Eminent Domain. 18.1 If more than thirty percent (30%) of the floor area of the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority. 18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking. 18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority. 18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord. 18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import. 18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 2 contracts
Sources: Industrial Complex Lease (Ariba Inc), Sublease (Ariba Inc)
Eminent Domain. 18.1 Section 13.1 If more than thirty percent (30%a) all of the floor area of the Demised Premises, or so much thereof as shall render the Premises should wholly untenantable, shall be taken permanently acquired or condemned for any public or quasi-public use under any governmental lawor purpose, ordinance or regulation (b) a portion of the Real Property, not including the Premises, shall be so acquired or condemned, but by right reason of eminent domain such acquisition or by private purchase in lieu thereofcondemnation, Tenant no longer has means of access to the Premises, then this lease shall terminate Lease and the rent Term shall end as of the date of the vesting of title with the same effect as if that date were the Expiration Date. If the parking area or a material portion thereof shall be abated during permanently acquired or condemned for any public or quasi-public use or purpose such that Tenant has insufficient parking for its use of the Premises, and if Tenant is unable after using good faith efforts to obtain substitute sufficient parking for its use of the Premises, Tenant may upon notice to Landlord, within one hundred twenty (120) days after such taking, terminate this Lease. If Tenant has insufficient parking by reason of a condemnation or other taking as aforesaid and Tenant finds suitable replacement parking or other reasonable alternatives thereto (including van or shuttle services) then provided Tenant does not exercise its right, if any, to terminate this Lease, Landlord shall reimburse Tenant for the costs of such replacement parking or parking alternatives up to the net proceeds actually received by Landlord from the condemning authority. In the event of any termination of this Lease and the Term pursuant to the provisions of this Article 13, Fixed Rent and Additional Rent shall be apportioned as of the date of sooner termination and any prepaid portion of Fixed Rent or Additional Rent for any period after such date shall be refunded by Landlord to Tenant.
Section 13.2 In the event of any such acquisition or condemnation of all or any part of the Real Property, Landlord shall be entitled to receive the entire award for any such acquisition or condemnation. Tenant shall have no claim against Landlord or the condemning authority for the value of any unexpired portion of the Term, and Tenant hereby expressly assigns to Landlord all of its right in and to any such award. Nothing contained in this leaseSection 13.2 shall be deemed to prevent Tenant from making a separate claim in any condemnation proceedings for the then value of any Tenant’s Property and Alterations included in such taking and for any moving expenses, effective on the date physical possession is taken provided such award shall be made by the condemning authorityauthority in addition to, and shall not result in a reduction of, the award made by it to Landlord.
18.2 Section 13.3 If less than thirty percent (30%) only a part of the floor area Real Property shall be so acquired or condemned then, subject to Section 13.1, this Lease and the Term shall continue in force and effect. If a part of the Demised Premises should shall be taken as aforesaid, so acquired or condemned and this lease Lease and the Term shall not terminate; howeverbe terminated, Landlord, at Landlord’s expense, shall restore that part of the minimum guaranteed rental payable hereunder during Premises not so acquired or condemned so as to constitute tenantable Premises. From and after the unexpired portion date of this lease the vesting of title, Fixed Rent and Additional Rent shall be reduced in the proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if which the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity part of the Premises so acquired or condemned bears to the Industrial Complex shall be less than seventy percent (70%) of the total area of the Common Area Premises immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking acquisition or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 2 contracts
Sources: Lease Agreement (Emdeon Inc.), Lease Agreement (Emdeon Inc.)
Eminent Domain. 18.1 Section 16.1. If more than thirty thirty-three percent (3033%) of the floor area of the Demised Premises should building on the demised premises shall be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right the power of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent portion not so taken 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 make, Tenant shall be abated during have the unexpired portion 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 this lease, effective on the date physical possession is taken by remainder of the condemning authority.
18.2 If demised premises and shall notify Landlord in writing within ten (10) days after such taking of Tenant’s election. In the event less than thirty thirty-three percent (3033%) of the floor area of the Demised Premises should building on the demised premises shall be taken or Tenant elects to remain in possession, as aforesaidprovided in the first sentence hereof, this lease all of the terms herein provided shall not terminate; howevercontinue in effect, except that the minimum guaranteed rental payable hereunder during the unexpired portion of this lease 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 taken, effective of the building on the date physical possession is taken by the condemning authority. Following such partial takingdemised premises, and Landlord shall at its own cost and expense make all necessary repairs or alterations to the remaining building so as to constitute the portion of the building not taken a complete architectural unit and the demised premises ora complete unit for the purposes allowed by this Lease, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within but such work shall not exceed the scope of Landlord's Work as described in such exhibit, as the case may be, required work to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received done by Landlord in connection with such takingoriginally constructing said building.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnationSection 16.2. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California 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 damages or awards for any taking under the power of eminent domain whether for the whole or a part of the demised premises shall belong to and be the provisions property of Landlord whether such damages or awards shall be awarded as compensation for diminution in value to the leasehold or to 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 made 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, or if any part of the Parking and Accommodation Areas shall be so taken, Landlord may, by written notice to Tenant delivered on or 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 public authority and Landlord shall make a prorata refund of any successor or other law of like importrent and all deposits paid by Tenant in advance and not yet earned.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 2 contracts
Eminent Domain. 18.1 21.1 If more than thirty percent (30%) the entire Premises, or enough thereof so as to render the balance thereof not reasonably usable for the conduct of Tenant’s business, is taken or appropriated by a governmental agency under the floor area of the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right power of eminent domain or by private purchase conveyed in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant party hereto may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided Lease by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by serving written notice of termination delivered to upon the other party hereto within thirty (30) days after thereafter. If any substantial part of the date physical possession Project excluding the Premises is taken or appropriated by a governmental agency under the condemning authority.
18.4 All compensation awarded for any taking (power of eminent domain or the proceeds of private sale conveyed in lieu thereof, Landlord may so terminate this Lease. In either event, Landlord shall receive (and Tenant shall assign to Landlord upon demand by Landlord) of the Demised Premises any income, Rent, award or Common Area shall any interest therein which may be the property of Landlordpaid in connection therewith, and Tenant hereby assigns its interest in shall have no claim for any such award part of any sum so paid, whether or not attributable to Landlordthe value of the unexpired Lease Term; provided, however, Landlord that nothing herein shall have no interest prevent Tenant from pursuing a separate award in any award made to Tenant for Tenant's moving and relocation expenses or for connection with the loss taking of Tenant's fixtures and other ’s removable tangible personal property if placed in the Premises solely at Tenant’s expense, for Tenant’s relocation costs and for loss of goodwill.
21.2 If a separate award for such items is made to Tenant as long as such separate award does not reduce the amount part of the award Premises is so taken, appropriated or conveyed by a governmental agency, and neither party hereto elects to terminate this Lease, then Base Rent and Additional Rent payable hereunder shall be abated in the proportion that would otherwise be awarded the portion of the Premises so taken, appropriated or conveyed bears to Landlordthe area of the entire Premises.
18.5 The rights 21.3 Notwithstanding anything to the contrary contained in this Article 18 21, if the temporary use or occupancy of any part of the Premises (for a period not to exceed 60 days) is taken or appropriated by a governmental agency under the power of eminent domain or conveyed in lieu thereof during the Lease Term, this Lease shall be and remain unaffected by such taking, appropriation or conveyance and Tenant shall continue to pay in full all Rent payable by Tenant's sole and exclusive remedy in . In the event of a taking any such temporary taking, appropriation or condemnationconveyance, Tenant shall be entitled to receive that portion of any award that represents compensation for loss of this use or occupancy of the Premises during the Lease Term, and Landlord shall be entitled to receive the balance of such award. Each To the extent that it is inconsistent with the above, each party hereto hereby waives the provisions of Sections Section 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything allowing either party to the contrary, Landlord may petition a court to terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more Lease in the event of a partial taking of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtednessPremises.
Appears in 2 contracts
Sources: Lease (National Mercantile Bancorp), Lease (National Mercantile Bancorp)
Eminent Domain. 18.1 14.1 If more than thirty twenty percent (30%) of the floor area Gross Leased Area of the Demised Premises should be is taken for any public or quasi-public use under any governmental law, ordinance ordinance, or regulation regulation, or by right of eminent domain or by private purchase in lieu under threat thereof, this the lease period shall terminate and upon the rent shall be abated during the unexpired portion election of this lease, either party effective on the date physical possession of a portion of the Premises is taken by the condemning authority.
18.2 14.2 If less than thirty twenty percent (30%) of the floor area Gross Leased Area of the Demised Premises should be is taken as aforesaidfor public of quasi-public use under any governmental law, ordinance, or regulation, or by right of eminent domain, or by private purchase under threat thereof, this lease shall not terminate; however, or if any more than twenty percent of the minimum guaranteed Gross Leased Area of the Premises is so taken and this lease is not terminated in accordance with Section 14.1, then in either of such events the Minimum Guaranteed Rental and percentage rental payable hereunder during the unexpired portion of this lease the term shall be reduced in proportion by the percentage which the area taken bears to the area taken, effective on of the Premises prior to the date physical of possession of such portion of the Premises is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 14.3 If any part portion of the Common Area Areas should be taken as aforesaidfor any public or quasi-public use under governmental law, ordinance, or regulation, or by right of eminent domain, or by private purchase under threat thereof, this lease shall not terminate, nor shall the rent payable hereunder be reduced, nor shall Tenant be entitled to any part of the award made for such taking, except that either Landlord or of Tenant may terminate this the lease period if the parking area of the Common Area remaining following such taking taking, plus any additional parking area provided within a reasonable time by Landlord in reasonable proximity to the Industrial Complex Shopping Center, shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. original parking area.
14.4 Any election to terminate this the lease in accordance with this provision period following condemnation shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession by which both Landlord and Tenant are notified of such taking or such sale, and, in the event that neither Landlord nor Tenant shall so exercise such election to terminate the lease period, then lease shall continue in full force and effect, subject to any rental abatement. Please initial: Landlord: Tenant:
14.5 If the lease period is taken not terminated following any condemnation, Landlord shall make all necessary repairs or alterations within the scope of Landlord’s Work necessary to make the Premises an architectural whole, and Tenant agrees that promptly after completion of such work by Landlord, Tenant will proceed with reasonable diligence and at its sole cost and expense to make all necessary repairs or alterations within the condemning authorityscope of Tenant’s Work necessary to make the Premises an architectural whole.
18.4 14.6 All compensation awarded for any taking (or the proceeds of private sale in lieu under threat thereof) ), whether for the whole or a part of the Demised Premises or Common Area Premises, shall be the property of Landlord, whether such an award is compensation for damages to Landlord’s or Tenant’s interest in the Premises, and Tenant hereby assigns all of its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses loss of business or for the loss taking of Tenant's ’s fixtures and other tangible personal property within the Premises if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to LandlordTenant.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement (First State Financial Corp/Fl)
Eminent Domain. 18.1 Section 11.1 If more than thirty percent (30%) the whole of the floor area of Real Property, the Demised Building or the Premises should shall be taken acquired or condemned for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereofpurpose, this lease shall terminate Lease and the rent Term shall end as of the date of the vesting of title with the same effect as if said date were the Expiration Date. If only a part of the Real Property and not the entire Premises shall be abated during so acquired or condemned then, (1) except as hereinafter provided in this Section 11.1, this Lease and the unexpired portion Term shall continue in force and effect but, if a part of this leasethe Premises is included in the part of the Real Property so acquired or condemned, effective on from and after the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area vesting of the Demised Premises should be taken as aforesaid, this lease shall not terminate; howevertitle, the minimum guaranteed rental payable hereunder during Fixed Rent and the unexpired portion of this lease Space Factor shall be reduced in the proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if which the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity part of the Premises so acquired or condemned bears to the Industrial Complex shall be less than seventy percent (70%) of the total area of the Common Area Premises immediately prior to the taking. Any election to terminate this lease in accordance with this provision such acquisition or condemnation and Tenant’s Share shall be evidenced by written redetermined based upon the proportion in which the ratio between the rentable area of the Premises remaining after such acquisition or condemnation bears to the rentable area of the Building remaining after such acquisition or condemnation; (2) whether or not the Premises shall be affected thereby, Landlord, at Landlord’s option, may give to Tenant, within sixty (60) days next following the date upon which Landlord shall have received notice of vesting of title, a ninety (90) days’ notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, this Lease if Landlord shall have no interest in any award made elect to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in terminate leases (including this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contraryLease), Landlord may terminate this lease with no further liability to Tenant if (i) affecting at least fifty percent (50%) or more of the gross leasable rentable area of the Industrial Complex Building; and (3) if the part of the Real Property so acquired or condemned shall contain more than fifteen percent (15%) of the total area of the Premises immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises or if, in Tenant’s reasonable opinion, the portion of the Premises remaining shall be inadequate for Tenant to conduct its business at the Premises or if a temporary taking of the Premises is taken in excess of one hundred eighty (180) days, Tenant, at Tenant’s option, may give to Landlord, within sixty (60) days next following the date upon which Tenant shall have received notice of vesting of title, a thirty (30) days’ notice of termination of this Lease. If any such thirty (30) days’ notice of termination is given, by Landlord or Tenant, this Lease and the Term shall come to an end and expire upon the expiration of said thirty (30) days with the same effect as if the date of expiration of said thirty (30) days were the Expiration Date. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated pursuant to the foregoing provisions of this Section 11.1, Landlord, at Landlord’s expense, shall restore that part of the Premises not so acquired or condemned to a self-contained rental unit to a condition similar to that on the Commencement Date exclusive of Tenant’s Alterations, except that if such acquisition or condemnation occurs prior to completion of the Initial Alterations, Landlord shall only be required to restore that part of the Premises not so acquired or condemned to a self-contained rental unit exclusive of Tenant’s Alterations. In the event of any termination of this Lease and the Term pursuant to the provisions of this Section 11.1, the Fixed Rent shall be apportioned as of the earlier of (i) the date of sooner termination or (ii) if following vesting of title, and any prepaid portion of Fixed Rent or Escalation Rent for any period after such date shall be refunded by Landlord to Tenant.
Section 11.2 In the event of any such acquisition or condemnation of all or any part of the Real Property, Landlord shall be entitled to receive the entire award for any such acquisition or condemnation, Tenant shall have no claim against Landlord or the condemning authority for the value of any unexpired portion of the Term and Tenant hereby expressly assigns to Landlord all of its right in and to any such award. Nothing contained in this Section 11.2 shall be deemed to prevent Tenant from making a separate claim in any condemnation proceedings for the then value of any Tenant’s Property included in such taking, and for any moving expenses, provided that same does not reduce any award or payment to Landlord's mortgagee elects .
