taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only. 15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Eminent Domain. 15.1 If the Demised Premises, or any part thereof, or more than twenty- five over fifteen percent (2515%) of the Common Areas are Premises shall be taken by condemnation or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option. In such event, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or by private purchase in lieu thereof, not attributable to the value of the unexpired term of this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved except that Tenant shall be apportioned entitled to petition the condemning authority for the following: (i) the then unamortized cost of any Alterations paid for by Tenant from its own funds (as opposed to any allowance, including the Tenant Allowance, provided by Landlord); (ii) the value of Tenant's trade fixtures; (iii) Tenant's relocation costs; and paid in full to that date (iv) Tenant's goodwill, loss of business and all prepaid rent business interruption. 1f a part of the Premises shall be repaid by the Lessor to Lessee. If Lessor does not so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as provided abovea consequence of such partial taking or appropriation or conveyance, then Lessor Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and continuing under this Lease at Landlord's cost and expense; provided, however, that Landlord shall continue in full force and effect except that, during such restorationnot be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the rent payable pursuant Monthly Base Rent and Additional Charges to Article III hereof be paid under this Lease for the remainder of the Term shall be equitably apportioned proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the proportion ratio that the square footage they are of the part portion of the Demised Premises not so taken bears to the total square footage area of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding anything to the foregoingcontrary contained in this Paragraph 21, if the net condemnation award received by Lessor is insufficient to restore temporary use or rebuild the structural portions occupancy of any part of the Demised PremisesPremises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Monthly Base Rent and Additional Charges payable hereunder by Tenant during the Term. In the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than two hundred and seventy (270) days and unreasonably interferes with Tenant's use of the Premises or the holder of the First Mortgage encumbering the Building restricts Lessor from doing soCommon Area, Lessor then Tenant shall have the option, within ninety (90) days after Lessor's receipt right to terminate the Lease. Landlord and Tenant understand and agree that the provisions of this Paragraph 21 are intended to govern fully the rights and obligations of the net condemnation proceedsparties in the event of a Taking of all or any portion of the Premises. Accordingly, the parties each hereby waives any right to terminate this Lease, Lease in whole or in part under Sections 1265.120 and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking 1265.130 of the Demised Premises shall belong to and be the property California Code of Lessor. The Lessee reserves the right to pursue Civil Procedure or under any award for furniture, fixture and equipment similar Law now or improvements insured by lesseehereafter in effect.
Appears in 1 contract
Sources: Lease Agreement (Harmonic Inc)
Eminent Domain. 15.1 If the Demised Premises, or any part thereof, or more than twenty- five percent (25%) of the Common Areas are taken by condemnation Subleased Premises or right of eminent domain, or by private purchase in lieu thereof, this Lease may the Facility shall be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnorexercise of eminent domain or by action of any public or other authority, and if, as a result thereof, Prime Lessor or Sublessor is entitled and elects to terminate the Prime Lease pursuant to the provisions of Article 11, then Sublessor shall notify Sublessee of such termination and this Sublease shall likewise terminate as of the effective date of the termination of the Prime Lease. If this Sublease is not terminated as aforesaid, a just proportion of the Basic Rent and Additional Rent, according to the nature and extent of the portion of the Subleased Premises rendered untenantable, shall be abated until use and occupancy of substantially all of the remaining portion of the Subleased Premises shall have been granted to the Sublessee as aforesaid, and thereafter a just proportion of the Basic Rent, according to the nature and extent of the portion of the Subleased Premises so taken, shall be abated for the balance of the term of this Sublease. Prime Lessor reserves and accepts all rights to damages to the Subleased Premises, including, without limitation, the rent herein reserved shall be apportioned Facility and paid the leasehold improvements therein, accrued or subsequently accruing by reason of anything lawfully done in full pursuance of any public or other authority; and, by way of confirmation, Sublessee grants to that date Prime Lessor all of Sublessee's rights to such damages, except for damages to trade fixtures and all prepaid rent shall be repaid by other property which Sublessee may remove from the Lessor Subleased Premises pursuant to Lessee. If Lessor does the provisions of this Sublease, relocation expenses, loss of business during the remainder of the Term and any other award made for the taking of Sublessee's leasehold interest in the Subleased Premises, which would not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore diminish the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable amount of Prime Lessor's said award pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage 19 of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Prime Lease, and Lessee shall be limited covenants to consequential damages onlyexecute and deliver such further instruments or assignments thereof as Prime Lessor may from time to time request.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Eminent Domain. 15.1 If In the Demised Premises, or any part thereof, or more than twenty- five percent (25%) event that the whole of the Common Areas are Building or the whole of the Premises shall be taken by condemnation or right the exercise of the power of eminent domain, domain or by private purchase pursuant to any agreement in lieu thereof, of the exercise of such power (hereinafter called a "Condemnation Proceeding") then in such case this Lease may be terminated shall terminate as of the date of the taking of possession by Lessoror the vesting of title in the condemning authority (said date being hereinafter called the "Taking Date"). If Lessor less than the whole of the Building or less than the whole of the Premises shall be taken in a Condemnation Proceeding, Tenant may at its option terminate this Lease as of the Taking Date by giving notice of its exercise of such option within sixty (60) days after the Taking Date, provided that as a result of such taking the Premises (or the remaining portion thereof) may no longer be adequately used for the purpose contemplated by this Lease as hereinbefore set forth. If a portion of the Premises shall be so terminatestaken and Tenant shall not exercise its option to terminate this Lease or if such taking shall not give rise to such option to terminate as aforesaid, then this Lease shall expire terminate on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full Taking Date only as to that date and all prepaid rent portion of the Premises so taken but shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue remain in full force and effect except thatwith respect to that portion of the Premises not so taken, during such restoration, and the rent Rent and other charges payable pursuant by Tenant to Article III hereof Landlord hereunder shall be equitably apportioned by abated and reduced in the proportion that ratio which the square footage diminution in the total floor space of the part of the Demised Premises so taken bears following such Condemnation Proceeding shall bear to the total square footage of the Demised Premises floor space thereof immediately prior to such taking; providedCondemnation Proceeding. All income, howeverrent, provided further, however, Lessor's obligations to restore awards or rebuild shall be limited to an amount which does not exceed the proceeds obtained interest derived from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises Condemnation Proceeding shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lesseeLandlord.
Appears in 1 contract
Sources: Office Building Lease (Hanover Capital Holdings Inc)
Eminent Domain. 15.1 If the Demised Premiseswhole of the premises hereby demised shall be taken or condemned by any competent authority for any public use or purpose, then the term hereby granted shall cease on the day prior to the taking of possession by such authority, whichever first occurs, and rent hereunder shall be paid to and adjusted as of that day. ▇▇▇▇▇▇ agrees to give written notice of such taking to ▇▇▇▇▇▇ promptly. If a portion of said demised premises shall be condemned or taken and, as a result thereof, there shall be such a major change in the character of the premises as to prevent Lessee from using the same in substantially the same manner as theretofore used, then and in that event, the Lessee may either cancel and terminate this Lease as of the date when the part of the premises so taken or condemned shall be required for such public purpose, or said Lessee may continue to occupy the remaining portion provided, however, the Lessee shall give written notice to the Lessor, within fifteen (15) days after receipt of notice from Lessor of any part thereoftaking or vesting of title of its election. In the event the Lessee shall remain in possession and occupation of the remaining portion, all the terms and conditions for this Lease shall remain in full force and effect with respect to such remaining portion, except that the rent reserved to be paid hereunder shall be equitably adjusted according to the amount in value of such remaining space and this Lease shall continue for the balance of its term, subject to the terms and conditions herein stated. The award of damages or compensation for the premises taken, or more than twenty- five percent (25%) of the Common Areas are taken by condemnation or right of eminent domain, or by amount paid pursuant to private purchase in lieu thereof, this Lease may whether such condemnation or sale be terminated by total or partial, shall belong to the Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited entitled to consequential damages only.
15.2 All any and all compensation awarded or paid upon any total or attributable to Lessee’s improvements, and in case of a partial taking condemnation of the Demised Premises demised premises, Lessee shall belong be entitled to and any compensation for damage sustained by Lessee as the result of any alterations, modifications, or repairs which may be reasonably required of the property Lessee in order to place the remaining portion of Lessor. The Lessee reserves the right to pursue any award demised premises not so condemned, in a suitable condition for furniture, fixture and equipment or improvements insured by lessee▇▇▇▇▇▇’s further occupancy.
Appears in 1 contract
Sources: Lease
Eminent Domain. 15.1 SECTION 1. If as a result of any taking by eminent domain which shall be deemed to include a voluntary conveyance in lieu of a taking the Demised Premises, or any part thereof, total floor area remaining in the demised premises shall be reduced by twenty (20%) percent or more than twenty- five percent (25%) of the Common Areas are taken by condemnation or right total floor area in the demised premises at the commencement of eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminatesthe term hereof, then this Lease shall expire on at the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by election of either the Lessor to or Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned exercisable by the proportion that the square footage of the part of the Demised Premises so taken bears written notice given to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, other within ninety (90) days after the date of the filing of the notice of such taking this Lease may be terminated as of the date when the Lessee is required to vacate the demised premises or the portion thereof so taken, notwithstanding that the entire interest of the Lessor may have been divested by such taking, and if following any such taking neither the Lessor nor Lessee terminates this Lease, then the Lessor, at the Lessor's receipt expense but only to the extent of the net condemnation proceedsaward actually received by the Lessor for any such taking (subject to the rights of any first mortgagee of the demised premises) and proceeding with all reasonable dispatch shall do such work as may be required to put what may remain of the demised premises in proper condition for the conduct of the Lessee's business, and the Lessee, upon substantial completion by Lessor of such work as may be required to put what may remain of the demised premises in proper condition for the conduct of the Lessee's business, shall continue to operate and use the demised premises for the Permitted Uses. From and after the date on which the Lessee is required to vacate the portion of the demised premises so taken, a just proportion of the rent reserved herein according to the nature and extent of the taking of the demised premises, shall be abated until the demised premises are restored to such condition that the Lessee can commence business therein, and from and after the date on which the Lessor shall restore the demised premises in the manner above provided the rent shall be reduced in the proportion that the floor area of the portion of the demised premises so taken bears to the floor area of the demised premises at the commencement of the term hereof.
SECTION 2. In the event of a taking, as defined herein, of 25% or more of the Land, or 25% of the area of the Building and even though such taking does not affect (20%) twenty percent or more of the floor area of the demised premises, the Lessor shall nonetheless have the right to terminate this Leaselease by notifying the Lessee of the Lessor's election to terminate within (90) days after the final determination of the amount of the award, or to restore any part of the demised premises so remaining and in the case of such restoration, the rent shall be abated to the extent provided above. The Lessor reserves and excepts all rights to damages to the Land, the Building, the demised premises and the leasehold hereby created or awards with respect thereto, then or thereafter accruing, by reason of any taking by eminent domain or by reason of anything lawfully done or required by any public authority, and the Lessee shall be limited grants to consequential the Lessor all the Lessee's rights, if any, to such damages only.
15.2 All compensation awarded or paid upon any total or partial taking except with respect to the value of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furnitureits personal property, fixture trade fixtures and equipment or improvements insured and its relocation expenses to the extent compensated by lesseea separate award and shall execute and deliver to the Lessor such further instruments of assignments thereof as the Lessor may from time to time request.
Appears in 1 contract
Sources: Lease Agreement (American Science & Engineering Inc)
Eminent Domain. 15.1 (a) If the Demised Premiseswhole of the Premises should be taken by any public or quasi-public authority under the power or threat of eminent domain during the Term, or any part thereof, or more than twenty- five percent (25%) if a substantial portion of the Common Areas are Premises should be taken so as to materially impair the use of the Premises contemplated by condemnation or right ▇▇▇▇▇▇, and thereby frustrate ▇▇▇▇▇▇’s purpose in entering into this Lease, then, in either of eminent domain, or by private purchase in lieu thereofsuch events, this Lease shall terminate at the time of such taking. In such event, of the compensation and damages payable for or on account of the Property, exclusive of the buildings and improvements thereon, Tenant and Lender, as their interests may be terminated appear, shall receive a sum equal to the worth at the time of the compensation award of the amount by Lessor. If Lessor so terminates, then which the fair rental value of the Premises exceeds the rental payable pursuant to the terms of this Lease for the balance of the Term; the balance of such compensation and damages shall expire be payable to and be the sole property of Landlord. All compensation and damages payable for or on account of the buildings and improvements located on the Property and constituting a part of the Premises shall be divided among Landlord, Tenant, and Lender as follows:
(1) All compensation and damages payable for or on account of buildings and improvements constructed by ▇▇▇▇▇▇ having a remaining useful life less than the remaining Term as of the date possession is of such taking shall be payable to and be the sole property of ▇▇▇▇▇▇ and Lender, as their interests may appear; and
(2) A proportionate share of all compensation and damages payable for or on account of buildings and improvements constructed by ▇▇▇▇▇▇ having a remaining useful life greater than the remaining Term as of the date of such taking, determined by the ratio that the then remaining Term bears to the then remaining useful life of such buildings and improvements, shall be payable to and be the sole property of Tenant and Lender, as their interests may appear, and the remaining share thereof shall be payable to and be the sole property of Landlord.
(b) If less than the whole of the Premises should be taken by any public or quasi- public authority under the condemnor, power or threat of eminent domain during the rent herein reserved shall be apportioned Term and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease is not terminated as provided in subsection (a) above, then Lessor Tenant shall rebuild promptly reconstruct and restore the Demised Premises as nearly as possible Premises, with respect to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage portion of the part Premises not so taken, as an integral unit of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately same quality and character as existed prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild . The Monthly Rent payable by Tenant following such taking shall be limited equitably reduced by agreement of Landlord and Tenant in accordance with the reduced economic return to an amount Tenant, if any, which does not exceed the proceeds obtained from will occur by reason of such taking. The compensation and damages payable for, or on account of, such taking shall be applied to the reconstruction and restoration of the Premises by Tenant pursuant to this subsection (less expenses incurred in collecting b) by application, first, of any sums payable for or on account of the same)buildings and improvements situated on the Property, and second, of any sums payable for or on account of the Property exclusive of such buildings and improvements. Notwithstanding the foregoingThe remainder, if any, after reconstruction and restoration shall be divided among Landlord, Tenant, and Lender in the net condemnation award received by Lessor is insufficient manner provided in subsection (a) above.
(c) No taking of any leasehold interest in the Premises or any part thereof shall terminate or give Tenant the right to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate surrender this Lease, nor excuse Tenant from full performance of its covenants for the payment of rent and Lessee other charges or any other obligations hereunder capable of performance by ▇▇▇▇▇▇ after any such taking, but in such case all compensation and damages payable for or on account of such taking shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong payable to and be the sole property of Lessor. The Lessee reserves Tenant and Lender.
(d) Should Landlord and Tenant for any reason disagree (i) as to whether any portion of the right Premises taken is so substantial as materially to pursue impair the use of the Premises contemplated by ▇▇▇▇▇▇, (ii) on the division of any award compensation or damages paid for furnitureor on account of any taking of all or any portion of the Premises, fixture or (iii) on the amount by which the rent payable by Tenant hereunder is to be equitably reduced in the event of a partial taking, then, and equipment or improvements insured in any of such events, the matter shall be determined by lesseearbitration in the manner provided in Section 30 hereof.
Appears in 1 contract
Sources: Ground Lease
Eminent Domain. 15.1 If the Demised Premises, or any part thereof, or more than twenty- five percent (25%) substantially all of the Common Areas are Premises shall be taken by condemnation or right any public authority under the power of eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then the term of this Lease shall expire on cease as of the date day possession is shall be taken by such public authority and TENANT shall pay rent and all other charges only to the condemnor, time of such taking. If more than one-third (1/3) of the rent herein reserved Premises shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided abovetaken under eminent domain, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor TENANT shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, right to terminate this Lease, or subject to LANDLORD's right of termination as hereinafter in this Article set forth, to continue in possession of the remainder of the Premises, and Lessee TENANT shall notify LANDLORD in writing, within ten (10) days after such taking, of TENANT's election. In the event TENANT elects to remain in possession, all the terms herein provided shall continue in effect and LANDLORD, at its own cost and expense, shall make all necessary repairs and alterations to the basic building and interior of the physical structure so as to constitute the remaining premises a complete architectural unit. In such event, the Minimum Annual Rent shall be limited reduced in proportion to consequential damages only.
15.2 All compensation awarded the loss of floor area in the Premises. If, however, the unexpired portion of the term of this Lease shall be three (3) years or paid upon any total or partial less at the date of the taking of any portion of the Demised Premises or the Building (without regard to the amount of space taken), LANDLORD may, by written notice to TENANT, given within thirty (30) days after the date of such taking, terminate this Lease and TENANT shall pay rent and all other charges only to the time of such termination. In any event, all damages and compensation for taking under the power of eminent domain, whether for the whole or a part of the Premises, shall belong to and be the property of Lessor. The Lessee reserves LANDLORD, whether such damages shall be awarded as compensation for diminution in value of the right leasehold or of the fee, and TENANT hereby sets over and assigns to pursue LANDLORD any part of such award for furniture, fixture and equipment or improvements insured by lesseeawarded to it under such circumstances.
Appears in 1 contract
Eminent Domain. 15.1 If the Demised Premises, or any part thereofsuch portion thereof as to render the balance wholly unsuitable for the purpose of Tenant, or more than twenty- five percent (25%) of the Common Areas are is taken by condemnation or the right of eminent domain, or by private purchase in lieu thereofagreement between Landlord and those authorized to exercise such right (collectively the "condemnation proceedings"), this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on either party upon written notice to the date possession is taken by the condemnor, the rent herein reserved other shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect entitled to terminate this Lease provided that such notice is given not later than thirty (30) days after Tenant has been deprived possession of use by such taking. Should any part of the Premises be so taken and should this Lease not be terminated in accordance with the foregoing provisions, Landlord covenants and agrees promptly after such taking to expend so much as provided abovemay be necessary of the net amount which may be awarded to and received by it in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like its condition prior to such taking as shall in the judgment of Landlord be practicable, then Lessor shall rebuild with an appropriate abatement to be made in Fixed Annual Minimum Rent and a corresponding reduction in Annual Minimum Gross Receipts. Should the net amount so awarded to and received by Landlord be insufficient to cover the cost of restoring the Premises as estimated by Landlord's architect, Landlord may at its election, supply the amount of such insufficiency and restore the Demised Premises Premises, as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; above provided, howeveror terminate this Lease. Where Tenant has not already exercised any right of termination accorded to it under this Section 14.01, provided further, however, LessorLandlord shall notify Tenant of Landlord's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, election within ninety (90) days after Lessor's receipt the final determination of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking amount of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lesseeaward.
Appears in 1 contract
Sources: Shopping Center Lease (Headliners Entertainment Group, Inc.)
Eminent Domain. 15.1 Except as legally entitled, Tenant hereby assigns to Landlord all rights to compensation or damages, if any, sustained as Tenant on condemnation of the Premises in whole or in part under power of eminent domain; but Landlord shall pay to Tenant from the condemnation award, if and when received by Landlord, the amount, if any, by which such award was increased by virtue of condemnation of equipment, fixtures and/or improvements which Tenant, on termination of the Rental Term, is entitled to remove. If such condemnation of the Demised Premises, or any part thereof, or Premises reduces the floor area of the Premises available for Tenant's use by more than twenty- twenty-five percent (25%) or renders the part thereof not condemned permanently untenantable, either party hereto, by thirty (30) days' notice to the other, may terminate this Lease; but if the Lease is not so terminated, Landlord shall make such repairs, if any, as are reasonably necessary to restore the part thereof not condemned to tenantable condition. Landlord, in so doing, shall not be required to expend more than the net amount received by Landlord in the condemnation proceedings for damage to such part of the Common Areas are taken Premises not condemned unless Tenant pays the amount of the excess of expenditure and, before commencement of the restoration repairs, provides Landlord with reasonable security for such payment by condemnation or right of eminent domainTenant. Restoration repairs, or by private purchase in lieu thereofif made, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of begin promptly after Tenant vacates the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking'; providedcondemned and be completed with reasonable diligence, subject, however, provided furtherto delays incident to governmental regulation, however, Lessor's obligations to restore unavailability of material or rebuild shall be limited to an amount which does not exceed labor and other causes beyond the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyLandlords' control.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Eminent Domain. 15.1 If If, prior to the Demised Premisesdate of any closing hereunder, eminent domain proceedings shall be threatened or commenced against all or any part of the Premises, Seller agrees that it shall give notice of such event to Purchaser within ten (10) days after Seller receives official notice thereof. In such event, Purchaser shall have thirty (30) days after Seller gives such notice to (a) elect to proceed with the transaction, or more than twenty- five percent (25%b) of the Common Areas are taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease Agreement, in which event the Escrow Deposit shall be forthwith returned to Purchaser, and thereafter the parties shall have no further obligations or liabilities hereunder, except those obligations and liabilities which survive the closing as provided abovespecified herein. If Purchaser fails to so exercise either option (a) or (b) within said thirty (30) day period, then Lessor Purchaser shall rebuild and restore the Demised Premises as nearly as possible be deemed to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restorationhave selected option (a). If option (a) applies, the rent payable pursuant to Article III hereof Purchaser shall be equitably apportioned entitled to receive any payments made by the proportion that condemning authority for the square footage value of the part of land taken from the Demised Premises so taken bears to Premises. Except as specifically described in the total square footage of the Demised Premises immediately prior to such taking; providedpreceding sentence, howeverSeller reserves exclusively all right, provided furthertitle and interest, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves including the right to pursue any award and all causes of action and damage claims and the right to receive any and all compensation or damage awards, arising from condemnation, threat of condemnation, condemnation blight, and any other damage claims arising from any condemnation action, and Purchaser hereby assigns exclusively to Seller all right, title and interest, including the right to pursue any and all causes of action and damage claims and the right to receive any and all compensation or damage awards, arising from condemnation, threat of condemnation, condemnation blight, and any other damage claims arising from any condemnation action. It is the intent of the parties that Seller be considered the "owner" for furniturethe pursuit of any and all causes of action and damage claims arising from condemnation, fixture threat of condemnation, condemnation blight, and equipment or improvements insured by lessee.any other damage claims arising from any condemnation action. Further, it is the intent of the parties that the assignment and reservation set forth herein shall be deemed covenants running with the land that shall be binding upon the heirs, successors and assigns of the parties. The provisions of this paragraph 11 shall survive the Closing,
Appears in 1 contract
Sources: Real Estate Purchase Agreement (Bf Enterprises Inc)
Eminent Domain. 15.1 If the Demised Premises, all or any material part thereof, or more than twenty- five percent (25%) of the Common Areas are Premises or the parking lot is taken for public or quasi-public use by condemnation or right a governmental authority under the power of eminent domain, domain or by private purchase is conveyed to a governmental authority in lieu thereofof such taking (a “taking”), Landlord may terminate this Lease may be terminated by Lessorwritten notice to Tenant within thirty (30) days after the taking. If Lessor so terminatesall or any material part of the Premises is taken, and if in any such case the taking causes the remaining part of the Premises to be untenantable and inadequate for use by Tenant for the purpose for which they were leased, in Tenant’s reasonable opinion, then Tenant, at its option and by giving notice within thirty (30) days after the taking, may terminate this Lease as of the date Tenant is required to surrender possession of the Premises. If part of the Premises is taken but the remaining part is tenantable and adequate for Tenant’s use, then this Lease shall expire on be terminated as to the part taken as of the date possession Tenant is required to surrender possession, and, unless Landlord shall have terminated this Lease pursuant to the foregoing provisions, Landlord shall make such repairs, alterations and improvements as may be necessary to render the part not taken by tenantable, and the condemnor, the rent herein reserved Rent shall be apportioned and paid reduced in full proportion to that date and all prepaid rent shall be repaid by the Lessor to Lesseepart of the Premises taken. If Lessor does not all or any material part of the Premises is taken, and if in any such case the taking causes the remaining part of the Premises to be untenantable and inadequate for use by Tenant for the purpose for which they were leased, then Tenant, at its option and by giving notice within thirty (30) days after the taking, may terminate this Lease as of the date Tenant is required to surrender possession of the Premises. Notwithstanding anything to the contrary herein set forth, in the event the taking is temporary (for less than the remaining Term of the Lease), Landlord may elect either (i) to terminate this Lease as provided above, then Lessor or (ii) permit Tenant to receive the entire award attributable to the Premises in which case Tenant shall rebuild and restore the Demised Premises as nearly as possible continue to their condition immediately prior to any such taking pay Rent and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same)terminate. Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial for the taking of the Demised Premises shall belong to and be the property of LessorLandlord without any deduction therefrom for any estate of Tenant, and Tenant hereby assigns to Landlord all its right, title and interest in and to the award. The Lessee reserves Tenant shall have the right right, however, to pursue recover from the governmental authority, but not from Landlord, such compensation as may be awarded to Tenant on account of any improvements made to the Premises at Tenant’s cost, moving and relocation expenses. loss of good will and the business as a going concern and removal of Tenant’s Personal Property, provided that any such award for furniture, fixture and equipment or improvements insured by lesseeto Tenant will not reduce the award which would otherwise be made to Landlord.
Appears in 1 contract
Sources: Asset Purchase Agreement (Simpson Manufacturing Co Inc /Ca/)
Eminent Domain. 15.1 If the Demised Premises, or any part thereof, or more than twenty- five percent (25%) of the Common Areas are Building is totally taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on terminate as of the date possession is of such taking. If the Building, or such portion thereof as to render the balance (if reconstructed to the maximum extent practicable in the circumstances) physically unsuitable in the LESSEE'S reasonable judgment for the LESSEE'S purposes, shall be taken by the condemnorcondemnation or right of eminent domain (including a temporary taking in excess of 180 days), the rent herein reserved LESSEE or the LESSOR shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by have the Lessor to Lessee. If Lessor does not elect right to terminate this Lease as by notice to the other of its desire to do so, provided abovethat such notice is given not later than ten (10) days after the LESSEE has been deprived of possession. Should any part of the Building be so taken or condemned or receive such damage and should this Lease not be terminated in accordance with the foregoing provisions, then Lessor shall rebuild and the LESSOR shall, to the extent condemnation proceeds are available to LESSOR, promptly restore the Demised Leased Premises as nearly as possible to their condition immediately prior an architectural unit that is suitable to any such the uses of the LESSEE permitted hereunder. In the event of a taking and described in this Lease shall continue in full force and effect except that, during such restorationParagraph 17A, the rent and other charges payable pursuant hereunder, or a fair and just proportion thereof according to Article III hereof the nature and extent of the loss of use shall be equitably apportioned by suspended or abated. The LESSOR reserves, and the proportion that the square footage of the part of the Demised Premises so taken bears LESSEE grants to the total square footage of LESSOR, all rights which the Demised LESSEE may have for damages or injury to the Leased Premises immediately prior for any taking by eminent domain, except for damage to such taking; providedthe LESSEE'S trade fixtures, however, provided further, however, Lessor's obligations to restore personal property or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoingequipment, if any, the net condemnation award received by Lessor is insufficient LESSEE'S right to restore or rebuild the structural portions of the Demised Premisesrelocation expenses, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Leaseif any, and Lessee shall be limited to consequential damages onlythe LESSEE'S right for business interruption, if any.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Sources: Sublease (Interliant Inc)
Eminent Domain. 15.1 (a) If the Demised whole or any material part of the Premises, or any part thereofincluding the buildings and/or other improvements, or more than twenty- five percent (25%) of the Common Areas are taken by condemnation or right any public authority under the power of eminent domain, or in the event of a conveyance by private purchase Lessor in lieu thereofof the exercise of the power of eminent domain by such public authority, this Lease may be terminated by Lessor. If Lessor so terminatessuch that Lessee cannot continue to operate its business from the Premises, then the Term of this Lease shall expire on cease as of the date possession thereof shall be taken by such public authority and the rent and other charges shall be paid up to that day, with a proportionate refund by Lessor of any such rent and other charges as may have been paid in advance. If only a part or portion of the Premises is taken which would not prevent Lessee from operating its business at the Premises, as reasonably determined by Lessor, then Lessee shall repair, rebuild or restore any improvements on the condemnorPremises, with the rent herein reserved proceeds from the condemnation award (which Lessor hereby agrees to assign to Lessee for such purpose), to a condition acceptable to Lessee for its business. The determination of whether Lessee can continue to operate its business from the Premises after an eminent domain event shall be apportioned and paid in full to that date and all prepaid rent shall be repaid determined by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyreasonable judgment.
15.2 All compensation (b) The amount awarded or paid upon for any total or partial taking under the power of the Demised Premises eminent domain shall belong to and be the property of Lessor, if such amount is awarded as compensation for the fee of the Premises (including the building and related improvements paid for by Lessor) or as damage to the residue; provided, however, that if there is a partial taking which does not prevent Lessee from operating its business on the Premises, Lessor agrees to assign such reasonable portion of the award to Lessee to be used by Lessee to repair, rebuild or restore any improvements on the Premises taken as a result of such appropriate action. The Lessor and Lessee reserves are entitled to participate in the right negotiations with the condemning authority, and Lessee shall be entitled to pursue proceed with direct negotiations with the condemning authority with respect to any award damage or taking of improvements constructed on the Premises by or on behalf of Lessee, and to Lessee’s fixtures, equipment, personal property and/or for furnituremoving expenses, fixture and any such amounts separately awarded for such items of equipment or improvements insured and personal property owned by lesseeLessee shall belong to Lessee.
Appears in 1 contract
Eminent Domain. 15.1 (a) If all or part of the Demised Premises, Premises shall be taken for any public or any part thereof, or more than twenty- five percent (25%) quasi-public use by virtue of the Common Areas are taken by condemnation or right exercise of the power of eminent domain, domain or by private purchase in lieu thereof, this Lease may shall terminate as to the part so taken as of the date of taking, and, in the case of a partial taking, either Landlord or Tenant shall have the right to terminate this Lease as to the balance of the Demised Premises by written notice to the other within thirty (30) days after such date; provided, however, that a condition to the exercise by Tenant of such right to terminate shall be terminated by Lessorthat the portion of the Demised Premises taken shall be of such extent and nature as substantially to handicap, impede or impair Tenant's use of the balance of the Demised Premises. If Lessor title to so terminatesmuch of the Project is taken that a reasonable amount of reconstruction thereof will not in Landlord's sole discretion result in the Building being a practical improvement and reasonably suitable for use for the purpose for which it is designed, then this Lease shall expire terminate on the date that the condemning authority actually takes possession of the part so condemned or purchased.