Section 11.3 If the whole or any part of the Premises shall be acquired or condemned temporarily (not to require exceed one hundred eighty (180) days) during the Term for any public or quasi-public use or purpose, Tenant shall give prompt notice thereof to Landlord and the Term shall not be reduced or affected in any way and Tenant shall continue to pay in full all items of Rental payable by Tenant hereunder without reduction or abatement, and Tenant shall be entitled to receive for itself any award or payments for such use, provided, however, that:
(i) if the acquisition or condemnation is for a period not extending beyond the Term and if such award or payment is made less frequently than in monthly installments, the same shall be paid to and held by Landlord as a fund which Landlord shall apply all from time to time to the Rental payable by Tenant hereunder, except that, if by reason of such acquisition or condemnation changes or alterations are required to be made to the Premises which would necessitate an expenditure to restore the Premises, then a portion of such award or payment reasonably considered by Landlord as appropriate to cover the expenses of the restoration shall be retained by Landlord, without application as aforesaid, and applied toward the restoration of the Premises as provided in Section 11.1 hereof; or
(ii) if the acquisition or condemnation is for a period extending beyond the Term, such award or payment shall be apportioned between Landlord and Tenant as of the Expiration Date; Tenant’s share thereof, if paid less frequently than in monthly installments, shall be paid to Landlord and applied in accordance with the provisions of clause (i) above, provided, however, that the amount of any award or payment allowed or retained for restoration of the Premises shall remain the property of Landlord if this Lease shall expire prior to the outstanding indebtednessrestoration of the Premises.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement (National Financial Partners Corp)
Eminent Domain. 18.1 If more than thirty percent (30%) of If, during the floor area of Term, the Demised Premises should be taken for or any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu part thereof, this lease shall terminate and or the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs whole or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any substantial part of the Common Area should Building, shall be taken taken, or if a conveyance shall be made in anticipation thereof, for any street or other public use, by action of the municipal, state, federal or other authorities, or shall receive any substantial direct or consequential damage for which Landlord shall be entitled to compensation by reason of anything lawfully done in pursuance of any public authority (referred to herein as aforesaida “Taking”), then this Lease and the Term hereof shall terminate at the election of Landlord and such election may be made in case of any such taking notwithstanding the entire interest of Landlord may have been divested by such taking; and if Landlord does not so elect, then in case of any such taking or destruction of, or damage to, the Premises, rendering the same or any part thereof unfit for use and occupation, a just proportion of the Base Rent and Additional Rent for real estate taxes and Operating Expenses hereinbefore reserved according to the nature and extent of the injury sustained by the Premises, shall be suspended or abated until the Premises or, in case of such taking, what may remain thereof, shall have been put in proper condition for use and occupation. To the extent that the Premises, upon having been put in proper condition for use and occupation are smaller, the Base Rent hereinbefore reserved and Tenant’s Pro-Rata Share shall be adjusted for the balance of the lease shall not terminateterm in the same proportion which the reduction in space bears to the original RSF of the Premises. In the event of a Taking where Tenant’s use and enjoyment of twenty-five percent (25%) or more of the Premises has been impacted, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if Lease upon written notice to Landlord within sixty (60) days of such Taking. If this Lease is not terminated as provided in this Section and to the area extent proceeds are made available to Landlord, Landlord shall use commercially reasonable efforts to apply, so much of the Common Area remaining following available proceeds of the eminent domain award as are required to restore the Premises to a condition, to the extent practical, substantially the same as that existing on the date of such taking plus taking, but subject to zoning laws and building codes then in existence. If the available proceeds of the eminent domain award are insufficient in Landlord’s opinion for that purpose, there shall be no obligation by Landlord to expend funds in excess of said proceeds allocated to the Premises. Tenant shall have the right to terminate this Lease by notice to Landlord after the Landlord does not restore the Premises to the condition required above within one hundred and twenty (120) days of such taking. The term “available proceeds” shall mean the amount of the award paid to the Landlord and available to the repair of the Premises, less cost of obtaining the same (including, without limitation, reasonable attorneys’ fees and appraisal fees) and less the amount thereof required to be paid to a mortgagee and less any additional parking area provided amounts as determined by Landlord in Landlord’s reasonable proximity discretion to other portions of the Building other than the Premises. Landlord reserves, for itself, all rights to compensation for damage to the Industrial Complex shall be less than seventy percent (70%) Premises or any part thereof, or the leasehold hereby created, heretofore accrued or hereafter to accrue, by reason of any taking for public use of said Premises or any portion thereof, or right appurtenant thereto, or privilege or easement in, through, under or over the same, and by way of confirmation of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and foregoing Tenant hereby assigns its interest in any all rights to such award damages heretofore accrued or hereafter accruing during the term to Landlord; provided, however, Landlord nothing herein contained shall have no interest in limit Tenant’s right to any separate award made to Tenant for Tenant's the taking of personal property, moving and relocation expenses awards, expenses, or for other items including the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as business goodwill so long as such separate award does the payment of which shall not reduce the amount of the award that would otherwise be awarded to payable to, as applicable, Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 2 contracts
Sources: Lease Agreement (NxStage Medical, Inc.), Lease Agreement (NxStage Medical, Inc.)
Eminent Domain. 18.1 If more than thirty any part over ten percent (3010%) of the floor area Premises or ten percent (10%) of the Demised parking spaces serving the Premises should shall be taken for any public or quasi-public use appropriated under any governmental law, ordinance or regulation or by right the power of eminent domain or by private purchase conveyed in lieu thereof, Tenant shall have the right to terminate this lease shall Lease at its option; however, Tenant’s right to terminate and the rent shall be abated during the unexpired portion due to a taking of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty over ten percent (3010%) of the floor area parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the Demised Premises should taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be taken as aforesaidbuilt within said ninety (90) day period, this lease shall not terminate; however, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the minimum guaranteed rental payable hereunder taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the unexpired portion number of this lease shall be reduced in proportion cars which is equal to the area takennumber of parking spaces which have been so taken or appropriated, effective on and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the date physical possession is taken by the condemning authoritybuilding of such parking structure to completion. Following In either of such partial takingevents, Landlord shall make all necessary repairs receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case any interest therein which may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord paid in connection with the exercise of such taking.
18.3 If 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 not attributable to the Common Area should be taken as aforesaid, value of the unexpired term of this lease shall not terminate, nor shall the rent payable hereunder be reduced, Lease except that either Landlord Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant may terminate this lease if from its own funds (as opposed to any allowance provided by Landlord); (ii) the area value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the Common Area remaining following such taking plus amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any additional parking area provided by Landlord holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in reasonable proximity to the Industrial Complex Property. If a part of the Premises shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election so taken or appropriated or conveyed and neither party hereto shall elect to terminate this lease in accordance with Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Lease at Landlord, ’s cost and Tenant hereby assigns its interest in any such award to Landlordexpense; provided, however, that Landlord shall have no interest in not be required to repair or restore any award made injury or damage to the property of Tenant for or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant's moving . Thereafter, the Rent and relocation expenses or Additional Charges to be paid under this Lease for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount remainder of the award Term shall be proportionately reduced, such that would otherwise thereafter the amounts to be awarded paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to Landlord.
18.5 The rights the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Article 18 Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be Tenant's sole taken or appropriated under power of eminent domain during the Term, this Lease shall be and exclusive remedy remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of a taking any such temporary appropriation or condemnation. Each party waives taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the provisions use of Sections 1265.130 and 1265.150 or occupancy of the California Code Premises during the Term, and Landlord shall be entitled to receive that portion of Civil Procedure any award which represents the cost of restoration of the Premises and the provisions use and occupancy of any successor the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or other law of like import.
18.6 Notwithstanding anything the Project Common Areas, then Tenant shall have the right to terminate the contraryLease unless, if applicable, Landlord may terminate this lease with agrees to provide valet parking (at no further liability cost to Tenant if (iTenant) fifty percent (50%) or more of in the gross leasable area of the Industrial Complex is taken or same as described in clause (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtednessfirst sentence of this Paragraph.
Appears in 2 contracts
Sources: Lease Agreement (Audience Inc), Lease Agreement (Audience Inc)
Eminent Domain. 18.1 If more than thirty ten percent (3010%) of the floor area Premises or more than ten percent (10%) of the Demised Premises should parking spaces shall be taken for or appropriated by any public or quasi-public use authority under any governmental law, ordinance or regulation or by right the power of eminent domain or by private purchase in lieu thereofdomain, either party hereto shall have the right, at its option, within sixty (60) days after said taking, to terminate this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 Lease upon thirty (30) days' written notice. If (i) less than thirty ten percent (3010%) of the floor area Premises or the parking spaces are taken or (ii) more than ten percent (10%) of the Demised Premises should be taken or such parking spaces are taken, but neither party elects to terminate as aforesaid, this lease shall not terminate; howeverherein provided, the minimum guaranteed rental payable hereunder Minimum Rent thereafter to be paid shall be equitably reduced. If the Lease is not terminated pursuant to the provisions hereof following any partial taking Landlord shall promptly repair, restore, or rebuild for occupancy by Tenant the portion of the Premises not so taken. If, during the unexpired portion repair, restoration, or rebuilding required, the Premises are not usable in the reasonable opinion of this lease Tenant, the Rent shall be reduced in proportion to abated until the area taken, effective on Premises are restored and usable. In the date physical possession is taken by the condemning authority. Following such partial takingevent of any taking or appropriation whatsoever, Landlord shall make be entitled to any and all necessary repairs or alterations to the remaining premises orawards and/or settlements which may be given and Tenant shall have no claim against Landlord for any amounts whatsoever, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but and in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If Tenant have any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either claim whatsoever against Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded authority for any taking (the loss or diminution in value of its Leasehold interest in the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be any Leasehold improvements therein or for the property value of Landlordany unexpired term of this Lease, and Tenant hereby expressly assigns its interest in to Landlord any such award to Landlordright or claim; provided, however, Landlord that Tenant shall have no interest in be entitled to any separate award made to by the condemning authority solely for or on account of any loss or expense which Tenant for Tenantmay sustain or incur in removing ▇▇▇▇▇▇'s moving and relocation expenses merchandise, trade fixtures, or equipment from the Premises or for the any loss of or damage to such items of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights property. Nothing contained in this Article 18 paragraph shall be Tenant's sole and exclusive remedy in any liability of Tenant to Landlord which arose prior to the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions effective date of any successor or other law termination of like importthis Lease pursuant to this paragraph.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 2 contracts
Sources: Building Lease (Solera National Bancorp, Inc.), Building Lease (Solera National Bancorp, Inc.)
Eminent Domain. 18.1 If more than thirty percent (30%) the whole of the floor area of Premises or the Demised Premises should Project or so much thereof as to render the balance unusable by Tenant shall be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right power of eminent domain domain, or by private purchase is sold, transferred or conveyed in lieu thereof, this lease Lease shall automatically terminate and the rent shall be abated during the unexpired portion as of this lease, effective on the date physical of such condemnation, or as of the date possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) , at Landlord's option. 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, provided, however, that nothing contained herein shall be deemed to give Landlord any interest in or to require Tenant to assign to Landlord any award made to Tenant for the taking of personal property and trade mixtures belonging to Tenant and removable by Tenant at the expiration of the floor Term hereof as provided hereunder or for the interruption of, or damage to, Tenant's business or the cost incurred or estimated to be incurred by Tenant for the relocation of its business to new facilities. In the event of a partial taking described in this Article 18, or a sale, transfer or conveyance in lieu thereof, which does not result in a termination of this Lease, the rent shall be apportioned according to the ratio that the part of the Premises remaining useable by Tenant bears to the total area of the Demised Premises should be taken as aforesaidPremises. Notwithstanding anything in this Article 18, this lease shall not terminate; howeverif the Premises. or any material portion thereof, or any portion of the Project necessary for Tenant's access to, or use and occupancy of, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area takenPremises, effective on the date physical possession is are taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions last year of the Demised Premises an architectural wholeTerm, but in no event shall Landlord be required to expend an amount greater than then Tenant will have the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election right to terminate this lease in accordance with this provision shall be evidenced Lease by written notice of termination delivered to the other party Landlord within thirty (30) days after the effective date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall taking, in which case such termination will be effective on the property of date specified in Tenant's notice to Landlord, and . Tenant hereby assigns its interest in waives any such award and all rights it might otherwise have pursuant to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections Section 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like importProcedure.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Standard Office Lease (Trinagy Inc)
Eminent Domain. 18.1 If more the whole of the Premises shall be taken by any public authority under the power of eminent domain, then the lease term shall cease as of the date possession shall be taken by such public authority; and Tenant shall pay rent up to that date with an appropriate refund by Landlord of such rent as shall have been paid in advance for a period subsequent to the date of the taking of possession. If less than thirty twenty-five percent (3025%) of the floor area space of the Demised Premises should shall be so taken, then the lease term shall cease only as to the part taken as of the date possession shall be taken for any by such public authority, and Tenant shall pay its full rent up to that day with an appropriate refund to Tenant of such rent as may have been paid in advance f or quasi-public use under any governmental lawa period subsequent to the date of the taking; and in such event, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease Landlord at its expense shall terminate make all necessary repairs and alterations to the Premises and the rent shall be abated during Building so as to constitute the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 remaining premises a complete architectural unit. If less more than thirty twenty-five percent (3025%) of the floor area space of the Demised Premises should shall be so taken, then the lease term shall cease only as to the part so taken from the date possession shall be taken by such public authority, and Tenant shall pay its full rent up to that day with an appropriate refund by Landlord of such rent as aforesaidmay have been paid in advance for a period subsequent to the date of the taking, except that either party shall have the right to terminate this lease upon notice in writing to the other party given within thirty (30) days after such taking of possession; in the event Tenant remains in possession and Landlord does not so terminate, then all of the terms herein provided shall not terminate; however, continue in effect except that the minimum guaranteed rental payable hereunder during the unexpired portion of this lease Base Rent shall be reduced in proportion to the area takenequitably adjusted, effective on the date physical possession is taken by the condemning authority. Following such partial taking, and Landlord shall make all necessary repairs or alterations to the Premises and the Building so as to constitute the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an a complete architectural whole, but in no event shall Landlord be required to expend an amount greater unit. If more than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy fifty percent (7050%) of the area of floor space in the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision Building shall be evidenced taken under the power of eminent domain, either party may, by written notice of termination delivered in writing to the other party within thirty (30) days after delivered on or before the day of surrendering possession to the public authority, terminate this lease; and all rent under this lease shall be computed to the date physical possession is taken by the condemning authority.
18.4 of such termination. All compensation awarded for any taking (under the power of eminent domain, whether for the whole or the proceeds of private sale in lieu thereof) any part of the Demised Premises or Common Area Premises, shall be the property of the Landlord, whether such damages be awarded as compensation for diminution in the value or loss of the leasehold or for diminution in the value of or loss of the fee of the Premises or otherwise; and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss all of Tenant's fixtures right, title, and other tangible personal property if a separate award interest in and to any and all such compensation except for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlordmoving costs.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Eminent Domain. 18.1 If more than thirty percent (30Twenty-Five percent(25%) of either the floor area Building or the Premises, or such part thereof as would render the Premises unusable for the conduct of Tenant's business, shall be lawfully condemned (which term includes eminent domain for the Demised Premises should be purposes of this Lease) and taken for any public or quasi-public use under any governmental lawuse, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, Landlord or Tenant shall have the right to terminate this lease Lease as of the date title shall terminate vest in the acquiring authority upon thirty (30) days notice. Upon such termination, Landlord and Tenant shall be released from any obligations under this Lease, except obligations previously accrued. Upon any taking and the rent shall be abated during the unexpired portion continuing in force of this leaseLease as to a part of the Premises, effective on the date physical possession is taken by the condemning authority.