(b) If this Lease is taken by terminated under the condemnorprovisions of this Article 35, the rent herein reserved Rent shall be apportioned and paid adjusted as of the date of termination. Tenant shall have no claim against Landlord or against the condemning authority for the value of any leasehold estate or for the value of the unexpired Lease Term provided that the foregoing shall not preclude any claim that Tenant may have against the condemning authority for the unamortized cost of leasehold improvements, to the extent the same were installed at Tenant's expense (and not with the proceeds of the Tenant Improvement Allowance), or for loss of business, moving expenses or other consequential damages, in full to that date and all prepaid rent shall be repaid by accordance with subparagraph (d) below.
(c) If there is a partial taking of the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking Project and this Lease is not thereupon terminated under the provisions of this Article 35, then this Lease shall continue remain in full force and effect except thateffect, during such restorationand Landlord shall, within a reasonable time thereafter, repair or reconstruct the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage remaining portion of the part of the Demised Premises so taken bears Building to the total square footage of extent necessary to make the Demised Premises immediately prior to such takingsame a complete architectural unit; provided, howeverthat in complying with its obligations hereunder, provided furtherLandlord shall not be required to expend more than the net proceeds of the condemnation award which are paid to Landlord. Upon any such partial taking, however, Lessor's obligations Landlord shall have the right to restore or rebuild shall be limited to reduce the figure described in Article 8(b)(y) hereof by an amount which does not exceed equal to the proceeds obtained product of (x) the amount of tax savings arising from such taking partial taking, as determined by Landlord in its sole but reasonable discretion, divided by the number of square feet of Rentable Floor Area of the Building, multiplied by (less expenses incurred in collecting y) the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions number of square feet of Rentable Floor Area of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 (d) All compensation awarded or paid to Landlord upon any a total or partial taking of the Demised Premises or the Project shall belong to and be the property of LessorLandlord without any participation by Tenant. The Lessee reserves Nothing herein shall be construed to preclude Tenant from prosecuting any claim directly against the condemning authority for loss of business, for damage to, and cost of removal of, trade fixtures, furniture and other personal property belonging to Tenant, and for the unamortized cost of leasehold improvements to the extent the same were installed at Tenant's expense (and not with the proceeds of the Tenant Improvement Allowance); provided, however, that no such claim shall diminish or adversely affect Landlord's award.
(e) Notwithstanding anything to the contrary contained in this Article 35, if, during the Lease Term, the use or occupancy of any part of the Project or the Demised Premises shall be taken or appropriated temporarily for any public or quasi-public purpose under any governmental law, ordinance or regulation, or by right of eminent domain, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pursue pay in full all Rent payable hereunder by Tenant during the Lease Term. In the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for furniturethe loss of use or occupancy of the Demised Premises during the Lease Term, fixture and equipment Landlord shall be entitled to receive that portion of any award which represents the cost of restoration and compensation for the loss of use or improvements insured by lesseeoccupancy of the Demised Premises after the end of the Lease Term.
Appears in 1 contract
Sources: Lease Agreement (Tenera Inc)
Eminent Domain. 15.1 If the Demised Premises, all or any part thereof, or more than twenty- five percent (25%) of the Common Areas Premises are taken for any public or quasi-public use by condemnation or right virtue of the exercise of the power of eminent domain, domain or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor shall terminate as to the part so terminates, then this Lease shall expire on taken as of the date possession is taken by of taking, and in the condemnorcase of a partial taking, either Landlord or Tenant shall have the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect right to terminate this Lease as provided above, then Lessor shall rebuild and restore to the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage balance of the part of the Demised Premises so taken bears by written notice to the total square footage other within thirty (30) days after the date of the Demised Premises immediately prior to such taking; provided, however, that a condition to the exercise by Tenant of this right to terminate shall be that the portion of the Premises taken shall be of an extent and nature that substantially handicaps, impedes or impairs Tenant’s use of the balance of the Premises. If title to so much of the Project is taken that a reasonable amount of reconstruction thereof will not in Landlord’s sole discretion result in the Building being a practical improvement and reasonably suitable for use for the purpose for which it is designed, then this Lease shall terminate on the date that the condemning authority actually takes possession of the part so condemned or purchased. If this Lease is terminated under the provisions of this Section, Rent shall be apportioned and adjusted as of the date of termination. Except as specifically provided furtherin this Section, Tenant shall have no claim against Landlord or against the condemning authority for the value of any leasehold estate or for the value of the unexpired Lease Term. If there is a partial taking of the Project and this Lease is not terminated under the provisions of this Section, then this Lease shall remain in full force and effect, and Landlord shall, within a reasonable time thereafter, repair or reconstruct the remaining portion of the Building to the extent necessary to make it a complete architectural unit; provided, that in complying with this obligation, Landlord shall not be required to expend more than the net proceeds of the condemnation award which are paid to Landlord. Upon any such partial taking, Landlord shall have the right to reduce the Base Operating Expenses used to calculate Tenant’s Additional Rent under Article 2 to reflect the amount of operational savings arising from the partial taking, as determined by Landlord in its sole but reasonable discretion. Nothing herein shall be construed to preclude Tenant from prosecuting any claim directly against the condemning authority for loss of business; for damage to, and cost of removal of, trade fixtures, furniture and other personal property belonging to Tenant; and for the unamortized cost of leasehold improvements to the extent they were installed at Tenant’s expense (and not with the proceeds of the Tenant Improvement Allowance); provided, however, Lessor's obligations to restore that no claim by Tenant shall diminish or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same)adversely affect Landlord’s award. Notwithstanding the foregoingHowever, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All all compensation awarded or paid to Landlord upon any a total or partial taking of the Demised Premises or the Project shall belong to and be the property of LessorLandlord without any participation by Tenant. The Lessee reserves Notwithstanding anything to the contrary in this Section, if during the Lease Term the use or occupancy of any part of the Project or the Premises shall be taken or appropriated temporarily for any public or quasi-public use under any governmental law, ordinance or regulation, or by right of eminent domain, this Lease shall be and remain unaffected by the taking or appropriation, and Tenant shall continue to pursue pay in full all Rent payable under the Lease during the Lease Term. In the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for furniturethe loss of use or occupancy of the Premises during the Lease Term, fixture and equipment Landlord shall be entitled to receive that portion of any award which represents the cost of restoration and compensation for the loss of use or improvements insured by lesseeoccupancy of the Premises after the end of the Lease Term.
Appears in 1 contract
Sources: Lease Agreement (Adamas One Corp.)
Eminent Domain. 15.1 (a) If the Demised Premises, any or any part thereof, or more than twenty- five percent (25%) all of the Common Areas Premises or parking spaces are taken by condemnation the exercise of any power of eminent domain or are conveyed to or at the direction of any governmental entity under a threat of any such taking (each of which is hereinafter referred to as a "Condemnation"), Landlord, subject to subparagraph (c) below shall be entitled to collect from the condemning authority thereunder the entire amount of any award made in any such proceeding or as consideration for such deed, without deduction therefrom for any leasehold or other estate held by Tenant by virtue of this Lease.
(b) Tenant, subject to subparagraph (c) below, hereby (i) assigns to Landlord all of Tenant's right, title and interest, if any, in and to any such award, (ii) waives any right which it may otherwise have in connection with such Condemnation, against Landlord, and (iii) agrees to execute any and all further documents which may be required in order to facilitate the Landlord's collection of any and all such awards.
(c) Notwithstanding the foregoing provisions of this Paragraph, if there is a Condemnation, Tenant may, to the extent permitted by law, appear, claim, prove and receive in the Condemnation proceeding (a) the unamortized value over the Term of Tenant's property and its improvements and alterations to the Premises and Building (but only to the extent that such value exceeds the unamortized portion of the Tenant Work Allowance described in Exhibit D), provided the same shall have been installed by or at Tenant's expense but regardless of whether Tenant's property or the improvements and alterations might be considered by law or otherwise as a part of the Premises or Building or shall be or become Landlord's property under the provisions of this Lease, (b) the value of Tenant's trade fixtures, equipment, and personal property that are damaged, destroyed or taken hereunder, (c) the cost of relocation, (d) special awards or allowances paid to tenants when their rental space is taken by eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage (e) value of the part leasehold of which it is deprived for the remainder of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyTerm.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Sources: Deed of Lease (Homegrocer Com Inc)
Eminent Domain. 15.1 If prior to the Demised Premises, Closing all or any part thereof, or more than twenty- five percent (25%) of the Common Areas are Property is taken by condemnation or right of eminent domain, or by private purchase a taking in lieu thereof, the following shall apply:
10.2.1 In the event a material part of the Property is taken, Purchaser, by written notice to Seller (effective only if delivered within fifteen (15) days after Purchaser receives notice of such taking), may elect to cancel this Lease may be terminated by LessorAgreement prior to the Closing Date. If Lessor In the event that Purchaser shall so terminates, then this Lease shall expire on the date possession is taken by the condemnorelect, the rent herein reserved Deposit, together with any interest accrued thereon, shall be apportioned returned to Purchaser, and paid in full to that date and all prepaid rent upon such payment, this Agreement shall be repaid by null and void and the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof parties hereto shall be equitably apportioned by relieved and released of and from any further liability hereunder and with respect to each other, except with respect to the proportion that provisions of this Agreement which expressly survive the square footage termination of this Agreement.
10.2.2 In the event a minor or immaterial part of the Property is taken, or in the event of a change of legal grade, neither party shall have any right to cancel this Agreement, and title shall nonetheless close in accordance with this Agreement without any abatement of the Purchase Price or any liability or obligation on the part of the Demised Premises so taken bears to the total square footage Seller by reason of the Demised Premises immediately prior to such taking; provided, however, provided furtherthat Seller shall, howeverat Closing, Lessor's obligations (i) turn over and deliver to restore Purchaser the amount of any award or rebuild shall be limited to an amount which does not exceed the other proceeds obtained from of such taking (to the extent actually collected by Seller as a result of such taking, less the amount of the actual expenses reasonably incurred by Seller in collecting such award or other proceeds and in making repairs to the same). Notwithstanding Property occasioned by such taking, and (ii) deliver to Purchaser an assignment (without warranty or recourse to Seller) of Seller’s right to any such award or other proceeds which may be payable subsequent to the foregoingClosing Date as a result of such taking.
10.2.3 The term “material part,” as distinguished from a “minor or immaterial part,” as used herein shall mean a portion of the Property having a value (based upon an appraisal by an appraiser acceptable to Seller, subject to Purchaser’s approval, which shall not be unreasonably withheld or delayed) in excess of ten percent (10%) of the Purchase Price or any taking, regardless of the value of the Property taken, if such taking materially and adversely affects access to the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyBuilding.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Eminent Domain. 15.1 (a) If the Demised Premises, or any part thereof, or more than twenty- five percent (25%) whole of the Common Areas are Premises shall be taken or condemned by condemnation any competent authority for any public or right quasi-public use or purpose, then the term of eminent domainthis Lease shall automatically end upon the date when the possession so taken shall be required for such use or purpose, or and current rent and taxes shall be apportioned as of the date of such termination.
(b) If only part of the Premises shall be so taken and a part thereof remains which is reasonably susceptible for occupation by private purchase in lieu thereofLessee hereunder for the purposes for which Lessee has entered into this Lease, this Lease may be terminated by Lessor. If Lessor shall, as to the part so terminatestaken, then this Lease shall expire on terminate as of the date when the possession is so taken by the condemnorshall be required, and the rent herein reserved and all other sums payable by Lessee on account of the Premises hereunder, shall be apportioned and paid in full to adjusted so that date and all prepaid rent the Lessee shall be repaid by required to pay for the Lessor to Lessee. If Lessor does not elect to terminate this Lease remainder of the term only such fraction of the basic rental as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage area of the part of the Demised Premises so taken improvements remaining after such taking bears to the total square footage original area of the Demised Premises immediately entire improvements prior to such taking; . If, after the taking of a portion of the Premises, there does not remain a portion reasonably susceptible for Lessee's occupation hereunder, this Lease shall thereupon automatically terminate in the manner as if the whole Premises had been taken. Whether all or part of the Premises be taken, all compensation awarded upon such taking with respect to the real property and improvements shall go to the Lessor, and the Lessee shall have no claim thereto, nor shall Lessee have claim against Lessor for any loss, damage, or for any other reason alleged to result therefrom, provided, however, provided furtherthat Lessee shall in no event be precluded hereby from perfecting its own claim against the authority or taker for damages for the taking of its leasehold interest, howeverpersonal property, Lessor's obligations to restore fixtures, or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premisesin, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing soas a result of, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyany eminent domain action.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Eminent Domain. 15.1 If the Demised Premises, or any part thereof, or more than twenty- five percent (25%) of the Common Areas are Premises shall be taken by condemnation or right appropriated under the power of eminent domain, domain or by private purchase conveyed in lieu thereof, either party shall have the right to terminate this Lease may be terminated by Lessorat its option. If Lessor so terminatesany material part of the Building shall be taken or appropriated under power of eminent domain or conveyed in lieu thereof (other than on a temporary basis for less than one (1) year), then Landlord may terminate this Lease shall expire on the date possession is taken by the condemnorat its option; provided, the rent herein reserved shall be apportioned and paid in full to however, that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does Landlord may not elect to terminate this Lease as unless Landlord also elects to terminate the leases of all similarly situated tenants, provided abovethat Landlord has the right under each applicable lease to terminate. In either of such events, then Lessor Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any receive such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage portions of the condemnation award not attributable to Tenant’s personal property, moving costs, or goodwill as the court shall allow. If a part of the Demised Premises shall be so taken bears or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the total square footage Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, the Demised Landlord shall restore the Premises immediately prior to such takingcontinuing under this Lease at the Landlord’s cost and expense; provided, however, provided further, however, Lessor's obligations that Landlord shall not be required to repair or restore any injury or rebuild shall be limited damage to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right Tenant or to pursue make any award for furniturerepairs or restoration of any alterations, fixture and equipment additions, fixtures or improvements insured installed on the Premises by lesseeor at the expense of Tenant, , except to the extent Landlord receives a condemnation award with respect thereto attributable to Tenant. Thereafter, the rent to be paid under this Lease for the remainder of its term shall be proportionately reduced, such reduction to be based upon the extent to which the partial taking or appropriation or conveyance shall interfere with Tenant’s use of the Premises.
Appears in 1 contract
Sources: Lease (Trulia, Inc.)
Eminent Domain. 15.1 If the Demised Premises, or any part thereof, or more than twenty- five percent (25%) whole of the Common Areas are Premises or the Project or so much thereof as to render the balance unusable by Tenant shall be taken by condemnation or right under power of eminent domain, or by private purchase is sold, transferred or conveyed in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminatesshall automatically terminate as of the date of such condemnation, then this Lease shall expire on or as of the date possession is taken by the condemnorcondemning authority, the rent herein reserved at either Landlord or Tenant's option. No award for any partial or entire taking shall be apportioned apportioned, and paid Tenant hereby assigns to Landlord any award which may be made in full to that date such taking or condemnation, together with any and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue rights of Tenant now or hereafter arising in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears or to the total square footage of the Demised Premises immediately prior to such takingsame or any part thereof; provided, however, provided further, however, Lessor's obligations to restore or rebuild that nothing contained herein shall be limited deemed to an give Landlord any interest in or to require Tenant to assign to Landlord any award made to Tenant for the taking of personal property and trade fixtures belonging to Tenant and removable by Tenant at the expiration of the term hereof as provided hereunder, for relocation costs, for the interruption of, or damage to, Tenant's business and goodwill, or any other amount in addition to the foregoing which does not exceed reduce the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions amount of the Demised Premisesaward payable to Landlord. In the event of a partial taking described in this Article 18, or the holder a sale, transfer or conveyance in lieu thereof which does not result in a termination of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee the rent shall be limited apportioned according to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking the ratio that the part of the Demised Premises remaining useable by Tenant bears to the total area of the Premises and Landlord shall belong restore the Premises as close as reasonably practicable to its prior condition. Tenant hereby waives any and be all rights it might otherwise have pursuant to Section 1265.130 of the property California Code of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lesseeCivil Procedure.
Appears in 1 contract
Sources: Standard Office Lease (Netzero Inc)
Eminent Domain. 15.1 If In the Demised event the Premises, the Building or any part thereofthereof shall be taken or condemned for public purposes by any competent authority, except as otherwise provided herein, the entire compensation awarded therefor shall belong to the Landlord, without any deduction therefrom for any present or future estate of Tenant; provided; however, that in the event more than twenty- five percent twenty (2520%) percent of the Common Areas are Premises shall be so taken or condemned, then either the Landlord or Tenant shall have the option of terminating the Lease upon giving to the other written notice of such election within thirty (30) days after possession of the part condemned has been taken by condemnation or right proper authorities, whereupon the Term of eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on be terminated as of the date on which possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lesseeso taken. If Lessor does not elect neither Landlord nor Tenant so elects to terminate this Lease as provided abovethe Lease, then Lessor Landlord at its own expense shall rebuild repair and restore the Demised Premises not affected by the taking to its former condition as nearly as possible the circumstances will permit so that the remaining premises constitute a complete architectural unit. If the award is insufficient to their condition immediately prior to any such taking pay for the restoration, Landlord shall be responsible for the remaining cost and this Lease shall continue in full force and effect except that, during expense of such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided furtherthat Landlord shall in no event be required to expend any of its own funds for repairs or alterations which constitute Tenant’s Work, howeverTenant’s Alterations, Lessor's obligations Tenant’s Removable Trade Fixtures, and Tenant’s fixtures. During any period of time that, by reason of such taking or condemnation, there is any material interference with access to restore or rebuild the Premises, there shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions a fair and equitable abatement of the Demised Premisesrent payable hereunder, or taking into account the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor extent to which Tenant’s operations may thereby be interfered with. Tenant shall have the option, within ninety (90) days after Lessor's receipt right to make any claims allowed by the laws of the net condemnation proceedsState of Florida against the condemning authority for the following: (a) the value or cost of its fixtures, equipment and other personalty; (b) its relocation expenses; and (c) the cost of any leasehold improvements made by Tenant in and to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking the Premises less the amount of the Demised Premises Tenant Improvement Allowance. Notwithstanding anything to the contrary set forth in this Section 16, in the event only one award is given, then Tenant shall belong to and be the property of Lessor. The Lessee reserves have the right to pursue any share in such award for furniture, fixture and equipment or improvements insured by lesseerelative to the aforesaid claims.
Appears in 1 contract
Eminent Domain. 15.1 Section 19.1 If the whole of the Building or the Demised Premises or a part of the
Section 19.2 If any part of the Building which does not include substantially the entire Demised Premises, or any part thereof, or more than twenty- five percent (25%) of the Common Areas are taken by condemnation or right of eminent domain, or by private purchase in lieu thereofshall be so taken, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to unaffected by such taking, except that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not Tenant may elect to terminate this Lease as provided abovein the event of a partial taking of the Demised Premises, then Lessor shall rebuild and restore if the remainder of the Demised Premises shall not constitute at least eighty-five percent (85%) of the gross area of the Demised Premises at the time such taking shall occur. Tenant shall give
Section 19.3 Except as nearly as possible otherwise expressly provided in any of the following sections of this Article, Landlord shall be entitled to their condition immediately prior receive the entire award in any proceeding with respect to any such taking and provided for in this Article, without deduction therefrom for any estate vested in Tenant by this Lease and Tenant shall continue receive no part of such award and Tenant hereby expressly assigns to Landlord all of its right, title and interest in full force and effect except thator to every such award.
Section 19.4 Notwithstanding the foregoing provisions of this Article 19, during such restoration, the rent payable pursuant to Article III hereof Tenant shall be equitably apportioned by entitled to make a separate claim in the proportion that proceedings relating to any taking mentioned in the square footage preceding sections of this Article for the then value of Tenant’s Property and for its moving expenses.
Section 19.5 If the temporary use or occupancy of all or any part of the Demised Premises so shall be lawfully taken bears 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 total square footage award for such taking which represents compensation for the use and occupancy of the Demised Premises immediately prior to such taking; providedand, howeverif so awarded, provided furtherfor the taking of Tenant’s Property and for moving expenses, however, Lessor's obligations to restore or rebuild and Landlord shall be limited entitled to an amount receive that portion which does not exceed represents reimbursements for the proceeds obtained from such taking (less expenses incurred in collecting cost of restoration of the same)Demised Premises. Notwithstanding With respect to the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised PremisesPremises not so taken, or 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, with respect to the holder portion of the First Mortgage encumbering Demised Premises not so taken, any Occupancy Charges when due. If the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt period of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded temporary use or paid upon occupancy for any total or partial taking floor of the Demised Premises shall belong extend beyond the Lease Expiration Date, that part of the award which represents compensation for the use or occupancy of the Demised Premises (or a part hereof) shall be divided between Landlord and Tenant so that Tenant shall be entitled to so much thereof as represents the period prior to the Lease Expiration Date and Landlord shall be entitled to so much thereof as represents the property period subsequent to the Lease Expiration Date.
Section 19.6 If the temporary use or occupancy of Lessor. The Lessee reserves all or any part of the right Demised Premises shall be so taken for a period in excess of ninety (90) days, Tenant may terminate this Lease with respect to pursue the portion so taken, or, at Tenant’s option, with respect to the entire Demised Premises, by giving Landlord written notice to such effect, and this Lease shall then expire on the effective date stated in such notice as if that were the Lease Expiration Date, with respect to such portion or the entirety, as the case may be, but any award for furnitureOccupancy Charges shall be
Section 19.7 In the event of any taking of less than the whole of the Building which does not result in a termination of this Lease, fixture or in the event of any taking of part of the Demised Premises which does not result in a termination of this Lease, Landlord shall cause the Board of Managers, at its expense, and equipment subject to the Declaration, to 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, so as to constitute a complete and tenantable Building and Demised Premises.
Section 19.8 Any dispute which may arise between the parties with respect to the meaning or improvements insured application of any of the provisions in this Article 19 shall be determined by lesseearbitration in the manner provided in Article 28, subject, however, to any prior judicial determination.
Appears in 1 contract
Sources: Contract of Sale
Eminent Domain. 15.1 If the Demised Premises, or any part thereof, or more than twenty- five over fifteen percent (2515%) of the Common Areas are Premises shall be taken by condemnation or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option. In such event, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or by private purchase in lieu thereof, not attributable to the value of the unexpired term of this Lease may except that Tenant shall be terminated entitled to petition the condemning authority for the following: (i) the then unamortized cost of any Alterations paid for by LessorTenant from its own funds (as opposed to any allowance, including the TI Allowance, provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; and (iv) Tenant’s goodwill, loss of business and business interruption. If Lessor so terminates, then this Lease shall expire on a part of the date possession is taken by the condemnor, the rent herein reserved Premises shall be apportioned so taken or appropriated or conveyed and paid in full to that date and all prepaid rent neither party hereto shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease and the Premises have been damaged as provided abovea consequence of such partial taking or appropriation or conveyance, then Lessor Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall continue in full force and effect except that, during such restorationnot be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the rent payable pursuant Monthly Base Rent and Additional Charges to Article III hereof be paid under this Lease for the remainder of the Term shall be equitably apportioned proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the proportion ratio that the square footage they are of the part portion of the Demised Premises not so taken bears to the total square footage area of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding anything to the foregoingcontrary contained in this Paragraph 21, if the net condemnation award received by Lessor is insufficient to restore temporary use or rebuild the structural portions occupancy of any part of the Demised PremisesPremises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Monthly Base Rent and Additional Charges payable hereunder by Tenant during the Term. In the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than two hundred and seventy (270) days and unreasonably interferes with Tenant’s use of the Premises or the holder of the First Mortgage encumbering the Building restricts Lessor from doing soCommon Area, Lessor then Tenant shall have the option, within ninety (90) days after Lessor's receipt right to terminate the Lease. Landlord and Tenant understand and agree that the provisions of this Paragraph 21 are intended to govern fully the rights and obligations of the net condemnation proceedsparties in the event of a Taking of all or any portion of the Premises. Accordingly, the parties each hereby waives any right to terminate this Lease, Lease in whole or in part under Sections 1265.120 and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking 1265.130 of the Demised Premises shall belong to and be the property California Code of Lessor. The Lessee reserves the right to pursue Civil Procedure or under any award for furniture, fixture and equipment similar Law now or improvements insured by lesseehereafter in effect.
Appears in 1 contract
Eminent Domain. 15.1 If the Demised Premisesentire Premises shall be substantially taken (either temporarily or permanently) for public purposes, or in the event Landlord shall convey or lease the Premises to any part thereofpublic authority under threat of condemnation or taking, the rent shall be adjusted to the date of such taking or more than twenty- five percent (25%) leasing or conveyance, and this Lease shall thereupon terminate. If only a portion of the Common Areas are taken by condemnation Premises shall be so taken, leased or right condemned, and as a result of eminent domainsuch partial taking, or by private purchase Tenant in lieu thereofTenant’s reasonable opinion, this Lease may be terminated by Lessor. If Lessor so terminatesis reasonably able to use the remainder of the Premises for the purposes intended hereunder, then this Lease shall expire on not terminate, but, effective as to the date possession is taken by the condemnorof such taking, leasing or condemnation, the rent herein reserved hereunder shall be apportioned and paid abated in full any amount thereof proportionate to that date and all prepaid rent the area of the Premises so taken, leased or condemned. If, following such partial taking, Tenant shall not be repaid by reasonably able to use the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided aboveremainder of the Premises for the purposes intended hereunder, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue terminate as if the entire Premises had been taken, leased or condemned. In the event of a taking, lease or condemnation as described in full force and effect except thatthis Section, during such restorationwhether or not there is a termination hereunder, the rent payable pursuant to Article III hereof Tenant shall be equitably apportioned by the proportion that the square footage have no claim against Landlord other than an adjustment of the part of the Demised Premises so taken bears rent, to the total square footage date of the Demised Premises immediately prior taking, lease or condemnation, and Tenant shall not be entitled to any portion of any amount that may be awarded as damages or paid as a result or in settlement of such taking; proceedings or threat, provided, however, provided further, however, Lessor's obligations that Tenant may separately pursue a claim against the condemnor for the value of Tenant’s personal property which Tenant is entitled to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate remove under this Lease, moving costs, loss of business, and Lessee shall be limited other claims Tenant may have, but only to consequential damages onlythe extent Landlord’s award is not diminished by such Tenant claim.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Eminent Domain. 15.1 If the Demised Premisesentire Leased Premises shall be substantially taken (either temporarily or permanently) for public purposes, or in the event Landlord shall convey or lease the Real Property to any part thereofpublic authority in settlement of a threat of condemnation or taking, the rent shall be adjusted to the date of such taking or more than twenty- five percent (25%) leasing or conveyance, and this Lease shall thereupon terminate. If only a portion of the Common Areas are taken by condemnation Leased Premises shall be so taken, leased or right condemned, and as a result of eminent domainsuch partial taking, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminatesTenant is reasonably able to use the remainder of the Leased Premises for the purposes intended hereunder, then this Lease shall expire on not terminate but, effective as of the date possession is taken by the condemnorof such taking, leasing or condemnation, the rent herein reserved hereunder shall be apportioned and paid abated in full an amount thereof proportionate to that date and all prepaid rent the area of the Leased Premises so taken, leased or condemned. If, following such partial taking Tenant shall not be repaid by reasonably able to use the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided aboveremainder of the Leased Premises for the purposes intended hereunder, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue terminate as if the entire Leased Premises had been taken, leased or condemned. In the event of a taking, leasing or condemnation as described in full force and effect except thatthis Section, during such restorationwhether or not there is a termination hereunder, the rent payable pursuant to Article III hereof Tenant shall be equitably apportioned by the proportion that the square footage have no claim against Landlord, other than an adjustment of the part of the Demised Premises so taken bears rent, to the total square footage date of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore leasing or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Leasecondemnation, and Lessee Tenant shall not be limited entitled to consequential any portion of any amount that may be awarded as damages only.
15.2 All compensation awarded or paid upon any total as a result or partial taking in settlement of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment such proceedings or improvements insured by lesseethreat.
Appears in 1 contract
Eminent Domain. 15.1 Section 16.1. If the Demised Premises, or any part thereof, or more than twenty- five thirty-three percent (2533%) of the Common Areas are floor area of ------------- the building on the demised premises shall be taken by condemnation or right under the power of eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on domain and the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does portion not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears will not be reasonably adequate for the operation of Tenant's business after the Landlord completes such repairs or alterations as the Landlord is obligated or elects to the total square footage of the Demised Premises immediately prior to such taking; providedmake, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor Tenant shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, right to elect either to terminate this Lease, or, subject to Landlord's right to terminate the Lease pursuant to Section 16.4., to continue in ------------- possession of the remainder of the demised premises and Lessee shall notify Landlord in writing within ten (10) days after such taking of Tenant's election. In the event less than thirty-three percent (33%) of the floor area of the building on the demised premises shall be limited taken or Tenant elects to consequential damages onlyremain in possession, as provided in the first sentence hereof, all of the terms herein provided shall continue in effect, except that the base rent shall be reduced in the same proportion that the floor area of the building on the demised premises taken bears to the original floor area of the building on the demised premises, and Landlord shall at its own cost and expense make all necessary repairs or alterations to the building so as to constitute the portion of the building not taken a complete architectural unit and the demised premises a complete unit for the purposes allowed by this Lease, but such work shall not exceed the scope of the work to be done by Landlord in originally constructing said building.
15.2 Section 16.2. Each party waives the provisions of Code of Civil Procedure ------------- Section 1265.130 allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking.
Section 16.3. All compensation awarded damages or paid upon awards for any total taking under the power of ------------- eminent domain whether for the whole or partial taking a part of the Demised Premises demised premises shall belong to and be the property of Lessor. The Lessee reserves Landlord whether such damages or awards shall be awarded as compensation for diminution in value to the right leasehold or to pursue the fee of the demised premises; provided however, that Landlord shall not be entitled to the award made to Tenant or Landlord for loss of business, depreciation to, and cost or removal of stock and fixtures and for leasehold improvements which have been installed by Tenant at its sole cost and expense less depreciation which is to be computed on the basis of completely depreciating such leasehold improvements during the initial term of this Lease, and any award for furnituremade to Tenant in excess of the then depreciated value of leasehold improvements shall be payable to the Landlord.
Section 16.4. If more than thirty-three percent (33%) of the floor areas ------------- of the building on the demised premises shall be taken under power of eminent domain, fixture or if more than fifteen percent (15%) of the Parking and equipment Accommodation Areas shall be so taken, Landlord may, by written notice to Tenant delivered on or improvements insured before the date of surrendering possession to the public authority pursuant to such taking, terminate this Lease as of such date.
Section 16.5. If this Lease is terminated as provided in this Article, the ------------- rent shall be paid up to the day that possession is so taken by lesseepublic authority and Landlord shall make a prorate refund of any rent and all deposits paid by Tenant in advance and not yet earned.
Appears in 1 contract
Eminent Domain. 15.1 If Except as hereinafter provided, if the Demised Premises, or any part thereofsuch portion thereof (or the access thereto unless comparable replacement access is provided) as to materially impair (if reconstructed to the maximum extent practicable in the circumstances) the continued conduct of the Tenant's business at the Premises, or more than twenty- five percent (25%) the Property Common Areas, or such portion thereof as to render the Premises inaccessible such that the continued conduct of the Common Areas are Tenant's business at the Premises is materially impaired, shall be taken by condemnation or right of eminent domain, domain and the Landlord has no reasonable means of remedying or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on replacing said problem within two hundred and seventy (270) days after the date possession is taken by the condemnorof such taking, the rent herein reserved Tenant shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by have the Lessor to Lessee. If Lessor does not elect right to terminate this Lease as by notice to the Landlord of its desire to do so, provided abovethat such notice is given not later than forty five (45) days after the effective date of such taking. If so much of the Premises, or so much of the Property Common Areas, shall be so taken that it would be appropriate to raze the Premises, or due to the lack of sufficient proceeds from the eminent domain taking not retained by any mortgagee or ground lessor, what may remain of the Premises and the Property cannot be put into a condition such that the continued conduct of the Tenant's business is not materially impaired, then Lessor shall rebuild each of the Landlord and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and Tenant may terminate this Lease shall continue in full force and effect except that, during by giving notice to the other of its desire to do so not later than forty five (45) days after the effective date of such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the taking. Should any part of the Demised Premises or the Property be so taken bears or condemned during the Term, and should this Lease be not terminated in accordance with the foregoing provisions, the Landlord agrees to the total square footage use diligent efforts to put what may remain of the Demised Premises immediately and the Property into proper condition for use and occupation as nearly like the condition of the Premises and the Property prior to such taking; providedtaking as shall be practicable, subject, however, provided furtherto applicable laws and codes then in existence, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed and so long as the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award actually received by Lessor is insufficient the Landlord from the eminent domain taking are sufficient therefor. In no event shall the Landlord be obligated to restore or rebuild expend more than the structural portions amount of proceeds from the Demised Premises, or eminent domain taking actually received by the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyLandlord on such work.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Eminent Domain. 15.1 (a) If the Demised Premises, all or any part thereof, or more than twenty- five percent (25%) of the Common Areas are Building shall be taken for any public or quasi-public use by condemnation or right virtue of the exercise of the power of eminent domain, domain or by private purchase in lieu thereof, this Lease shall terminate as to the part so taken as of the date of taking, and, in the case of a partial taking, either Landlord or Tenant shall have the right to terminate this Lease as to the balance of the Building by written notice to the other within thirty (30) days after such date.
(b) If this Lease is terminated under the provisions of this Article 32, Rent shall be apportioned and adjusted as of the date of termination. Tenant shall have no claim against Landlord or against the condemning authority for the value of any leasehold estate or for the value of the unexpired Lease Term provided that the foregoing shall not preclude any claim that Tenant may be have against the condemning authority for the unamortized cost of leasehold improvements, to the extent the same were installed at Tenant's expense (and not with the proceeds of the Construction Allowance), or for loss of business, moving expenses or other consequential damages, in accordance with subparagraph (d) below.
(c) If there is a partial taking of the Building and this Lease is not thereupon terminated by Lessor. If Lessor so terminatesunder the provisions of this Article 32, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue remain in full force and effect except thateffect, during such restorationand Landlord shall, within a reasonable time thereafter, repair or reconstruct the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage remaining portion of the part Building to the extent necessary to make the same a complete architectural unit; provided that in complying with its obligations hereunder Landlord shall not be required to expend more than the net proceeds of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient which are paid to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyLandlord.
15.2 (d) All compensation awarded or paid to Landlord upon any a total or partial taking of the Demised Premises Building shall belong to and be the property of LessorLandlord without any participation by Tenant. The Lessee reserves Nothing herein shall be construed to preclude Tenant from prosecuting any claim directly against the right condemning authority for loss of business, for damage to, and cost of removal of, Tenant's Equipment, trade fixtures, furniture and other personal property belonging to pursue Tenant, and for the unamortized cost of leasehold improvements to the extent same were installed at Tenant's expense (and not with the proceeds of the Construction Allowance or Sign Allowance). In no event shall Tenant have or assert a claim for the value of any award for furnitureunexpired term of this Lease. Subject to the foregoing provisions of this subparagraph (d), fixture Tenant hereby assigns to Landlord any and equipment all of its right, title and interest in or improvements insured by lesseeto any compensation awarded or paid as a result of any such taking.
Appears in 1 contract
Sources: Lease Agreement (Wells Real Estate Investment Trust Inc)
Eminent Domain. 15.1 If the Demised Premises, all or any part thereof, or more than twenty- five percent (25%) portion of the Common Areas are Premises is condemned, taken by condemnation a Governmental Authority or otherwise appropriated by the exercise of the right of eminent domain, domain or by private purchase a deed or conveyance in lieu thereofof eminent domain (each, a “Taking”), either Party hereto shall have the right to terminate this Lease immediately upon notice to the other Party. If either Party elects to terminate this Lease, the Rent set forth herein shall be abated, and TENANT’s liability therefor will cease as of the date of such Taking, this Lease may be terminated by Lessor. If Lessor so terminatesshall terminate as of such date, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all any prepaid rent shall be repaid by the Lessor returned to LesseeTENANT. If Lessor does not elect to terminate this Lease is not terminated as provided aboveherein provided, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease it shall continue in full force and effect except thateffect, during such restorationand LANDLORD shall, within a reasonable time after possession is physically taken by the rent payable pursuant condemning authority restore the remaining portion of the Premises to Article III hereof render it reasonably suitable for the uses permitted by this Lease and the Rent shall be proportionately and equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same)reduced. Notwithstanding the foregoing, if LANDLORD shall not be obligated to expend an amount greater than the net condemnation award proceeds received by Lessor is insufficient to restore or rebuild from the structural portions of condemning authority less all expenses reasonably incurred in connection therewith (including attorneys’ fees) for the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 restoration. All compensation awarded or paid upon any total or partial taking of the Demised Premises in connection with a Taking shall belong to and be the property of LessorLANDLORD, provided that if allowed under Applicable Law, TENANT may apply for and keep as its property a separate award for
(i) the value of TENANT’s leasehold interest; (ii) the value of TENANT’s Communications Facility or other personal property of TENANT; (iii) TENANT’s relocation expenses; and (iv) damages to TENANT’s business incurred as a result of such Taking. The Lessee reserves TENANT, as a material part of the right consideration for its rights hereunder, hereby waives any claim against LANDLORD to pursue any award which it may be entitled under federal or state relocation laws for furniture, fixture and equipment benefits upon the termination or improvements insured by lesseeearly termination of this Lease in accordance with its terms.
Appears in 1 contract
Eminent Domain. 15.1 If any substantial part of the Demised Premises, or any part thereof, Premises or more than twenty- five thirty percent (2530%) of the Common Areas are total Shopping Center is taken by condemnation or right under the power of eminent domain, or by private purchase domain (including any conveyance made in lieu thereof), and such taking makes the operation of Tenant's business on the Demised Premises impractical, then Tenant shall have the right to terminate this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned giving Landlord written notice of such termination within thirty (30) days after such taking; and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor if Tenant does not so elect to terminate this Lease, Landlord, at its option, may either terminate this Lease as provided above, then Lessor shall rebuild or apply the proceeds of such condemnation to repair and restore the Demised Premises as nearly as possible to their condition immediately prior tenantable condition, in which case the rental to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof be paid by Tenant hereunder shall be proportionately and equitably apportioned by reduced. All compensation awarded for any taking (or the proportion that proceeds of private sale in lieu thereof) whether for the square footage of the whole or a part of the Demised Premises so taken bears Premises, shall be the property of Landlord, whether such award is compensation for damages to the total square footage of Landlord's or Tenant's interest in the Demised Premises immediately prior Premises, and Tenant hereby assigns all of its interest in any such award to such takingLandlord; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor Landlord shall have no interest in any award made to Tenant for relocation expenses or for the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking of Tenant's trade fixtures and other property within the Demised Premises (which Tenant is authorized to remove at termination pursuant to Paragraph 14) if a separate award of such items is made to Tenant, but any such award to Tenant shall belong be subject to and be the property prior rights of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lesseefirst mortgagee.
Appears in 1 contract
Eminent Domain. 15.1 If the Demised entire Premises, or any part thereofthe Adjacent Premises, or more than twenty- five percent (25%) such part of the Common Areas are Premises or the Adjacent Premises, as, in Tenant's judgment, renders the remainder of the combined area of the Premises and the Adjacent Premises unsuitable for Tenant's continued use, shall be taken in appropriation proceedings or by condemnation or right any rights of eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on terminate and be void from the date time when possession thereof is required for public use, and such taking shall not operate as or be deemed an eviction of the Tenant or a breach of Landlord's covenant for quiet enjoyment; but Tenant shall pay all rent due, and perform and observe all other covenants hereof, up to the time when possession is taken required for public use; provided, however, that if in Tenant's judgment, the combined area of the Premises and the Adjacent Premises after such taking can be made to be suitable for Tenant's continued use, and if two (2) years or more of the term hereof (including the extension of such term) then remains unexpired or available, and if the remaining Premises and Adjacent Premises can be substantially restored within sixty (60) days, then, at Tenant's option, this Lease shall not terminate, but Landlord shall, at Landlord's sole expense, restore the Premises to a condition satisfactory to Tenant. The rent payable by Tenant during the condemnorperiod of restoration will be reduced by a reasonable amount, but after such restoration, the rent herein reserved shall be apportioned paid by Tenant as herein provided during the remainder of the term hereof abated by the percentage that the fair market value of the Premises, attributable solely to the land and paid in full to that date Improvements, has been reduced because of such taking. Said market value immediately before and all prepaid rent after such taking shall be repaid determined by agreement of the Lessor to Lesseeparties or, failing agreement of the parties within thirty (30) days of the effective date of such taking, by a local Independent Fee Appraiser selected by mutual agreement of Landlord and Tenant, which appraiser's decision will be final and binding on the parties. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any The cost of such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof appraiser shall be equitably apportioned borne equally by the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same)Landlord and Tenant. Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor Tenant shall have the optionright at Tenant's sole cost and expense to assert a separate claim or join in Landlord's claim in any condemnation proceeding for its personal property, within ninety (90) days after LessorTenant's receipt improvements, loss of the net condemnation proceedsvalue in Tenant's leasehold estate, moving expenses or any other claims Tenant may have. Tenant shall be entitled to terminate this Leaseand shall receive that portion of any award or payment made which is attributable solely to Tenant's claims, and Lessee Landlord shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong entitled to and be the property shall receive that portion of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture or payment made which is attributable solely to the land and equipment or improvements insured by lesseeImprovements erected thereon.
Appears in 1 contract
Eminent Domain. 15.1 If the whole or a substantial part of the Demised Premises, the Buildings or the Complex is taken or condemned for a public or quasi-public use under any part thereof, statute or more than twenty- five percent (25%) of the Common Areas are taken by condemnation or right of eminent domaindomain by any competent authority or sold in lieu of such taking or condemnation, such that in the opinion of an architect (who shall be selected by both Tenant and Landlord), the Demised Premises, the Buildings and/or the Complex are not economically operable as before without substantial alteration or by private reconstruction, this Lease shall automatically terminate on the date that the right to possession shall vest in the condemning authority (the "Taking Date"), with rent being adjusted to said Taking Date, and Tenant shall have no claim against Landlord for the value of any unexpired term of this Lease. Tenant shall have no claim against Landlord and no claim or right to any portion of any amount that may be awarded as damages or paid as a result of any taking, condemnation or purchase in lieu thereof; except that Tenant shall have the right to recover a separate award for moviing expenses or any other award which woould not reduce the award payable to Landlord. If any part of the Demised Premises is so taken or condemned, but this Lease may be is not automatically terminated by Lessor. If Lessor so terminates, then as aforesaid this Lease shall expire on automatically terminate as to the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore portion of the Demised Premises so taken or condemned, as nearly as possible to their condition immediately prior to any such taking of the Taking Date, and this Lease shall continue in full force and effect except that, during such restoration, as to the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage remainder of the part Demised Premises, with rent abating only to the extent of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such takingor condemned; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, that if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking remaining portion of the Demised Premises is no longer suitable for the Permitted Use, then Tenant shall belong to and be the property of Lessor. The Lessee reserves have the right to pursue any award for furniture, fixture and equipment or improvements insured terminate this Lease by lesseeproviding written notice thereof to Landlord within thirty (30) days after the Taking Date.
Appears in 1 contract
Eminent Domain. 15.1 (a) If all or part of the Demised Premises, Premises shall be taken for any public or any part thereof, or more than twenty- five percent (25%) quasi-public use by virtue of the Common Areas are taken by condemnation or right exercise of the power of eminent domain, domain or by private purchase in lieu thereof, this Lease may shall terminate as to the part so taken as of the date of taking, and, in the case of a partial taking, either Landlord or Tenant shall have the right to terminate this Lease as to the balance of the Demised Premises by written notice to the other within thirty (30) days after such date; provided, however, that a condition to the exercise by Tenant of such right to terminate shall be terminated by Lessoreither (i) that more than fifteen percent (15 %) of the Demised Premises was taken or (ii) that the portion of the Demised Premises taken shall be of such extent and nature as substantially to handicap, impede or impair Tenant's use of the balance of the Demised Premises. If Lessor title to so terminatesmuch of the Building is taken that a reasonable amount of reconstruction thereof will not in Landlord's sole discretion result in the Building being a practical improvement and reasonably suitable for use for the purpose for which it is designed, then this Lease shall expire terminate on the date that the condemning authority actually takes possession of the part so condemned or purchased.
(b) If this Lease is taken by terminated under the condemnorprovisions of this Article 34, the rent herein reserved Rent shall be apportioned and paid adjusted as of the date of termination. Tenant shall have no claim against Landlord or against the condemning authority for the value of any leasehold estate or for the value of the unexpired Lease Term providing that the foregoing shall not preclude any claim that Tenant may have against the condemning authority for the unamortized cost of leasehold improvements, to the extent the same were installed at Tenant's expense (and not with the proceeds of the Construction Allowance), or for loss of business, moving expenses or other consequential damages, in full to that date and all prepaid rent shall be repaid by accordance with subparagraph (d) below.
(c) If there is a partial taking of the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking Building and this Lease is not thereupon terminated under the provisions of this Article 34, then this Lease shall continue remain in full force and effect except thateffect, during such restorationand Landlord shall, within a reasonable time thereafter, repair or reconstruct the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage remaining portion of the part Building to the extent necessary to make the same a complete architectural unit; provided that in complying with its obligations hereunder Landlord shall not be required to expend more than the net proceeds of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient which are paid to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyLandlord.
15.2 (d) All compensation awarded or paid to Landlord upon any a total or partial taking of the Demised Premises or the Building shall belong to and be the property of LessorLandlord without any participation by Tenant. The Lessee reserves Nothing herein shall be construed to preclude Tenant from prosecuting any claim directly against the condemning authority for loss of business, for damage to, and cost of removal of, trade fixtures, furniture and other personal property belonging to Tenant, and for the unamortized cost of leasehold improvements to the extent same were installed at Tenant's expense (and not with the proceeds of the Construction Allowance). In no event shall Tenant have or assert a claim for the value of any unexpired term of this Lease. Subject to the foregoing provisions of the subparagraph (d), Tenant hereby assigns to Landlord any and all of its right, title and interest in or to any compensation awarded or paid as a result of any such taking.
(e) Notwithstanding anything to the contrary contained in this Article 34, if, during the Lease Term, the use or occupancy of any part of the Building or the Demised Premises shall be taken or appropriated temporarily for any public or quasi-public use under any governmental law, ordinance, or regulations, or by right of eminent domain, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pursue pay in full all Rent payable hereunder by Tenant during the Lease Term. In the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for furniturethe loss of use or occupancy of the Demised Premises during the Lease Term, fixture and equipment Landlord shall be entitled to receive that portion of any award which represents the cost of restoration and compensation for the loss of use or improvements insured by lesseeoccupancy of the Demised Premises after the end of the Lease Term.
Appears in 1 contract
Sources: Lease Agreement (Digital Television Services of Kansas LLC)
Eminent Domain. 15.1 (a) If all or part of the Demised Premises, Premises shall be taken for any public or any part thereof, or more than twenty- five percent (25%) quasi-public use by virtue of the Common Areas are taken by condemnation or right exercise of the power of eminent domain, domain or by private purchase in lieu thereof, this Lease may shall terminate as to the part so taken as of the date of taking, and, in the case of a partial taking, either Landlord or Tenant shall have the right to terminate this Lease as to the balance of the Demised Premises by written notice to the other within thirty (30) days after such date; provided, however, that a condition to the exercise by Tenant of such right to terminate shall be terminated by Lessorthat the portion of the Demised Premises taken shall be of such extent and nature as substantially to handicap, impede or impair Tenant's use of the balance of the Demised Premises. If Lessor title to so terminatesmuch of the Building is taken that a reasonable amount of reconstruction thereof will not in Landlord's sole discretion result in the Building being a practical improvement and reasonably suitable for use for the purpose for which it is designed, then this Lease shall expire terminate on the date that the condemning authority actually takes possession of the part so condemned or purchased.
(b) If this Lease is taken by terminated under the condemnorprovisions of this Article 35, the rent herein reserved Rent shall be apportioned and paid adjusted as of the date of termination. Tenant shall have no claim against Landlord or against the condemning authority for the value of any leasehold estate or for the value of the unexpired Lease Term provided that the foregoing shall not preclude any claim that Tenant may have against the condemning authority for the unamortized cost of leasehold improvements, to the extent the same were installed at Tenant's expense (and not with the proceeds of the Construction Allowance), or for loss of business, moving expenses or other consequential damages, in full to that date and all prepaid rent shall be repaid by accordance with subparagraph (d) below.
(c) If there is a partial taking of the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking Building and this Lease is not thereupon terminated under the provisions of this Article 35, then this Lease shall continue remain in full force and effect except thateffect, during such restorationand Landlord shall, within a reasonable time thereafter, repair or reconstruct the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage remaining portion of the part Building to the extent necessary to make the same a complete architectural unit; provided that in complying with its obligations hereunder Landlord shall not be required to expend more than the net proceeds of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient which are paid to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyLandlord.
15.2 (d) All compensation awarded or paid to Landlord upon any a total or partial taking of the Demised Premises or the Building shall belong to and be the property of LessorLandlord without any participation by Tenant. The Lessee reserves Nothing herein shall be construed to preclude Tenant from prosecuting any claim directly against the condemning authority for loss of business, for damage to, and cost of removal of, trade fixtures, furniture and other personal property belonging to Tenant, and for the unamortized cost of leasehold improvements to the extent same were installed at Tenant's expense (and not with the proceeds of the Construction Allowance), provided, however, that no such claim shall diminish or adversely affect Landlord's award. In no event shall Tenant have or assert a claim for the value of any unexpired term of this Lease. Subject to the foregoing provisions of this subparagraph (d), Tenant hereby assigns to Landlord any and all of its right, title and interest in or to any compensation awarded or paid as a result of any such taking.
(e) Notwithstanding anything to the contrary contained in this Article 35, if, during the Lease Term, the use or occupancy of any part of the Building or the Demised Premises shall be taken or appropriated temporarily for any public or quasi-public use under any governmental law, ordinance, or regulations, or by right of eminent domain, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pursue pay in full all Rent payable hereunder by Tenant during the Lease Term. In the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for furniturethe loss of use or occupancy of the Demised Premises during the Lease Term, fixture and equipment Landlord shall be entitled to receive that portion of any award which represents the cost of restoration and compensation for the loss of use or improvements insured by lesseeoccupancy of the Demised Premises after the end of the Lease Term.
Appears in 1 contract
Eminent Domain. 15.1 If In the Demised Premises, or event that the entire Property shall be taken under any part thereof, or more than twenty- five percent (25%) of the Common Areas are taken by condemnation or right of eminent domain, domain proceedings or by private purchase under threat of condemnation during the term hereof, or in lieu thereofthe event any portion of the Property shall be ta ▇▇▇ in any such proceedings and the remaining portion shall not be suitable or adequate for the uses and purposes for which the Property is being utilized by Lessee, then, and in any such event, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease lease shall expire terminate on the date possession is taken by the condemnorof such taking, the rent herein reserved and any rental paid in advance shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor promptly refunded to Lessee. If Lessor does a portion of the Property shall be taken under any condemnation or eminent domain proceedings or by private purchase under threat of condemnation during the term hereof. and the remaining portion of the Property not elect taken or condemned shall be suitable and adequate for the uses and purposes of Lessee, permitted by this lease, then, in such event, this agreement shall be and remain unaffected by such condenmation or eminent domain proceedings as to terminate this Lease as provided abovesuch remaining property unaffected by such proceeding, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during effective as of the date of such restorationtaking, the rent payable pursuant to Article III hereof rental shall be equitably apportioned diminished by the proportion that the square footage of an amount representing the part of the Demised Premises so taken bears rental applicable to the total square footage that portion, if any, of the Demised Premises immediately prior to such taking; providedProperty, however, provided further, however, Lessor's obligations to restore which is so condemned or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same)taken. Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any a total or partial taking of the Demised Premises Property, including the value of the leasehold estate created hereby, shall belong to and be the property of Lessor without any participation by Lessee; provided, however, . .,,_that nothing contained herein shall be construed to preclude Lessee, at Lessee's sole cost and expense, from independently prosecuting any claim directly against the condenming authority for loss of busine~~'-'·£-~;:andLor depreciatior: ... __ to, damage to, and/or cost of removal of and/or for the value of stock and/or trade fixtures, furniture and other personal property belonging to Lessee; provided, however, that no such claim shall diminish or otherwise adversely affect Lessor's award or ·other awards of any and all ground and underlying essors or mortgagees. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee..:_-:,:-:,_ --~ ....
Appears in 1 contract
Eminent Domain. 15.1 (a) If the Demised Premises, or any part thereof, or more than twenty- five percent (25%) material portion of the Common Areas are Project shall be taken for any public or quasi-public purpose by any lawful power or authority by exercise of the right of appropriation, condemnation or right of eminent domain, or sold to prevent such taking to such an extent as to render untenantable the entirety of the Premises or such a material portion of the Premises that Tenant's operation from the remainder of the Premises is not reasonably practicable as reasonably determined by private purchase in lieu thereofthe parties, either party shall have the right to terminate this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on effective as of the date possession is taken required to be surrendered to said authority by written notice to the other party by the condemnoreffective date of such taking. Tenant shall not assert any claim against Landlord or the taking authority for any compensation because of such taking, other than a claim for any award attributable to the value of any personal property or trade fixtures of Tenant which are taken, costs of Tenant's relocation, and Tenant hereby assigns to Landlord all of Tenant's interest in, and Landlord shall be entitled to receive, the rent herein reserved entire amount of any other award without deduction for any estate or interest of Tenant (including, without limitation, any award attributable to the value of the remaining Term of this Lease). If neither Tenant nor Landlord so elects to terminate, Landlord shall, to the extent of proceeds received, commence to restore the Premises to substantially their same condition prior to such partial taking, and a proportionate allowance shall be apportioned made to Tenant for the Monthly Base Rent and paid in full Tenant's obligation for payment of Tenant's Expenses Excess corresponding to that date the time during which, and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises of which, Tenant shall be so taken bears deprived on account of such taking and restoration. Nothing contained in this Section 19(a) shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocation.
(b) In the event of a taking of the Premises or any part thereof for temporary use, (i) this Lease shall be and remain unaffected thereby and Rent shall not a▇▇▇▇, and (ii) Tenant shall be entitled to receive for itself such portion or portions of any award made for such use with respect to the total square footage period of the Demised Premises immediately prior to such taking; provided, howevertaking which is within the Term, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from that if such taking (less expenses incurred shall remain in collecting force at the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions expiration of the Demised Premises, Term or the holder earlier termination of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, Tenant shall then pay to Landlord a sum equal to the reasonable cost of performing Tenant's obligations under Section 10(c) with respect to surrender of the Premises and Lessee upon such payment shall be limited to consequential damages onlyexcused from such obligations. For purposes of this Section 19(b), a temporary taking shall be defined as a taking for a period of twelve (12) months or less.
15.2 All compensation awarded or paid upon (c) Landlord and Tenant hereby waive the provisions of any total or partial taking statutes (including, without limitation, Section 1265.130 of the Demised Premises shall belong California Code of Civil Procedure) or court decisions which provide a party to and be the property of Lessor. The Lessee reserves the a lease with a right to pursue any award for furniture, fixture abatement of rent or termination of the lease when leased property is condemned or taken and equipment or improvements insured agree that such event shall be exclusively governed by lesseethe terms of this Lease.
Appears in 1 contract
Sources: Office Lease (Tix CORP)
Eminent Domain. 15.1 If the Demised Premises, all or any part thereof, or more than twenty- five percent (25%) of the Common Areas are Project shall be taken by condemnation eminent domain proceedings (or right sold to a government threatening to exercise the power of eminent domain), the proceeds therefrom shall be deposited with the Trustee in the Insurance and Eminent Domain Proceeds Fund in trust and shall be applied and disbursed by the Trustee as follows:
(1) If the Trustee is furnished with the report specified in Section 6.17(a)(3) to the effect that such eminent domain proceedings have not materially affected the operation of the Project or the ability of the Authority to meet any of its obligations hereunder, and if such report states that such proceeds are not needed for repair or such rehabilitation of the Project, the Trustee shall treat proceeds as Revenues and shall apply such proceeds as provided in Section 5.02.
(2) If the Trustee is furnished with the report specified in Section 6.17(a)(3) to the effect that such eminent domain proceedings have not materially affected the operation of the Project or, even if they have, that such proceedings have not materially affected the ability of the Authority to meet any of its obligations hereunder, and if such report states that such proceeds are needed for repair or rehabilitation of the Project, the Trustee shall pay to the Authority, or to its order, from said proceeds such amounts as the Authority may expend for such repair or rehabilitation, upon the filing with the Trustee of Requisitions of the Authority specifying the amount to be disbursed and certifying that such amounts have been or will be used to repair or rehabilitate the Project.
(3) The Trustee shall be provided, at the expense of the Authority, the report of an independent engineer or other independent professional consultant regarding the extent of such eminent domain proceedings and its effect on the ability of the Authority to meet its obligations under this Trust Agreement and whether the proceeds from the eminent domain proceedings are needed for the repair or rehabilitation of the Project.
(b) If less than all of the Project shall have been taken in such eminent domain proceedings, and if the Trustee is furnished a report of an independent engineer concluding that such eminent domain proceedings have materially affected the operation of the Project or the ability of the Authority to meet any of its obligations hereunder, the Trustee shall apply such proceeds to the redemption of Bonds in the manner provided in Article IV, but only upon the receipt by private purchase the Trustee of a Request of the Authority directing such redemption.
(c) If all of the Project shall have been taken in lieu thereofsuch eminent domain proceedings and if such proceeds, this Lease may be terminated together with any other moneys then available to the Trustee for the purpose, are sufficient to provide for the payment of the entire amount of principal then due or to become due upon the Bonds, together with the interest thereon, so as to enable the Authority to retire all of the Bonds then Outstanding by Lessor. If Lessor so terminatesredemption or by payment at maturity, then this Lease the Trustee shall expire on apply such proceeds to the date possession is taken payment of such interest and to such retirement, but only upon the receipt by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage Trustee of a Request of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to Authority directing such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same)redemption. Notwithstanding the foregoingAlternatively, if the net condemnation award received by Lessor is Authority determines that such amounts are insufficient to restore or rebuild provide moneys for the structural portions purposes specified in the preceding sentence, then the Trustee shall apply such proceeds in accordance with the provisions of Section 7.02 to the extent that the same may be applicable.
(d) After all of the Demised PremisesBonds have been retired and the entire amount of principal due or to become due upon the Bonds, or together with the holder interest thereon, has been paid in full, and all other sums required to be paid hereunder by the Authority have been paid in full, the Trustee shall pay the remainder of such proceeds to the City and the Authority in accordance with their respective interests pursuant to a Certificate of the First Mortgage encumbering Authority.
(e) The determination of whether to repair the Building restricts Lessor from doing soproperty, Lessor to treat the net proceeds as Revenues or to apply the net proceeds to the redemption of Bonds shall have the option, within ninety (90) be made not more than 90 days after Lessor's receipt the date of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded taking or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessorsale. The Lessee reserves Authority shall, immediately upon making such determination, notify the right to pursue any award for furniture, fixture and equipment or improvements insured by lesseeTrustee of its determination.
Appears in 1 contract
Sources: Trust Agreement
Eminent Domain. 15.1 If any taking or condemnation materially affects the Demised Premises, or any part thereof, or more than twenty- five percent (25%) TENANTS use of the Common Areas are taken PREMISES then TENANT at its election may terminate this lease by condemnation or right giving notice to the LANDLORD of eminent domainits election, or by private purchase and in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the such event minimum rent herein reserved shall be apportioned and paid in full to that adjusted as of the date and all prepaid rent shall be repaid by the Lessor to Lesseeof termination. If Lessor does the term of this lease shall not elect to terminate this Lease be terminated as provided aboveaforesaid, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and term of this Lease lease shall continue in full force torte and effect except thateffect., during such restorationand LANDLORD shall within a reasonable time after possession is physically taken (subject to delays due to shortage of labor, materials or equipment, labor difficulties, breakdown of equipment, government restrictions, fires, other casualties or other causes beyond the reasonable control of LANDLORD) repair or rebuild what may remain of the PREMISES for the occupancy of TENANT. After the PREMISES have been repaired or rebuilt as aforesaid, a just proportion of the minimum rent payable pursuant to Article III hereof shall be equitably apportioned by abated, according to the proportion that nature and extent of the square footage of effect on the. PREMISES or the part of the Demised Premises so taken bears to PREMISES acquired or condemned for the total square footage balance of the Demised Premises immediately prior term of the lease. The rental shall be proportioned as stated by the agreement between the parties or by arbitration or legal proceedings. LANDLORD reserves to itself, and TENANT assigns to LANDLORD, all rights to damages accruing on account of any such taking; providedtaking or condemnation or by reason of any act of any public or quasi public authority for which damages are payable. TENANT agrees to execute such instruments of assignment as may be required by LANDLORD, to join with LANDLORD in any petition for the recovery of damages, if requested by LANDLORD, and to turn over to LANDLORD any such damages that may be recovered in any such proceeding. If TENANT shall fail to execute such instruments as may be required by LANDLORD, or to undertake such other steps as may be requested as herein stated, then in any such event, LANDLORD shall be deemed the duly authorized irrevocable agent and attorney-in-fact of TENANT to execute such instruments and undertake such steps as herein stated in and on behalf of TENANT. It is agreed and understood, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which that LANDLORD does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same)reserve to itself and TENANT does not assign to LANDLORD. Notwithstanding the foregoing, if the net condemnation award received any damages payable for trade fixtures installed by Lessor is insufficient to restore or rebuild the structural portions TENANT at its own cost and expense and which are not part of the Demised Premises, realty or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyfor moving expenses.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Eminent Domain. 15.1 If 14.01 In the Demised Premises, or any part thereof, or more than twenty- five percent (25%) event that the whole of the Common Areas are demised premises shall be lawfully condemned or taken by condemnation in any manner for any public or right of eminent domain, quasi-public use or by private purchase in lieu thereofpurpose, this Lease may and the term and estate hereby granted shall forthwith cease and terminate as of the date of vesting of title (hereinafter referred to as the "date of taking"), and Tenant shall have no claim against Landlord for, or make any claim for the value of any unexpired term of this Lease, and the rent and additional rent shall be terminated by Lessor. If Lessor apportioned as of such date.