18.2 If whether more or less than thirty Twenty-Five percent (3025%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; howeverthereof, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease Rent shall be reduced in proportion to the amount of the area of the Premises taken, effective on and Landlord at its expense and promptly after the date physical possession is taken by receipt of the condemning authority. Following such partial takingcondemnation award or compensation from the acquiring entity shall, Landlord shall make all necessary repairs unless this Lease has been terminated, diligently rebuild or alterations restore the remainder of the Premises to substantially their former condition to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within extent that the scope of Landlord's Work same may be feasible as described in such exhibit, soon as the case may be, required to make the remaining portions of the Demised Premises an architectural wholereasonably practicable, but in no event more than ninety (90) days from the date of condemnation. Landlord's obligations shall be to restore of the building structure and interior finishes to the Premises and the Common Areas to the same or better quality as Landlord be required to expend an amount greater than furnished upon the award actually received Commencement Date. In any event, all damages awarded by Landlord in connection with such the acquiring entity for any taking.
18.3 If any , whether for the whole or part of the Common Area should Premises, shall be taken awarded to Landlord as aforesaid, this lease shall not terminate, nor shall compensation for loss of and diminution of value to the rent payable hereunder be reduced, except that either Landlord leasehold or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to LandlordPremises; provided, however, the Landlord shall have no interest in not be entitled to any award made directly to Tenant by acquiring authority for Tenant's moving and relocation expenses or for the loss removal of Tenant's fixtures fixtures, loss of business, moving expenses, build-out costs upon relocation and other tangible personal property if a separate award damage to Tenant's goodwill. In the event that this Lease is terminated as hereinabove provided, Tenant shall not have any claim against the Landlord for such items is made to Tenant as long as such separate award does not reduce the amount value of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 unexpired portion of the California Code of Civil Procedure and the provisions of any successor or other law of like importTerm.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Lease (Cornerstone Bancorp Inc)
Eminent Domain. 18.1 If more than thirty any part over fifteen percent (3015%) of the floor area of the Demised Premises should shall be taken for any public or quasi-public use appropriated under any governmental law, ordinance or regulation or by right the power of eminent domain or by private purchase conveyed in lieu thereof, Tenant shall have the right to terminate this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authorityLease at its option. Following In such partial takingevent, Landlord shall make all necessary repairs receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case any interest therein which may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord paid in connection with the exercise of such taking.
18.3 If 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 not attributable to the Common Area should be taken as aforesaid, value of the unexpired term of this lease shall not terminate, nor shall the rent payable hereunder be reduced, Lease except that either Landlord Tenant shall be entitled to petition the condemning authority for the following: (i) the then unamortized cost of any Alterations or Tenant may terminate this lease if Improvements paid for by Tenant from its own funds (as opposed to any allowance, including the area 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 a part of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex Premises shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election so taken or appropriated or conveyed and neither party hereto shall elect to terminate this lease in accordance with Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Lease at Landlord, 's cost and Tenant hereby assigns its interest in any such award to Landlordexpense; provided, however, that Landlord shall have no interest in not be required to repair or restore any award made injury or damage to the property of Tenant for or to make any repairs or restoration of any Alterations or any Tenant Improvements installed on the Premises by or at the expense of Tenant's moving . Thereafter, the Monthly Base Rent and relocation expenses or Additional Charges to be paid under this Lease for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount remainder of the award Term shall be proportionately reduced, such that would otherwise thereafter the amounts to be awarded paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to Landlord.
18.5 The rights the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Article 18 Paragraph 21, if the temporary use or occupancy of any part of the Premises 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 sole use of the Premises or the Common Area, then Tenant shall have the right to terminate the Lease. Landlord and exclusive remedy Tenant understand and agree that the provisions of this Paragraph 21 are intended to govern fully the rights and obligations of the parties in the event of a taking Taking of all or condemnationany portion of the Premises. Each party Accordingly, the parties each hereby waives the provisions of any right to terminate this Lease in whole or in part under Sections 1265.120 and 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of or under any successor similar Law now or other law of like importhereafter in effect.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Lease Agreement (Broadcom Corp)
Eminent Domain. 18.1 If the whole of the Leased Premises shall be taken by any public authority under the power of eminent domain, this Lease shall cease as of the day possession shall be taken by such public authority and Tenant shall pay rent up to that date with an appropriate refund by Landlord of any rent which has been paid in advance for a period of subsequent to the date possession is so taken. If ten percent (10%) or less of the area of the Leased Premises shall be so taken and if the remainder thereof and of the Common Areas is tenantable by Tenant for the purposes for which the Leased Premises were used immediately prior thereto and Tenant’s parking rights are not materially affected, then this Lease shall cease only as to the parts so taken as of the day possession shall be so taken by such public authority and Tenant shall pay rent for such parts up to that day with an appropriate refund by Landlord of any rent which has been paid in advance for a period subsequent to the date possession is so taken, and thereafter the Base Rent and Additional Rent shall be equitably adjusted. Landlord, at Landlord’s expense, shall make all necessary repairs or alterations to the Leased Premises and Common Areas so as to constitute the remaining premises a complete architectural unit; provided, that if the reasonable cost of such repairs or alterations (as determined by a licensed architect selected by Landlord) will exceed the amount of the award or if such repairs or alterations cannot in Landlord’s reasonable judgment be completed within sixty (60) days, then either Tenant or Landlord may terminate this Lease as of the day of possession by written notice to the other party and Tenant shall pay rent and other charges to such termination. If more than thirty ten percent (3010%) of the floor area of the Demised Leased Premises should shall be so taken or if such portion of the Common Areas is so taken that the remainder is not reasonably suitable for any the purposes for which the Leased Premises were used immediately prior to such taking, then either party shall have the right to terminate this Lease upon notice in writing to the other delivered on or before the day of surrendering possession to the public or quasi-public use under any governmental lawauthority. If neither party so terminates, ordinance or regulation or by right all of eminent domain or by private purchase in lieu thereofthe provisions of this Lease shall continue to effect, this lease shall terminate and except that the rent and other charges payable by Tenant shall be abated during the unexpired portion of this leaseequitably adjusted, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, and Landlord shall make all necessary repairs or alterations to the Leased Premises and Common Areas so as to constitute the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions a complete architectural unit. If more than ten percent (10%) of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the aggregate floor area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less Building or more than seventy ten percent (7010%) of the area of the Common Area immediately prior Land shall be taken under the power of eminent domain then Landlord, by notice in writing to Tenant delivered on or before the taking. Any election day of surrendering possession to public authority, may terminate this lease in accordance with this provision Lease and rent shall be evidenced by written notice paid or refunded as of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 of possession. All compensation awarded for any taking (under the power of eminent domain, whether for the whole or the proceeds of private sale in lieu thereof) a part of the Demised Premises Leased Premises, the Building or Common Area any part of the Project shall be the property of Landlord, whether awarded as compensation for diminution in the value of the leasehold or to the fee of the Leased Premises or otherwise, and Tenant hereby assigns its to Landlord all of the Tenant’s right, title and interest in and to any and all such award to Landlordcompensation; provided, however, that Landlord shall have no interest in not be entitled to any award made expressly to Tenant for the taking of Tenant's moving and relocation expenses ’s trade fixtures or furniture or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord’s moving costs.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Eminent Domain. 18.1 14.1 If more than thirty percent (30%) the whole of the floor area of the Demised Premises should shall be taken for a public or quasi-public use or purpose under power of eminent domain, the term of this Lease shall terminate as of the date actual physical possession thereof shall be so taken.
14.2 Except as otherwise provided in this Lease, all damages awarded or other sums or awards paid on account of any condemnation or taking under the power of eminent domain of the Premises or any portion or portions thereof shall belong to and be the sole property of Landlord, whether such damages or other sums are awarded as compensation for loss or diminution in value of the leasehold, or for the fee of the Premises, or otherwise.
14.3 Tenant in no event shall have any claims whatsoever against Landlord for loss or diminution in value of the leasehold or for the value of any unexpired term of this Lease, Tenant hereby expressly waiving any such right or claim; provided, however, that Tenant shall be entitled to receive any award or portion thereof made for the taking of any of Tenant's movable furniture, fixtures and equipment under the power of eminent domain, and for damages thereto caused thereby and for any cost to which Tenant might be put in removing Tenant's property.
14.4 A voluntary sale or transfer of all or any part of the Premises by Landlord to any public or quasi-public use body, agency or person, corporate or otherwise, having the power of eminent domain, either under any governmental lawthreat or condemnation or while condemnation proceedings are pending, ordinance or regulation or by right shall be deemed to be a taking under the power of eminent domain for the purposes of this paragraph.
14.5 In the event this Lease is cancelled or by private purchase in lieu thereofterminated pursuant to any of the provisions of this paragraph, this lease shall terminate all rentals and other charges payable on the rent part of Tenant to Landlord hereunder shall be abated during the unexpired portion paid either as of this lease, effective on the date upon which actual physical possession is shall be taken by the condemning authority.
18.2 If less than thirty percent (30%) condemnor, or as of the floor area of date upon which Tenant ceases doing business in, upon or from the Demised Premises should be taken as aforesaidPremises, this lease shall not terminatewhichever last occurs; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no parties shall thereupon be released from all further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtednesshereunder.
Appears in 1 contract
Sources: Lease (Allergy Research Group Inc)
Eminent Domain. 18.1 (a) Mortgagor shall notify Mortgagee immediately upon obtaining knowledge of any Taking affecting the Trust Estate or any part thereof. If the Taking is a Taking of less than the whole or substantially all of the Premises but (i) is estimated to result in an award of more than thirty percent $10,000,000 or (30%ii) the Taking will interfere with or adversely affect the operation of the Casino Hotel (other than any portion thereof consisting solely of unimproved, paved or unpaved surface parking) other than to a de minimis extent, then within 30 days after such Taking, Mortgagor shall deliver to Mortgagee a certificate of an Architect stating whether, in such Architect's opinion, applicable Legal Requirements permit the Restoration of any buildings and improvements for the same uses and to the same size and quality in all material respects as existed immediately prior to the Taking (and if said certificate states that Legal Requirements do not permit such Restoration, said certificate shall describe the manner closest approximating such criteria to which the buildings and improvements could be so restored and shall be accompanied by a Certificate of Appraised Value dated not more than 10 days prior to delivery setting forth the Appraised Value immediately prior to the Taking and the estimated Appraised Value immediately after the permitted Restoration). If Mortgagor is required to deliver such Certificate of Appraised value and if based on such Certificate of Appraised Value immediately after Restoration, (i) the Outstanding Amount of the Indebtedness of the Mortgagor, the Company or TCHI immediately after such Restoration shall exceed the greater of (A) 80% of the Appraised Value immediately after such Restoration or (B) the quotient of the Outstanding Amount of Indebtedness of the Mortgagor, the Company or TCHI Indebtedness immediately prior to such Taking divided by the Appraised Value immediately prior to the Taking multiplied by the Appraised Value immediately after such Restoration, or (ii) applicable Legal Requirements do not permit the Restoration of the Casino Hotel for use as a casino and hotel complex, then, in any of such events, the Taking shall be deemed a Taking of "the whole or substantially all of the Premises." The Taking shall be deemed a Taking of "less than the whole or substantially all of the Premises" if Mortgagor is not required to deliver a Certificate Of Appraised Value or if, at the time of delivery of such Certificate, neither of the tests set forth in clauses (i) and (ii) is met.
(b) If at any time there shall occur a Taking of less than the whole or substantially all of the Premises and the award or awards resulting therefrom payable to Mortgagor (and not to any lessor under any Facility Lease) (after there shall have been first deducted the fees and expenses incurred in connection with the termination, settlement and collection of such award or awards, including, without limitation, reasonable counsel fees and expenses, hereinafter referred to as "Settlement Costs") (i) shall be less than $10,000,000 (except to the extent that the Insurance Trustee is required to hold such amount pursuant to a Superior Instrument Requirement), the entire amount of such award shall be paid to Mortgagor; and (ii) if such award is $10,000,000 or more, the entire amount of such award shall be paid to the Insurance Trustee. In either event, such awards shall be applied to the cost of Restoration of the Trust Estate as nearly as practicable to their uses, value and condition immediately prior to the Taking (except to the extent otherwise provided by Superior Instrument Requirements). Mortgagor shall promptly commence and with due diligence perform the Restoration in accordance with clauses (iii), (iv) and (vii) of Subsection 5.10(e) (after substituting the floor area words "Taking" for "Casualty" and "award" for "net insurance proceeds"), at no cost to Mortgagee. All claims or suits arising out of any Taking may be settled by Mortgagor, except that Mortgagee shall have the right (but not the obligation) to participate in such claim or suit, and to approve settlement thereof (and notwithstanding anything in the Facility Leases to the contrary, Mortgagor shall not agree to any settlement or compromise of the Demised Premises should amount of any such claim or suit, except a claim or suit where the amount reasonably anticipated to be taken received by Mortgagor is less than $5,000,000). If Mortgagee at its election as aforesaid joins such claim or suit, Mortgagee's approval of such settlement shall not be unreasonably withheld. The Insurance Trustee shall promptly pay such sums as are received by it from such Taking from time to time in accordance with the procedures set forth in clauses (v) and (vi) of Subsection 5.10(e) (after substituting the words "Taking" for "Casualty" and "award" for "net insurance proceeds").
(c) If at any public time there shall occur a Taking of the whole or quasi-public use substantially all of the Premises, then the award payable to Mortgagor shall not be applied to Restoration but shall instead be paid and delivered to the Trustee (subject to the rights of the lessors under any governmental lawFacility Leases) to the extent of the then Outstanding Amount of the Senior Partnership Upstream Note and any other interest or other sums due hereunder or thereunder to be applied to the satisfaction of this Mortgage to the extent proceeds are available for such purpose and provided that no additional sums are due to the trustee or the holders under the Senior Notes, ordinance the Senior Note Indenture, the Senior Guarantee, the TCHI Notes, the TCHI Note Indenture, the TCHI Guarantee, the Mortgage Notes or regulation or by right the Mortgage Note Indenture, the balance of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent any award shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authoritypaid to Mortgagor.