14.02 In the event that any part of the demised premises shall be so terminatescondemned or taken, then this Lease shall expire on the date possession is taken be and remain unaffected by the condemnorsuch condemnation or taking, except that the rent herein reserved and additional rent allocable to the part so taken shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part date of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, that Tenant may elect to cancel this Lease in the event that more than twenty-five (25%) percent of the demised premises should be so condemned or taken, provided furthersuch notice of election is given by Tenant to Landlord not later than thirty (30) days after the date when title shall vest in the condemning authority. Upon the giving of such notice, however, Lessor's obligations to restore or rebuild this Lease shall terminate on the thirtieth day following the date of such notice and the rent and additional rent shall be limited 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 rent and additional rent shall be diminished by an amount which does not exceed representing the proceeds obtained from such taking (less expenses incurred in collecting part of said rent and additional rent properly applicable to the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore portion or rebuild the structural portions of the Demised Premisesdemised 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 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 rent and additional rent shall be diminished, the matter shall be determined by arbitration in accordance with the provisions of Article 34 of this Lease. Pending such determination, Tenant shall pay to Landlord the rent as fixed by Landlord, subject to adjustment in accordance with the arbitration.
14.03 Tenant shall be entitled to no part of any condemnation award or private purchase price. Tenant hereby expressly assigns to Landlord all of its rights in or to every such award and agrees to execute any and all further documents required to facilitate collection thereof by Landlord. 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 the holder Tenant's alterations, installations and improvements which do not become part of the First Mortgage encumbering Building, or property of Landlord upon expiration of the Building restricts Lessor from doing soterm of this Lease or prior thereto, Lessor provided Landlord's award shall not thereby be diminished.
14.04 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 above provided, the optionentire award for a partial taking shall be paid to Landlord, within ninety (90) days after Lessorand Landlord, at Landlord's receipt own expense, shall to the extent of the net condemnation proceeds, to terminate this Lease, proceeds (after deducting reasonable expenses including attorneys' and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking appraisers' fees) of the Demised Premises shall belong award restore the unaffected part of the Building to substantially the same condition and be tenantability as existed prior to the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lesseetaking.
Appears in 1 contract
Sources: Lease Agreement (Gantos Inc)
Eminent Domain. 15.1 If In the Demised Premises, event the Leased Premises or any part a substantial -------------- portion thereof, which renders the balance economically unusable by Lessee for the conduct of its business, are taken under the power of eminent domain for any public or more than twenty- five percent quasi-public use, then Lessee may, at its option, terminate and cancel this Lease by giving Lessor notice in writing, by registered or certified mail, within thirty (25%30) days of Lessee's receipt of notice of the Common Areas are taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by from Lessor. If Lessor Lessee so terminateselects to terminate this Lease, then said termination shall be effective upon the date that the condemning authority takes possession of the condemned property and thereupon both parties shall be relieved of any further obligation under this Lease, except that the parties shall fulfill all of their obligations hereunder to be performed to the date of such termination. In the event this Lease is not terminated and canceled after a condemnation of a portion of the Leased Premises, the Base Rent due hereunder shall expire be reduced in proportion to the area of the Leased Premises taken, effective on the date physical possession is taken by the condemnorcondemning authority. Lessee may file a separate claim for any of its leasehold interest hereunder, the rent herein reserved shall be apportioned leasehold improvements constructed by Lessee or constructed at Lessee's expense, its trade equipment, machinery and paid in full to that date fixtures and all prepaid rent shall be repaid by the Lessor to Lesseerelocation expenses. If Lessor does not elect to terminate this Lease is not terminated as provided abovehereinabove, then Lessor shall rebuild use its best efforts to promptly and diligently restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Leased Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceedsbuilding in which they are located, to terminate this Lease, a condition as similar as possible to that existing prior to the taking and Lessee shall be limited to consequential damages onlysuitable for the use intended hereunder.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Eminent Domain. 15.1 19.01. If the Demised Premiseswhole of the premises or so much thereof as to render the balance unusable by Tenant shall be taken under power of eminent domain or conveyed under threat of the exercise of such power, this lease shall automatically terminate as of the date of such condemnation, or any part thereof, or more than twenty- five percent (25%) as of the Common Areas are taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnorcondemning authority, the rent herein reserved whichever is earlier. No award for any partial or entire taking shall be apportioned apportioned, and paid Tenant hereby assigns to Landlord any award which may be made in full to that date such taking or condemnation, together with any and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue rights of Tenant now or hereafter arising in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears or to the total square footage of the Demised Premises immediately prior to such takingsame or any part thereof; provided, however, provided further, however, Lessor's obligations to restore or rebuild that nothing contained herein shall be limited deemed to an amount give Landlord any interest in or to require Tenant to assign to Landlord any award made to Tenant for the taking of personal property and fixtures belonging to Tenant and/or for the interruption of or damage to Tenant's business and/or for Tenant's unamortized cost of leasehold improvements.
19.02. In the event of a partial taking which does not exceed result in a termination of this lease, rent shall be abated in proportion to the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions part of the Demised Premises, or premises unusable by Tenant. Tenant and Landlord each waives the holder provisions of Code of Civil Procedure Section 1265.130 allowing either party to petition the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, Superior Court to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or lease in the event of a partial taking of the Demised Premises premises.
19.03. No temporary taking of the premises and/or of Tenant's rights therein or under this lease lasting less than 180 consecutive days shall terminate this lease or give Tenant any right to any abatement of rent hereunder; any award made to Tenant by reason of any such temporary taking shall belong entirely to Tenant and Landlord shall not be the property of Lessor. The Lessee reserves the right entitled to pursue any award for furniture, fixture and equipment or improvements insured by lesseeshare therein.
Appears in 1 contract
Sources: Office Lease (Harbor Bancorp /)
Eminent Domain. 15.1 Lessee hereby assigns to Lessor all rights to compensation or damages, if any, sustained as Lessee on condemnation of the Premises in whole or in part under power of eminent domain; but Lessor shall pay to Lessee from the condemnation award, if and when received by Lessor, the amount, if any, by which such award was increased by virtue of condemnation of equipment, fixtures and./or improvements which Lessee, on termination of the Rental Term, is entitled to remove, shall not be entitled to recover or claim any compensation or damage sustained on condemnation of the Premises under power of eminent domain attributable to the Building or the land on which the Building is situated, but Lessee shall maintain all Lessees’ rights to compensation or damages, if any, sustained as Lessee on condemnation of the Premises in whole or in part under power of eminent domain. If such condemnation of the Demised Premises, or any part thereof, or Premises reduces the floor area of the Premises available for Lessee’s use by more than twenty- twenty-five percent (25%) or renders the part thereof not condemned permanently untenantable, or access to Lessee’s Premises should be materially affected, either party hereto, by thirty (30) days’ notice to the other, may terminate this Lease; but if the Lease is not so terminated, Lessor shall make such repairs, if any, as are reasonably necessary to restore the part thereof not condemned to untenantable condition. Lessor, in so doing, shall not be required to expend more than the net amount received by Lessor in the condemnation proceedings for damage to such part of the Common Areas are taken Premises not condemned unless Lessee pays the amount of the excess of expenditure and, before commencement of the restoration repairs, provides Lessor with reasonable security for such payment by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided aboveRestoration repairs, then Lessor if made, shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of begin promptly after Lessee vacates the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; providedcondemned and be completed with reasonable diligence, subject, however, provided furtherto delays incident to governmental regulations, however, Lessor's obligations to restore unavailability of material or rebuild shall be limited to an amount which does not exceed labor and other causes beyond the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyLessors’ control.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Sources: Lease Agreement (Sancilio Pharmaceuticals Company, Inc.)
Eminent Domain. 15.1 (a) If all or part of the Demised Premises, Premises shall be taken for any public or any part thereof, or more than twenty- five percent (25%) quasi-public use by virtue of the Common Areas are taken by condemnation or right exercise of the power of eminent domain, domain or by private purchase in lieu thereof, this Lease may shall terminate as to the part so taken as of the date of taking, and, in the case of a partial taking, either Landlord or Tenant shall have the right to terminate this Lease as to the balance of the Demised Premises by written notice to the other within thirty (30) days after such date; provided, however, that a condition to the exercise by Tenant of such right to terminate shall be terminated by Lessorthat the portion of the Demised Premises taken shall be of such extent and nature as substantially to handicap, impede or impair Tenant's use of the balance of the Demised Premises. If Lessor title to so terminatesmuch of the Project is taken that a reasonable amount of reconstruction thereof will not in Landlord's sole discretion result in the Building being a practical improvement and reasonably suitable for use for the purpose for which it is designed, then this Lease shall expire terminate on the date that the condemning authority actually takes possession of the part so condemned or purchased.
(b) If this Lease is taken by terminated under the condemnorprovisions of this Article 35, the rent herein reserved Rent shall be apportioned and paid adjusted as of the date of termination. Tenant shall have no claim against Landlord or against the condemning authority for the value of any leasehold estate or for the value of the unexpired Lease Term provided that the foregoing shall not preclude any claim that Tenant may have against the condemning authority for the unamortized cost of leasehold improvements, to the extent the same were installed at Tenant's expense (and not with the proceeds of the Tenant Improvement Allowance), or for loss of business, moving expenses or other consequential damages, in full to that date and all prepaid rent shall be repaid by accordance with subparagraph (d) below.
(c) If there is a partial taking of the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking Project and this Lease is not thereupon terminated under the provisions of this Article 35, then this Lease shall continue remain in full force and effect except thateffect, during such restorationand Landlord shall, within a reasonable time thereafter, repair or reconstruct the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage remaining portion of the part of the Demised Premises so taken bears Building to the total square footage of extent necessary to make the Demised Premises immediately prior to such takingsame a complete architectural unit; provided, howeverthat in complying with its obligations hereunder, provided furtherLandlord shall not be required to expend more than the net proceeds of the condemnation award which are paid to Landlord. Upon any such partial taking, however, Lessor's obligations Landlord shall have the right to restore or rebuild shall be limited to reduce the figure described in Article 8(b)(y) hereof by an amount which does not exceed equal to the proceeds obtained product of (x) the amount of tax savings arising from such taking partial taking, as determined by Landlord in its sole but reasonable discretion, divided by the number of square feet of Rentable Floor Area of the Building, multiplied by (less expenses incurred in collecting y) the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions number of square feet of Rentable Floor Area of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 (d) All compensation awarded or paid to Landlord upon any a total or partial taking of the Demised Premises or the Project shall belong to and be the property of LessorLandlord without any participation by Tenant. The Lessee reserves Nothing herein shall be construed to preclude Tenant from prosecuting any claim directly against the condemning authority for loss of business, for damage to, and cost of removal of, trade fixtures, furniture and other personal property belonging to Tenant, and for the unamortized cost of leasehold improvements to the extent the same were installed at Tenant's expense (and not with the proceeds of the Tenant Improvement Allowance); provided, however, that no such claim shall diminish or adversely affect Landlord's award.
(e) Notwithstanding anything to the contrary contained in this Article 35, if, during the Lease Term, the use or occupancy of any part of the Project or the Demised Premises shall be taken or appropriated temporarily for any public or quasi-public use under any governmental law, ordinance or regulation, or by right to pursue any award for furnitureof eminent domain, fixture this Lease shall be and equipment remain unaffected by such taking or improvements insured by lessee.appropriation and Tenant shall
Appears in 1 contract
Eminent Domain. 15.1 If the Demised Premises, all or any part thereof, or more than twenty- five percent (25%) of the Common Areas are Premises is taken for public or quasi-public use by condemnation or right a governmental authority under the power of eminent domain, domain or by private purchase is conveyed to a governmental authority in lieu thereofof such taking, and if the taking or conveyance causes the remaining part of the Premises to be untenantable and inadequate for use by Sublessee for the purpose for which they were leased, then Sublessee, at its option and by giving notice within fifteen (15) days after the taking, may terminate this Lease may be terminated by LessorSublease as of the date Sublessee is required to surrender possession of the Premises. If Lessor so terminatesa part of the Premises is taken or conveyed but the remaining part is tenantable and adequate for Sublessee's use, then this Lease Sublease shall expire on be terminated as to the part taken or conveyed as of the date possession Sublessee surrenders possession; Master Lessor is taken by obligated, at no cost or expenses to Sublessor or Sublessee, to restore the condemnorPremises (other than any Tenant Improvements) to a complete architectural unit of a design comparable to the design of the Premises (other than any Tenant Improvements or alterations) immediately prior to the condemnation, and the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor reduced based on any decrease in use to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage Sublessee of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same)Premises. Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded for the taking or paid upon any total or partial taking of the Demised Premises conveyance shall belong to and be the property of Master Lessor and Sublessor, as their interests may appear, and Sublessee hereby assigns to Sublessor all its right, title and interest in and to the award, unless the governmental authority makes only one (1) award, and the award contains compensation for the value of moving expenses, Sublessee's personal property, trade fixtures and alterations, in which case, subject to the rights of any mortgagee or beneficiary of a deed of trust holding a lien, Sublessee shall be entitled to the compensation paid for Sublessee's moving expenses, trade fixtures, personal property and the portion of the award attributable to the then unamortized cost of alterations and improvements constructed at Sublessee's expense (which are to be amortized on a straight line basis over the term of this Sublease). Sublessee shall have the right, however, to recover from the governmental authority, but not from Sublessor or Master Lessor. The Lessee reserves , except as provided in the right preceding sentence, such compensation as may be awarded to pursue any award for furnitureSublessee on account of the interruption of Sublessee's business, fixture moving and equipment or improvements insured by lesseerelocation expenses and removal of Sublessee's trade fixtures and personal properly.
Appears in 1 contract
Sources: Sublease Agreement (Exelixis Inc)
Eminent Domain. 15.1 The risk of any loss or damage to the Purchased Assets by condemnation before the Closing Date hereunder belongs to Seller and Existing Landlord. In the event any condemnation proceeding is commenced or threatened, Seller shall give Purchaser written notice thereof within three (3) business days after the occurrence of same, together with such reasonable details with respect thereto as to which Seller may have knowledge. As soon as the portion or portions of the Purchased Assets to be taken are reasonably determinable, Seller shall give Purchaser written notice thereof together with Seller’s estimate of the value of the portion or portions of the Purchased Assets to be so taken. In the event of any material taking of the Purchased Assets (as hereinafter defined), Purchaser, by written notice delivered to Seller within ten (10) days after Purchaser’s receipt of notice from Seller of the determination of the portion or portions of the Purchased Assets to be taken, shall have the option to terminate this Agreement. If Purchaser so elects to terminate this Agreement, this Agreement shall thereafter be of no further force and effect and neither party shall have any liability to the Demised Premisesother hereunder except for those obligations which by their terms specifically survive termination of this Agreement. For the purposes hereof, or a “material” taking shall mean any part thereof, or taking (1) the effect of which would be to require more than twenty- five percent (25%) $5,000,000 to repair or restore either or both of the Common Areas are taken by condemnation Facilities or right (2) which would materially impair the use or operation of eminent domain, either or by private purchase both of the Facilities as determined in lieu thereof, this Lease may be terminated by Lessorthe reasonable discretion of Purchaser. If Lessor Purchaser shall not so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided aboveAgreement or if the taking is not material, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, sale of the rent payable pursuant to Article III hereof Purchased Assets shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears consummated as herein provided without abatement to the total square footage Purchase Price, and all awards made in respect of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's condemnation and any repair or reconstruction obligations to restore or rebuild imposed on Seller shall be limited to an amount which does not exceed handled in the proceeds obtained from such taking (less expenses incurred manner set forth in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this New Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Sources: Asset Purchase Agreement (National Health Investors Inc)
Eminent Domain. 15.1 If access to the Demised Premises or the entire Premises (or such part thereof as shall substantially interfere with Tenant's use and occupancy of the remainder of the Premises, as determined by Landlord in its discretion), shall be taken by any lawful power or any part thereof, or more than twenty- five percent (25%) authority by exercise of the Common Areas are taken by condemnation or right of eminent domain, or transferred in lieu thereof under a threat of condemnation, this Lease shall terminate effective as of the date possession is required to be surrendered to the condemning authority. If this Lease does not terminate as provided above, and if the condemnation proceeds are available to Landlord for repair and restoration of the Premises and sufficient for such purposes, Landlord shall promptly proceed to restore the Premises (or access thereto, as applicable) to substantially the condition prior to such partial taking, and a proportionate allowance shall be made to Tenant for rent corresponding to the time during which, and to the part of the Premises of which, Tenant shall be so deprived on account of such taking and restoration. Landlord reserves the entire damage award or payment for any taking by private purchase eminent domain or a transfer in lieu thereof, this Lease and Tenant waives all claims whatsoever against Landlord for damages for termination of its leasehold interest in the Premises, or for interference with its business. Tenant, however, shall have the right to separately claim from the condemning authority all compensation that may be terminated recoverable by Lessor. If Lessor so terminatesTenant on account of any loss incurred by Tenant in removing Tenant's furniture, then this Lease shall expire on the date possession is taken trade fixtures and equipment, unamortized leasehold improvements paid for by the condemnorTenant, the rent herein reserved and any damages to Tenant for relocation or business interruption expenses, provided, Tenant shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior entitled to any such taking damages only if they are awarded separately from and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the not as part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, LessorLandlord's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlydamages.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Sources: Office Lease (Pacifica Bancorp Inc)
Eminent Domain. 15.1 Section 1. If the Demised Premiseswhole of the Leased Premises shall be taken or purchased by any public authority under the powers or threat of eminent domain, or any part thereofthen the Term of this Lease shall cease as of the day possession shall be taken by such public authority, or more than twenty- and the rent shall be paid up to that date.
Section 2. If twenty-five percent (25%) or more of the Common Areas are floor area of the Leased Premises shall be so taken by condemnation or purchased or if Tenant otherwise determines that the Leased Premises is no longer suitable for Tenant’s use and operations as a result of any such taking or purchase, then Tenant shall have the right either to terminate this Lease or, subject to termination as set forth in Article 12, Section 1 above, to continue in possession of the remainder of the Leased Premises upon notice in writing to Landlord of Tenant’s intention within thirty (30) days after such taking of possession. In the event Tenant elects to remain in possession, all of the terms herein provided shall continue in effect, except that the rent shall be proportionately and equitably abated, based on the area of the Leased Premises, if any, taken, and Tenant shall make all necessary repairs or alterations to restore the portion of the Leased Premises remaining to as near its former condition as the circumstances will permit and to restore the building to a complete architectural unit.
Section 3. All damages awarded for such taking or purchase under the powers or threat of eminent domain, whether for the whole or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the a part of the Demised Premises so taken bears to Leased Premises, shall be the total square footage property of the Demised Premises immediately prior to such takingLandlord; provided, however, provided further, however, Lessor's obligations to restore or rebuild that Tenant shall be limited entitled to an amount which does not exceed any separate award by the proceeds obtained from such taking (less expenses incurred in collecting condemning authority for relocation expenses, for the same). Notwithstanding the foregoingcost of removal of stock and fixtures, if the net condemnation award received by Lessor is insufficient to restore as compensation for Tenant’s leasehold improvements or rebuild the structural portions other real property or personal property interests of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyTenant.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Sources: Lease (CMI Acquisition, LLC)
Eminent Domain. 15.1 If the Demised PremisesExcept as hereinafter provided, if Building N2 or ▇▇▇▇▇▇▇▇ ▇▇, or any part thereof, such portion thereof (or more than twenty- five percent (25%the access thereto unless comparable replacement access is provided) of the Common Areas are shall be taken by condemnation or right of eminent domaindomain as to materially impair (if reconstructed to the maximum extent practicable in the circumstances) the continued conduct of the Tenant’s business at the Premises, or by private purchase in lieu thereofthe Property Common Areas, this Lease may be terminated by Lessor. If Lessor so terminatesor such portion thereof as to render the Premises inaccessible such that the continued conduct of the Tenant’s business at the Premises is materially impaired, then this Lease shall expire on and the Landlord has no reasonable means of remedying or replacing said problem within two hundred and seventy (270) days after the date possession is taken by the condemnorof such taking, the rent herein reserved Tenant shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by have the Lessor to Lessee. If Lessor does not elect right to terminate this Lease as by notice to the Landlord of its desire to do so, provided abovethat such notice is given not later than forty five (45) days after the effective date of such taking. If so much of the Premises, or so much of the Property Common Areas, shall be so taken that it would be appropriate to raze the Premises, or due to the lack of sufficient proceeds from the eminent domain taking not retained by any mortgagee or ground lessor, what may remain of the Premises and the Property cannot be put into a condition such that the continued conduct of the Tenant’s business is not materially impaired, then Lessor shall rebuild each of the Landlord and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and Tenant may terminate this Lease shall continue in full force and effect except that, during by giving notice to the other of its desire to do so not later than forty five (45) days after the effective date of such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the taking. Should any part of the Demised Premises or the Property be so taken bears or condemned during the Term, and should this Lease be not terminated in accordance with the foregoing provisions, the Landlord agrees to the total square footage use diligent efforts to put what may remain of the Demised Premises immediately and the Property into proper condition for use and occupation as nearly like the condition of the Premises and the Property prior to such taking; providedtaking as shall be practicable, subject, however, provided furtherto applicable laws and codes then in existence, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed and so long as the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award actually received by Lessor is insufficient the Landlord from the eminent domain taking are sufficient therefor. In no event shall the Landlord be obligated to restore or rebuild expend more than the structural portions amount of proceeds from the Demised Premises, or eminent domain taking actually received by the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyLandlord on such work.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Eminent Domain. 15.1 SECTION 16.1. If the Demised Premises, or any part thereof, or more than twenty- five thirty-three percent (2533%) of the Common Areas are floor area of the building on the demised premises shall be taken by condemnation or right under the power of eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on domain and the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does portion not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears will not be reasonably adequate for the operation of Tenant's business after the Landlord completes such repairs or alterations as the Landlord is obligated or elects to the total square footage of the Demised Premises immediately prior to such taking; providedmake, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor Tenant shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, right to elect either to terminate this Lease, or, subject to Landlord's right to terminate the Lease pursuant to SECTION 16.4., to continue in possession of the remainder of the demised premises and Lessee shall notify Landlord in writing within ten (10) days after such taking of Tenant's election. In the event less than thirty-three percent (33%) of the floor area of the building on the demised premises shall be limited taken or Tenant elects to consequential damages onlyremain in possession, as provided in the first sentence hereof, all of the terms herein provided shall continue in effect, except that the base rent shall be reduced in the same proportion that the floor area of the building on the demised premises taken bears to the original floor area of the building on the demised premises, and Landlord shall at its own cost and expense make all necessary repairs or alterations to the building so as to constitute the portion of the building not taken a complete architectural unit and the demised premises a complete unit for the purposes allowed by this Lease, but such work shall not exceed the scope of the work to be done by Landlord in originally constructing said building.
15.2 SECTION 16.2. Each party waives the provisions of Code of Civil Procedure Section 1265.130 allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking.
SECTION 16.3. All compensation awarded damages or paid upon awards for any total taking under the power of eminent domain whether for the whole or partial taking a part of the Demised Premises demised premises shall belong to and be the property of Lessor. The Lessee reserves Landlord whether such damages or awards shall be awarded as compensation for diminution in value to the right leasehold or to pursue the fee of the demised premises; provided however, that Landlord shall not be entitled to the award made to Tenant or Landlord for loss of business, depreciation to, and cost or removal of stock and fixtures and for leasehold improvements which have been installed by Tenant at its sole cost and expense less depreciation which is to be computed on the basis of completely depreciating such leasehold improvements during the initial term of this Lease, and any award for furnituremade to Tenant in excess of the then depreciated value of leasehold improvements shall be payable to the Landlord.
SECTION 16.4. If more than thirty-three percent (33%) of the floor areas of the building on the demised premises shall be taken under power of eminent domain, fixture or if any part of the Parking and equipment Accommodation Areas shall be so taken, Landlord may, by written notice to Tenant delivered on or improvements insured before the date of surrendering possession to the public authority pursuant to such taking, terminate this Lease as of such date.
SECTION 16.5. If this Lease is terminated as provided in this Article, the rent shall be paid up to the day that possession is so taken by lesseepublic authority and Landlord shall make a prorata refund of any rent and all deposits paid by Tenant in advance and not yet earned.
Appears in 1 contract
Sources: Lease (Iprint Com Inc)
Eminent Domain. 15.1 If the Demised Premises, or any part thereof, or more than twenty- five over fifteen percent (2515%) of the Common Areas are Premises shall be taken by condemnation or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option. In such event, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or by private purchase in lieu thereof, not attributable to the value of the unexpired term of this Lease may except that Tenant shall be terminated entitled to petition the condemning authority for the following: (i) the then unamortized cost of any Alterations paid for by LessorTenant from its own funds (as opposed to any allowance, including the Tenant Allowance, provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; and (iv) Tenant’s goodwill, loss of business and business interruption. If Lessor so terminates, then this Lease shall expire on a part of the date possession is taken by the condemnor, the rent herein reserved Premises shall be apportioned so taken or appropriated or conveyed and paid in full to that date and all prepaid rent neither party hereto shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease and the Premises have been damaged as provided abovea consequence of such partial taking or appropriation or conveyance, then Lessor Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall continue in full force and effect except that, during such restorationnot be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the rent payable pursuant Monthly Base Rent and Additional Charges to Article III hereof be paid under this Lease for the remainder of the Term shall be equitably apportioned proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the proportion ratio that the square footage they are of the part portion of the Demised Premises not so taken bears to the total square footage area of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding anything to the foregoingcontrary contained in this Paragraph 21, if the net condemnation award received by Lessor is insufficient to restore temporary use or rebuild the structural portions occupancy of any part of the Demised PremisesPremises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Monthly Base Rent and Additional Charges payable hereunder by Tenant during the Term. In the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than two hundred and seventy (270) days and unreasonably interferes with Tenant’s use of the Premises or the holder of the First Mortgage encumbering the Building restricts Lessor from doing soCommon Area, Lessor then Tenant shall have the optionright to terminate the Lease, within ninety (90) days after Lessor's receipt Landlord and Tenant understand and agree that the provisions of this Paragraph 21 are intended to govern fully the rights and obligations of the net condemnation proceedsparties in the event of a Taking of all or any portion of the Premises. Accordingly, the parties each hereby waives any right to terminate this Lease, Lease in whole or in part under Sections 1265.120 and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking 1265.130 of the Demised Premises shall belong to and be the property California Code of Lessor. The Lessee reserves the right to pursue Civil Procedure or under any award for furniture, fixture and equipment similar Law now or improvements insured by lesseehereafter in effect.
Appears in 1 contract
Sources: Sublease (Aruba Networks, Inc.)
Eminent Domain. 15.1 (a) If the Demised Premises, all or any part thereof, or more than twenty- five percent (25%) of the Common Areas are Premises shall be taken for any public or quasi-public use by condemnation or right virtue of the exercise of the power of eminent domain, domain or by private purchase in lieu thereof, this Lease may shall terminate as to the part so taken as of the date of taking, and, in the case of a partial taking, either Landlord or Tenant shall have the right to terminate this Lease as to the balance of the Premises by written notice to the other within thirty (30) days after such date; provided, however, that a condition to the exercise by Tenant of such right to terminate shall be terminated by Lessorthat the portion of the Premises taken shall be of such extent and nature as substantially to handicap, impede or impair Tenant's use of the balance of the Premises. If Lessor title to so terminatesmuch of the Building is taken that a reasonable amount of reconstruction thereof will not in Landlord's sole discretion result in the Building being a practical improvement and reasonably suitable for use for the purpose for which it is designed, then this Lease shall expire terminate on the date that the condemning authority actually takes possession of the part so condemned or purchased.
(b) If this Lease is taken by terminated under the condemnorprovisions of this Article, the rent herein reserved Rent shall be apportioned and paid in full to that adjusted as of the date and all prepaid rent shall be repaid by of termination.
(c) If there is a partial taking of the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking Building and this Lease is not thereupon terminated under the provisions of this Article, then this Lease shall continue remain in full force and effect except thateffect, during such restorationand Landlord shall, within a reasonable time thereafter, repair or reconstruct the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage remaining portion of the part Building to the extent necessary to make the same a complete architectural unit; provided that in complying with its obligations hereunder Landlord shall not be required to expend more than the net proceeds of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient which are paid to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyLandlord.
15.2 (d) All compensation awarded or paid to Landlord upon any a total or partial taking of the Demised Premises or the Building shall belong to and be the property of LessorLandlord without any participation by Tenant. The Lessee reserves Nothing herein shall be construed to preclude Tenant from prosecuting any claim directly against the condemning authority for moving expenses, loss of business, for damage to, and cost of removal of, trade fixtures, furniture and other personal property belonging to Tenant, provided, however, that no such claim shall diminish or adversely affect Landlord's award. In no event shall Tenant have or assert a claim for the value of any unexpired term of this Lease. Subject to the foregoing provisions of this paragraph (d), Tenant hereby assigns to Landlord ------------- any and all of its right, title and interest in or to any compensation awarded or paid for the fee as a result of any such taking.
(e) Notwithstanding anything to the contrary contained in this Section, if, during the Lease Term, the use or occupancy of any part of the ------- Building or the Premises shall be taken or appropriated temporarily for a period of one hundred eighty (180) days or less for any public or quasi-public use under any governmental law, ordinance, or regulations, or by right of eminent domain, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pursue pay in full all Rent payable hereunder by Tenant during the Lease Term. In the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for furniturethe loss of use or occupancy of the Premises during the Lease Term, fixture and equipment Landlord shall be entitled to receive that portion of any award which represents the cost of restoration and compensation for the loss of use or improvements insured by lesseeoccupancy of the Premises after the end of the Lease Term.
Appears in 1 contract
Sources: Lease Agreement (Razorfish Inc)
Eminent Domain. 15.1 A. If the whole of the Demised Premises shall be taken under the power of eminent domain, then this Lease shall be terminated as of the day possession shall be so taken.
B. If more than twenty-five (25%) percent of the floor area of the Demised Premises, or any part thereofif more than fifty (50%) percent of the common parking area, or if more than twenty- fifty (50%) percent of all of the ground level floor area of the buildings in the Office Park shall be taken under power of eminent domain, either Landlord or Tenant may terminate this Lease by written notice given within thirty (30) days after the date of surrendering possession to the public authority pursuant to such taking, and if neither Landlord nor Tenant elects to terminate this Lease, Landlord shall restore and adapt the remaining Demised Premises, and the Annual Base Rent shall be reduced as described in Paragraph C of this Article.
C. If twenty five percent (25%) percent or less of the Common Areas are floor area of the Demised Premises, or fifty (50%) percent or less of the common parking area, or fifty (50%) percent or less of all of the ground level floor area of the buildings in the Office Park shall be taken by condemnation or right under the power of eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnornot terminate, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease but shall continue in full force and effect effect, except that, during such restoration, that the rent payable pursuant to Article III hereof Annual Base Rent shall be equitably apportioned by reduced in the same proportion that the square footage of the part floor area of the Demised Premises so taken bears to the total square footage floor area demised to Tenant at the time of such taking, and Landlord shall, at its own cost and expense, make all necessary restorations to the building in which the Demised Premises immediately prior are located so as to constitute the portion of the building not taken a complete architectural unit, but such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild work shall be limited to an amount which does not exceed the proceeds obtained from such scope of the work to be done by Landlord in originally constructing said building.
D. All damages awarded for any taking (less expenses incurred in collecting under the same). Notwithstanding power of eminent domain, whether for the foregoing, if the net condemnation award received by Lessor is insufficient to restore whole or rebuild the structural portions a part of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the sole property of Lessor. The Lessee reserves Landlord, whether such damages shall be awarded as compensation for diminution in value to the right leasehold or to pursue the fee of the premises; provided, however, that Landlord shall not be entitled to any award made to Tenant for furnitureloss of or damage to Tenant's trade fixtures.
E. If this Lease is terminated as provided in this Article, fixture Tenant shall pay all Annual Base Rent and equipment additional charges and perform all other covenants up to the day that possession is so taken by public authority and Landlord shall make a proportionate refund of any Annual Base Rent or additional charges paid by Tenant in advance.
F. The above Paragraph 19 does not apply to any subdivision or new construction on the site, including but not limited to the construction of townhouses, condominiums, office buildings, subdivision, or any other improvements insured by lesseeto the land.
Appears in 1 contract
Eminent Domain. 15.1 If 23.1 In the Demised Premises, or any part thereof, or more than twenty- five percent (25%) event the whole of the Common Areas are Premises shall be taken for any public or quasi-public purpose by any lawful power or authority by exercise of the right of appropriation, condemnation or right of eminent domain, or by private purchase in lieu thereofsold to prevent such taking, Tenant or Landlord may terminate this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on effective as of the date possession is taken by required to be surrendered to said authority. The condemnation proceeds shall be reasonably allocated to Tenant to the condemnorextent of its trade fixtures, the rent herein reserved value of any improvements (as that term is referred to in Article 17, including, without limitation, Tenant's Improvements constructed by Tenant pursuant to the Work Letter) which Tenant has the right to remove from the Premises, the unamortized value allocable to the remainder of the term of this Lease of any improvements (as that term is referred to in Article 17 hereof, including, without limitation, Tenant's Improvements constructed by Tenant pursuant to the Work Letter) installed at Tenant's expense which are not removable, good will, and moving expenses, and Landlord shall be apportioned entitled to any condemnation proceed attributable to the Real Property, the Land Improvements, the Building Shell, the value of any improvements not allocated to Tenant above, and paid in full any severance damages.
23.2 In the event of a partial taking of the Premises for any public or quasi-public purpose by any lawful power or authority by exercise of right of appropriation, condemnation, or eminent domain, or sold to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not prevent such taking, then Tenant may elect to terminate this Lease if such taking is of material detriment to, and substantially interferes with, Tenant's use and occupancy of, and conduct of its business from, the Premises, including but not limited to materially affecting Tenant's parking or Tenant's ingress and egress from the Premises, unless Landlord provides reasonable alternatives thereto acceptable to Tenant. In no event shall this Lease be terminated when such a partial taking does not have a material adverse effect upon Landlord or Tenant or both. Termination pursuant to this section shall be effective as provided aboveof the date possession is required to be surrendered to said authority. In the event of a partial taking and whether or not Tenant terminates this Lease, Tenant and Landlord shall be entitled to those condemnation proceeds attributable to those items for which they are entitled to compensation pursuant to Section 23.1 (excluding moving expenses).
23.3 If upon any taking of the nature described in this Article 23 this Lease continues in effect, then Lessor Landlord shall rebuild and promptly proceed to restore the Demised Premises as nearly as possible remaining portion of the Premises, and all improvements and fixtures located thereon, to substantially their same condition immediately prior to such partial taking. Landlord shall contribute any amount necessary for restoration of Landlord's Work described in the Work Letter in excess of the condemnation proceeds awarded for such purpose, and Tenant shall contribute any amount necessary for restoration of Tenant's Improvement Work described in the Work Letter in excess of the condemnation proceeds awarded for such purposes. Basic Annual Rent shall be abated proportionately on the basis of the rental value of the Premises, including improvements and fixtures, as restored after such taking and this Lease shall continue in full force and effect except that, during such restoration, compared to the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage rental value of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations .
23.4 The provisions of Article 17 shall apply to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, any restoration work under this Article as if the net condemnation award received by Lessor is insufficient to restore restoration was an alteration, addition or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyimprovement thereunder.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Eminent Domain. 15.1 (a) If the Demised Premises, or any part thereof, or more than twenty- five percent (25%) all of the Common Areas are Property shall be taken by condemnation permanently under the power of eminent domain or right sold to a government threatening to exercise the power of eminent domain, or by private purchase in lieu thereof, the Term of this Lease may Agreement shall cease as of the day possession shall be terminated by Lessorso taken. If Lessor so terminatesless than all of the Property shall be taken permanently, then or if all of the Property or any part thereof shall be taken temporarily under the power of eminent domain, (1) this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease Agreement shall continue in full force and effect and shall not be terminated by virtue of such taking and the parties waive the benefit of any law to the contrary, and (2) there shall be a partial abatement of Lease Payments as a result of the application of the Net Proceeds of any eminent domain award to the prepayment of the Lease Payments hereunder, in an amount to be agreed upon by the Town and the Corporation (with the prior approval of the Municipal Bond Insurer), and so certified to by the parties to the Trustee, such that the resulting Lease Payments represent fair consideration for the use and occupancy of the remaining usable portion of the Property, except thatto the extent of special funds are available for the payment of Lease Payments.
(b) The Town hereby covenants and agrees, during such restorationto the extent it may lawfully do so, that so long as any of the Certificates remain outstanding and unpaid, the rent payable pursuant Town will not exercise the power of condemnation with respect to Article III hereof shall the Property. The Town further covenants and agrees, to the extent it may lawfully do so, that if for any reason the foregoing covenant is determined to be equitably apportioned unenforceable or if the Town should fail or refuse to abide by such covenant and condemns the proportion that Property, the square footage appraised value of the part leased property shall not be less than the greater of (i) if such Certificates are then subject to redemption, the principal and interest components of the Demised Premises so taken bears Certificates outstanding through the date of their redemption, or (ii) if such Certificates are not then subject to redemption, the amount necessary to defease such Certificates to the total square footage of first available redemption date in accordance with the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyTrust Agreement.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Sources: Lease Agreement
Eminent Domain. 15.1 If 11.2.1 In the Demised event of any condemnation or taking in any manner for public or quasi-public use, which shall be deemed to include a voluntary conveyance in lieu of a taking (a “taking”) of the whole of the Property, this Lease shall forthwith terminate as of the date when Tenant is required to vacate the Premises.
11.2.2 Unless this Lease is terminated as provided herein, the Landlord, at its own expense, and proceeding with due diligence and all reasonable dispatch, but subject to delays beyond the reasonable control of Landlord, shall restore the remaining portion of the Premises (but not any alterations or improvements made by or for Tenant, including the Tenant’s Improvements, or any part thereoftrade fixtures, equipment or more than twenty- five percent (25%personal property of Tenant) and the necessary portions of the Common Areas are taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises Property as nearly as possible practicable to their the same condition immediately as it was prior to such taking, subject to zoning and building laws then in effect. Notwithstanding the foregoing, Landlord’s obligation to restore the remaining portion of the Premises shall be limited to the extent of the condemnation proceeds (net of all costs and expenses incurred in connection with same) received by Landlord on account thereof. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in restoring the Premises.
11.2.3 In the event that only a part of the Premises or the Property shall be taken, then, if such taking is a substantial taking (as hereinafter defined), either Landlord or Tenant may by delivery of notice in writing to the other within 60 days following the date on which Landlord’s title has been divested by such authority, terminate this Lease, effective as of the date when Tenant is required to vacate any portion of the Premises or appurtenant rights. A “substantial taking” shall mean a taking which: requires restoration and repair of the remaining portion of the Property that cannot in the ordinary course be reasonably expected to be repaired within 180 days; results in the loss of reasonable access to the Premises; results in the loss of more than 25% of the rentable floor area of the Premises; or results in loss of parking or of facilities in the Building and Landlord reasonably determines it is not practical to relocate such parking or relocate and reconnect such facilities within the remaining Building or Property.
11.2.4 If this Lease is not terminated as aforesaid, then this Lease shall continue in full force and effect except thateffect, during such restorationprovided if as a result of which there is material interference with the operation of Tenant’s use of the Premises, then the Fixed Rent and additional rent payable by Tenant shall be justly and equitably abated and reduced according to the nature and extent of the loss of use thereof suffered by Tenant.
11.2.5 Landlord shall have and hereby reserves and excepts, and Tenant hereby grants and assigns to Landlord, all rights to recover for damages to the Building, the rent payable pursuant to Article III hereof shall be equitably apportioned by Lot, and the proportion that leasehold interest hereby created (including any award made for the square footage value of the part estate vested by this Lease in Tenant), and to compensation accrued or hereafter to accrue by reason of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding and by way of confirming the foregoing, if Tenant hereby grants and assigns, and covenants with Landlord to grant and assign, to Landlord all rights to such damages of compensation. Nothing contained herein shall be construed to prevent Tenant from prosecuting in any condemnation proceedings a separate claim for the net condemnation award received by Lessor is insufficient to restore or rebuild value of any of Tenant’s personal property, the structural portions unamortized value of any Alterations (excluding any portion of the Demised PremisesTenant Improvements paid for by Landlord) and for relocation expenses and business losses, or provided that such action shall not affect the holder amount of compensation otherwise recoverable by Landlord from the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlytaking authority.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Sources: Lease Agreement (Color Kinetics Inc)
Eminent Domain. 15.1 If the Demised Premises, or any part thereof, or more than twenty- five percent (25%) whole of the Common Areas are Premises or the Project or so much thereof as to render the balance unusable by Tenant shall be taken by condemnation or right under power of eminent domain, or by private purchase is sold, transferred or conveyed in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminatesshall automatically terminate as of the date of such condemnation, then this Lease shall expire on or as of the date possession is taken by the condemnorcondemning authority, the rent herein reserved at Landlord's option. No award for any partial or entire taking shall be apportioned apportioned, and paid Tenant hereby assigns to Landlord any award which may be made in full to that date such taking or condemnation, together with any and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue rights of Tenant now or hereafter arising in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears or to the total square footage of the Demised Premises immediately prior to such takingsame or any part thereof; provided, however, provided further, however, Lessor's obligations to restore or rebuild that nothing contained herein shall be limited deemed to an amount give Landlord any interest in or to require Tenant to assign to Landlord any award made to Tenant for the taking of personal property and trade fixtures belonging to Tenant and removable by Tenant at the expiration of the Term hereof as provided hereunder or for the loss of Tenant’s leasehold interest or the interruption of, or damage to, Tenant's business. In the event of a partial taking described in this Article 18, or a sale, transfer or conveyance in lieu thereof, which does not exceed result in a termination of this Lease, the proceeds obtained from such taking (less expenses incurred in collecting rent shall be apportioned according to the same). Notwithstanding ratio that the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions part of the Demised Premises, or Premises remaining useable by Tenant bears to the holder total area of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall Premises. Tenant hereby waives any and all rights it might otherwise have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceedspursuant to Applicable Law, to terminate this Lease, and Lessee shall be limited to consequential damages onlythe Lease in the event of a partial taking.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Eminent Domain. 15.1 17.1. If after the Demised Premises, or any part thereof, or more than twenty- five percent (25%) execution of the Common Areas are Sublease and prior to the expiration of the ----- term of this Sublease, the whole of the Subleased Premises shall be taken by condemnation or right under the power of eminent domain, or by private purchase then the term of this Sublease shall cease as of the time when Sublessor shall be divested of its title in lieu thereofthe Subleased Premises, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the and all rent herein reserved shall be apportioned and paid adjusted as of the time of termination.
17.2. If only a part of the Subleased Premises shall be taken under the power ----- of eminent domain, then if as a result thereof the Subleased Premises shall not be reasonably adequate for the operation of the business conducted in full the Subleased Premises prior to the taking, Sublessor or Sublessee may, at its election, terminate the term of this Sublease by giving the other notice of the exercise of its election within thirty (30) days after it shall receive notice of such taking, and the termination shall be effective as of the time that date Sublessee is dispossessed, and all prepaid rent shall be repaid by apportioned and adjusted as of the Lessor to Lesseetime of termination. If Lessor does only a part of the Subleased Premises shall be taken under the power of eminent domain, and if the term of this Sublease shall not elect to terminate this Lease be terminated as provided aboveaforesaid, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and term of this Lease Sublease shall continue in full force and effect except thateffect, during such restorationand Sublessor shall, within a reasonable time after possession is required for public use, repair and rebuild what may remain of the leased Premises so as to put the same into condition for use and occupancy by Sublessee, and a just proportion of all rent payable pursuant according to Article III hereof the nature and extent of the injury to the Subleased Premises shall be equitably apportioned by abated for the proportion that the square footage balance of the part term of the Demised Premises so taken bears this Sublease. All awards attributable to the total square footage Sublessee's loss of leasehold improvements or trade fixtures or other awards directly related to the Demised Premises immediately prior to such taking; provided, however, provided further, however, LessorSublessee's obligations to restore or rebuild business shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessorthe Sublessee.
17.3. The Lessee Sublessor reserves to itself, and Sublessee assigns to Sublessor, all ----- rights to damages accruing on account of any taking under the right power of eminent domain or by reason of any act of any public or quasi public authority for which damages are payable. Sublessee agrees to pursue execute such instruments of assignment as may be reasonably required by Sublessor in any award proceeding for furniturethe recovery of damages that may be recovered in such proceeding. It is agreed and understood, fixture however, the Sublessor does not reserve to itself, and equipment Sublessee does not assign to Sublessor, any damages payable for movable trade fixtures installed by Sublessee or anybody claiming under Sublessee at its own cost and expense, or any awards attributable to the Sublessee's loss of leasehold improvements insured by lesseeor trade fixtures or other awards directly related to the Sublessee's business which shall be the property of the Sublessee.
Appears in 1 contract
Sources: Sublease Agreement (Bottomline Technologies Inc /De/)
Eminent Domain. 15.1 If the Demised Premises, or any part thereof, or more than twenty- five percent (25%) of the Common Areas are Premises is taken by condemnation or right of eminent domain, Landlord may, at its sole option, terminate the Lease by giving written notice to Tenant within forty-five (45) days after the taking, or if by private purchase in lieu thereofreason of any such taking, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire Tenant's operation on the date possession Premises is taken by prohibited or commercially impractical, Tenant shall have the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect option to terminate this Lease Agreement by giving written notice to Landlord within forty-five (45) days after the taking, and the rent will be adjusted as provided above, then Lessor shall rebuild and restore of the Demised date of the notice. If the Premises as nearly as possible are damaged or if access to their condition immediately prior to any the Premises is materially impaired by reason of such taking and neither Landlord nor Tenant elects to terminate this Lease Agreement, Landlord will promptly rebuild or repair the damage to the extent possible within the limitations of the available condemnation awards. All condemnation awards belong to Landlord, except that specifically awarded to Tenant for its separate property and fixtures. Tenant shall continue in full force not be entitled to claim, or have paid to Tenant, any compensation or damages whatsoever for or on account of any loss, injury, damage or taking of any right, interest, or estate of Tenant, and effect except thatTenant hereby relinquishes and hereby assigns to Landlord any rights to any damages, during such restoration, the rent payable pursuant to Article III hereof but Landlord shall be equitably apportioned entitled to claim and have paid to it for the use and benefit of Landlord all compensation and damages for and on account of or arising out of such taking or condemnation without deduction from the amount thereof for and on account of any right, title, interest, or estate of Tenant in or to said property, and Tenant, upon request of Landlord, shall execute any and all releases or other documents as shall be required by the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such takingpublic or quasi-public authority; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor Tenant shall have the option, within ninety (90) days after Lessor's receipt of right to make its claim for its fixtures and moving expenses to the net condemnation proceeds, to terminate this Leaseextent such damages are allowable, and Lessee shall be limited may secure such other redress and benefits from the condemning authorities as it is entitled to consequential damages onlyso long as the same does not lessen or in any way diminish Landlord's awards.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Eminent Domain. 15.1 If the Demised Premises, whole or any part thereof, or more than twenty- five percent (25%) of the Common Areas are premises and improvements thereon hereby leased shall be condemned or taken by condemnation any properly constituted corporation or right any public authority under the power of eminent domain or under the threat of eminent domain, or by private purchase in lieu thereof, then at Lessor’s option the term of this Lease may lease shall cease as to the part so taken from the day the possession of that part shall be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, such corporation or public authority and the rent herein reserved shall be apportioned and paid in full to that date and all prepaid with a proportionate refund by the Lessor of such rent as may have been paid in advance. If by reason of any partial taking by condemnation or purchase under threat of condemnation the utility of the premises to Lessee be substantially impaired, then the Lessee shall have the right either to terminate this lease or to continue in the possession of the remainder of the same under the terms herein provided, except that the rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue reduced in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage value of the whole of the area of the premises thus taken or purchased represents to the value of the entire leased premises at such time. All damages awarded, for such taking or the proceeds from any sale under threat of such taking, whether for the whole or a part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; providedleased premises, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The , whether such damages shall be awareded as compensation for diminution in value to the leasehold or to the fee of the premises herein leased; except, however, nothing herein contained shall deprive or deny to Lessee reserves such lawful claims which Lessee may have against the right condemning authority for loss or damage to pursue any award Lessee’s fixtures, or for furniture, fixture expense of moving or other claims not inconsistent with or in diminution of Lessor’s claims as owner of the premises and equipment or the improvements insured by lesseethereon.
Appears in 1 contract
Sources: Lease Extension and Modification (Quanex Building Products CORP)
Eminent Domain. 15.1 If during the Demised Premises, Lease Term all or any a substantial part thereof, or more than twenty- five percent (25%) of the Common Areas are Leased Premises be taken by condemnation or right of eminent domain, or by private purchase in lieu thereofthis Agreement shall terminate as of, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on and the date possession is taken by the condemnor, the rent herein reserved Rent shall be apportioned to and paid a▇▇▇▇ from and after, the date of taking, and Tenant shall have no right to participate in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any award or damages for such taking and hereby assigns all of its right, title and interest therein to Landlord. For purposes of this Paragraph, "a substantial part of the Leased Premises" shall mean such part thereof that the remainder of the Leased Premises is rendered inadequate and cannot practicably be repaired and improved so as to be made adequate to permit Tenant to carry on its business to substantially the same efficiency as before the taking. In no event shall a taking of less than ten percent (10%) be deemed a taking of a "substantial part of the Leased Premises". If during the Lease Term less than a substantial part of the Leased Premises (as hereinabove defined) be taken by eminent domain, this Agreement shall continue remain in full force and effect except thataccording to its terms; and Tenant shall have no right to participate in any award or damages for such taking and hereby assigns all of its right, during title and interest therein to Landlord, and Landlord shall at its expense, up to but not in excess of the amount of the award or damages received, promptly make such restoration, the rent payable pursuant to Article III hereof repairs and improvements as shall be equitably apportioned by necessary to make the proportion that the square footage remainder of the part Leased Premises adequate to permit Tenant to carry on its business to substantially the same extent and with substantially the same efficiency as before the taking. For the purpose of this Section, a "taking" under the Demised Premises so taken bears power of eminent domain shall include a negotiated sale or lease and transfer of possession to the total square footage a condemning authority under bona fide threat of the Demised Premises immediately prior to such taking; providedcondemnation, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor and Landlord alone shall have the optionright to negotiate with the condemning authority and conduct and settle all litigation connected with the condemnation. As hereinabove used, within ninety (90) days after Lessor's receipt the words "award or damages" shall, in the event of such sale or settlement, include the net condemnation proceeds, to terminate this Lease, and Lessee purchase or settlement price. Nothing herein shall be limited deemed to consequential damages only.
15.2 All prevent Tenant from claiming and receiving from the condemning authority, if legally payable, compensation awarded or paid upon any total or partial for the taking of the Demised Premises shall belong to Tenant's own tangible property and be the property damages for Tenant's loss of Lessor. The Lessee reserves the right to pursue any award for furniturebusiness, fixture business interruption, or removal and equipment or improvements insured by lesseerelocation.
Appears in 1 contract
Eminent Domain. 15.1 If In case the Demised Premises, or any part thereof, or more than twenty- five percent (25%) whole of the Common Areas are Leased Premises shall be taken by condemnation or right any public authority under the power of eminent domaindomain or conveyed by LANDLORD under the threat of such taking, the term of this Lease shall cease from the date the possession of the Leased Premises is required for the public purpose for which the same is taken or conveyed. In case a part of the Leased Premises shall be taken by private purchase in lieu thereofany public authority under the power of eminent domain or conveyed by LANDLORD under the threat of such taking and such taking is not such as to destroy the usefulness of the Leased Premises for the operation of TENANT'S business thereon, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue remain in full force and effect except thatand there shall be no reduction or abatement of rental. If, during however, a partial taking does destroy the usefulness of the Leased Premises for the purpose of operation of TENANT'S business thereon, TENANT shall have the right, exercisable by the giving of notice to LANDLORD within ten (10) days after TENANT has been notified of such restorationtaking or conveyance, either to terminate this Lease or to continue in the remainder of the Leased Premises under and pursuant to the terms and provisions of this Lease. For the purposes hereof the condemnation (or conveyance under threat thereof) of land along the south side of the Leased Premises for purposes of widening of Lync▇ ▇▇▇d shall not be cause for termination of this Lease so long as TENANT is not deprived of access to the Leased Premises. In case of a complete termination of this Lease under the circumstances provided in this Article, the rent payable pursuant portion of any prepaid payments by LANDLORD to Article III hereof TENANT or by TENANT to LANDLORD which is referable to a period of time subsequent to such termination shall be equitably apportioned refunded. LAND▇▇▇▇ ▇▇▇ees that he will promptly furn▇▇▇ ▇▇ TENANT copies of any notices served upon LANDLORD by the proportion that the square footage any public authority notifying LANDLORD of the any proposed condemnation of any part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Leased Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Sources: Lease (Champion Industries Inc)
Eminent Domain. 15.1 (a) If the Demised Premiseswhole of the Premises should be taken by any public or quasi- public authority under the power or threat of eminent domain during the Term, or any part thereof, or more than twenty- five percent (25%) if a substantial portion of the Common Areas are Premises should be taken so as to materially impair the use of the Premises contemplated by condemnation or right ▇▇▇▇▇▇, and thereby frustrate ▇▇▇▇▇▇’s purpose in entering into this Lease, then, in either of eminent domain, or by private purchase in lieu thereofsuch events, this Lease shall terminate at the time of such taking. In such event, of the compensation and damages payable for or on account of the Property, exclusive of the buildings and improvements thereon, Tenant and Lender, as their interests may be terminated appear, shall receive a sum equal to the worth at the time of the compensation award of the amount by Lessor. If Lessor so terminates, then which: the fair rental value of the Premises for the balance of the Term (including unexercised Extension Periods) exceeds the rental payable pursuant to the terms of this Lease for the balance of the Term (including unexercised Extension Periods); the balance of such compensation and damages shall expire be payable to and be the sole property of Landlord. All compensation and damages payable for or on account of the buildings and improvements located on the Property and constituting a part of the Premises shall be divided among Landlord, Tenant, and Lender as follows:
(1) All compensation and damages payable for or on account of buildings and improvements having a remaining useful life less than the remaining Term as of the date possession is of such taking shall be payable to and be the sole property of ▇▇▇▇▇▇ and Lender, as their interests may appear; and
(2) A proportionate share of all compensation and damages payable for or on account of buildings and improvements having a remaining useful life greater than the remaining Term as of the date of such taking, determined by the ratio that the then remaining Term bears to the then remaining useful life of such buildings and improvements, shall be payable to and be the sole property of Tenant and Lender, as their interests may appear, and the remaining share thereof shall be payable to and be the sole property of Landlord.
(b) If less than the whole of the Premises should be taken by any public or quasi-public authority under the condemnor, power or threat of eminent domain during the rent herein reserved shall be apportioned Term and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease is not terminated as provided in subsection (a) above, then Lessor Tenant shall rebuild promptly reconstruct and restore the Demised Premises as nearly as possible Premises, with respect to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage portion of the part Premises not so taken, as an integral unit of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately same quality and character as existed prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild . The Monthly Rent payable by Tenant following such taking shall be limited equitably reduced by agreement of Landlord and Tenant in accordance with the reduced economic return to an amount Tenant, if any, which does not exceed the proceeds obtained from will occur by reason of such taking. The compensation and damages payable for, or on account of, such taking shall be applied to the reconstruction and restoration of the Premises by Tenant pursuant to this subsection (less expenses incurred in collecting b) by application, first, of any sums payable for or on account of the same)buildings and improvements situated on the Property, and second, of any sums payable for or on account of the Property exclusive of such buildings and improvements. Notwithstanding the foregoingThe remainder, if any, after reconstruction and restoration shall be divided among Landlord, Tenant and Lender in the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions manner provided in subsection (a) above.
(c) No taking of any portion (but not all) of the Demised Premises, or the holder remaining Term (including unexercised Extension Periods) of the First Mortgage encumbering leasehold interest in the Building restricts Lessor from doing so, Lessor Premises shall have terminate this Lease or give Tenant the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, right to terminate surrender this Lease, nor excuse Tenant from full performance of its covenants for the payment of rent and Lessee other charges or any other obligations hereunder capable of performance by ▇▇▇▇▇▇ after any such taking, but in such case all compensation and damages payable for or on account of such taking shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong payable to and be the sole property of Lessor. ▇▇▇▇▇▇ and Lender.
(d) Should Landlord and Tenant for any reason disagree (i) as to whether any portion of the Premises taken is so substantial as materially to impair the use of the Premises contemplated by ▇▇▇▇▇▇, (ii) on the division of any compensation or damages paid for or on account of any taking of all or any portion of the Premises, or (iii) on the amount by which the rent payable by Tenant hereunder is to be equitably reduced in the event of a partial taking, then, and in any of such events, the matter shall be determined by arbitration in the manner provided in Section 33 hereof.
(e) The Lessee reserves foregoing provisions shall apply to the right Premises and the improvements located thereon; notwithstanding the foregoing, as between Landlord and Tenant, Tenant shall be solely entitled to pursue any award all compensation for furniture, fixture and equipment or improvements insured by lesseethe relocation of businesses conducted from the Premises.