18.2 If less than thirty percent (30%d) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion Notwithstanding anything contained herein to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises orcontrary, if an exhibit describing Landlord's Work Event of Default shall have occurred and is attached continuing, Mortgagee may, at its option, (i) refrain from paying to this lease, all necessary repairs within Mortgagor or the scope of Landlord's Work as described in such exhibitInsurance Trustee any award or (ii) instruct the Insurance Trustee to pay to Mortgagee any award then held by the Insurance Trustee, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Indenture of Mortgage and Security Agreement (Trumps Castle Associates Lp)
Eminent Domain. 18.1 If If: (i) the whole or any part of the building on the Premises, or (ii) more than thirty percent (30%) 10% of the floor area land comprising the Premises, shall be taken by any public authority or utility under the power of eminent domain, then Tenant shall have the right either to terminate this Lease by sixty (60) days' prior written notice given to Landlord by Tenant, which notice may be given at any time after such taking and on or before four (4) months after the date possession is required pursuant to such taking, or to continue in possession of the Demised remainder of the Premises should be under the terms herein provided, except that the Term shall cease on the part so taken for any public or quasi-public use under any governmental lawfrom the day possession of that part is taken, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall from and after such day be reduced as hereinafter provided in proportion to the area taken, effective on the date physical possession this Paragraph 15. If this Lease is taken by the condemning authority. Following such partial takingnot terminated, Landlord shall make all necessary repairs or alterations deposit with Tenant the entire proceeds of the condemnation award for the purpose of restoring the Premises to a tenable condition, and Tenant, but only to the remaining premises orextent of such condemnation proceeds, if an exhibit describing Landlord's Work is attached shall restore the Premises to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity a tenable condition substantially comparable to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately condition thereof prior to the taking. Any election If after restoration of the Premises to a tenable condition, any portion of the condemnation award deposited by Landlord with Tenant remains unused ("Unused Award"), then the Tenant shall pay the Unused Award over to the Landlord, subject, however, to the rights of the mortgagee, if any. Tenant shall be entitled to claim an award for loss of business, going business, going concern value of business, goodwill, depreciation of trade fixtures and trade fixture and equipment damage, cost or removal of trade fixtures, cost of reinstallation of trade fixtures, and cost of all leasehold improvements made by Tenant; and Landlord shall not be entitled to any portion of such condemnation award, or to make a claim thereof. If the Tenant does not elect to terminate this lease in accordance with Lease pursuant to the provisions of this provision Paragraph 15, then if Tenant exercises the Option, the Option Price ($10,000,000) shall be evidenced reduced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in Unused Award. Notwithstanding the foregoing provisions of this Article 18 Paragraph 15, if the whole or any part of the Premises shall be taken by any public authority or utility under the power of eminent domain prior to the expiration of the Term, Tenant may exercise Tenant's sole option to purchase the Premises as provided in Paragraph 4 hereof and exclusive remedy in Tenant shall be entitled to receive the event proceeds of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like importall condemnation awards.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Eminent Domain. 18.1 If more than thirty twenty-five percent (3025%) of the floor area of the Demised Premises should Building shall be taken for any public or quasi-public use appropriated under any governmental law, ordinance or regulation or by right the power of eminent domain or conveyed in lieu thereof Landlord shall have the right to terminate this Lease. If the whole of the Premises, or so much thereof as to render the balance unusable by private purchase Tenant, shall be taken under power of eminent domain or conveyed in lieu thereof, this lease Lease shall automatically terminate and the rent shall be abated during the unexpired portion as of this lease, effective on the date physical of such condemnation, or as of the date possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease whichever is earlier. No award for any partial or entire taking shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlordapportioned, and Tenant hereby assigns its interest to Landlord any award which may be made in such taking or condemnation, together with any such award and all rights of Tenant now or hereafter arising in or to Landlord; the same or any part thereof, provided, however, that nothing contained herein shall be deemed to give Landlord shall have no any interest in or to require Tenant to assign to Landlord any award made to Tenant for Tenant's moving the taking of personal property and relocation expenses fixtures belonging to Tenant or for the loss interruption of or damage to Tenant's fixtures and other tangible personal property if a separate award business or for such items is made Tenant's unamortized cost of leasehold improvements. Tenant expressly waives the provisions of California Civil Procedure Code Section 1266.150, as amended from time to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlordtime.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in 18.2 In the event of a partial taking or condemnation. Each party waives which does not result in a termination of this Lease, Rent shall be abated in proportion to the provisions of Sections 1265.130 and 1265.150 part of the California Code Premises so made unusable by Tenant.
18.3 No temporary taking of Civil Procedure and the provisions Premises or of Tenant's rights therein or under this Lease shall terminate this Lease or give Tenant any right to any abatement of Rent hereunder, any award made to Tenant by reason of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability such temporary taking shall belong entirely to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects and Landlord shall not be entitled to require Landlord to apply all or a portion of such award to the outstanding indebtednessshare therein.
Appears in 1 contract
Eminent Domain. 18.1 23.1 If more than thirty percent (30%) there occurs any taking or damaging of all or a portion of any of the floor area of the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation (i) in or by right of condemnation or other eminent domain proceedings pursuant to any Regulations, general or special, or (ii) by private purchase reason of any agreement with any condemnor in lieu thereofsettlement of or under threat of any such condemnation or other eminent domain proceeding (each, a “Condemnation”), that is not a Total Condemnation (defined below) shall occur, this lease Lease shall terminate continue, notwithstanding such event, and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease Term shall be reduced in proportion to such extent as may be fair and reasonable under the area takencircumstances. Tenant and Landlord, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs promptly upon receiving any notice or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions knowledge of the Demised Premises an architectural wholeinstitution of or intention to institute any proceeding for Condemnation (a “Condemnation Notice”), but shall notify the other party thereof. Tenant shall be entitled to participate with Landlord in no event shall Landlord be required to expend an amount greater than any adjustment, collection and compromise of the award actually received by Landlord Net Award (defined below) payable in connection with such taking.
18.3 If a Condemnation and Landlord shall not agree upon or otherwise settle the Net Award without Tenant’s prior written consent not to be unreasonably withheld, conditioned or delayed. No agreement with any condemnor in settlement or under threat of any Condemnation shall be made by Tenant or Landlord without the written consent of the other party, not to be unreasonably withheld, conditioned or delayed. Subject to the provisions of this Section 23.1, Tenant hereby irrevocably assigns to Landlord any award or payment to which Tenant is or may be entitled by reason of any Condemnation, whether the same shall be paid or payable for Tenant’s leasehold interest hereunder or otherwise; but nothing in this Lease shall impair Tenant’s right to any award or payment on account of Tenant’s trade fixtures, equipment or other tangible property which is not part of the Common Area should be taken as aforesaidbase Building systems and equipment, this lease shall not terminatemoving expenses or loss of business, nor shall if available, and the rent payable hereunder be reduced, except value of tenant improvements and Alterations that either Landlord or Tenant may terminate this lease if the area are paid for by Tenant.
23.2 Promptly after Landlord’s receipt of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity Net Award, Tenant shall commence and diligently continue to restore the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area Premises as nearly as possible to their value, condition and character immediately prior to such event (assuming the takingPremises to have been in the condition required by this Lease); provided that, Tenant shall have no obligation to restore any Alterations paid for by Tenant. Any election During such restoration, Tenant may submit Restoration Draw Packages to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered Landlord from time to the other party within time. Within thirty (30) days after receipt of any such Restoration Draw Package, Landlord shall reimburse Tenant for the date physical possession is taken by amounts set forth therein up to the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) amount of the Demised Net Award received in connection with the applicable Condemnation. Any condemnation award paid to Landlord hereunder and a part of a Net Award that is not used by Tenant in restoration of the Premises or Common Area (including Restorable Alterations) shall be the property of Landlord. For purposes of clarification, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest obligation to expend additional sums above and beyond any Net Award actually received by Tenant in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount restoration of the award that would otherwise be awarded to LandlordPremises.
18.5 The rights contained 23.3 If a Condemnation in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) which more than fifty percent (50%) or more of the gross leasable area Premises are taken or which otherwise materially impairs access to the Premises or parking thereon (a “Total Condemnation”) occurs, Tenant may elect to terminate this Lease by providing written notice to Landlord within sixty (60) days after the date of the Industrial Complex is taken Casualty, in which case, Tenant shall have no obligation to restore the Premises. If Tenant terminates this Lease pursuant to this Section 23.3, then Tenant may remain in possession of all or any portion of the Premises not so taken, for up to one hundred eighty (180) days after such termination date (which time period shall be specifically identified by Tenant in its written termination notice), in which case, the terms and conditions of this Lease shall continue to apply to the portion of the Premises occupied by Tenant, and Tenant shall pay as the Monthly Installment of Rent during such period an amount equal to the Monthly Installment of Rent payable under this Lease for the last full month prior to the date of such termination prorated based on the ratio that the rentable square footage of the Premises actually occupied by Tenant during such period bears to the total rentable square footage of the Premises prior to the occurrence of the Total Condemnation which shall be recalculated on a monthly basis during each month of such one hundred eighty (180) day period to reflect the actual rentable square footage of the Premises which Tenant continues to occupy.
23.4 In addition to Tenant’s other remedies, if a Total Condemnation occurs, then Tenant shall have the right to exercise the Purchase Option by providing Landlord written notice within sixty (60) after the occurrence of such Total Condemnation (which notice shall specify the “Closing Date” which shall be a date within thirty (30) days after the delivery of such notice), in which case, the terms and conditions of Section 39 below shall apply to such exercise of the Purchase Option except (i) Tenant’s notice delivered pursuant to this Section 23.4 shall be deemed to be the “Exercise Notice”, (ii) if following the “Closing Date” shall be date specified in Tenant’s notice delivered pursuant to this Section 23.4, and (iii) Landlord shall assign the Net Award to Tenant at the closing of the Purchase Option.
23.5 Tenant hereby waives any takingand all rights under and benefits of Section 1265.130 of the California Code of Civil Procedure, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtednessany similar or successor Regulations or other laws now or hereinafter in effect.
Appears in 1 contract
Sources: Lease Agreement (Facebook Inc)
Eminent Domain. 18.1 33.1 If more than thirty percent (30%) of the floor area all or substantially all of the Demised Premises or the Building or a substantial portion of the Land should be taken for any public acquired or quasi-public use under any governmental law, ordinance or regulation or condemned by right of eminent domain or by private purchase in lieu thereofany Governmental Authority, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either then Landlord or Tenant may terminate this lease Lease as of the date when title vests pursuant to such taking. In such event, the rent shall be apportioned as of said expiration date and any rent paid for any period beyond said date and in excess of amounts owing by Tenant to Landlord shall be repaid to Tenant.
33.2 In the event of a taking of less than all or substantially all of the Demised Premises, Landlord shall have the right to equitably reduce the Demised Premises, Tenant's Occupancy Percentage, the Minimum Rent and the Allotted Parking, and this Lease shall continue in full force and effect. Notwithstanding the foregoing, Tenant shall have the right to terminate this Lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Demised Premises shall not be reasonably sufficient for Tenant to continue feasible operation of its business.
33.3 Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%or Tenant may exercise its respective right(s) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced Lease under Section 33.1 or 33.2 by giving written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by of the condemning authorityvesting of title in such proceeding, specifying a date not more than fifteen (15) days after the giving of such notice as the date for such termination.
18.4 All compensation awarded 33.4 Neither Tenant nor any Sublessee shall-have any claim in any condemnation or eminent domain proceeding for the value of any taking (or unexpired term of the proceeds of private sale in lieu thereof) of Lease with respect to the Demised Premises or Common Area shall be the property of Landlordany portion thereof, and Tenant hereby assigns its to Landlord Tenant's entire interest in any such award award. Although Tenant shall not be entitled to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for part of the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions any payment in lieu thereof, Tenant (or any Sublessee) may file a separate claim for any taking of Sections 1265.130 fixtures and 1265.150 of the California Code of Civil Procedure and the provisions of any successor improvements owned by Tenant (or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (isuch Sublessee) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, which have not become Landlord's mortgagee elects to require Landlord to apply all property, and for moving expenses, provided the same shall in no way affect or a portion of such award to the outstanding indebtednessdiminish Landlord's award.
Appears in 1 contract
Sources: Sublease (Protarga Inc)
Eminent Domain. 18.1 13.1 If more than thirty percent (30%) all or any part of the floor area of the Demised Premises should be is condemned or taken in any manner for any public or quasi-public use under any governmental lawuse, ordinance including, but not limited to, a conveyance or regulation or by right of eminent domain or by private purchase assignment in lieu thereofof a condemnation or taking, this lease Lease shall terminate and as to the rent shall be abated during the unexpired portion of this lease, effective part so taken on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) earlier to occur of the floor area date of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion vesting of this lease shall be reduced in proportion to the area taken, effective on title or the date physical possession is taken by the condemning authority. Following of dispossession of Tenant as a result of such partial condemnation or taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that and either Landlord or Tenant may terminate this lease if shall have the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election right to terminate this lease in accordance with this provision shall be evidenced Lease as to the balance of the Premises by written notice of termination delivered to the other party within thirty (30) days after if the portion of the Premises taken shall be of such extent and nature as to render the balance of the Premises untenantable and unusable by Tenant if any part of the Building other than the Premises is condemned or otherwise taken so as to require in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, this Lease may be terminated by Landlord, as of the earlier of the date physical possession of the vesting of title, or the date of dispossession as a result of such condemnation or taking, by written notice to Tenant within sixty (60) days following notice to Landlord of the date on which said vesting or dispossession will occur. If the Lease is taken by not so terminated, Landlord shall proceed to repair and reconstruct the condemning authorityremaining portion of the Building to the extent insurance and condemnation proceeds are available to do so.
18.4 All compensation awarded 13.2 Landlord shall be entitled to the entire award in any condemnation proceeding or other proceeding, including, without limitation, any award made for the value of the leasehold estate created by this Lease. No award for any partial or entire taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlordapportioned, and Tenant hereby assigns its to Landlord any award that may be made in such condemnation or other taking, together with any and all rights of Tenant now or hereafter arising in or to same or any part thereof, provided, however, that nothing contained herein shall be deemed to give Landlord any interest in or to require Tenant to assign to Landlord any award made to Tenant specifically for its relocation expenses or the taking of personal property and fixtures belonging to Tenant.
13.3 In the event of a partial condemnation or other taking that does not result in a termination of this Lease as to the entire Premises, the Rent and Additional Charges shall ▇▇▇▇▇ in the proportion that the rentable area of the Premises taken by such award condemnation or other taking bears to Landlordthe total rentable area of the Premises.
13.4 If all or any portion of the Premises is condemned or otherwise taken for public or quasi-public use for a limited period of time not to exceed 180 days, this Lease shall remain in full force and effect and Tenant shall continue to perform all of the terms, conditions and covenants of this Lease; provided, however, that the Rent and Additional Charges shall ▇▇▇▇▇ during such limited period in the proportion that the rentable area of the Premises rendered untenantable and unusable as a result of such condemnation or other taking bears to the total rentable area of the Premises. Landlord shall have no interest in any be entitled to receive the entire award made to Tenant for Tenant's moving and relocation expenses in connection with any such temporary condemnation or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlordtaking.