Appears in 1 contract
Sources: Ground Lease
Eminent Domain. 15.1 If the Demised Premises, whole or any part thereof, or more than twenty- five percent (25%) of the Common Areas are Premises associated with the Water Rights or the Water Rights shall be taken by condemnation or right of eminent domain, domain or by private purchase a conveyance in lieu thereof, this Lease may shall, as to the part so taken, terminate as of the date the Condemnor takes actual possession thereof, or as of the date title shall vest in the Condemnor, whichever date occurs earlier, and, in the event of a partial taking, Tenant shall continue to pay a prorated rental on that portion of the Water Rights not taken by right of eminent domain, and Tenant shall also continue to pay all other charges herein required to be terminated paid by LessorTenant. If Lessor so terminatesIf, then in the judgment of either party, the Water Rights remaining after such partial taking shall not be suitable for Tenant's purposes described above, that party shall be entitled to cancel this Lease by giving the other party 10 days written notice of its intention to cancel said Lease, and if said Lease is so cancelled, all liability of both parties hereunder shall expire on terminate as of the date possession is taken by the condemnor, the rent herein reserved of cancellation. Owner shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears entitled to the total square footage proceeds of the Demised Premises immediately prior to such taking; an award of just compensation received as a result of any taking by right of eminent domain or by a conveyance in lieu thereof, provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which that Tenant does not exceed the proceeds obtained from waive any award for damages to it or its leasehold interest caused by such taking (less expenses incurred which are in collecting addition to the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild for the structural portions value of the Demised Premisesfee simple interest or easement interest taken by the Condemnor, or appraised without regard to the holder encumbrance of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor this Lease. Owner shall have the option, within ninety (90) days after Lessor's receipt right to convey the subject Water Rights and associated Premises in lieu of condemnation free and clear of the net condemnation proceeds, to terminate obligation of this Lease, and Lessee shall be limited upon 15 days written notice to consequential damages onlyTenant.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Sources: Water Lease Agreement
Eminent Domain. 15.1 If the Demised PremisesBuilding is totally taken by condemnation or -------------- right of eminent domain, this Lease shall terminate as of the date of such taking. If the Building, or any part thereofsuch portion thereof as to render the balance (if reconstructed to the maximum extent practicable in the circumstances) physically unsuitable in the LESSEE's reasonable judgment for the LESSEE's purposes, or more than twenty- five percent (25%) of the Common Areas are shall be taken by condemnation or right of eminent domain, or by private purchase domain (including a temporary taking in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnorexcess of 180 days), the rent herein reserved LESSEE or the LESSOR shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by have the Lessor to Lessee. If Lessor does not elect right to terminate this Lease as by notice to the other of its desire to do so, provided above, then Lessor shall rebuild and restore that such notice is given not later than ten (10) days after the Demised Premises as nearly as possible to their condition immediately prior to LESSEE has been deprived of possession. Should any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises Building be so taken bears or condemned or receive such damage and should this Lease not be terminated in accordance with the foregoing provisions, the LESSOR shall, to the total square footage extent condemnation proceeds are available to LESSOR, promptly restore the Leased Premises to an architectural unit that is suitable to the uses to the LESSEE permitted hereunder. In the event of a taking described in this Paragraph 17A, the rent, additional rent, and other charges payable hereunder, or a fair and just proportion thereof according to the nature and extent of the Demised Premises immediately prior to such taking; providedloss of use, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited suspended or abated. The LESSOR reserves, and the LESSEE grants to an amount the LESSOR, all rights which does not exceed the proceeds obtained from such LESSEE may have for damages or injury to the Leased Premises for any taking (less expenses incurred in collecting by eminent domain, except for damage to the same). Notwithstanding the foregoingLESSEE's trade fixtures, personal property or equipment, if any, the net condemnation award received by Lessor is insufficient LESSEE's right to restore or rebuild the structural portions of the Demised Premisesrelocation expenses, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Leaseif any, and Lessee shall be limited to consequential damages onlythe LESSEE's right for business interruption, if any.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Sources: Lease (Giga Information Group Inc)
Eminent Domain. 15.1 If In case the Demised Premises, or any part thereof, or more than twenty- five percent (25%) whole of the Common Areas are demised promises shall be taken by condemnation or right any public authority under the power of eminent domaindomain or conveyed by LANDLORD under the threat of such taking, or by private purchase in lieu thereof, the term of this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease lease shall expire on cease form the date the possession of said premises is required for the public purpose for which the same is taken by or conveyed. In case a part of the condemnor, the rent herein reserved demised premises shall be apportioned and paid in full to that date and all prepaid rent shall be repaid taken by any public authority under the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore power of eminent domain or conveyed by LANDLORD under the Demised Premises as nearly as possible to their condition immediately prior to any threat of such taking and such taking is not such as to destroy the usefulness of the demised premises for the operation of TENANT's business thereon, this Lease lease shall continue remain in full force and effect except thatand there shall be no reduction or abatement of rental. If, during however, a partial taking does destroy the usefulness of the demised premises for the purpose of operation of TENANT's business thereon, TENANT shall have the right, exercisable by the giving of notice to LANDLORD within ten (10) days after TENANT has been notified of such restorationtaking or conveyance, either to terminate this lease or to continue in the remainder of the demised premises under and pursuant to the term sand provisions of this lease. If TENANT elects to continue in possession, there shall be no reduction in or abatement of rental. If under such circumstances TENANT elects to terminate this lease and if at the time of the condemnation (or conveyance in lieu thereof) the premises were subject to a mortgage indebtedness, TENANT shall pay to the mortgagee the excess, if any, of the mortgage indebtedness over the amount of the condemnation award or settlement paid to LANDLORD. For the purposes hereof the condemnation (or conveyance under threat thereof) of land along the south side of the demised premises for purposes of widening of ▇▇▇▇▇ Road shall not be cause for termination of this lease so long as TENANT is not deprived of access to the demised premises. In case of a complete termination of this lease under the circumstances provided in this Article, the rent payable pursuant portion of any prepaid payments by LANDLORD TO TENANT or by TENANT to Article III hereof LANDLORD which is referable to a period of time subsequent to such termination shall be equitably apportioned refunded. LANDLORD agrees that he will promptly furnish to TENANT copies of any notices served upon LANDLORD by the proportion that the square footage any public authority notifying LANDLORD of the any proposed condemnation of any part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlydemised premises.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Sources: Lease (Champion Industries Inc)
Eminent Domain. 15.1 If Should the Demised PremisesTrust Estate, or any part thereofthereof or interest therein, be taken or damaged by reason of any public improvement or condemnation proceeding, or more than twenty- five percent in any other manner (25%"Condemnation"), or should the Grantor receive any notice or other information regarding such proceeding, the Grantor shall give prompt written notice thereof to the Beneficiary.
(a) The Beneficiary shall be entitled to all compensation, awards and other payments or relief for Condemnation to the extent of the Common Areas outstanding indebtedness and unpaid interest thereon and all other sums secured by this Deed of Trust. The Beneficiary shall be entitled, at its option, to commence, appear in and prosecute in its own name any action or proceedings (and shall also be entitled to make any compromise or settlement) in connection with such taking or damage. All such compensation, awards, damages, rights of action and proceeds awarded to the Grantor (the "Proceeds") are hereby assigned to the Beneficiary. The Grantor covenants and agrees to execute such further assignments of the Proceeds as the Beneficiary or the Trustee may require.
(b) In the event any portion of the Trust Estate is so taken or damaged, the Beneficiary shall have the option, in its sole and absolute discretion (with or without causing the entire indebtedness evidenced by condemnation the Note to be accelerated) to apply all such Proceeds, after deducting therefrom all costs and expenses (regardless of the particular nature thereof and whether incurred with or right of eminent domainwithout suit), including attorneys' fees, incurred by it in connection with such Proceeds, upon any indebtedness secured hereby and in such order as the Beneficiary may determine, or by private purchase in lieu thereof(without accelerating the indebtedness) to apply all such Proceeds after such deductions, this Lease to the restoration of the Trust Estate upon such conditions as the Beneficiary may be terminated by Lessor. determine.
(c) If Lessor so terminates, then this Lease shall expire on less than the date possession entire Trust Estate is taken by in the condemnorCondemnation and if the Trust Estate remaining after the Condemnation is capable of being repaired and restored to an architectural, functional and economic whole, the rent herein reserved shall be apportioned Grantor shall, at the Grantor's cost and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided aboveexpense, then Lessor shall rebuild so repair and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage remaining portion of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such takingTrust Estate with reasonable diligence; provided, however, provided further, however, Lessorthe Grantor's obligations obligation under this Deed of Trust to repair and restore or rebuild the remaining portion of the Trust Estate following any Condemnation shall be limited to an amount which does the extent that, pursuant to Section 1.14(b) above or any other Loan Instrument, the Beneficiary elects not exceed to make the proceeds obtained from available to the Grantor to fund such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, repair and Lessee shall be limited to consequential damages onlyrestoration.
15.2 All compensation awarded (d) The application or paid upon release by the Beneficiary of any total Condemnation Proceeds pursuant to this Deed of Trust shall not cure or partial taking waive any default or notice of the Demised Premises shall belong default under this Deed of Trust or invalidate any act done pursuant to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lesseesuch notice.
Appears in 1 contract
Eminent Domain. 15.1 If the Demised whole of the Premises, or any part thereofso much thereof as to render the balance unusable by the Lessee, or more than twenty- five percent (25%) of the Common Areas are shall be taken by condemnation or right under power of eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on automatically terminate as of the date of such condemnation, or as of the date possession is taken by the condemnorcondemning authority, the rent herein reserved whichever is earlier. No award for any partial or entire taking shall be apportioned apportioned, and paid the Lessee hereby assigns to the Lessor any award which may be made in full to that date such taking or condemnation, together with any and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage rights of the part of the Demised Premises so taken bears Lessee now or hereafter arising in or to the total square footage of the Demised Premises immediately prior to such takingsame or any part thereof; provided, however, provided further, however, Lessor's obligations to restore or rebuild that nothing contained herein shall be limited deemed to an amount which does not exceed give the proceeds obtained from such Lessor any interest in or to require the Lessee to assign to the Lessor any award made to the Lessee for its relocation expenses, the taking (less expenses incurred in collecting of personal property and fixtures belonging to the same)Lessee, the interruption of or damage to the Lessee’s business and/or for the Lessee’s unamortized cost of leasehold improvements. Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions The unamortized portion of the Demised PremisesLessee’s expenditures for improving the Premises shall be determined by multiplying such expenditures by a fraction, or the holder numerator of which shall be the number of years of the First Mortgage encumbering term of this Lease which shall not have expired at the Building restricts Lessor from doing so, Lessor time of such appropriation or taking and the denominator of which shall have be the option, within ninety (90) days after Lessor's receipt number of years of the net condemnation proceeds, term of this Lease which shall not have expired at the time of improving the Premises. In no event shall options to terminate this Lease, and Lessee shall renew or extend be limited taken into consideration in determining the payment to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking of be made to the Demised Premises shall belong to and be the property of LessorLessee. The Lessee reserves the Lessee’s right to pursue receive compensation or damages for its fixtures and personal property shall not be affected in any award for furniture, fixture and equipment or improvements insured by lesseemanner thereby.
Appears in 1 contract
Sources: Lease Agreement (Inamed Corp)
Eminent Domain. 15.1 If the Demised PremisesPremises or the Project is taken by right of eminent domain or conveyed in lieu thereof (a "Taking"), and such Taking prevents Tenant from reasonably conducting its business in the Premises in a manner reasonably comparable to that conducted by Tenant immediately before such Taking, then Tenant may terminate this Lease as of the date of such Taking by giving written notice to Landlord within thirty (30) days after the Taking, and rent shall be apportioned as of the date of such Taking. If Tenant does not terminate this Lease, then rent shall be abated on a reasonable basis as to that portion of the Premises rendered untenable by the Taking. If all or a material portion of the Building becomes subject to a Taking, then this Lease, at the option of Landlord, exercised by written notice to Tenant within thirty (30) days after such Taking, shall terminate and rent shall be apportioned as of the date of such Taking. No award for any partial or entire taking shall be apportioned, and Tenant hereby assigns to Landlord any award which may be made in such taking or condemnation, together with any and all rights of Tenant now or hereafter arising in or to the same or any part thereof, or more than twenty- five percent (25%) of the Common Areas are taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild that nothing contained herein shall be limited deemed to an amount give Landlord any interest in or to require Tenant to assign to Landlord any award made to Tenant for the taking of personal property and trade fixtures belonging to Tenant and removable by Tenant at the expiration of the Term hereof as provided hereunder or for the interruption of, or damage to, Tenant's business. In the event of a partial taking described in this Article 18, or a sale, transfer or conveyance in lieu thereof which does not exceed the proceeds obtained from such taking (less expenses incurred result in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions a termination of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee the rent shall be limited apportioned according to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking the ratio that the part of the Demised Premises shall belong remaining useable by Tenant bears to the total area of the Premises. Tenant hereby waives any and be all rights it might otherwise have pursuant to Section 1265.130 of the property California Code of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lesseeCivil Procedure.
Appears in 1 contract
Eminent Domain. 15.1 If 9.01. In the Demised Premises, or any part thereof, or more than twenty- five percent (25%) event that the whole of the Common Areas are demised premises shall be lawfully condemned or taken by condemnation in any manner for any public or right of eminent domain, quasi-public use or by private purchase in lieu thereofpurpose, this Lease may and the terms and estate hereby granted shall forthwith cease and terminate as of the date of vesting of title (hereinafter referred to as the "date of taking"), and Tenant shall have no claim against Landlord for, or make any claim for, the value of any unexpired term of this Lease, and the basic annual rent and additional rent, including, without limitation, Special Additional Rent, shall be terminated apportioned as of such date, and the Special Additional Rent Payment shall be paid by LessorTenant to Landlord.
9.02. If Lessor In the event that any part of the demised premises shall be so terminatescondemned or taken, then this Lease shall expire on be and remain unaffected by such condemnation or taking, except that the date possession is basic annual rent and additional rent (but not the Special Additional Rent, which shall continue to be paid by Tenant) allocable to the part so taken by the condemnor, the rent herein reserved shall be apportioned (on a per square foot basis, and paid taking into account the different basic annual rent per square foot for the various portions of the demised premises) as of the date of taking, provided, however, that (a) Tenant may elect to cancel this Lease (i) in full the event the area remaining following the condemnation or taking shall not be sufficient, in the reasonable judgment of Tenant, to that date and all prepaid rent shall be repaid by enable Tenant to continue the Lessor operation of its business therein in substantially the manner in which such business was being conducted immediately prior to Lessee. If Lessor does not such taking, or (ii) if such taking materially adversely impairs the means of access to the demised premises or the entrances or lobby of the Building, or (b) Landlord may elect to terminate this Lease if in the reasonable judgment of Landlord and as a result of a condemnation or taking of a portion of the Building, the Building could not be operated in an economically viable manner, provided abovethat Landlord has elected to terminate leases covering fifty (50%) percent of the balance of the leasable space in the Building, then Lessor and provided further that the party entitled to cancel the Lease serves the other party with a notice of election to cancel not later than ninety (90) days after the date when title shall rebuild vest in the condemning authority. Upon the giving of such notice, this Lease shall terminate on the thirtieth (30th) day following the date of receipt of such notice and restore the Demised Premises basic annual rent and additional rent, including, without limitation, Special Additional Rent, shall be apportioned as nearly of the date of the condemnation or taking, with respect to the portion of the demised premises taken, and as possible of such termination date with respect to their condition immediately prior the remainder of the demised premises and the Special Additional Rent Payment shall be payable by Tenant to any Landlord. Upon such partial taking and this Lease continuing in force as to any part of the demised premises not so taken, the basic annual rent and additional rent (but not the Special Additional Rent, which shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof be payable) shall be equitably apportioned by adjusted in the proportion that the square footage area of the part of the Demised Premises so demised premises taken bears to the total square footage area of the Demised Premises demised premises (on a per square foot basis, and taking into account the different basis annual rent per square foot for the various floors). 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 is damaged, Landlord agrees to promptly restore the damaged portion remaining after the taking, to the condition existing immediately prior to the taking.
9.03. Nothing hereinabove provided shall (in the event the Lease is cancelled as above provided) preclude Tenant from appearing, claiming, proving and receiving in the condemnation proceeding, Tenant's moving expenses, and the value of Tenant's Property. In the event that Tenant is not permitted to make a separate claim for such takingitems in such proceeding, Landlord shall prosecute all claims in such proceeding on behalf of both Landlord and Tenant, in which event Tenant may, if it so elects and at its expense, join with Landlord in such proceeding, retain co-counsel, attend hearings, present arguments and generally participate in the conduct of the proceeding; provided, however, provided furtherthat, if Landlord incurs any additional expense because of Tenant's exercising its rights under this sentence, Tenant will bear such additional expense.
9.04. In the event that only a part of the demised premises shall be taken and neither Landlord nor Tenant shall have elected to cancel this Lease as above provided, the entire award for a partial taking shall be paid to Landlord; provided, however, Lessorthat the portion of any award which is expressly attributable by the condemning authority to a taking of Tenant's obligations to restore or rebuild Property shall be limited paid to an amount Tenant and Tenant shall be entitled to any award which does may be awarded by the condemning authority for Tenant's moving expenses. Landlord, at Landlord's own expense, shall restore the unaffected part of the Building to substan- tially the same condition and tenantability as existed prior to the taking. Until said unaffected portion is restored, Tenant shall be entitled to a proportionate abatement of basic annual rent and additional rent (but not exceed the proceeds obtained from such taking (less expenses incurred in collecting Special Additional Rent, which shall continue to be paid by Tenant) for that portion of the same)demised premises which is being restored and is not usable until the completion of the restoration or until the said portion of the demised premises is used by Tenant for the purpose of conducting its business, whichever occurs sooner.
9.05. Notwithstanding the foregoingabove, if a partial taking shall occur in the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions last two (2) years of the Demised Premisesthen term of this Lease, either Landlord or the holder Tenant, irrespective of the First Mortgage encumbering area of the Building restricts Lessor from doing sospace remaining, Lessor may elect to cancel this Lease and the term hereby granted, provided such party shall have the optionhave, within ninety (90) days after Lessor's such taking, given notice to that effect to the other party and, upon the receipt of such notice, the net condemnation proceedsbasic annual rent and additional rent, including, without limitation, Special Additional Rent, shall be apportioned and paid to the date of expiration of the term specified, the Special Additional Rent Payment shall be paid by Tenant to Landlord, and this Lease and the term hereby granted shall cease, expire and come to an end upon the expiration of the ninety (90) days specified in said notice, provided, however, that neither Landlord nor Tenant shall have the right to cancel this Lease pursuant to this Section 9.05 if, prior to the date of such partial taking, Tenant shall have delivered to Landlord notice of its irrevocable election to thereafter extend this Lease pursuant to Section 41.04 hereof, in which event neither Landlord nor Tenant may elect to terminate this LeaseLease pursuant to this Section 9.05 with respect to any portions of the demised premises which are the subject of such extension. If either Landlord or Tenant shall so elect to end this Lease and the term hereby granted as provided herein, or if either party hereto shall elect to end this Lease by exercising a right contained in Section 9.02 above, Landlord need not restore any part of the demised premises and the entire award for partial condemnation shall be paid to Landlord, and Lessee Tenant shall be limited have no claim to consequential damages onlyany part thereof, except as to the items set forth in Section 9.03, where same are applicable.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Sources: Lease Agreement (Credit Suisse First Boston Usa Inc)
Eminent Domain. 15.1 (a) If after the Demised Premises, or any part thereof, or more than twenty- five percent (25%) execution of this Lease and prior to the expiration of the Common Areas are term of this Lease the whole of the Premises shall be taken by condemnation or right under the power of eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then the term of this Lease shall expire on cease as of the date possession is taken by the condemnor, the rent herein reserved time when Landlord shall be apportioned and paid divested of its title in full to that date and all prepaid rent the Premises.
(b) If only a part of the Premises shall be repaid taken under the power of eminent domain, and if as a result thereof the floor area of the Premises shall be reduced by more than twenty percent and the Lessor part remaining shall not be reasonably adequate for the operation of the business conducted in the Premises prior to Lesseethe taking, Landlord or Tenant may, at its election, terminate the term of this Lease, by giving the other notice of the exercise of its election within twenty (20) days after it shall receive notice of such taking, and the termination shall be effective as of the time that possession of the part so taken shall be required for public use. If Lessor does not elect to terminate only a part of the Premises shall be taken under the power of eminent domain and if the term of this Lease shall not be terminated as provided aboveaforesaid, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and term of this Lease shall continue in full force and effect except thatand Landlord shall, during such restorationwithin a reasonable time after possession is required for public use, repair and rebuild what may remain of the Premises so as to put the same into condition for use and occupancy by Tenant and a just proportion of the minimum rent payable pursuant according to Article III hereof the nature and extent of the injury to the Premises shall be equitably apportioned suspended or abated until what may remain of the Premises shall be put into such condition by Landlord, and thereafter a just proportion of the proportion that minimum rent according to the square footage nature and extent of the part so taken shall be abated for the balance of the Demised Premises so taken bears to the total square footage term of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same)this Lease. Notwithstanding the foregoing, if Landlord shall not be required to expend in connection with such repair and rebuilding more than the net condemnation eminent domain award actually received by Lessor is insufficient Landlord and allocable to the Premises, nor shall Landlord be required to restore any leasehold improvements or rebuild the structural portions personal property of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety Tenant.
(90c) days after Lessor's receipt of the net condemnation proceeds, Landlord reserves to terminate this Leaseitself, and Lessee shall Tenant assigns to Landlord, all rights to damages accruing on account of any taking under the power of eminent domain or by reason of any act of any public or quasi public authority for which damages are payable. Tenant agrees to execute such instruments of assignment as may be limited reasonably required by Landlord in any proceeding for the recovery of such damages if required by Landlord, and to consequential turn over to Landlord any damages onlythat may be recovered in such proceeding. It is agreed and understood, however, that Landlord does not reserve to itself, and Tenant does not assign to Landlord, any damages payable for movable fixtures installed by Tenant at Tenant's sole cost or for moving expenses of Tenant.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Sources: Lease (Embedded Support Tools Corp)
Eminent Domain. 15.1 If the Demised entire Premises, or any part thereof, or more so much thereof (but not less than twenty- five percent (25%) % of the Common Areas are rentable area of the Premises) as to render the balance thereof not reasonably usable for the conduct of Tenant’s business, shall be taken by condemnation or right appropriated under the power of eminent domain, domain or by private purchase conveyed in lieu thereof, either party hereto may, by serving written notice upon the other party hereto within thirty (30) days thereafter, immediately terminate this Lease Lease. If any substantial part of the Project excluding the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Landlord may so terminate this Lease. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand by Landlord) any income, rent, award or any interest therein which may be terminated by Lessorpaid in connection therewith, and Tenant shall have no claim against Landlord for any part of any sum so paid, whether or not attributable to the value of the unexpired Term of this Lease. If Lessor so terminates, then this Lease shall expire on a part of the date possession is taken by the condemnor, the rent herein reserved Premises shall be apportioned so taken, appropriated or conveyed and paid in full neither party hereto shall elect to that date so terminate this Lease, (i) Base Rent and all prepaid rent Additional Rent payable hereunder shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue abated in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage rentable area of the part portion of the Demised Premises so taken taken, appropriated or conveyed bears to the total square footage rentable area of the Demised entire Premises, and (ii) if the Premises immediately prior shall have been damaged as a consequence of such partial taking, appropriation or conveyance, Landlord shall, to such takingthe extent of any severance damages received by Landlord, restore the Premises continuing under this Lease; provided, however, provided furtherthat Landlord shall not be required to repair or restore any damage to the property of Tenant or to make any repairs to or restoration of any alterations, howeveradditions, Lessor's obligations fixtures or improvements installed on the Premises by or at the expense of Tenant, and Tenant shall pay any amount in excess of such severance damages required to restore complete such repairs or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same)restoration. Notwithstanding anything to the foregoingcontrary contained in this Section, if the net condemnation award received by Lessor is insufficient to restore temporary use or rebuild the structural portions occupancy of any part of the Demised PremisesPremises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof during the Term of this Lease, this Lease shall be and remain unaffected by such taking, appropriation or conveyance and Tenant shall continue to pay in full all rent payable hereunder by ▇▇▇▇▇▇ during the holder Term of this Lease; in the event of any such temporary taking, appropriation or conveyance, Tenant shall be entitled to receive a separate award (not reducing Landlord’s award) as compensation for loss of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt use or occupancy of the net condemnation proceedsPremises during the Term of this Lease. To the extent that it is inconsistent with the above, each party hereto hereby waives the provisions of Section 1265.130 of the California Code of Civil Procedure allowing either party to petition a court to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or Lease in the event of a partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lesseePremises.
Appears in 1 contract
Eminent Domain. 15.1 If the whole of the Demised Premises, Premises and Nonexclusive Demised Premises or any part thereof, thereof is taken under the power of eminent domain or more than twenty- five percent (25%) conveyed under the threat of the Common Areas are power of eminent domain, all sums payable thereunder shall belong to and be paid to the Lessor, the Lessee having no right therein, except Lessee shall be entitled to all sums separately payable to the Lessee for its claim for compensation or damages based upon its moving costs and loss of business. Further, if the whole of the Demised Premises and Nonexclusive Demised Premises or such part of the Demised Premises and Nonexclusive Demised Premises so as to substantially interfere with Lessee's use of the Demised Premises and Nonexclusive Demised Premises is taken by condemnation or right under the power of eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminatesconveyed under the threat of the power of eminent domain, then the Lessee may terminate this Lease shall expire on the date possession is taken lease by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by giving the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately at least thirty (30) days' written notice prior to such takingtermination date; provided, however, provided further, however, Lessor's obligations to restore if no notice is given or rebuild if the taking is not substantial (and it shall be limited conclusively presumed to an amount which does be not exceed substantial if a partial taking and no notice is given) then in any such event there shall be no abatement of rent reserved hereunder and this lease shall continue in all respects as to the proceeds obtained balance of said property. The notice provided for above may be given at any time not later than thirty (30) days next following physical possession of the Premises and Nonexclusive Premises being taken, the judgment in a condemnation proceeding becoming final or from such taking (less expenses incurred in collecting the same). Notwithstanding date notice by the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild given the structural portions Lessee of its voluntary conveying, whichever occurs first and as the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlycase may be.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Eminent Domain. 15.1 If all or any portion of ▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇▇▇▇ ▇, the Demised Premises or the Project is taken for public or quasi-public use by a governmental authority under the power of eminent domain or is conveyed to a governmental authority in lieu of such taking (a "Taking"), and Tenant reasonably determines that the Taking causes the (remaining portion of the) Premises to be untenantable and inadequate for use by Tenant for the purpose or which they were leased, then Tenant, at its option and by giving notice within thirty (30) days after the Taking, may terminate this Lease as of the date the portion of ▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇▇▇▇ ▇, the Premises, or the Project is taken. If a portion of the Premises is Taken but Tenant reasonably determines that the remaining portion is tenantable and adequate for Tenant's use, then this lease shall be terminated as to the portion taken or conveyed as of the date Tenant surrenders possession; Landlord immediately shall make such repairs, alterations and improvements to the Premises (exclusive of any part improvements, furniture, fixtures and equipment), at no expense to Tenant, as may be necessary to render the portion not taken or conveyed tenantable, provided that Landlord shall have no obligation to make such repairs, alterations and improvements to the extent that Landlord shall not receive condemnation awards or proceeds for the cost thereof; and the Rent shall be reduced in proportion to the portion of the Premises taken or conveyed. Landlord shall perform the work to restore the Premises and Building 2 and Building 3 as nearly as possible to their original condition (to the extent set forth above) and with minimum interference to Tenant's normal business operations. Notwithstanding the foregoing, or more than twenty- Landlord shall have the right to terminate this Lease in the event of any Taking which results in (i) twenty-five percent (25%) or more of the Common Areas are Project being taken or conveyed or (ii) any lender having the right to require all awards and proceeds to be applied against the obligations under a loan held by condemnation or right of eminent domainsuch lender, or by private purchase notice in lieu thereofwriting to Tenant. Tenant shall not be entitled to share in any award to Landlord, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor but shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any apply, in a separate proceeding, for an award for furniturethe interruption of Tenant's business; Tenant's moving and relocation expenses; the costs and expenses of removal of Tenant's Alterations (other than those paid for by Landlord), fixture trade fixtures and equipment personal property (or improvements insured the award attributable to the Alterations, trade fixtures or personal property to the extent Tenant does not remove them) and the depreciation in value caused by lesseethe removal.
Appears in 1 contract
Eminent Domain. 15.1 If the Demised Premisesleased premises, or any part thereof, or more than twenty- five percent (25%) the whole or any part of the Common Areas building of which they are a part, shall be taken for any purpose by condemnation or right exercise of the power of eminent domaindomain or condemnation, or by private purchase action of the city or other authorities or shall receive any direct or consequential damage for which the Lessor or Lessee shall be entitled to compensation by reason of anything lawfully done in lieu pursuance of any public authority after the execution hereof and during said term, or any extension or renewal thereof, then at the option of either the Lessor or the Lessee, this Lease lease and said term shall terminate and such option may be exercised in the case of any such taking, notwithstanding the entire interest of the Lessor and the Lessee may have been divested by such taking. Said option to terminate shall be exercised by either the Lessor or the Lessee, by giving a written notice of exercise of such option to terminate in the manner described in Section 17 of this lease. Said option to terminate shall not be exercised by either party (a) earlier than the effective date of taking, nor (b) later than thirty (30) days after the effective date of taking. This mailing of the notice of exercise as set forth hereinabove shall be deemed to be the exercise of said option; and upon the giving of such notice, this lease shall be terminated by Lessoras of the date of the taking. If Lessor this lease and said term are not so terminatesterminated, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to case of any such taking or destruction of or damage to the leased premises, rendering the same or any part thereof unfit for use and this Lease shall continue in full force and effect except thatoccupation, during such restoration, a just proportion of the rent payable pursuant hereinbefore reserved, according to Article III hereof shall be equitably apportioned by the proportion that the square footage nature and extent of the part of the Demised Premises so taken bears damage to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor leased premises shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, been put in proper condition for use and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessoroccupation. The Lessee reserves hereby assigns to the right Lessor any and all claims and demands for damages on account of any such taking or for compensation for anything lawfully done in pursuance of any public authority, and covenants with the Lessor that the Lessee will from time to pursue time execute and deliver to the Lessor such further instruments of assignment of any award for furnituresuch claims and demands as the Lessor shall request, fixture and equipment provided however that the Lessee does not assign to the Lessor any claim based upon ▇▇▇▇▇▇'s personal property or other improvements insured installed by lesseeLessee with Lessor's written permission.
Appears in 1 contract
Sources: Apartment Lease
Eminent Domain. 15.1 If title to or the Demised temporary use of the Leased Premises, or any part thereof, shall be taken under the exercise or the power of eminent domain by any governmental body or by any person, firm or corporation acting under governmental authority, any net proceeds received from any award made in such eminent domain proceedings (after payment of expenses incurred in such collection) shall be paid to and held by the Trustee under the Indenture. Such proceeds shall be applied in one (1) or more than twenty- five percent (25%) of the Common Areas are taken by condemnation or right following ways:
(a) The restoration of the Leased Premises to substantially the same condition as it existed prior to the exercise of that power of eminent domain, or
(b) The acquisition, by construction or by private purchase in lieu thereofotherwise, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire of other improvements suitable for the Lessee’s operations on the date possession is taken by Leased Premises and which are in furtherance of the condemnor, purposes of the rent herein reserved Redevelopment Act (the improvements shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the deemed a part of the Demised Leased Premises so taken bears and available for use and occupancy by the Lessee without the payment of any rent other than as herein provided, to the total square footage of the Demised Premises immediately prior to same extent as if such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the sameother improvements were specifically described herein and demised hereby). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within Within ninety (90) days after Lessor's receipt from the date of entry of a final order in any eminent domain proceedings granting condemnation, the Lessee shall direct the Lessor and the Trustee in writing as to which of the ways specified in this Section the Lessee elects to have the net proceeds of the condemnation award applied. Any balance of the net condemnation proceeds, proceeds of the award in such eminent domain proceedings not required to terminate this Lease, and Lessee be applied for the purposes specified in subsections (a) or (b) above shall be limited deposited in the sinking fund held by the Trustee under the Indenture and applied to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking the repayment of the Demised Bonds. The Lessor shall cooperate fully with the Lessee in the handling and conduct of any prospective or pending condemnation proceedings with respect to the Leased Premises shall belong or any part thereof and will to the extent it may lawfully do so permit the Lessee to litigate in any such proceedings in its own name or in the name and be on behalf of the property of Lessor. The Lessee reserves In no event will the right Lessor voluntarily settle or consent to pursue the settlement of any award for furnitureprospective or pending condemnation proceedings with respect to the Leased Premises or any part thereof without the written consent of the Lessee, fixture and equipment or improvements insured by lesseewhich consent shall not be unreasonably withheld.
Appears in 1 contract
Sources: Lease Agreement
Eminent Domain. 15.1 (a) If the Demised Premises, all or any part thereof, or more than twenty- five percent (25%) of the Common Areas are Premises shall be taken for any public or quasi-public use by condemnation or right virtue of the exercise of the power of eminent domain, domain or by private purchase in lieu thereof, this Lease may shall terminate as to the part so taken as of the date of taking, and, in the case of a partial taking, either Landlord or Tenant shall have the right to terminate this Lease as to the balance of the Premises by written notice to the other within thirty (30) days after such date; provided, however, that a condition to the exercise by Tenant of such right to terminate shall be terminated by Lessorthat the portion of the Premises taken shall be of such extent and nature as substantially to handicap, impede or impair Tenant's use of the balance of the Premises. If Lessor title to so terminatesmuch of the Project is taken that a reasonable amount of reconstruction thereof will not in Landlord's sole reasonable discretion result in the Building being a practical improvement and reasonably suitable for use for the purpose for which it is designed, then this Lease shall expire terminate on the date that the condemning authority actually takes possession of the part so condemned or purchased.