18.5 The rights contained in 13.5 Tenant hereby waives and releases any right to terminate this Article 18 shall be Tenant's sole Lease under Sections 1265.120 and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 1265,130 of the California Code of Civil Procedure and the provisions of Procedure, or under any successor similar law, statute or other law of like importordinance now or hereafter in effect.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Office Lease (Andromedia Inc)
Eminent Domain. 18.1 A. If more than thirty percent twenty-five (3025%) percent or more of the floor area Floor Space of the Demised Premises should shall be taken or condemned by any competent authority for any public or quasi-public use under any governmental lawor purpose, ordinance or regulation or either party may elect, by right of eminent domain or by private purchase in lieu thereof, this lease shall terminate and giving notice to the rent shall be abated during the unexpired portion of this lease, effective on other not more than sixty (60 days) after the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease on which title shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described vest in such exhibitauthority, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease Lease, and, in accordance with either such event, the Term of this provision Lease shall be evidenced by written notice cease and terminate as of termination delivered to the other party within thirty (30) days after the said date physical possession is taken by the condemning authority.
18.4 All compensation awarded for of title vesting. In case of any taking (or condemnation, whether or not the proceeds Term of private sale in lieu thereof) of this Lease shall cease and terminate, the Demised Premises or Common Area entire award shall be the property of Landlord, Landlord and Tenant hereby assigns to Landlord all its right, title and interest in and to any such award to Landlord; providedaward. Tenant shall, however, Landlord shall have no interest be entitled to claim, prove and receive in any award made to Tenant the condemnation proceeding such awards as may be allowed for Tenant's moving and relocation expenses or for the loss of Tenant's lease, moving expense, fixtures and other tangible personal property equipment installed by it but only if a separate award for such items is awards shall be made by the condemnation court in addition to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlordmade by it for the land and the building or part thereof so taken.
18.5 B. The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy current Rent (except Percentage Rent) in the event case of a any taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 , shall be apportioned as of the California Code date of Civil Procedure vesting of title and, if the Term of the Lease shall not have ceased and have been terminated as of said date, Tenant shall be entitled to a pro rata reduction in the provisions Rent (except Percentage Rent) payable hereunder based on the proportion which the Floor Space of any successor or other law the space taken bears to the entire Floor Space of like importthe Premises immediately prior to such taking.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) C. If more than fifty percent (50%) or more percent of the gross leasable area Floor Space of the Industrial Complex is building, or if more than twenty-five (25%) percent of the total Floor Space in the Shopping Center shall be so taken or (ii) conveyed, or if following any takingso much of the parking facilities shall be so taken or conveyed that a reasonable number of parking spaces necessary, in Landlord's mortgagee elects judgment, for the continued operation of the Shopping Center shall not be available for use by patrons of the Shopping Center, then, in, any such event, Landlord may, by notice in writing to require Landlord to apply all Tenant delivered on or a portion before the day of such award surrendering possession to the outstanding indebtednessGovernmental Authority, terminate this Lease, and Rent shall be paid or refunded as of the date of termination.
D. If this Lease is not terminated pursuant to the provisions of this Section 7.2, Landlord shall, at its expense, but only to the extent of an equitable proportion of the net award or other compensation (after deducting legal and all other fees in connection with obtaining said award) for the portion taken or conveyed, of the building of which the Premises are a part (excluding award for land) make such repairs or alterations as are in Landlord's reasonable judgment necessary to constitute the building a complete architectural and tenantable unit.
Appears in 1 contract
Eminent Domain. 18.1 If more than thirty any part over fifteen percent (3015%) of the floor area of the Demised Premises should shall be taken for any public or quasi-public use appropriated under any governmental law, ordinance or regulation or by right the power of eminent domain or by private purchase conveyed in lieu thereof, Tenant shall have the right to terminate this lease Lease at its option. In such event, Landlord shall terminate 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 rent 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 not attributable to the value of the unexpired term of this Lease except that Tenant shall be abated during entitled to petition the unexpired portion condemning authority for the following, without reducing Landlord’s award: (i) the then unamortized cost of this leaseany Alterations or Tenant Improvements paid for by Tenant from its own funds (as opposed to any allowance, effective on including the date physical possession is Tenant Allowance, provided by Landlord); (ii) the value of Tenant’s trade fixtures taken by the condemning authority.
18.2 ; (iii) Tenant’s relocation costs; and (iv) Tenant’s goodwill. If less than thirty percent (30%) a part of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the area taken, effective on the date physical possession is taken by the condemning authority. Following Premises have been damaged as a consequence of such partial takingtaking or appropriation or conveyance, Landlord shall make all necessary repairs or alterations to restore the remaining premises or, if an exhibit describing Premises continuing under this Lease at Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, ’s cost and Tenant hereby assigns its interest in any such award to Landlordexpense; provided, however, that Landlord shall have no interest in not be required to repair or restore any award made injury or damage to the property of Tenant for or to make any repairs or restoration of any Alterations or any Tenant Improvements installed on the Premises by or at the expense of Tenant's moving . Thereafter, the Monthly Base Rent and relocation expenses or Additional Charges to be paid under this Lease for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount remainder of the award Term shall be proportionately reduced, such that would otherwise thereafter the amounts to be awarded paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to Landlord.
18.5 The rights the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Article 18 24, if the temporary use or occupancy of any part of the Premises 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 sole ’s use of the Premises or the Common Area, then Tenant shall have the right to terminate the Lease. In the event there shall be a taking of the parking area such that Landlord can no longer provide sufficient parking to comply with this Lease, Landlord may substitute reasonably equivalent parking in a location reasonably close to the Building. Landlord and exclusive remedy Tenant understand and agree that the provisions of this Article 24 are intended to govern fully the rights and obligations of the parties in the event of a taking Taking of all or condemnationany portion of the Premises. Each party Tenant hereby waives the provisions any and all rights under and benefits of Sections Section 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of Procedure, or any similar or successor Regulations or other law of like importlaws now or hereinafter in effect.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Eminent Domain. 18.1 14.1 If more the whole or any part equal to or greater than thirty percent (30%) 25% of the floor area Floor Area of the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, then at the option of either party hereto this lease shall terminate and the rent Lease shall be abated during the unexpired cancelled and both parties shall be relieved of all obligations herein imposed. Should this Lease be so cancelled, then Tenant shall have no claim against Landlord and shall not have any claim or right to any portion of the amount that may be awarded as damages or paid as a result of such involuntary conversion whether brought about by suit or agreement for the cancellation of this leaseLease or for Tenant’s leasehold interest or leasehold improvements; any and all of such amounts shall belong to Landlord and all rights of Tenant to damages therefor, effective on if any, are hereby assigned by Tenant to Landlord. Tenant shall, however, have the date physical possession is taken by right to claim and recover from the condemning authority, but not from Landlord, and only to the extent that such recovery by Tenant shall not diminish the amounts recoverable by Landlord, such compensation as may be separately awarded or recoverable by Tenant in Tenant’s own right on account of any and all damage to ▇▇▇▇▇▇’s business, personal property or moving expenses by reason of the condemnation.
18.2 14.2 If less than thirty percent (30%) 25% of the floor area Floor Area of the Demised Premises should be taken as aforesaidfor any public or quasi-public use under any governmental law, ordinance or regulations or by right of eminent domain or by private purchase in lieu thereof, this lease Lease shall not terminate; however, the minimum guaranteed rental terminate but Minimum Rent payable hereunder during the unexpired portion of this lease Lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions reduction of the Demised Floor Area in the Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following resulting from such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days from and after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for of such taking, and “Tenant’s Proportionate Share” hereunder shall be adjusted accordingly. Furthermore, if any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or material Common Area (such as parking areas or access points into the Center) are so taken, Minimum Rent payable hereunder during the unexpired portion of this Lease shall be equitably reduced in a manner mutually agreeable to Landlord and Tenant. In the event of such a taking, Tenant shall have the right to recover damages suffered or sustained by Tenant as a result of such taking only with respect to property which upon the termination of Landlordthis Lease would belong to the Tenant, and but Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in claim against Landlord and shall not have any award made claim or right to Tenant for Tenant's moving and relocation expenses any portion of the amount that may be awarded as damages or paid as a result of such taking for the loss of any part of Tenant's fixtures ’s leasehold interest, leasehold improvements, and other tangible any and all of such amounts shall belong to Landlord and all rights of Tenant to damages therefor, if any, are hereby assigned by Tenant to Landlord. Tenant shall, however, have the right to claim and recover from the condemning authority, but not from Landlord, and only to the extent that such recovery by Tenant shall not diminish the amounts recoverable by Landlord, such compensation as may be separately awarded or recoverable by ▇▇▇▇▇▇ in Tenant’s own right on account of any and all damage to ▇▇▇▇▇▇’s business or personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount by reason of the award that would otherwise be awarded to Landlordcondemnation.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Eminent Domain. 18.1 16.1 If more than thirty percent (30%) of the floor area of the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 16.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental (but not percentage rental) payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations alteration to the remaining premises or, if an exhibit describing Landlord's Work Exhibit D is attached to this leasehereto, all necessary repairs or alterations within the scope of Landlord's Work as described in such exhibitExhibit D, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 16.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex Shopping Center shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 16.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; , provided, ,however, Landlord shall have no interest in any award made to by Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is if made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to LandlordTenant.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Building Lease (Care Group Inc)
Eminent Domain. 18.1 14.1 If more the whole or any part equal to or greater than thirty percent (30%) 15% of the floor area Floor Area of the Demised Premises should be taken for any public or quasi-public use under any governmental law or regulation or by right of eminent domain or by private purchase in lieu thereof, then at the option of either party hereto this Lease shall be cancelled and both parties shall be relieved of all obligations herein imposed. Should this Lease be so cancelled, then Tenant shall have no claim against Landlord to any portion of the amount that may be awarded as damages or paid as a result of such involuntary conversion whether brought about by suit or agreement for the cancellation of this Lease or for Tenant's leasehold interest or leasehold improvements; any and all of such amounts shall belong to Landlord and all rights of Tenant to damages therefor, if any, are hereby assigned by Tenant to Landlord. Tenant shall, however, have the right to claim and recover from the condemning authority, but not from Landlord (and only to the extent that such recovery by Tenant shall not diminish the amounts recoverable by Landlord), such compensation as may be separately awarded or recoverable by Tenant in Tenant's own right on account of any and all damage to Tenant's business by reason of the condemnation and for or on account of any cost or loss which Tenant might incur in removing Tenant's merchandise, furniture, trade fixtures, or equipment from the Premises.
14.2 If less than 15% of the Floor Area of the Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation regulations or by right of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease Lease shall not terminate; however, the minimum guaranteed rental terminate but Minimum Rent payable hereunder during the unexpired portion of this lease Lease shall be reduced in proportion to the area taken, effective on reduction of the Floor Area in the Premises resulting from such taking from and after the date physical possession is taken by of such taking. In the condemning authority. Following event of such partial a taking, Landlord Tenant shall make all necessary repairs have the right to recover damages suffered or alterations sustained by Tenant as a result of such taking only with respect to property which upon the termination of this Lease would belong to the remaining premises orTenant, but Tenant shall have no claim against Landlord and shall not have any claim or right to any portion of the amount that may be awarded as damages or paid as a result of such taking for the loss of any part of Tenant's leasehold interest, leasehold improvements, and any and all of such amounts shall belong to Landlord and all rights of Tenant to damages therefor, if an exhibit describing any, are hereby assigned by Tenant to Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 14.3 If any part of the Common Area should be taken as aforesaidfor any public or quasi-public use under any governmental law, ordinance or regulation, or by right of eminent domain, or by private purchase in lieu thereof, this lease Lease shall not terminate, nor shall the rent Rent payable hereunder be reduced, except that either Landlord or nor shall Tenant may terminate this lease if the area of the Common Area remaining following such taking plus be entitled to any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount part of the award that would otherwise be awarded to Landlordmade for such taking.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Lease Agreement
Eminent Domain. 18.1 Section 14.01 Total Condemnation If more than thirty percent (30%) at any time during the Term the whole of the floor area of the Demised Premises should Building shall be taken for any public or quasi-public use under any governmental lawstatute, ordinance or regulation or by right of eminent domain domain, the Term and all rights of the Tenant shall immediately cease and terminate as of the date of such taking, and the Basic Rent and Additional Rent shall be apportioned and paid to the time of such termination.
Section 14.02 Partial In the event that only a part of the Building area shall be so taken, such building area being 50,000 square feet or by private purchase less, either the Landlord or the Tenant may elect to cancel this Lease provided such cancelling party, within ninety (90) days after such taking, gives notice to that effect and upon the giving of such notice, the Basic Rent and Additional Rent shall be apportioned and paid to the date of the expiration of the Term and this Lease and the Term shall cease, expire and come to an end upon the expiration of said ninety (90) days specified in lieu thereofsaid notice. If neither Landlord nor Tenant shall elect to terminate as hereinbefore provided, this lease Lease shall terminate and remain unaffected except the rent Tenant shall be abated during the unexpired portion entitled to a pro rata reduction of this leaseBasic Rent, effective based on the date physical possession is taken by proportion which the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be building so taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion bears to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required Building immediately prior to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If Section 14.03 Award In case of any part taking [illegible] regardless of whether this Lease survives, the Common Area should entire award shall be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity paid to the Industrial Complex shall be less than seventy percent (70%) of Landlord and the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award or awards to the Landlord; provided, however, Landlord . Tenant shall have no interest not be entitled to share in any award or awards made to Tenant in condemnation proceedings for Tenant's moving and relocation expenses consequential damages or for the loss taking of Tenant's fixtures and other tangible personal property if a separate award for such items is made any appurtenances to Tenant as long as such separate award does not reduce the amount premises, vaults, areas or projections outside of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 boundaries of the California Code lands owned by Landlord, or right in, under or above the streets adjoining said lands, or the rights and benefits of Civil Procedure and light, air, or access to said streets, or for the provisions taking of any successor space or other law of like importrights therein, below the surface or above the Demised Premises.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Lease (Viewcast Com Inc)
Eminent Domain. 18.1 If Either party may terminate this Lease if one-third or more than thirty percent (30%) of the floor area square footage of the Demised Premises should be or any other material part of the Premises is taken or condemned for any public or quasi-public use under any governmental lawLaw, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, thereof (a “Taking”). Landlord shall also have the right to terminate this lease shall terminate and Lease if there is a Taking of any portion of the rent Building or Project which would have a material adverse effect on Landlord’s ability to profitably operate the remainder of the Project. The termination shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) as of the floor area effective date of the Demised Premises should be taken as aforesaidany order granting possession to, this lease shall not terminate; howeveror vesting legal title in, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial takingIf this Lease is not terminated, Landlord Basic Rent and Tenant’s Share of Operating Expenses shall make all necessary repairs or alterations be appropriately adjusted to account for any reduction in the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions square footage of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord Building or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the takingPremises. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area a Taking shall be the property of Landlord, Landlord and Tenant hereby assigns its interest the right to receive compensation or proceeds in any such award to Landlordconnection with a Taking are expressly waived by Tenant; provided, however, Landlord shall have no interest in any award made to Tenant may file a separate claim for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible ’s personal property if a separate award for such items is made to Tenant as long as such separate award and Tenant’s reasonable relocation costs, moving expenses and the unamortized cost of any Alterations installed in the Premises at Tenant’s sole cost and expense, provided the filing of the claim does not reduce diminish the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of ’s award. If only a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 part of the California Code Premises is subject to a Taking and this Lease is not terminated, Landlord, with reasonable diligence, will restore the remaining portion of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything Premises as nearly as practicable to the contrarycondition immediately prior to the Taking. For avoidance of doubt if more than 50% of the Premises is subject to a Taking for a period of 12 consecutive months, Landlord may Tenant shall have the right to terminate this lease with no further liability Lease within 60 days after the earlier to Tenant if occur of (i) fifty percent (50%) effective date of such Taking if such temporary Taking is specified to be period of 12 consecutive months or more of the gross leasable area of the Industrial Complex is taken more, or (ii) the expiration of 12 consecutive months after the occupancy by the applicable authority if following the term of the Taking is indeterminate when such occupancy commences. Tenant agrees that the provisions of this Lease shall govern any taking, Landlord's mortgagee elects to require Landlord to apply all Taking and shall accordingly supersede any contrary statute or a portion rule of such award to the outstanding indebtednesslaw.