(b) If this Lease is taken by terminated under the condemnorprovisions of this Article 35, the rent herein reserved Rent shall be apportioned and paid adjusted as of the date of termination. Tenant shall have no claim against Landlord or against the condemning authority for the value of any leasehold estate or for the value of the unexpired Lease Term provided that the foregoing shall not preclude any claim that Tenant may have against the condemning authority for the unamortized cost of leasehold improvements, to the extent the same were installed at Tenant's expense (and not with the proceeds of the Tenant Improvement Allowance), or for loss of business, moving expenses or other consequential damages, in full to that date and all prepaid rent shall be repaid by accordance with subparagraph (d) below.
(c) If there is a partial taking of the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking Project and this Lease is not thereupon terminated under the provisions of this Article 35, then this Lease shall continue remain in full force and effect except thateffect, during such restorationand Landlord shall, within a reasonable time thereafter, repair or reconstruct the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage remaining portion of the part of the Demised Premises so taken bears Building to the total square footage of extent necessary to make the Demised Premises immediately prior to such takingsame a complete architectural unit; provided, howeverthat in complying with its obligations hereunder, provided further, however, Lessor's obligations Landlord shall not be required to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if expend more than the net proceeds of the condemnation award received by Lessor is insufficient which are paid to restore or rebuild the structural portions of the Demised PremisesLandlord. Upon any such partial taking, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor Landlord shall have the optionright to reduce the Operating Expense Base Amount by an amount equal to the product of (x) the amount of property tax savings to Landlord arising from such partial taking, within ninety (90) days after Lessor's receipt as determined by Landlord in its sole but reasonable discretion, divided by the number of square feet of Rentable Office Floor Area of the net condemnation proceedsBuilding, to terminate this Lease, and Lessee shall be limited to consequential damages onlymultiplied by (y) the number of square feet of Rentable Floor Area of the Premises.
15.2 (d) All compensation awarded or paid to Landlord upon any a total or partial taking of the Demised Premises or the Project shall belong to and be the property of LessorLandlord without any participation by Tenant. The Lessee reserves Nothing herein shall be construed to preclude Tenant from prosecuting any claim directly against the condemning authority for loss of business, for damage to, and cost of removal of, trade fixtures, furniture and other personal property belonging to Tenant, and for the unamortized cost of leasehold improvements to the extent the same were installed at Tenant's expense (and not with the proceeds of the Tenant Improvement Allowance); provided, however, that no such claim shall diminish or adversely affect Landlord's award.
(e) Notwithstanding anything to the contrary contained in this Article 35, if, during the Lease Term, the use or occupancy of any part of the Project or the Premises shall be taken or appropriated temporarily for any public or quasi-public use under any governmental law, ordinance or regulation, or by right of eminent domain, this Lease shall be and remain unaffected by such taking or appropriation and Rent shall ▇▇▇▇▇ during such period. In the event of any such temporary appropriation or taking, Tenant shall be entitled to pursue receive that portion of any award which represents compensation for furniturethe loss of use or occupancy of the Premises during the Lease Term, fixture and equipment Landlord shall be entitled to receive that portion of any award which represents the cost of restoration and compensation for the loss of use or improvements insured by lesseeoccupancy of the Premises after the end of the Lease Term.
Appears in 1 contract
Eminent Domain. 15.1 If the Demised PremisesBuilding is totally taken by -------------- condemnation or right of eminent domain, this Lease shall terminate as of the date of such taking. If the Building, or any part thereofsuch portion thereof as to render the balance (if reconstructed to the maximum extent practicable in the circumstances) physically unsuitable in the LESSEE's reasonable judgment for the LESSEE's purposes, or more than twenty- five percent (25%) of the Common Areas are shall be taken by condemnation or right of eminent domain, or by private purchase domain (including a temporary taking in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnorexcess of 180 days), the rent herein reserved LESSEE or the LESSOR shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by have the Lessor to Lessee. If Lessor does not elect right to terminate this Lease as by notice to the other of its desire to do so, provided abovethat such notice is given not later than ten (10) days after the LESSEE has been deprived of possession. Should any part of the Building be so taken or condemned or receive such damage and should this Lease not be terminated in accordance with the foregoing provisions, then Lessor shall rebuild and the LESSOR shall, to the extent condemnation proceeds are available to LESSOR, promptly restore the Demised Leased Premises as nearly as possible to their condition immediately prior an architectural unit that is suitable to any such the uses of the LESSEE permitted hereunder. In the event of a taking and described in this Lease shall continue in full force and effect except that, during such restorationParagraph 17A, the rent and other charges payable pursuant hereunder, or a fair and just proportion thereof according to Article III hereof the nature and extent of the loss of use shall be equitably apportioned by suspended or abated. The LESSOR reserves, and the proportion that the square footage of the part of the Demised Premises so taken bears LESSEE grants to the total square footage of LESSOR, all rights which the Demised LESSEE may have for damages or injury to the Leased Premises immediately prior for any taking by eminent domain, except for damage to such taking; providedthe LESSEE's trade fixtures, however, provided further, however, Lessor's obligations to restore personal property or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoingequipment, if any, the net condemnation award received by Lessor is insufficient LESSEE's right to restore or rebuild the structural portions of the Demised Premisesrelocation expenses, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Leaseif any, and Lessee shall be limited to consequential damages onlythe LESSEE's right for business interruption, if any.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Sources: Lease (Call Points Inc)
Eminent Domain. 15.1 If the Demised PremisesSection 1. If, or as a result of any part thereof, or more than twenty- five percent (25%) of the Common Areas are taken taking by condemnation or right of eminent domain, or by private purchase which shall be deemed to include a voluntary conveyance in lieu thereofof a taking, this Lease may the total floor area remaining in the demised premises shall be terminated by Lessor. If Lessor so terminatesreduced to less than fifty (50%) percent of the total floor area in the demised premises at the commencement of the term hereof, then this Lease shall expire on at the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage election of the part of the Demised Premises so taken bears Landlord, exercisable by written notice given to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, Tenant within ninety (90) days after Lessor's receipt the date of the net condemnation proceedsfiling of the notice of such taking this lease may be terminated as of the date when the Tenant is required to vacate the demised premises or the portion thereof so taken notwithstanding that the 116 entire interest of the Landlord may have been divested by such taking, and if following any such taking the Landlord does not terminate this lease and provided Tenant does not terminate this Lease under Section 2 hereof, then the Landlord, at the Landlord's expense, but only to the extent of the award actually received by the Landlord for any such taking (subject to the rights of any first mortgagee of the demised premises) and proceeding with all reasonable dispatch shall do such work as may be required to put what may remain of the demised premises in proper condition for the conduct of the Tenant's business (but if Landlord fails to perform such work, Landlord shall have no liability to Tenant for damages, including, without limitation, damages to Tenant's business on account thereof nor shall Landlord be subject to specific performance on account thereof. From and after the date on which the Tenant is required to vacate the portion of the demised premises so taken, a just proportion of the rent reserved herein according to the nature and extent of the taking of the demised premises shall be abated until the demised premises are restored to such condition that the Tenant can commence business therein and from and after the date on which the Landlord shall restore the demised premises in the manner above provided the rent shall be reduced in the proportion that the floor area of the portion of the demised premises so taken bears to the floor area of the demised premises at the commencement of the term hereof.
Section 2. In the event of a taking by eminent domain, whether permanent or temporary, (a) any means of access to the premises is taken which (i) leaves Tenant only with alternative means of access thereto which interferes with the operation of Tenant's business on the premises or (ii) in the case where such alternative means of access do not interfere with the operation of Tenant's business on the premises, such alternative means of access is not acceptable to Tenant in its reasonable discretion or (b) any part of the Building is taken or (c) any part of the paved areas of the surface of the Land, are taken, then, and in any such event, Tenant shall have the right to terminate this LeaseLease by notifying the Landlord of Tenant's election to terminate at any time thereafter by giving written notice to Landlord stating the date when such termination shall be effective.
Section 3. The Landlord reserves and excepts all rights to damages to the Land, the Building, the demised premises and the leasehold hereby created by reason of any taking by eminent domain or by reason of anything lawfully done or required by any public authority, and Lessee shall the Tenant grants to the Landlord all the Tenant's rights, if any, to such damages except with respect to the value of its personal property, fixtures, equipment, damage to business, moving expense and relocation expenses but such claims shall, if they otherwise diminish the award paid to Landlord, be limited subordinate to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong award payable to and be the property of LessorLandlord hereunder. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.117
Appears in 1 contract
Sources: Lease Agreement (Aerovox Inc)
Eminent Domain. 15.1 If the Demised whole or substantially all of the Premises, or any part thereof, all or more than twenty- five percent (25%) substantially all of the Common Areas are taken means of access thereto, be acquired by condemnation or right of eminent domain, domain or by private purchase in lieu thereof, this Lease may so that the Premises cannot be terminated licensed as a 117-bed nursing home and home for the aged facility, or as otherwise amended by Lessor. If Lessor so terminatesthe approval of an amendment to the CON, then this Lease shall expire on terminate as of the date possession of the actual taking. Should, however, only a portion of the Premises be so condemned or taken, so as not to materially and adversely affect the usefulness of the Premises for the purposes for which it is taken by the condemnorleased hereunder, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such takingeffect; provided, however, provided furtherthat the rent payable under the unexpired portion of this Lease shall be adjusted to such extent as may be fair and reasonable under the circumstances. Landlord shall, howeverin such event, Lessor's obligations promptly restore the Demised Premises as nearly as feasible to the condition of such Premises immediately prior to the taking, subject to reasonable delays, but Landlord shall not be required to restore or rebuild the Demised Premises during the last year of the lease term or to restore Tenant's fixtures, furnishings, floor coverings, equipment, stock or other personalty; provided, however, that if Landlord elects not to restore or rebuild the Demised Premises or to restore Tenant's fixtures, furnishings, floor coverings, equipment, stock or other personalty, Tenant shall have the option of terminating this Lease. Tenant shall not be entitled to any part of the condemnation proceeds arising from any partial taking, except that Tenant shall be limited entitled to an amount make a claim for any of Tenant's property which does not exceed is condemned other than Tenant's interest in the proceeds obtained from such taking (less expenses incurred in collecting the same)Lease. Notwithstanding the foregoing, if this Lease shall terminate if, as the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions result of only a portion of the Demised PremisesPremises being condemned or taken, Tenant is prevented from operating or using the holder of Premises under the First Mortgage encumbering the Building restricts Lessor from doing sothen existing governmental and quasi-governmental licenses, Lessor permits, approvals and certifications. In such case, Landlord and Tenant shall have the option, within ninety (90) days after Lessor's receipt of the net such rights to condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any awards as are set forth above for a total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lesseesubstantial taking.
Appears in 1 contract
Eminent Domain. 15.1 If Except as hereinafter provided, if the Demised Premises, or any part thereofsuch portion thereof (or the access thereto unless comparable replacement access is provided) as to materially impair (if reconstructed to the maximum extent practicable in the circumstances) the continued conduct of the Tenant's business at the Premises, or more than twenty- five percent (25%) the Property Common Areas, or such portion thereof as to render the Premises inaccessible such that the continued conduct of the Common Areas are Tenant's business at the Premises is materially impaired, shall be taken by condemnation or right of eminent domain, domain and the Landlord has no reasonable means of remedying or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on replacing said problem one hundred eighty (180) days after the date possession is taken by the condemnorof such taking, the rent herein reserved Tenant or Landlord shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by have the Lessor to Lessee. If Lessor does not elect right to terminate this Lease as by notice to the other of its desire to do so, provided abovethat such notice is given not later than forty-five (45) days after the effective date of such taking. If so much of the Premises, or so much of the Property Common Areas, shall be so taken that it would be appropriate to raze the Premises, or due to the lack of sufficient proceeds from the eminent domain taking not retained by any mortgagee, what may remain of the Premises and the Property cannot be put into a condition such that the continued conduct of the Tenant's business is not materially impaired, then Lessor shall rebuild each of the Landlord and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and Tenant may terminate this Lease shall continue in full force and effect except that, during by giving notice to the other of its desire to do so not later than forty five (45 ) days after the effective date of such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the taking. Should any part of the Demised Premises or the Property be so taken bears or condemned during the Term, and should this Lease be not terminated in accordance with the foregoing provisions, the Landlord agrees to the total square footage use diligent efforts to put what may remain of the Demised Premises immediately and the Property into proper condition for use and occupation as nearly like the condition of the Premises and the Property prior to such taking; providedtaking as shall be practicable, subject, however, provided furtherto applicable laws and codes then in existence, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed and so long as the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award actually received by Lessor is insufficient the Landlord from the eminent domain taking are sufficient therefor. In no event shall the Landlord be obligated to restore or rebuild expend more than the structural portions amount of proceeds from the Demised Premises, or eminent domain taking actually received by the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyLandlord on such work.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Eminent Domain. 15.1 14.1 If any lawful authority shall condemn and acquire title to substantially the Demised Premiseswhole of the Property, or so much of the Property as Tenant shall reasonably determine would make ▇▇▇▇▇▇ unable to make use of the Property in substantially the same manner as before the taking, in or by condemnation proceedings pursuant to any law, general, specific or otherwise, this Lease shall terminate subject to the rights of Landlord, Tenant and any Leasehold Mortgagee to make claims against such lawful authority. In such event, the award or awards for the Property and improvements located on the Property (the “Award”) shall be distributed as follows: (i) to Leasehold Mortgagee - the lesser of the outstanding balance of the obligation secured by the Leasehold Mortgage or the amount of the condemnation award; (ii) to Tenant – the unamortized cost, as of the date of termination, of the Facilities and the other tenant improvements, if any, on the Property constructed at Tenant’s cost and expense, excluding ▇▇▇▇▇▇’s moveable trade fixtures and equipment, the cost of each such improvement being amortized in accordance with Tenant’s generally accepted accounting procedures, and such other amounts as Tenant shall be permitted by law provided such other amounts do not reduce the amount of the award or compensation otherwise allocable to Landlord, less any amounts paid to Leasehold Mortgagee; (iii) to Landlord – all remaining monies received. Tenant shall p rovide supporting documentation as to the unamortized cost of the Facilities.
14.2 In the event the Property, the Facilities, or any part portion thereof, or more than twenty- five percent (25%) of the Common Areas are taken by condemnation or right of eminent domainis taken, or by private purchase in lieu thereofbut this Lease is not terminated, this Lease shall terminate as to the part taken, and the condemnation proceeds shall be used to reconfigure the Property or the Facilities, as the case may be terminated by Lessor. If Lessor so terminatesbe, then this Lease shall expire on the date possession is taken as reasonably agreed by the condemnorparties. All remaining proceeds, the rent herein reserved if any, shall be apportioned paid to Landlord to the extent the taking involves the land and paid in full to that date and all prepaid rent the Tenant to the extent the taking involves any improvements made by Tenant to the Property, including the Facilities. Any additional funds required for reconstruction of the Facilities or any improvements shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage responsibility of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyTenant.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Sources: Ground Lease Agreement
Eminent Domain. 15.1 A. If during the Demised Premises, or any part thereof, or more than twenty- five percent (25%) term of this Lease the Common Areas Premises are totally taken by condemnation or right of eminent domain, or by private purchase in lieu thereofcondemnation, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire terminate on the date possession of the taking.
B. If during the term of this Lease any portion of the Premises is taken by condemnation, LESSEE may elect to terminate this Lease by giving written notice to LESSOR within thirty (30) days after the condemnor, nature and extent of the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lesseetaking have been finally determined. If Lessor LESSEE does not elect to terminate this Lease as provided aboveLease, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue remain in full force and effect except that, during such restoration, and a just and proportionate abatement of the rent and other charges payable pursuant to Article III hereof by LESSEE under this Lease shall be equitably apportioned by the proportion that the square footage made.
C. If there is a partial taking of the part Premises and this Lease remains in full force and effect, LESSOR at its cost shall restore promptly what remains of the Demised Premises so taken bears Building to a complete architectural unit as close as possible to the total square footage condition of the Demised Premises Building immediately prior to such taking; providedtaking to the extent permitted by the taking award less the reasonable expenses of LESSOR in connection with the collection of same and subject to then applicable legal requirements.
D. If this Lease terminates as a result of a taking pursuant to either (A) or (B) above, however, provided further, however, Lessor's obligations to restore or rebuild LESSEE shall be limited entitled to an amount which share in the taking award attributable to the Building to the extent of, but in no event more than, the then unamortized value of the improvements that LESSEE has made to the Building. For the purposes hereof, the value of LESSEE's improvements shall be equal to the difference between the Original Replacement Value and the Enhanced Replacement Value, amortized on a direct reduction basis over a ten (10) year period commencing on December 1, 1990. A fair and reasonable percentage of any and all reasonable fees incurred by LESS▇▇ ▇▇ collecting the taking award shall be deducted from such amount. LESS▇▇ ▇▇▇ll also be entitled to receive any taking award attributable to LESSEE's equipment, fixtures and relocation costs. If this Lease does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions terminate as a result of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial a taking of the Demised Premises the entire award (less any portion attributable to LESSEE's equipment, fixtures and relocation expenses) shall belong be paid to LESSOR and shall be used to effect the property repair, restoration and replacement of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lesseePremises.
Appears in 1 contract
Sources: Commercial Lease (Biopure Corp)
Eminent Domain. 15.1 If Modifying (to the Demised Premises, or extent of any part thereof, or more than twenty- five percent (25%inconsistency between such provisions and this Paragraph 15) and supplementing those provisions of Article 27 of the Common Areas ▇▇▇▇▇▇▇▇▇ that have been incorporated into this Sublease, as such provisions are taken applicable to the Sublease Premises:
A. In the event that all of the Sublease Premises shall be acquired or condemned by condemnation or right of eminent domain, this Sublease shall terminate as of the earliest of: (i) the date of the vesting of title in the condemning authority; (ii) the date that Subtenant is dispossessed by the condemning authority; and (iii) the date that the ▇▇▇▇▇▇▇▇▇ shall be terminated pursuant to Article 27 thereof, as if said date were the Expiration Date.
B. If only a portion of the Sublease Premises shall be so acquired or condemned then, unless the Sublease shall be terminated by private purchase in lieu virtue of the ▇▇▇▇▇▇▇▇▇ having been terminated pursuant to the terms of Article 27 thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease Sublease shall continue in full force and effect except thateffect. In such case, during Subtenant shall not be entitled to a rent abatement with respect to such restorationtaken portion of the Sublease Premises unless Sublandlord, as tenant under the ▇▇▇▇▇▇▇▇▇, shall be entitled to and shall actually receive a rent payable abatement with respect to such taken portion of the Sublease Premises pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage terms of the ▇▇▇▇▇▇▇▇▇; it being understood and agreed that Subtenant shall not be entitled to any abatement under this Sublease if the abatement granted to Sublandlord under the ▇▇▇▇▇▇▇▇▇ is on account of any portion of the Premises that is not part of the Demised Premises so taken bears to Sublease Premises. Notwithstanding the total square footage foregoing provisions of this Section 15(B), if all or substantially all of the Demised Sublease Premises immediately are damaged or are rendered untenantable, then all Fixed Rent and Additional Charges payable under this Sublease shall be abated until such damage is repaired and the Sublease Premises is restored to substantially the same condition of the Sublease Premises prior to such taking; provideddamage and to the reasonable satisfaction of Sublandlord and the Sublease Premises are made tenantable.
C. In the event of any such acquisition or condemnation of all or part of the Sublease Premises, however(i) Subtenant shall not receive any portion of the award for any such acquisition or condemnation, provided further, however, Lessor's obligations and (ii) Subtenant shall have no claim against Sublandlord or Overlandlord for the value of any unexpired portion of the Term and agrees not to restore join in any claim made by Overlandlord or rebuild shall Sublandlord and to execute all further documents that may be limited required in order to an amount which does not exceed facilitate the proceeds obtained from such taking (less expenses incurred in collecting collection of the same)award by Overlandlord. Notwithstanding the foregoing, if provided that, in the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions exercise of the Demised PremisesSublandlord’s reasonable business judgment, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing soneither Overlandlord nor Sublandlord will be adversely affected, Lessor Subtenant shall have the optionright to make a separate claim for Subtenant’s moving expenses, within ninety (90) days after Lessor's receipt of the net condemnation proceedsbusiness dislocation expenses, to terminate this Leasefurnishings, fixtures and other personal property, and Lessee shall be limited the unamortized cost of Subtenant’s alterations, if any, that were paid for by Subtenant and not attributable to consequential damages onlyany contribution by Sublandlord.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Sources: Sublease (Ameritrans Capital Corp)
Eminent Domain. 15.1 If the Demised Premises, or any part thereof, or more than twenty- twenty-five percent (25%) of the Common Areas are area of the Premises is taken by condemnation or right appropriated for any public or quasi-public use under the power of eminent domain, or by private purchase conveyed in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminateseither party hereto shall have the right, then this Lease shall expire on the date possession is taken by the condemnorat its option, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided aboveby written notice to the other party given within ten (10) days of the date of such taking, then appropriation or conveyance, and Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior be entitled to any and all income, rent, award, or any interest therein whatsoever which may be paid or made (the “Award”) in connection with such taking public or quasi-public use or purpose, and Lessee shall have no claim against Lessor for (and hereby assigns to Lessor any claim which Lessee may have for) the value of any unexpired Term of this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the Lease. If any part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, Building or the holder of Project other than the First Mortgage encumbering the Building restricts Lessor from doing soPremises may be so taken, appropriated or conveyed, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, right at its option to terminate this Lease, and in any such event Lessor shall be entitled to the entire Award whether or not this Lease is terminated. If this Lease is terminated as provided above: (i) the termination shall be effective as of the date upon which title to the Premises, the Building, the Project, or a portion thereof, passes to and vests in the condemnor or the effective date of any order for possession if issued prior to the date title vests in the condemnor; (ii) Lessor shall refund to Lessee any prepaid but unearned Rentals; and (iii) Lessee shall pay to Lessor any Rentals or other charges due Lessor under the Lease, prorated as of the date of taking. If less than twenty-five percent (25%) of the Premises is so taken, appropriated or conveyed, or more than twenty-five percent (25%) thereof is so taken, appropriated or conveyed and neither party elects to terminate as herein provided, (i) Lessor shall be entitled to the entirety of the Award, and Lessee shall be limited entitled to consequential damages only.
15.2 All compensation awarded or paid upon make a claim for any total or partial separate award attributable to any taking of Lessee’s trade fixtures so long as any such award to Lessee does not reduce the Demised amount of the Award available to Lessor; and (ii) the Rental thereafter to be paid hereunder for the Premises shall belong be reduced in the same ratio that the percentage of the area of the Premises so taken, appropriated or conveyed bears to the total area of the Premises immediately prior to the taking, appropriation or conveyance. In addition, if any Rentable Area in the Building containing the Premises is so taken, appropriated or conveyed and this Lease is not terminated by Lessor, Lessee’s Percentage Share of Building Expenses shall be adjusted pursuant to Article 7. Notwithstanding this Article 24 above, upon a temporary taking of all or any portion of the Premises, the Lease shall remain in effect and Lessee shall continue to pay and be liable for all Rentals under this Lease. Upon such temporary taking, Lessee shall be entitled to any Award for the property temporary use of Lessorthe portion of the Premises taken which is attributable to the period prior to the date of Lease Termination, and Lessor shall be entitled to any portion of the Award for such use attributable to the period after Lease Termination. The Lessee reserves As used in this paragraph, a temporary taking shall mean a taking for a period of one year or less and does not include a taking which is to last for an indefinite period and/or which will terminate only upon the right to pursue any award for furniture, fixture and equipment or improvements insured by lesseehappening of a specified event unless it can be determined at the time of the taking when such event will occur.
Appears in 1 contract
Eminent Domain. 15.1 If Except as hereinafter provided, if the Demised Premises, or any part thereof-------------- such portion thereof (or the access thereto unless comparable replacement access is provided) as to materially impair (if reconstructed to the maximum extent practicable in the circumstances) the continued conduct of the Tenant's business at the Premises, or more than twenty- five percent (25%) the Property Common Areas, or such portion thereof as to render the Premises inaccessible such that the continued conduct of the Common Areas are Tenant's business at the Premises is materially impaired, shall be taken by condemnation or right of eminent domain, domain and the Landlord has no reasonable means of remedying or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on replacing said problem within two hundred and seventy (270) days after the date possession is taken by the condemnorof such taking, the rent herein reserved Tenant or Landlord shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by have the Lessor to Lessee. If Lessor does not elect right to terminate this Lease as by notice to the other of its desire to do so, provided abovethat such notice is given not later than forty five (45) days after the effective date of such taking. If so much of the Premises, or so much of the Property Common Areas, shall be so taken that it would be appropriate to raze the Premises, or due to the lack of sufficient proceeds from the eminent domain taking not retained by any mortgagee or ground lessor, what may remain of the Premises and the Property cannot be put into a condition such that the continued conduct of the Tenant's business is not materially impaired, then Lessor shall rebuild each of the Landlord and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and Tenant may terminate this Lease shall continue in full force and effect except that, during by giving notice to the other of its desire to do so not later than forty five (45 ) days after the effective date of such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the taking. Should any part of the Demised Premises or the Property be so taken bears or condemned during the Term, and should this Lease be not terminated in accordance with the foregoing provisions, the Landlord agrees to the total square footage use diligent efforts to put what may remain of the Demised Premises immediately and the Property into proper condition for use and occupation as nearly like the condition of the Premises and the Property prior to such taking; providedtaking as shall be practicable, subject, however, provided furtherto applicable laws and codes then in existence, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed and so long as the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award actually received by Lessor is insufficient the Landlord from the eminent domain taking are sufficient therefor. In no event shall the Landlord be obligated to restore or rebuild expend more than the structural portions amount of proceeds from the Demised Premises, or eminent domain taking actually received by the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyLandlord on such work.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Sources: Sublease (Lifef X Inc)
Eminent Domain. 15.1 If either of the Demised PremisesBuildings, or any part thereof, or more than twenty- five percent (25%) such portion of the Common Areas are Premises as to render the balance (if reconstructed to the maximum extent practicable in the circumstances) unsuitable for Tenant's purposes, in Tenant's reasonable judgment, shall be taken by condemnation or right of eminent domain, or if either of the Buildings are substantially affected by private purchase a taking by condemnation or right of eminent domain that in lieu thereofLandlord's reasonable judgment it would be impractical or uneconomic to cause such Building or Buildings to be restored (it being understood and agreed that Landlord shall be deemed to be reasonable in its determination that restoration would be impractical or uneconomic if the holder of any mortgage which includes the Building(s) as a part of the mortgaged premises does not allow the net condemnation proceeds to be applied to the restoration of the Building(s) and/or the Site in accordance with commercially reasonable provisions in its mortgage and in such case Landlord does not elect, in Landlord's sole discretion exercised in good faith, to spend the additional funds necessary to fully restore the Building(s) and/or the Site), then Landlord or Tenant shall have the right to terminate this Lease by notice to the other of its desire to do so, provided that such notice is given not later than thirty (30) days after Tenant has been deprived of possession. In addition, if more than fifteen percent (15%) of the parking spaces available for Tenant's use in accordance with Section 2.2.1 above, shall be taken by condemnation or right of eminent domain, Tenant shall have the right to terminate this Lease by notice to Landlord of its desire to do so, provided that such notice is given not later than thirty (30) days after Tenant has been deprived of such parking spaces, provided further, that such termination right shall be Tenant sole and exclusive remedy for said reduction in parking, and if Tenant fails to terminate following such a reduction in parking, then Tenant shall be deemed to have waived any rights or remedies Tenant may otherwise have against Landlord arising out of the unavailability of parking spaces on the Site as a result of a taking by condemnation or right of eminent domain. Parking spaces shall not be terminated considered "taken" for purposes hereof if, despite an actual taking of an existing parking space on the Site which is available for Tenant's use, Landlord makes available to Tenant alternative parking spaces on the Site or off the Site and in a reasonably convenient location, including, without limitation, by Lessorvirtue of an elevated parking structure or a valet service. If Lessor so terminateseither party shall give such notice, then this Lease shall expire on terminate as of the date possession is taken by of such notice with the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full same force and effect except that, during as if such restoration, date were the rent payable pursuant to Article III hereof shall be equitably apportioned by date originally established as the proportion that the square footage of the expiration date hereof. Should any part of the Demised Premises or the Site be so taken bears to or condemned during the total square footage Lease Term hereof, and should this Lease not be terminated in accordance with the foregoing provisions, Landlord agrees that after the determination of the Demised net amount of condemnation proceeds awarded to Landlord, Landlord shall use due diligence to put what may remain of the Premises immediately into proper condition for use and occupation as nearly like the condition of the Premises prior to such taking; provided, however, provided further, however, Lessortaking as shall be practicable (excluding Tenant's obligations Property) and to restore or rebuild shall be limited to an amount which does not exceed replace the proceeds obtained from such taking (less expenses incurred in collecting portion of the same)parking areas affected by the taking. Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient Landlord shall not be obligated to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt expend for such repair and restoration any amount in excess of the net condemnation proceeds. If such net condemnation proceeds are insufficient for, the restoration of the Buildings (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give notice ("Landlord's Award Notice") to Tenant that Landlord does not elect to fund the amount of the insufficiency and Tenant shall thereafter have the right to terminate this Lease, and Lessee Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Award Notice (the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination). If the Premises shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon affected by any total or partial taking exercise of the Demised power of eminent domain, then the Annual Fixed Rent, Tenant's share of Operating Expenses and Tenant's share of real estate taxes shall be justly and equitably abated and reduced from the date of the taking according to the nature and extent of the loss of use thereof suffered by Tenant; and in case of a taking which permanently reduces the Floor Area of the Premises or a material number of parking spaces available to Tenant, a just proportion of the Annual Fixed Rent, Tenant's share of Operating Expenses and Tenant's share of real estate taxes shall belong to and be abated for the property remainder of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lesseeLease Term.
Appears in 1 contract
Sources: Sublease (Datawatch Corp)
Eminent Domain. 15.1 (a) If the Demised PremisesTenant’s use of the Premises is substantially impaired, or any part thereofin the reasonable judgment of Tenant, due to the taking by eminent domain of all or more than twenty- twenty five percent (25%) of the Common Areas are taken Building (or conveyance in lieu of taking), this Lease shall terminate on the date when title vests pursuant to such taking or conveyance. The Net Rent, and any Additional Rent, shall be apportioned as of said termination date, any Net Rent or Additional Rent already paid by condemnation the Tenant for any period beyond said date shall be returned to the Tenant and the security deposit, if any, to the extent not applied by Landlord in accordance with the provisions of this Lease, shall be returned to Tenant without interest. The Tenant shall not be entitled to any part of the award for such taking or right of eminent domain, or by private purchase any payment in lieu thereof, but the Tenant may file a separate claim for moving and relocation expenses, provided the same shall in no way affect or diminish the Landlord’s award. Upon termination of the Lease, Tenant shall immediately initiate ISRA compliance consistent with this Lease may be terminated by Lessor. If Lessor so terminatesLease, then this Lease shall expire on if any, as required.