Appears in 1 contract
Sources: Lease (Proofpoint Inc)
Eminent Domain. 18.1 If more than thirty twenty-five percent (3025%) of the floor area of the Demised Premises should be is taken or appropriated for any public or quasi-public use under any governmental law, ordinance or regulation or by right the power of eminent domain domain, or by private purchase conveyed in lieu thereof, either party hereto shall have the right, at its option, to terminate this lease shall terminate Lease by written notice to the other party given within ten (10) days of the date of such taking, appropriation or conveyance, and the rent Lessor shall be abated during entitled to any and all income, rent, award, or any interest therein whatsoever which may be paid or made (the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%“Award”) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord public or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (quasi-public use or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlordpurpose, and Tenant Lessee shall have no claim against Lessor for (and hereby assigns its interest in to Lessor any such award to Landlordclaim which Lessee may have for) the value of any unexpired Term of this Lease; providedexcept, however, Landlord that Lessee shall have no interest in be entitled to the entire amount of any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award payable for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole Lessee’s moving costs and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) of any portion of the Award payable for the unexpired Term of this Lease after Lessor’s recapture from such portion of the Award as is payable for the unexpired Term of this Lease of all commissions, fees and costs paid by Lessor in connection with this Lease. If any part of the Building or the Project other than the Premises may be so taken, appropriated or conveyed, Lessor shall have the 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 the unused balance of the Security Deposit; 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-flve 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) Lessee shall receive from the Award that portion of the gross leasable Award attributable to trade fixtures of Lessee to the extent the Award is not payable to the beneficiary or mortgagee of a deed of trust or mortgage affecting the Building containing the Premises and Lessor shall receive the balance of the Award; and (ii) the Rental thereafter to be paid hereunder for the Premises shall be reduced in the same ratio that the percentage of the area of the Industrial Complex is taken Premises so taken, appropriated or (ii) if following any conveyed bears to the total area of the Premises immediately prior to the taking, Landlord's mortgagee elects 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 require Landlord to apply Article 7. Notwithstanding this Article 24 above, upon a temporary taking of all or a 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 award temporary taking, Lessee shall be entitled to any Award for the temporary use of the portion of the Premises taken which is attributable to the outstanding indebtednessperiod 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. 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 happening of a specified event unless it can be determined at the time of the taking when such event will occur.
Appears in 1 contract
Sources: Net Office Lease (Vyyo Inc)
Eminent Domain. 18.1 13.1 If more than thirty percent (30%) the entire Premises shall be appropriated or taken under the power of the floor area of the Demised Premises should be taken for eminent domain by any public or quasi-public use authority or under any governmental law, ordinance or regulation or by right threat of eminent domain or by private purchase and in lieu thereofof condemnation (hereinafter, “taken” or “taking”), this lease Lease shall terminate and the rent shall be abated during the unexpired portion as of this lease, effective on the date physical possession is taken by the condemning authorityof such taking, and Landlord and Tenant shall have no further liability or obligation, except as otherwise provided for in this Lease, arising under this Lease after such date.
18.2 13.2 If less more than thirty fifteen percent (3015%) of the floor leasable area of the Demised Premises should be taken as aforesaidis taken, this lease shall not terminate; howeveror if by reason of any taking, regardless of the amount so taken, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions remainder of the Demised Premises an architectural wholeis not one undivided space or is rendered unusable for the Permitted Use, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if shall have the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election right to terminate this lease in accordance with this provision shall be evidenced by written Lease as of the date Tenant is required to vacate the portion of the Premises taken, upon giving notice of termination delivered to the other party such election within thirty (30) days after receipt by Tenant from Landlord of written notice that said Premises have been or will be so taken. In addition, (a) if such a significant portion of the Shopping Center or Common Area is taken that, in Landlord’s reasonable opinion, substantial reconstruction is required on the remaining portion, or such that it is no longer feasible to operate the portion of the Shopping Center in which the Building is located as a retail shopping center, then Landlord shall have the right to terminate this Lease within said thirty (30) day period by giving written notice to Tenant, and (b) if such a significant portion of the parking area serving the Premises shall be taken that, in Tenant’s reasonable opinion, the Premises is no longer feasible for the operation of Tenant’s business, then Tenant shall have the right to terminate this Lease within said thirty (30) day period by giving written notice to Landlord. In the event of termination described in this Section 13.2, both Landlord and Tenant shall thereupon be released from any liability or obligation hereunder, except as otherwise provided for in this Lease, arising after the date physical possession is taken by the condemning authorityof termination. Landlord and Tenant shall, immediately after learning of any taking, give notice thereof to each other.
18.4 All compensation awarded 13.3 If this Lease does not terminate pursuant to Section 13.2 above, then Tenant shall continue to occupy that portion of the Premises not taken and the parties shall proceed as follows: (a) at Landlord’s cost and expense and as soon as reasonably possible after receipt of sufficient condemnation proceeds, Landlord shall restore the Premises remaining to a complete unit of like quality and character as existed prior to such appropriation or taking, and (b) the Minimum Rent provided for in Article 1 shall be reduced by Landlord on an equitable basis, taking into account the relative values of the portion taken as compared to the portion remaining. Tenant waives any statutory rights of termination that may arise because of any partial taking of the Premises.
13.4 Landlord shall be entitled to the entire condemnation award for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises Premises, the Shopping Center or Common Area any part thereof. Tenant’s right to receive any amounts separately awarded to Tenant directly from the condemning authority for the taking of Tenant’s merchandise, personal property, relocation expenses, goodwill and/or interests in other than the real property taken shall not be the property of Landlord, and Tenant hereby assigns its interest affected in any such award to Landlord; providedmanner by the provisions of this Section, however, Landlord shall have no interest in any award made to Tenant for provided Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate ’s award does not reduce the amount of the award that would otherwise be awarded to or affect Landlord’s or Landlord’s mortgagee’s award.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Eminent Domain. 18.1 If more than thirty percent (30%) In the event of the floor area of the Demised Premises should be taken any condemnation or taking in any manner for any public or quasi-public use under use, which shall be deemed to include a voluntary conveyance in lieu of a taking (a “taking”) of the whole of the Building or the Property, this Lease shall forthwith terminate as of the date when Tenant is required to vacate the Premises. In such event Base Rent and Tenant’s share of Operating Costs shall be apportioned as of the date of termination. Landlord shall promptly notify Tenant of any written notice received by Landlord from any governmental law, ordinance authority with respect to any condemnation or regulation taking (including said voluntary conveyance) of the Property or by right any part thereof. In the event that only a part of eminent domain the Premises or by private purchase in lieu thereof, this lease shall terminate and the rent Building shall be abated during 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 unexpired other within sixty (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 the portion of this lease, effective on the date physical possession is taken by Premises so taken. A “substantial taking” shall mean a taking which: requires restoration and repair of the condemning authority.
18.2 If less remaining portion of the Building that cannot in the ordinary course be reasonably expected to be repaired within one hundred eighty (180) days; results in the loss of all reasonable access to the Premises; results in the loss of more than thirty twenty-five percent (3025%) of the rentable floor area of the Demised Premises should be taken Premises; or results in the loss of more than ten (10%) percent of the number of parking spaces currently serving the Building and Landlord reasonably determines it is not practical to relocate such parking within the remaining Property or on other property within the vicinity of the Property. Unless this Lease is terminated as aforesaidprovided herein, this lease Landlord, at its own expense (but only to the extent of the condemnation proceeds (net of all costs and expenses incurred in obtaining same) received by Landlord on account thereof), shall not terminate; however, proceed with diligence to restore the minimum guaranteed rental payable hereunder during the unexpired remaining portion of this lease shall be reduced in proportion to the area taken, effective on Premises (including the date physical possession is taken by Initial Tenant Work) and the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural wholeBuilding as nearly as practicable to the same condition as it was prior to such taking, but subject to then applicable Legal Requirements. Landlord shall not be liable for delays in no event the performance of such restoration that are due to Force Majeure or delays in payment of condemnation proceeds, nor shall Landlord be required liable for any inconvenience or annoyance to expend an amount greater Tenant or injury to the business of Tenant resulting from delays in repairing such damage. All repairs to and replacements of Tenant’s Property and any Tenant Work other than the award actually received Initial Tenant Work shall be made by Landlord in connection with such taking.
18.3 If any part and at the expense of Tenant, which work Tenant shall promptly commence as soon as practicable and thereafter prosecute diligently to completion. In the event some portion of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the rentable floor area of the Common Area remaining following Premises is taken (other than for temporary use) and this Lease is not terminated, Base Rent and Tenant’s share of Operating Costs shall be proportionally abated for the remainder of the Term. In the event of any taking of the Premises or any part thereof for temporary use, (i) this Lease shall be and remain unaffected thereby and Rent shall not ▇▇▇▇▇, and (ii) Tenant shall be entitled to receive for itself such portion or portions of any award made for such use with respect to the period of the taking that is within the Term (and the remainder of such award shall be paid to Landlord), provided that if such taking plus any additional parking area provided by shall remain in force at the expiration of the Term or the earlier termination of this Lease, then Tenant shall pay to Landlord in reasonable proximity a sum equal to the Industrial Complex reasonable cost of performing Tenant’s obligations hereunder with respect to surrender of the Premises and upon such payment shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the takingexcused from such obligations. Any election to terminate this lease in accordance with this provision Landlord shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlordhave and hereby reserves and excepts, and Tenant hereby grants and assigns its interest to Landlord, all rights to recover for damages to the Premises, the Building or the Property. Tenant agrees to execute such further instruments of assignment as may be reasonably requested by Landlord, and to turn over to Landlord any damages that may be recovered in any proceeding or otherwise; and Tenant irrevocably appoints Landlord as its attorney-in-fact with full power of substitution so to execute and deliver in Tenant’s name, place and stead all such award further instruments if Tenant shall fail to Landlord; provided, however, Landlord do so after ten (10) days’ notice. Nothing contained herein shall have no interest be construed to prevent Tenant from prosecuting in any award made to Tenant for Tenant's moving and relocation expenses or condemnation proceedings a separate claim for the loss value of any of Tenant's fixtures ’s leasehold interest and other tangible improvements, Tenant’s personal property if a separate award property, and for relocation and moving expenses and business losses, provided that such items is made to Tenant as long as such separate award does action shall not reduce affect the amount of compensation otherwise recoverable by Landlord from the award that would otherwise be awarded to Landlordtaking authority.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Eminent Domain. 18.1 If more than thirty percent (30%a) In the event that title to the whole or any part of the floor area of the Demised Premises should shall be lawfully condemned or taken in any manner for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereofuse, this lease shall terminate Lease and the rent term and estate hereby granted shall forthwith cease and terminate as of the date of vesting of title and Landlord shall be abated during entitled to receive the unexpired portion entire award, Tenant hereby assigning to Landlord Tenant's interest therein, if any. However, nothing herein shall be deemed to give Landlord any interest in or to require Tenant to assign to Landlord any award made to Tenant for the taking of this lease, effective on personal property or fixtures belonging to Tenant or for the date physical possession is taken by the condemning authorityinterruption of or damage to Tenant's business or for Tenant's moving expenses.
18.2 If less than thirty percent (30%b) In the event that title to a part of the floor area Building other than the Premises shall be so condemned or taken, and the remainder of the Demised Premises should be taken as aforesaid, this lease shall Building is not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion reasonably capable of this lease shall be reduced in proportion being restored to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an a complete architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease Lease and the term and estate hereby granted by notifying the other party of such termination within sixty (60) days following the date of vesting of title, and this Lease and the term and estate hereby granted shall expire on the date specified in the notice of termination, not less than sixty (60) days after the giving of such notice, as fully and completely as if such date were the date hereinbefore set for the expiration of the term of this Lease, and the obligation of Tenant to pay Rent hereunder shall terminate as of such date.
(c) In the event of any condemnation or taking of any portion of the parking area of the Common Area remaining following such taking plus any additional Property, which does not result in a reduction of the parking spaces by more than ten percent (10%), the term of this Lease shall continue in full force and effect. If more of the parking area provided is taken and Landlord does not elect by Landlord notice in reasonable proximity writing to Tenant to replace such parking spaces in excess of ten percent (10%) with parking reasonably proximate to the Industrial Complex spaces taken, either party shall be less than seventy percent (70%) of have the area of the Common Area immediately prior to the taking. Any election right to terminate this lease in accordance with this provision shall be evidenced by Lease upon giving written notice of termination delivered to the other party within thirty (30) days after of such taking.
(d) For the date physical possession is taken purpose of this Section 16, a sale to a public or quasi-public authority under threat of condemnation shall constitute a vesting of title and shall be construed as a taking by the such condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Eminent Domain. 18.1 a. If more than thirty percent (30%) all or any material portion of the floor area of the Demised Leased Premises should be is taken for by any public condemning authority (other than Tenant) by statute or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain domain, Tenant may elect to either (i) cancel this Lease either totally or by private purchase for that portion of the Leased Premises so taken, and in lieu thereofthe event of a partial termination, this lease shall terminate and the rent Lease shall be abated during amended to reflect the unexpired release of the canceled portion and a reduction in Rent equal to the proportion of the Buildings released (based upon the square footage of the portion of this lease, effective on the date physical possession is Building so taken by relative to the condemning authority.
18.2 If less than thirty percent (30%) total square footage of all of the floor area Buildings), or (ii) continue the Lease in full with a proportionate reduction in Rent for the period the portion of the Demised Leased Premises should be taken as aforesaidis not useable by Tenant, this lease shall not terminate; howeverand during such period, the minimum guaranteed rental payable hereunder during taken portion shall be released from the unexpired portion terms of this lease Lease. Such election shall be reduced made in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party writing within thirty (30) days after of the date physical possession is taken required by the condemning authority.
18.4 All compensation awarded . In the event Tenant elects to continue this Lease, either totally or partially, then Landlord and Tenant shall cooperate in good faith to prepare plans and specifications for any taking repairs reasonably necessary to restore the remaining portion of the Leased Premises to a tenantable condition, considering Landlord's future plans for the Leased Premises. Landlord shall make available to Tenant that portion of the condemnation proceeds allocable (in the reasonable judgment of the parties) to the Buildings to be repaired up to the full costs of repairs. If the parties cannot reach agreement on the scope and nature of the necessary repairs, the plans and specifications for such repairs or the proceeds of private sale in lieu thereof) use of the Demised Premises or Common Area shall be the property of condemnation proceeds in connection with such repairs, then Tenant may cancel this Lease upon written notice to Landlord, and Tenant hereby assigns its interest in any such award unearned prepaid rent shall be refunded to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole b. All awards and exclusive remedy in the event proceeds payable on account of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlordwhether whole or partial, shall be paid to Landlord and Tenant as their interests may appear. Nothing herein shall limit Tenant's mortgagee elects right to require Landlord seek damages from the condemning authority for business loss or interruption or relocation expense.
c. Tenant agrees that Tenant shall not exercise any right or power it may have to apply all condemn the Leased Premises, or a the Personalty, or any portion of such award to thereof, during the outstanding indebtednessTerm.
Appears in 1 contract
Sources: Agreement for Sale and Purchase of Property (Abr Information Services Inc)
Eminent Domain. 18.1 If the entire Premises, or so much thereof (but not less than 25% of the rentable area of the Premises) as to render the balance thereof not reasonably usable for the conduct of Tenant’s business, shall be taken or appropriated under the power of eminent domain or 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. 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. If more than thirty fifty percent (3050%) of the floor area of the Demised Premises should be taken for any public “Bank Visitor Only” parking stalls described in Section 34.8, or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less more than thirty twenty percent (3020%) of the floor area all of the Demised Premises should be taken as aforesaidparking stalls at the Project, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area are taken, effective on then, unless Landlord can replace same, or substitute reasonably comparable spaces for the date physical possession is taken spaces, Tenant shall have the right to terminate this Lease by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually giving written notice received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken Tenant learns of such taking. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand by the condemning authority.
18.4 All compensation awarded for Landlord) any taking (income, rent, award or the proceeds of private sale any interest therein which may be paid in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlordconnection therewith, and Tenant hereby assigns its interest in shall have no claim against Landlord for any such award part of any sum so paid, whether or not attributable to Landlordthe value of the unexpired term of this Lease; provided, however, Landlord that nothing herein shall have no interest prevent Tenant from pursuing a separate award (not reducing Landlord’s award) in any award made to Tenant for Tenant's moving and relocation expenses or for connection with the loss taking of Tenant's fixtures and other ’s removable tangible personal property placed in the Premises solely at Tenant’s expense and for Tenant’s relocation costs. If a part of the Premises shall be so taken, appropriated or conveyed and neither party hereto shall elect to so terminate this Lease, (i) Base Rent and Additional Rent payable hereunder shall be abated in the proportion that the rentable area of the portion of the Premises so taken, appropriated or conveyed bears to the rentable area of the entire Premises, and (ii) if the Premises shall have been damaged as a consequence of such partial taking, appropriation or conveyance, Landlord shall, to the extent of any severance damages received by Landlord, restore the Premises continuing under this Lease; provided, however, that 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, additions, 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 complete such repairs or restoration. Notwithstanding anything to the contrary contained in this Section, if the temporary use or occupancy of any part of the Premises 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 Tenant during the term of this Lease; in the event of any such temporary taking, appropriation or conveyance, Tenant shall be entitled to receive any separate award for such items is (not reducing Landlord’s award) made to Tenant as long as such separate award does not reduce the amount compensation for loss of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in use or occupancy of the Premises during the term of this Article 18 shall be Tenant's sole and exclusive remedy in Lease. To the event of a taking or condemnation. Each extent inconsistent with the above, each party hereto hereby waives the provisions of Sections Section 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything allowing either party to the contrary, Landlord may petition a court to terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more Lease in the event of a partial taking of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtednessPremises.
Appears in 1 contract
Eminent Domain. 18.1 If more than thirty (i) twenty percent (3020%) or more of the floor area of the Demised Premises should be Premises, (ii) twenty percent (20%) or more of the available parking spaces located on the Land or (iii) land which deprives the parking areas located on the Property of access by motor vehicles to and from a public road is taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, then either party hereto shall have the right to terminate this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, Lease effective on the date physical possession is taken by the condemning authority.
18.2 authority or private purchaser. If less than thirty twenty percent (3020%) of the floor area of the Demised Premises should be or less than twenty percent (20%) of the parking spaces is taken for any public or quasi-public use in said manner, then unless such taking deprives the parking areas located on the Property of access by motor vehicles to and from a public road, then neither party shall have the right to terminate this Lease as aforesaida result of such taking. However, this lease shall in the event any portion of the Premises is taken and the Lease not terminate; howeverterminated, the minimum guaranteed rental payable hereunder specified herein shall be reduced during the unexpired portion term of this lease shall be reduced Lease in proportion to the area taken, of the Premises so taken and the reduction shall be effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs authority or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the takingprivate purchaser. Any election to terminate this lease in accordance with this provision Lease following condemnation shall be evidenced only by written notice of termination delivered to the other party within thirty not later than fifteen (3015) days after the date on which physical possession is taken by the condemning authority.
18.4 authority or private purchaser and shall be deemed effective as of the date of said taking. If, however, the Lease is not terminated following a partial condemnation, Landlord shall promptly make all necessary repairs or alterations to the Building and Premises which are required to make the Building usable by Tenant subsequent to such taking. All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) whether for the whole or a part of the Demised Premises or Common Area Premises, shall be the property of Landlord, and Tenant hereby assigns its interest in any Landlord whether such award is compensation for damages to Landlord; provided's or Tenant's interest, however, provided Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses loss of business or for the loss taking of Tenant's fixtures and other tangible personal property within the Premises if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to LandlordTenant.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Lease (Alydaar Software Corp /Nc/)
Eminent Domain. 18.1 (a) If more than thirty percent (30%) the entire Premises shall be taken by the exercise of the floor area right of the Demised Premises should be taken eminent domain for any public or quasi-public use under improvement or use, this Lease and the term hereby granted shall then expire, on the date when title to the Premises so taken shall vest in the appropriate authority or on the date when any governmental possession is surrendered, if later, at which time all rights and obligations between the parties shall cease and rents and other charges shall be apportioned.
(b) If:
(i) a portion of the building shall be so taken as to make the balance thereof unusable in Tenant's reasonable opinion, for the purposes to which the Premises shall then be devoted; or
(ii) more than twenty percent (20%) of the then existing parking area for the Premises shall be taken; or then Tenant shall have the right to cancel or terminate this Lease on thirty (30) days prior written notice to Landlord, to be given after the date when title to the portion(s) so taken shall vest in the appropriate authority. On such entire or partial taking, Landlord and Tenant shall pursue, in their respective individual and separate names and rights, unless otherwise required by law, ordinance or regulation or by such remedies and make such claims as they may have against the authority exercising such right of eminent domain or by private purchase other lawful taking as if this Lease and the term hereof had not expired (whether or not such expiration shall have occurred on account of such taking) and for the purpose of determining the respective rights and remedies of the parties, or for the purpose of an apportionment of the award for damages Landlord shall be deemed to be the owner of the land constituting the Premises and Tenant shall be deemed to be the owner of the buildings and all other improvements situated upon said Premises, subject to Landlord's right of reversion. The allocation of any award for the building and the improvements shall be based on straight line amortization based on a twenty-nine (29) year lease term including option periods rounded to the nearest month with Landlord entitled to the portion of the award based on the number of months which have passed from the Effective Date and Tenant the balance. In no event shall Tenant be entitled to the diminution in lieu thereofvalue rent-wise of its leasehold, or the appreciation in value of its leasehold interest. Tenant shall be, however, entitled to any separately awarded amount for moving expenses and its trade fixtures as opposed to other building improvements so long as such award does not reduce Landlord's award for the entire value of the land and its portion of the award for the Improvements as set forth above.
(c) If Tenant shall not cancel the Lease as hereinabove provided in subparagraph 2 of this Article, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease Lease shall not terminate; however, terminate but the minimum guaranteed rental payable hereunder during for the unexpired portion of this lease land constituting the Premises shall be reduced in proportion to the area amount of land taken. Tenant shall make such repairs or construction at its own cost and expense out of the award or portion of award to Tenant, effective on the date physical possession as is taken by the condemning authority. Following made necessary due to such partial taking. In any event, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise to be awarded to Landlord.
18.5 The rights contained in this Article 18 received by Landlord shall be Tenant's sole the value of the land so taken and exclusive remedy value of the reversionary interest in the event of a taking or condemnation. Each party waives Improvements as determined pursuant to Paragraph 2 above, and the provisions of Sections 1265.130 and 1265.150 amount of the California Code of Civil Procedure and award to be received by Tenant shall be the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more value of the gross leasable area Improvements taken less the value of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtednessreversionary interest therein.
Appears in 1 contract
Sources: Ground Lease (Bryn Mawr Bank Corp)
Eminent Domain. 18.1 If more than thirty percent (30%) 12.1 In the event that the whole of Demised Premises shall be taken under the power of eminent domain, this Lease shall thereupon terminate as of the date of the taking of the Premises by the condemning authority. In the event that a portion of the floor area of the Demised Premises should shall be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right the power of eminent domain and the portion not so taken will not be reasonably adequate for the operation of Tenant's business notwithstanding Tenant's performance or by private purchase in lieu thereofrestoration as hereinafter provided, this lease Lease shall thereupon terminate as of the date possession of said portion is taken. In the event of any taking under the power of eminent domain which does not terminate this Lease as aforesaid, all of the provisions of this Lease shall remain in full force and effect, except that the basic rent shall be abated during reduced in the unexpired portion same proportion that the amount of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion bears to the total floor area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the such taking. Any election to terminate this lease in accordance with this provision , and Landlord shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) at Landlord's own cost and expense, restore such part of the Demised Premises as is not taken to as near its former condition as the circumstances will permit and Tenant shall do likewise with respect to all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of Tenant. All damages awarded for any such taking under the power of eminent domain, whether for the whole or Common Area a part of the Demised Premises, shall belong to and be the property of the Landlord, and Tenant hereby assigns its interest whether such damages shall be awarded as compensation for diminution in any such award to Landlord; value of the leasehold or for the fee of the Demised Premises, provided, however, that Landlord shall have no interest in not be entitled to any award made to Tenant for loss of or damage to Tenant's moving trade fixtures and relocation expenses removable personal property or for damages to improvements made by Tenant with approval of Landlord during the loss term of this Lease and any extension thereof or for damages for cessation interruption of Tenant's fixtures and other tangible personal property if a separate award for such items business. If this Lease is made to Tenant terminated as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained provided in this Article 18 XII, all rent shall be Tenant's sole paid up to the date that possession is taken by public authority, and exclusive remedy Landlord shall make an equitable refund of any rent paid by Tenant in advance and not yet earned. A voluntary sale by Landlord to any public or quasipublic body, agency or person, corporate or otherwise, having the event power of eminent domain, either under threat of condemnation or while condemnation proceedings are pending, shall be deemed to be a taking or condemnation. Each party waives by eminent domain for the provisions purpose of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like importthis Article XII.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Eminent Domain. 18.1 If more than thirty a part of the Project is taken by eminent domain or deed in lieu thereof which is so substantial that the Premises cannot reasonably be used by Tenant for the operation of its business, then either party may terminate this Lease effective as of the date of the taking. Landlord and Tenant agree that if Tenant is leasing and occupying the entire Building prior to any such taking, then a loss of ten percent (3010%) or more of Tenant's parking spaces in connection with such taking shall be deemed to be a "substantial" taking which gives Tenant the right to terminate this Lease pursuant to the provisions of the floor area preceding sentence; provided, however, Tenant shall not have the right to terminate this Lease in such event if Landlord shall provide replacement parking spaces to Tenant in the portion of the Demised parking facilities in the Development which are closest in proximity to the Building. If any substantial portion of the Project is taken without affecting the Premises, then Landlord may terminate this Lease as of the date of such taking. Rent shall be reduced from the date of the taking to such extent, if any, as may be fair and reasonable under all of the circumstances. The entire award for a taking of any kind shall be paid to Landlord, and Tenant shall have no right to share in the award; provided, however, nothing herein shall be construed to preclude Tenant from prosecuting any claim directly against the condemning authority for (1) loss of business, (2) damage to, and cost of removal of, trade fixtures, furniture and other personal property belonging to Tenant, (3) the unamortized cost of leasehold improvements to the extent same were installed at Tenant's expense and to the extent such costs were not reimbursed or contributed to by Landlord, and (4) the cost of moving, provided that no such claim shall diminish or adversely affect Landlord's award. All obligations accrued to the date of the taking shall be performed by the party liable to perform said obligations, as set forth herein. Notwithstanding anything to the contrary contained in this Section 10, if, during the Term, the use or occupancy of any part of the Project or the Premises should shall be taken or appropriated temporarily for any public or quasi-public use under any governmental law, ordinance or regulation regulation, or by right of eminent domain or by private purchase in lieu thereofdomain, this lease shall terminate and the rent Lease shall be abated and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent payable hereunder by Tenant during the unexpired Term. In the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of this lease, effective on any award which represents compensation for the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) loss of use or occupancy of the floor area Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration and compensation for the loss of use or occupancy of the Demised Premises should be taken as aforesaid, after the end of the Term. In the event of any such condemnation or taking and this lease shall Lease is not terminate; however, terminated pursuant to the minimum guaranteed rental payable hereunder during the unexpired portion provisions of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial takingSection 10, Landlord shall make all necessary repairs promptly repair the Premises or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibitProject, as the case may be, required to make Building standard condition (with Landlord's Contribution as provided in Appendix C, without any supplement thereto) so that the remaining portions portion of the Demised Premises Premises, or the Project, as the case may be, shall constitute an architectural wholeunit, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded fit for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, Tenant's occupancy and Tenant hereby assigns its interest in any such award to Landlordbusiness; provided, however, that Landlord's obligation to repair hereunder shall be limited to the extent of the net proceeds made available to Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as repair from any such separate award does not reduce the amount of the award that would otherwise be awarded to Landlordcondemnation or taking.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Lease Agreement (Edutrek Int Inc)
Eminent Domain. 18.1 Section 16.1. If (i) more than thirty thirty-three percent (3033%) of the floor area of the Demised Premises should building on the demised premises or (ii) a portion of the Parking and Accommodation Areas shall be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right the power of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of the building and/or Parking and Accommodation Areas not so taken 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 make, Tenant shall have the right to elect either to terminate this leaseLease, effective on or, subject to Landlord's right to terminate the date physical Lease pursuant to Section 16.4., to continue in possession is taken by of the condemning authority.
18.2 If remainder of the demised premises and shall notify Landlord in writing within ten (10) days after such taking of Tenant's election. In the event less than thirty thirty-three percent (3033%) of the floor area of the Demised Premises should building on the demised premises shall be taken or Tenant elects to remain in possession, as aforesaidprovided in the first sentence hereof, this lease all of the terms herein provided shall not terminate; howevercontinue in effect, except that the minimum guaranteed rental payable hereunder during the unexpired portion of this lease 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 taken, effective of the building on the date physical possession is taken by the condemning authority. Following such partial takingdemised premises, and Landlord shall at its own cost and expense make all necessary repairs or alterations to the remaining building so as to constitute the portion of the building not taken a complete architectural unit and the demised premises ora complete unit for the purposes allowed by this Lease, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within but such work shall not exceed the scope of Landlord's Work as described in such exhibit, as the case may be, required work to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received done by Landlord in connection with such takingoriginally constructing said building.