(b) In the date possession is taken event of a temporary condemnation or taking that renders part or all of the Premises unusable by the condemnorTenant, the rent herein reserved shall be apportioned Net Rent and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof Additional Rent shall be equitably apportioned by abated in the proportion that the square footage reasonable judgment of the part Landlord during the pendency of such temporary condemnation or taking and any claim for compensation from the condemnation or taking authority shall belong solely to the Landlord except for Tenant’s temporary moving and relocation costs; however, but upon the cessation of such temporary taking or condemnation, the terms and conditions of the Demised Premises so taken bears to Lease shall be apply for the total square footage balance of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyterm.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Eminent Domain. 15.1 (a) If the Demised Premisesentire Premises shall be substantially taken (either temporarily or permanently) for public purposes, as determined by Landlord, or in the event Landlord shall convey or Lease the property to any part thereofpublic authority in settlement of a threat of condemnation or taking, the rent shall be adjusted to the date of such taking or leasing or conveyance, and this Lease shall thereupon terminate.
(b) If only a portion of the Premises shall be so taken, leased, or more than twenty- five percent (25%) condemned, and, as a result of such partial taking, Tenant is reasonably able to use the remainder of the Common Areas are taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminatesPremises for the purpose intended hereunder, then this Lease shall expire on not terminate, but, effective as of the date possession is taken by the condemnorof such taking, leasing, or condemnation, the rent herein reserved hereunder shall be apportioned and paid abated in full aN amount proportionate to that date and all prepaid rent the percentage of the total area of the Premises so taken, leased or condemned. If, following such partial taking, Tenant shall not be repaid by reasonably able to use the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided aboveremainder of the Premises for the purposes intended hereunder, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue terminate as if the entire Premises had been taken, leased or condemned. In the event of a taking, lease or condemnation as described in full force and effect except thatthis section, during such restorationwhether or not there is a terminating hereunder, the Tenant shall have no claim against Landlord other than an adjustment of rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage date of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premiseslease, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Leasecondemnation, and Lessee Tenant shall not be limited entitled to consequential any portion of any amount that may be awarded as damages only.
15.2 All compensation awarded or paid upon any total in settlement of such proceedings or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lesseethreat.
Appears in 1 contract
Sources: Commercial Lease (Tekgraf Inc)
Eminent Domain. 15.1 If Except as hereinafter provided, if the Demised Premises, or any part thereof, such portion thereof (or more than twenty- five percent (25%the access thereto unless comparable replacement access is provided) of the Common Areas are shall be taken by condemnation or right of eminent domaindomain as to materially impair (if reconstructed to the maximum extent practicable in the circumstances) the continued conduct of the Tenant’s business at the Premises, or by private purchase in lieu thereofthe Property Common Areas, this Lease may be terminated by Lessor. If Lessor so terminatesor such portion thereof as to render the Premises inaccessible such that the continued conduct of the Tenant’s business at the Premises is materially impaired, then this Lease shall expire on and the Landlord has no reasonable means of remedying or replacing said problem within one hundred eighty (180) days after the date possession is taken by the condemnorof such taking, the rent herein reserved Tenant or Landlord shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by have the Lessor to Lessee. If Lessor does not elect right to terminate this Lease as by notice to the other of its desire to do so, provided abovethat such notice is given not later than forty-five (45) days after the effective date of such taking. If so much of the Premises, or so much of the Property Common Areas, shall be so taken that it would be appropriate to raze the Premises, or due to the lack of sufficient proceeds from the eminent domain taking not retained by any mortgagee, what may remain of the Premises and the Property cannot be put into a condition such that the continued conduct of the Tenant’s business is not materially impaired, then Lessor shall rebuild each of the Landlord and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and Tenant may terminate this Lease shall continue in full force and effect except that, during by giving notice to the other of its desire to do so not later than forty five (45) days after the effective date of such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the taking. Should any part of the Demised Premises or the Property be so taken bears or condemned during the Term, and should this Lease be not terminated in accordance with the foregoing provisions, the Landlord agrees to the total square footage use diligent efforts to put what may remain of the Demised Premises immediately and the Property into proper condition for use and occupation as nearly like the condition of the Premises and the Property prior to such taking; providedtaking as shall be practicable, subject, however, provided furtherto applicable laws and codes then in existence, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed and so long as the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award actually received by Lessor is insufficient the Landlord from the eminent domain taking are sufficient therefor. In no event shall the Landlord be obligated to restore or rebuild expend more than the structural portions amount of proceeds from the Demised Premises, or eminent domain taking actually received by the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyLandlord on such work.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Sources: Assignment and Assumption of Lease Agreement (Tangoe Inc)
Eminent Domain. 15.1 If the Demised Premiseswhole or substantially all of the Premises of any Facility, or any part thereof, all or more than twenty- five percent (25%) substantially all of the Common Areas are taken means of access thereto, be acquired by condemnation or right of eminent domain, domain or by private purchase in lieu thereof, this Lease may so that the Premises of such Facility cannot be terminated by Lessor. If Lessor so terminateslicensed for the specific use relating to such Facility as set forth on Exhibit A (including the number of beds specified therein), then this Lease shall expire on terminate as to such Facility as of the date possession is taken by of the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such actual taking and the provisions of Section 41 below shall apply. Should, however, only a portion of the Premises of any Facility be so condemned or taken, so as not to materially and adversely affect the specific use of the Premises relating to such Facility for the purposes for which it is leased hereunder, this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such takingeffect; provided, however, provided furtherthat the Allocated Minimum Rent payable under the unexpired Term of this Lease for such Facility shall be adjusted to such extent as may be fair and reasonable under the circumstances. Landlord shall, howeverin such event, Lessor's obligations promptly restore the Demised Premises of such Facility as nearly as feasible to the condition of such Premises immediately prior to the taking, subject to reasonable delays, but Landlord shall not be required to restore or rebuild the Demised Premises of such Facility during the last Lease Year of the Initial Term or any Renewal Term or to restore Tenant’s fixtures, furnishings, floor coverings, equipment, stock or other fixtures, furnishings, floor coverings, equipment, stock or other personalty located at such Facility. Tenant shall not be entitled to any part of the condemnation proceeds arising from any partial taking of any Facility, except that Tenant shall be limited entitled to an amount which does not exceed the proceeds obtained from make a claim for any of Tenant’s property located at such taking (less expenses incurred Facility condemned other than Tenant’s interest in collecting the same)this Lease with respect to such Facility. Notwithstanding the foregoing, if this Lease shall terminate with respect to any Facility if, as the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions result of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking only a portion of the Demised Premises of such Facility being condemned or taken, Tenant is prevented from operating or using the Demised Premises of such Facility under the then-existing governmental and quasi-governmental licenses, permits, approvals and certifications. In such case, Landlord and Tenant shall belong have such rights to and be the property of Lessor. The Lessee reserves the right to pursue any award condemnation awards as are set forth above for furniture, fixture and equipment a total or improvements insured by lesseesubstantial taking.
Appears in 1 contract
Eminent Domain. 15.1 If the Demised Premises, or any part thereof, whole of Premises or more than twenty- five fifty percent (2550%) of the Common Areas are rentable area thereof is taken by condemnation or right under power of eminent domaindomain or sold, transferred or by private purchase conveyed in lieu thereof, both Landlord and Tenant shall have the right to terminate this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on as of the date of such condemnation or as of the date possession is taken by the condemnorcondemning authority, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lesseewhichever is later. If Lessor does not elect to any part of the Building other than the Premises is taken under power of eminent domain or sold, transferred or conveyed in lieu thereof, Landlord may terminate this Lease at its option as provided aboveof the date of such condemnation or as of the date possession is taken by the condemning authority, then Lessor whichever is later. In either of such events, Landlord shall rebuild receive, and restore the Demised Premises as nearly as possible Tenant hereby assigns to their condition immediately prior to Landlord, any award which may be made in such taking or condemnation, together with any and this Lease shall continue all rights of Tenant now or hereafter arising in full force and effect except that, during such restoration, or to the rent payable pursuant same or any part thereof whether or not attributable to Article III hereof shall be equitably apportioned by the proportion that the square footage value of the part unexpired portion of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such takingthis Lease; provided, however, provided further, however, Lessor's obligations to restore or rebuild that nothing contained herein shall be limited deemed to an amount which does not exceed give Landlord any interest in or require Tenant to assign to Landlord any award made payable to Tenant for the proceeds obtained from such taking (less expenses incurred of personal property and fixtures belonging to Tenant and removable by Tenant at the expiration of the term hereof or for the interruption of or damage to Tenant's business in collecting the same). Notwithstanding the foregoingevent of a partial taking, or a sale, transfer, or conveyance in lieu thereof, if this Lease is not terminated by Landlord and/or Tenant, then the net condemnation award received by Lessor is insufficient rent shall be apportioned according to restore or rebuild the structural portions ratio that the remaining rentable area of the Demised Premises, or Premises bears to the holder total rentable area of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyPremises.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Sources: Office Lease (Valuestar Corp)
Eminent Domain. 15.1 If Lessee hereby assigns to Lessor all rights to compensation or damages, if any, with respect to the Demised Premises, or any part thereof, or more than twenty- five percent (25%) fee interest in the Premises on condemnation of the Common Areas are taken by condemnation Premises in whole or right in part under power of eminent domain. Lessee shall be entitled to any separate award or compensation or damages related to its interest or property in the Premises, including business dislocation and relocation payments, provided that no such award or by private purchase in lieu thereof, this Lease may be terminated by Lessorpayment shall reduce or diminish the condemnation award otherwise payable to Lessor as the owner of the Premises. If any such condemnation of all or any substantial part of the Premises renders the Premises unusable for the purposes for which it was being used prior to the taking, Lessee, by 30 days' prior written notice to the Lessor, may terminate this Lease; but if the Lease is not so terminated, Lessor shall make such repairs, if any, as are reasonably necessary to restore the part thereof not condemned to tenantable condition. Lessor, in so terminatesdoing, then this Lease shall expire on not be required to expend more than the date possession is taken net amount received by Lessor in the condemnorcondemnation proceedings for damage to such part of the Premises not condemned unless Lessee pays the amount of the excess of the expenditure. Restoration repairs, if made, shall begin within thirty (30) days after Lessee vacates the rent herein reserved part of the Premises condemned and shall be apportioned completed with reasonable diligence, subject, however, to delays incident to governmental regulation, unavailability of material or labor and paid in full to that date and all prepaid rent other causes beyond Lessor's control; but, if such restoration is not completed within one hundred fifty (150) days after such work is commenced, Lessee shall be repaid by have the Lessor to Lessee. If Lessor does not elect option to terminate this Lease as provided above, then or to direct Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Eminent Domain. 15.1 If the Demised Premisesleased premises, or any part thereofsuch portion thereof as to render the balance unsuitable for the use of Tenant, or more than twenty- five percent (25%) of as set forth on the Common Areas are Data Sheet, shall be taken by condemnation or the right of eminent domain, domain or by private purchase sale in lieu thereofthereof to the potential condemning authority, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved either party shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect entitled to terminate this Lease as provided aboveupon written notice to the other within thirty (30) days after Tenant has been deprived of possession by such taking or sale. If any portion of the leased premises is so taken or sold and if this Lease is not terminated in accordance with the provisions hereof, then Lessor shall proceed to restore and rebuild the remaining portion thereof so as to make an architecturally complete unit as diligently as is practicable, and restore in such event, a proportionate reduction of the Demised Premises as nearly as possible to their condition immediately prior to any such taking minimum guaranteed rent and this Lease shall continue in full force and effect except that, during such restoration, the rent payable reduction of Tenant's proportionate share pursuant to Article III hereof paragraphs 16 and 27 shall be equitably apportioned by allowed from the proportion that appropriate date, said proportionate reduction to be computed on the basis of the relation which the square footage of foot area in the part of the Demised Premises leased premises so taken bears to the total square footage foot area of the Demised Premises immediately prior leased premises. Nothing in this paragraph shall be construed to permit the abatement or reduction, in whole or in part, of the percentage rent, or any other charges provided for in this Lease, but for the purpose of paragraph 11, the computation of percentage rent shall be based upon the revised minimum rent as the same may be reduced pursuant to this paragraph. In the event fifty percent (50%) or more of the building of which the leased premises are a part shall be taken by condemnation or the right of eminent domain or by private sale in lieu thereof to the potential condemning authority, either party shall be entitled to terminate this Lease upon written notice to the other on or before the date possession is to be surrendered to the public or quasi-public authority, such takingtermination to be effective as of the date of surrender of possession. Tenant shall have the right to make its claim for its unamortized cost of leasehold improvements to the extent paid for by Tenant, its fixtures and moving expenses, all to the extent such damages are allowable; provided, however, provided further, however, any award thereof can be made separately to Tenant without diminution of any award to be mad to Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding Other than the foregoing, if the net condemnation award received by Lessor is insufficient Tenant shall not be entitled to restore or rebuild the structural portions of the Demised Premisesclaim, or have paid to Tenant, any compensation or damages whatsoever for or on account of any loss, injury, damages or taking of any right, interest or estate of Tenant, and Tenant hereby relinquishes and hereby assigns to Lessor any rights to any damages. Subject to the holder of the First Mortgage encumbering the Building restricts Lessor from doing soforegoing, Lessor shall be entitled to claim and have paid to it for the optionuse and benefit of Lessor all compensation and damages for and on account of or arising out of such taking or condemnation, without deduction from the amount thereof for and on account of any right, title, interest or estate of Tenant in or to the leased premises or matter relating thereto. Tenant, upon request of Lessor, shall execute any and all releases or other documents as shall be required by such public or quasi-public authority in accordance with the provisions of this paragraph. In the event Tenant fails to execute and deliver said releases or other documents within ninety ten (9010) days after Lessor's receipt said request, Tenant hereby appoints Lessor irrevocably as the attorney-in-fact of the net condemnation proceeds, Tenant to terminate this Lease, execute and Lessee shall be limited to consequential damages onlydeliver said releases or other documents.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Eminent Domain. 15.1 If the Demised Premisesleased property, or any part thereof, or more than twenty- five percent (25%) of the Common Areas are is taken by condemnation or right of eminent domain, then, at the option of either Landlord or by private purchase in lieu thereofTenant, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is when the leased property shall be so taken by the condemnor, and the rent herein reserved shall be apportioned as of that date. In the event of any such taking, Tenant shall have the right at its election to continue to occupy all or part of the leased premises to the extent permitted by law between the date of such taking and paid in full to that date and all prepaid rent the time when physical possession of the leased premises shall be repaid taken subject to the provisions of this Lease insofar as reasonably applicable to such occupancy, but the amount charged Tenant by any such taking authority or its assigns for rent or occupancy shall be deducted from the Lessor rent paid or payable by Tenant hereunder. Notwithstanding the foregoing, nothing herein shall prohibit Tenant, to Lesseethe extent permitted by law, from prosecuting its own claim for such damages sustained through such taking as the law may provide to Tenant in its capacity as Tenant, including compensation for moving expenses, fixtures and "special damages," so-called, so long as the same do not infringe upon or diminish the damages sought by Landlord. If Lessor Tenant shall not be entitled by law to prosecute such a claim in its own name, it may do so in, the name of Landlord. In the event that Tenant does not elect to terminate this Lease as provided abovelease pursuant to this Section following a taking of less than the entire leased premises, then Lessor Landlord (acting either through the association of unit owners of the Condominium or on its own account) shall rebuild and promptly restore the Demised Premises remaining portion thereof so as nearly as possible to their condition immediately prior to any such taking constitute an integral rental unit and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof rental due hereunder shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages onlyabated.
15.2 All compensation awarded or paid upon any total or partial taking of the Demised Premises shall belong to and be the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lessee.
Appears in 1 contract
Sources: Lease Agreement (Omtool LTD)
Eminent Domain. 15.1 If the Demised Premises, all or any part thereof, or more than twenty- five percent (25%) of the Common Areas are premises is taken for public or quasi-public use by condemnation or right a governmental authority under the power of eminent domain, domain or by private purchase is conveyed to a governmental authority in lieu thereofof such taking, and if the taking or conveyance causes the remaining part of the Premises to be untenantable and inadequate for use by Sublessee for the purpose for which they were leased, then Sublessee, at its option and by giving notice within fifteen (15) days after the taking, may terminate this Lease may be terminated by LessorSublease as of the date Sublessee is required to surrender possession of the Premises. If Lessor so terminatesa part of the Premises is taken or conveyed but the remaining part is tenantable and adequate for Sublessee's use, then this Lease Sublease shall expire on be terminated as to the part taken or conveyed as of the date possession Sublessee surrenders possession; Master Lessor is taken by the condemnorobligated, the rent herein reserved shall be apportioned and paid in full at no cost or expenses to that date and all prepaid rent shall be repaid by the Lessor Sublessor or Sublessee, to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible (other than any Tenant Improvements) to their condition a complete architectural unit of a design comparable to the design of the Premises (other than any Tenant Improvements or alterations) immediately prior to any such taking the condemnation, and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof Rent shall be equitably apportioned by the proportion that the square footage reduced based on any decrease in use to Sublessee of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same)Premises. Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, to terminate this Lease, and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded for the taking or paid upon any total or partial taking of the Demised Premises conveyance shall belong to and be the property of Master Lessor and Sublessor, as there interests may appear, and Sublessee hereby assigns to Sublessor all its right, title and interest in and to the award, unless the governmental authority makes only one (1) award, and the award contains compensation for the value of moving expenses, Sublessee's personal property, trade fixtures and alterations (including the Tenant Improvements), in which case, subject to the rights of any mortgagee or beneficiary of a deed of trust holding a lien on the Property, Sublessee shall be entitled to the compensation paid for Sublessee's moving expenses, trade fixtures, personal property and the portion of the award attributable to the then unamortized cost of alterations and improvements constructed at Sublessee's expense (which are to be amortized on a straight line basis over the initial term of the Sublease). Sublessee shall have the right, however, to recover from the governmental authority, but not from Sublessor or Master Lessor. The Lessee reserves , except as provided in the right preceding sentence, such compensation as may be awarded to pursue any award for furnitureSublessee on account of the interruption of Sublessee's business, fixture moving and equipment or improvements insured by lesseerelocation expenses and removal of Sublessee's trade fixtures and personal property.
Appears in 1 contract
Eminent Domain. 15.1 If during the Demised term of any part thereof an eminent domain taking shall occur and, if pursuant to the exercise of the right of condemnation or eminent domain (I) the Premises is taken or conveyed under threat of the exercising of such right, or (ii) only a portion of the Premises, is so taken or any part thereofconveyed and Lessee determines that the remainder of the Premises is inadequate or unsatisfactory for its purposes, which determination shall not be arbitrarily or capriciously made, or more than twenty- five percent (25%iii) of Lessee’s access to the Common Areas are taken Premises is reduced by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking or conveyance and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion Lessee determines that the square footage of the part of the Demised Premises so taken bears its access to the total square footage of the Demised Premises immediately prior to such taking; providedis inadequate or unsatisfactory for its purposes, howeverwhich determination shall not be arbitrarily or capriciously made, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoing, if the net condemnation award received by Lessor is insufficient to restore or rebuild the structural portions of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor Lessee shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceeds, right to terminate this Lease, subject to Lessee’s rights as set forth below. Such termination shall be effective on the date Lessee is required to give up its occupancy, use, or access whichever is earlier. The termination of this Lease as provided above shall not operate to deprive Lessee of the right, and Lessor expressly grants to Lessee the right to make a claim for an award in condemnation or participate in an award for loss of business goodwill, relocation expenses, Lessee’s leasehold interest and/or lease bonus value, loss or damage to Fixtures and improvements made by Lessee to the Premises, the value of Lessee’s unexpired options to extend the Term, or any other claims that Lessee is permitted or elects to make, or to receive notices and participate in the condemnation proceedings, including any settlement negotiations, whether conducted prior to or after the filing of a condemnation proceedings. The Lessor reserves any and all rights to make a claim for condemnation.
7.04 In the case of any taking by Eminent Domain, if this Lease is not terminated as provided herein, Lessor and Lessee shall be limited agree upon an equitable reduction in the rent, if any. If the parties fail to consequential damages only.
15.2 All compensation awarded agree upon such reduction within sixty (60) days from the date Lessee is required to give up such occupancy, use or paid upon access, whichever is earlier, Lessor and Lessee shall each choose one arbitrator and the two arbitrators so chosen shall choose a third arbitrator. The decision of any total or partial taking two of the Demised Premises arbitrators concerning the rent reduction, if any, shall belong to be binding on Lessor and Lessee and any expense of the arbitration shall be the property divided equally between Lessor and Lessee. Any such reduction in rent shall not constitute an election or remedies by Lessee nor deprive Lessee of Lessor. The Lessee reserves the right to pursue make a claim for an award in condemnation as set forth above or receive notices and participate in the condemnation proceedings, including any award for furniture, fixture and equipment or improvements insured by lesseesettlement negotiations.
Appears in 1 contract
Eminent Domain. 15.1 Section 11.1. If all or substantially all of the Demised PremisesImprovements on any parcel of Land (or such portion of such Improvements that Tenant, in Tenant’s reasonable judgment, is unable to reasonably operate its business in substantially the same manner as on the date immediately preceding an acquisition or condemnation thereof), or any parcel of the Land, shall be acquired or condemned for any public or quasi-public use or purpose, then Tenant shall promptly notify Landlord thereof and this Lease and the Term shall end only with respect to such acquired or condemned parcel (or parcels) of Land (and the Improvements located thereon) as of the date of the vesting of title thereto with the same effect as if that date were the Expiration Date. In the event that this Lease is terminated pursuant to this Section 11.1 with respect to any acquired or condemned parcel (or parcels) of Land (and the Improvements located thereon), and Landlord shall not have elected to substitute another parcel (or parcels) of land and improvements for the parcel (or parcels) of Land and the Improvements so acquired or condemned in accordance with the provisions of Article 28, then the Fixed Rent payable hereunder shall be (a) reduced by the amount of the Fixed Rent allocated to the acquired or condemned parcel (or parcels) of Land (and the Improvements located thereon) as set forth on Exhibit E to this Lease as of the termination date, and (b) paid or refunded up to and including, such termination date.
Section 11.2. If a part thereofof any of the Improvements shall be so acquired or condemned and this Lease and the Term shall not be terminated with respect to the parcel (or parcels) of Land so affected, then Tenant shall promptly commence and thereafter and diligently proceed to repair or reconstruct such Improvements, in a good and workmanlike manner, to a like condition as, or more than twenty- five percent (25%) better condition than, existed prior to such damage or destruction, with such Alterations or modifications thereto as Tenant shall deem necessary or desirable, subject to the provisions of Article 5, at Tenant’s sole cost and expense. So long as Tenant is not in default beyond applicable grace or notice provisions in the payment or performance of its obligations hereunder, Tenant shall be entitled to receive all or such portion of the Common Areas are condemnation award paid with respect to such acquisition or condemnation as is required to pay all cost of the Restoration, including, subject to the provisions of Section 11.3, the costs to repair or replace any Alterations and Tenant’s Property damaged or taken by in such acquisition or condemnation.
Section 11.3. Subject to the provisions of Section 11.2, Landlord shall receive the entire award for any acquisition or condemnation of all of the Improvements or right the Land, and Tenant shall have no claim against Landlord or the condemning authority for the value of eminent domainany unexpired portion of the Term, Tenant’s Alterations or by private purchase improvements; and Tenant hereby assigns to Landlord all of its rights in lieu thereofand to any such award. Nothing contained in this Article 11 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 any such award is in addition to, and does not result in a reduction of, the award made to Landlord.
Section 11.4. Except as otherwise expressly provided in Section 11.1, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved not terminate and shall be apportioned and paid in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided above, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue remain in full force and effect in the event of any acquisition or condemnation of any Premises, or any portion thereof, and, except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned as otherwise expressly provided by the proportion that the square footage provisions of the part this Lease, Tenant hereby waives all rights under applicable Laws to a▇▇▇▇, reduce or offset Rent by reason of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same).
Section 11.5. Notwithstanding the foregoingforegoing provisions of this Article 11, if there exists a Mortgage, (a) the net terms and conditions of such Mortgage shall be satisfied prior to the disbursement of any condemnation award received by Lessor is insufficient for the Restoration of any damage to restore the Land or rebuild the structural portions of the Demised PremisesImprovements, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor and (b) Mortgagee shall have the optionright to supervise and control the receipt and disbursements of such condemnation award and, within ninety (90) days after Lessor's receipt subject to the terms of such Mortgage, shall be entitled to apply any portion of the net condemnation proceeds, award which is not used to terminate this Lease, and Lessee shall be limited pay for the costs of such Restoration to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking the reduction of the Demised Premises shall belong to and be debt secured by the property of Lessor. The Lessee reserves the right to pursue any award for furniture, fixture and equipment or improvements insured by lesseeMortgage.
Appears in 1 contract
Eminent Domain. 15.1 If the Demised Premises, or any part thereof, or more than twenty- five over fifteen percent (2515%) of the Common Areas are Premises shall be taken by condemnation or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option. In such event, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or by private purchase in lieu thereof, not attributable to the value of the unexpired term of this Lease may except that Tenant shall be terminated entitled to petition the condemning authority for the following: (i) the then unamortized cost of any Alterations paid for by LessorTenant from its own funds (as opposed to any allowance, including the Tenant Allowance, provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; and (iv) Tenant’s goodwill, loss of business and business interruption. If Lessor so terminates, then this Lease shall expire on a part of the date possession is taken by the condemnor, the rent herein reserved Premises shall be apportioned so taken or appropriated or conveyed and paid in full to that date and all prepaid rent neither party hereto shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease and the Premises have been damaged as provided abovea consequence of such partial taking or appropriation or conveyance, then Lessor Landlord shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall continue in full force and effect except that, during such restorationnot be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the rent payable pursuant Monthly Base Rent and Additional Charges to Article III hereof be paid under this Lease for the remainder of the Term shall be equitably apportioned proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the proportion ratio that the square footage they are of the part portion of the Demised Premises not so taken bears to the total square footage area of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding anything to the foregoingcontrary contained in this Paragraph 21, if the net condemnation award received by Lessor is insufficient to restore temporary use or rebuild the structural portions occupancy of any part of the Demised PremisesPremises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Monthly Base Rent and Additional Charges payable hereunder by Tenant during the Term. In the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than one hundred and eighty (180) days and unreasonably interferes with Tenant’s use of the Premises or the holder of the First Mortgage encumbering the Building restricts Lessor from doing soCommon Area, Lessor then Tenant shall have the option, within ninety (90) days after Lessor's receipt right to terminate the Lease. Landlord and Tenant understand and agree that the provisions of this Paragraph 21 are intended to govern fully the rights and obligations of the net condemnation proceedsparties in the event of a Taking of all or any portion of the Premises. Accordingly, the parties each hereby waives any right to terminate this Lease, Lease in whole or in part under Sections 1265.120 and Lessee shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking 1265.130 of the Demised Premises shall belong to and be the property California Code of Lessor. The Lessee reserves the right to pursue Civil Procedure or under any award for furniture, fixture and equipment similar Law now or improvements insured by lesseehereafter in effect.
Appears in 1 contract
Eminent Domain. 15.1 If In the Demised event the Leased Premises reasonably necessary for Tenant's use and enjoyment of the Leased Premises, or any part thereof, or more than twenty- five percent (25%) of the Common Areas are taken by condemnation or right of eminent domain, or by private purchase in lieu thereof, this Lease may be terminated by Lessor. If Lessor so terminates, then this Lease shall expire on the date possession is taken by the condemnor, the rent herein reserved shall be apportioned acquired or condemned by eminent domain and paid Tenant shall determine, in full to that date and all prepaid rent shall be repaid by the Lessor to Lessee. If Lessor does not elect to terminate this Lease as provided aboveits reasonable discretion, then Lessor shall rebuild and restore the Demised Premises as nearly as possible to their condition immediately prior to any such taking and this Lease shall continue in full force and effect except that, during such restoration, the rent payable pursuant to Article III hereof shall be equitably apportioned by the proportion that the square footage of the part of the Demised Premises so taken bears to the total square footage of the Demised Premises immediately prior to such taking; provided, however, provided further, however, Lessor's obligations to restore or rebuild shall be limited to an amount which does not exceed the proceeds obtained from such taking (less expenses incurred in collecting the same). Notwithstanding the foregoingremaining Leased Premises, if the net condemnation award received any, are rendered substantially unusable for Tenant's purposes, Tenant may elect, by Lessor is insufficient to restore or rebuild the structural portions notifying Landlord of the Demised Premises, or the holder of the First Mortgage encumbering the Building restricts Lessor from doing so, Lessor shall have the option, within ninety (90) days after Lessor's receipt of the net condemnation proceedssuch election, to terminate this Lease, and Lessee whereupon all rent shall be limited to consequential damages only.
15.2 All compensation awarded or paid upon any total or partial taking accounted for between Landlord and Tenant as of the Demised date that possession is surrendered to the condemning authority. If Tenant fails to terminate this Lease in accordance with this section, Tenant shall continue to lease the remaining Leased Premises not so taken, if any, pursuant to this Lease. In such event, Landlord shall, at its sole expense (not to exceed the proceeds of any condemnation award received by Landlord), promptly repair and restore the remaining Leased Premises, if any, to substantially their condition immediately prior to such taking, subject to zoning and building laws then in existence. If such taking or such work or repair shall belong result in Tenant's inability to use portions of the Leased Premises in the manner in which, and be for the property purposes for which, they were used immediately prior to such condemnation, then the rental and other charges for such portion shall also ▇▇▇▇▇ to the extent and for the period of Lessorsuch inability. The Lessee reserves abatement shall be in the right proportion that the portion of the Leased Premises rendered unusable bears to pursue the entire Leased Premises. Landlord and Tenant may appear in any relevant condemnation proceedings and may present any evidence and make any claims deemed necessary or desirable by either party, and each shall cooperate with the other in any such proceeding. Landlord and Tenant shall each be entitled to such portion of the award for furniturepaid by the condemning authority as may reflect their respective interests in the Leased Premises and the damages sustained by such party as a result of the condemnation. For the purposes of this Lease, fixture and equipment any conveyance of the Leased Premises or improvements insured by lesseeany portion thereof or interest therein, to any condemning authority under threat of or in lieu or avoidance of the exercise of the power of eminent domain shall be treated as a condemnation hereunder.
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