18.3 If Section 16.3. All damages or awards for any taking under the power of eminent domain whether for the whole or a part of the Common Area should be taken as aforesaid, this lease demised premises shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity belong to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall and be the property of LandlordLandlord whether such damages or awards shall be awarded as compensation for diminution in value to the leasehold or to 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 hereby assigns at its interest in any sole cost and expense less depreciation which is to be computed on the basis of completely depreciating such award to Landlord; providedleasehold improvements during the initial term of this Lease, however, Landlord shall have no interest in and any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount in excess of the award that would otherwise then depreciated value of leasehold improvements shall be awarded payable to the Landlord.
18.5 The rights contained 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, or if any part of the Parking and Accommodation Areas shall be so taken, Landlord may, by written notice to Tenant delivered on or 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 18 Article, the rent shall be Tenant's sole paid up to the day that possession is so taken by public authority and exclusive remedy in the event of Landlord shall make a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions prorata refund of any successor or other law of like importrent and all deposits paid by Tenant in advance and not yet earned.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Lease (Broadbase Software Inc)
Eminent Domain. 18.1 (a) Mortgagor shall notify Mortgagee immediately upon obtaining knowledge of any Taking affecting the Trust Estate or any part thereof. If the Taking is a Taking of less than the whole or substantially all of the Premises but (i) is estimated to result in an award of more than thirty percent $10,000,000 or (30%ii) the Taking will interfere with or adversely affect the operation of the floor area Casino Hotel (other than any portion thereof consisting solely of unimproved, paved or unpaved surface parking) other than to a de minimis extent, then within 30 days after such Taking, Mortgagor shall deliver to Mortgagee a certificate of an Architect stating whether, in such Architect's opinion, applicable Legal Requirements permit the Restoration of any buildings and improvements for the same uses and to the same size and quality in all material respects as existed immediately prior to the Taking (and if said certificate states that Legal Requirements do not permit such Restoration, said certificate shall describe the manner closest approximating such criteria to which the buildings and improvements could be so restored and shall be accompanied by a Certificate of Appraised Value dated not more than 10 days prior to delivery setting forth the Appraised Value immediately prior to the Taking and the estimated Appraised Value immediately after the permitted Restoration). If Mortgagor is required to deliver such Certificate of Appraised value and if based on such Certificate of Appraised Value immediately after Restoration, (i) the Outstanding Amount of Indebtedness of the Demised Mortgagor, the Company or TCHI immediately after such Restoration shall exceed the greater of (A) 80% of the Appraised Value immediately after such Restoration or (B) the quotient of the Outstanding Amount of the Indebtedness of the Mortgagor, the Company or TCHI immediately prior to such Taking divided by the Appraised Value immediately prior to the Taking multiplied by the Appraised Value immediately after such Restoration, or (ii) applicable Legal Requirements do not permit the Restoration of the Casino Hotel for use as a casino and hotel complex, then, in any of such events, the Taking shall be deemed a Taking of "the whole or substantially all of the Premises." The Taking shall be deemed a Taking of "less than the whole or substantially all of the Premises" if Mortgagor is not required to deliver a Certificate Of Appraised Value or if, at the time of delivery of such Certificate, neither of the tests set forth in clauses (i) and (ii) is met.
(b) If at any time there shall occur a Taking of less than the whole or substantially all of the Premises should be taken for and the award or awards resulting therefrom payable to Mortgagor (and not to any public or quasi-public use lessor under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease Facility Lease) (after there shall terminate have been first deducted the fees and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord expenses incurred in connection with the termination, settlement and collection of such taking.
18.3 If any part of the Common Area should be taken award or awards, including, without limitation, reasonable counsel fees and expenses, hereinafter referred to as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex "Settlement Costs") (i) shall be less than seventy percent $10,000,000 (70%) of the area of the Common Area immediately prior except to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.extent that
Appears in 1 contract
Sources: Indenture of Mortgage and Security Agreement (Trumps Castle Associates Lp)
Eminent Domain. 18.1 13.1 If more than thirty twenty-five percent (3025%) or more of either the floor area of Premises or the Demised Premises should be Building is taken for any public or quasi-public use under purpose by any governmental lawGovernmental Authority, ordinance or regulation or by exercise of the right of appropriation, inverse condemnation, condemnation or eminent domain domain, or by private purchase in lieu thereofsold to prevent such taking (each such event being referred to as a “Condemnation”), Landlord may, at its option, terminate this lease shall terminate and the rent shall be abated during the unexpired portion Lease as of this lease, effective on the date physical possession title vests in the condemning party. If twenty‑five percent (25%) or more of the Premises is taken by and if the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following remaining after such partial taking, Landlord shall make all necessary Condemnation and any repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part would be untenantable for the conduct of Tenant’s business operations, Tenant shall have the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election right to terminate this lease Lease as of the date title vests in accordance with the condemning party. If either party elects to terminate this provision Lease as provided herein, such election shall be evidenced made by written notice of termination delivered to the other party given within thirty (30) days after the date physical possession is taken nature and extent of such Condemnation have been finally determined. If neither Landlord nor Tenant elects to terminate this Lease to the extent permitted above, Landlord shall promptly proceed to restore the Premises (other than Tenant’s Alterations), to the extent of any Condemnation award received by Landlord, to substantially the same condition as existed prior to such Condemnation, allowing for the reasonable effects of such Condemnation. Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any Condemnation or the repair or restoration of the Premises following such Condemnation, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such Condemnation, repair or restoration.
13.2 Landlord shall be entitled to any and all compensation, damages, income, rent, awards, or any interest therein whatsoever which may be paid or made in connection with any Condemnation, and Tenant shall have no claim against Landlord for the value of any unexpired term of this Lease or otherwise; provided that, Tenant shall be entitled to receive any award separately allocated by the condemning authority.
18.4 All compensation awarded authority to Tenant for any taking either or both of: (or a) Tenant’s relocation expenses; and (b) the proceeds value of private sale in lieu thereof) Tenant’s Property (specifically excluding fixtures, Alterations and other components of the Demised Premises which under this Lease or Common Area shall be by law are or at the expiration of the Term will become the property of Landlord), and Tenant hereby assigns its interest in any provided that such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the any award that would otherwise be awarded allocable or payable to Landlord.
18.5 13.3 The rights contained in provisions of this Article 18 shall be 13 are Tenant's ’s sole and exclusive remedy rights and remedies in the event of a taking or condemnationCondemnation. Each party To the extent permitted by the Laws, Tenant waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions benefits of any successor Law that provides Tenant any abatement or other law termination rights or any right to receive any payment or award (by virtue of like importa Condemnation) not specifically described in this Article 13.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Warehouse Lease Agreement (GT Advanced Technologies Inc.)
Eminent Domain. 18.1 If more than thirty percent (30%) 22.1 In the event the entire premises shall be permanently appropriated or taken under the power of the floor area of the Demised Premises should be taken for eminent domain by any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereofauthority, this lease Lease shall terminate and expire as of the rent date of such taking, and Landlord and Tenant shall each thereupon be released from any liability thereafter accruing hereunder. Tenant shall have the right to continue to occupy the demised premises for all or any portion of the period between the taking date and the date when possession of the premises shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is physically taken by the condemning authority. Following such partial Any unearned rent paid in advance shall be refunded.
22.2 In the event more than twenty-five percent (25%) of the square footage of Floor Area of the premises is taken under the power of eminent domain by any public or quasi-public authority, or if by reason of any appropriation or taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions regardless of the Demised Premises an architectural wholeamount so taken, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part remainder of the Common Area should be taken as aforesaidpremises is not one undivided building space, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if shall have the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election right to terminate this lease in accordance with this provision shall be evidenced by Lease as of the date Tenant is required to vacate a portion of b a the premises, upon giving written notice of termination delivered to the other party such election within thirty (30) days after the date physical possession is taken receipt by the condemning authorityTenant from Landlord of written notice that said premises have been so appropriated or taken. Landlord agrees after learning of any appropriation or taking to give Tenant written notice thereof.
18.4 All compensation awarded for any taking 22.3 If more than twenty-five percent (or the proceeds of private sale in lieu thereof25%) of the Demised Premises or Common Floor Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in buildings constructed within the event of a taking Shopping Center or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 twenty percent (20%) of the California Code common areas are taken under the power of Civil Procedure and eminent domain, whether or not the provisions premises are acquired in whole or in part, or if as a result of any successor or other law appropriation under the power of like import.
18.6 Notwithstanding anything to eminent domain the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) leases of any two or more of the gross leasable area of Major Stores in the Industrial Complex is taken or Shopping Center are terminated, Landlord may, by written notice to Tenant, 4a terminate this Lease, such termination to be effective thirty (ii30) if b e days following any taking, LandlordTenant's mortgagee elects to require Landlord to apply all or a portion receipt of such award notice. Upon any such termination the rents and other charges payable hereunder shall be prorated to and from the date of such termination.
22.4 If this Lease is terminated as provided above, Landlord shall be entitled to the outstanding indebtednessentire award compensation in such proceedings, but the rental and- other charges for the last month of Tenant's occupancy shall be prorated and Landlord agrees to refund to Tenant any rent or other charges paid in advance. Tenant's right to receive compensation or damages for its fixtures and personal property.
Appears in 1 contract
Sources: Lease (Sports Arenas Inc)
Eminent Domain. 18.1 If more than thirty twenty-five percent (3025%) of the floor area of the Demised Premises should be is taken or appropriated for any public or quasi-public use under any governmental law, ordinance or regulation or by right the power of eminent domain domain, or by private purchase conveyed in lieu thereof, either party hereto shall have the right, at its option, to terminate this lease shall terminate Lease by written notice to the other party given within ten (10) days of the date of such taking, appropriation or conveyance, and the rent Lessor shall be abated during entitled to any and all income, rent, award, or any interest therein whatsoever which may be paid or made (the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%“Award”) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 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. If any part of the Common Area should Building or the Project other than the Premises may be taken as aforesaidso taken, this lease appropriated or conveyed, Lessor shall not terminate, nor shall have the rent payable hereunder be reduced, except that either Landlord or Tenant may right at its option to terminate this lease if Lease, and in any such event Lessor shall be entitled to the area 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 Common Area remaining following such taking plus date upon which title la the Premises, the Building, the Project, or a portion thereof, passes to and vests in the condemnor or the effective date of any additional parking area provided by Landlord in reasonable proximity order for possession if issued prior to the Industrial Complex date title vests in the condemnor; (ii) Lessor shall be refund to Lessee any prepaid but unearned Rentals and the unused balance of the Security Deposit; 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 seventy twenty-five percent (7025%) of the area 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 Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision Award, and Lessee shall be evidenced by written notice of termination delivered entitled to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded make a claim for any separate award attributable to any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in Lessee’s trade fixtures so long as any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award Lessee does not reduce the amount of the award that would otherwise Award available to Lessor; and (ii) the Rental thereafter to be awarded to Landlord.
18.5 The rights contained in this Article 18 paid hereunder for the Premises shall be Tenant's sole and exclusive remedy reduced in the event of a taking or condemnation. Each party waives some ratio that the provisions of Sections 1265.130 and 1265.150 percentage of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken Premises so taken, appropriated or (ii) if following any conveyed bears to the total area of the Premises immediately prior to the taking, Landlord's mortgagee elects 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 require Landlord to apply Article 7. Notwithstanding this Article 24 above, upon a temporary taking of all or a 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 award temporary taking, Lessee shall be entitled to any Award for the temporary use of the portion of the Premises taken which is attributable to the outstanding indebtednessperiod prior to the date of Lease Termination, and Lessor shall be entitled to any pardon of the Award for such use attributable to the period after Lease Termination. As used in this paragraph, a temporary taking shall mean a salting 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 happening of a specified event unless it can be determined at the time of the taking when such event will occur.
Appears in 1 contract
Sources: Net Office Lease (Splunk Inc)
Eminent Domain. 18.1 If more than thirty percent (30%) the entire Building or a substantial part thereof, or any part thereof which includes all or a substantial part of the floor area of the Demised Premises should Premises, shall be taken or condemned by any competent authority for any public or quasi-public use under any governmental law, ordinance or regulation or by right purpose the Term shall end as of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken taking by the condemning authority. Following such partial takingIf the taking is of less than substantially all of the Building or Premises, Landlord and Tenant shall make all necessary repairs or alterations have the right to terminate this lease in the following circumstances:
(i) Landlord may terminate if (1) in Landlord's reasonable business judgment restoration of the Building to substantially the same size and quality is not economically justified and (2) more than ten percent (10%) of the gross area of the Building is so taken by eminent domain;
(ii) Tenant may terminate if (1) any material portion of the Premises (as determined in Tenant's reasonable judgment) is so taken by eminent domain and (2) within sixty (60) days after such taking Landlord has not been able to provide other comparable space in the Building to temporarily add to the remaining premises orPremises to restore the size of the Premises to its Rentable Area then being occupied by Tenant (and not subtenants) prior to such taking and Landlord will not, if an exhibit describing based on Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions estimate of the Demised Premises an architectural whole, but in no event shall Landlord Rentable Area of the restored Building (such estimate to be required delivered to expend an amount greater Tenant not more than the award actually received by Landlord in connection with forty-five (45) days after such taking.
18.3 If any part ), be able to restore the Premises to 100% of its Rentable Area then being occupied by Tenant (and not subtenants) prior to such taking by a date not more than three hundred (300) days after the date of such taking. Landlord shall not be bound to offer Tenant more than Tenant's Proportionate Share (based on the Premises compared to the Building prior to such taking) of the Common Area should restored Building and if Tenant fails to terminate this Lease as provided herein the size of the Premises and the Rent shall be taken as aforesaid, this lease shall not terminate, nor shall reduced to such share of the rent payable hereunder be reduced, except that either restored Building;
(iii) Either Landlord or Tenant may terminate this lease Lease if the area taking occurs within twenty-four (24) months prior -39- 48 to the then effective Expiration Date of the Common Area remaining following such Term, as it may have been extended. If the taking plus any additional parking area is of less than substantially all of the Building or Premises and if this lease is not terminated as provided above, Landlord shall as soon as possible restore the Building as nearly as can practicably be done (including the Premises) using all of the award received by Landlord in reasonable proximity so as to provide, to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately extent reasonably possible, comparable space and amenities to those enjoyed by Tenant under this lease prior to the taking. Any election to terminate taking (or Tenant's Proportionate Share of the Project in case of the application of the last sentence of clause (ii) above); in such event this lease Lease shall continue in accordance with this provision shall be evidenced by written notice of termination delivered force at the square foot rental rates and adjustment herein provided for the Premises applied to the other party within rentable square feet of the Premises existing in the Building as restored (or Tenant's Proportionate Share of the Building in case of the application of the last sentence of clause (ii) above), but rent shall abat▇ ▇▇ to the untenantable portion of the Premises as to periods when such portions of the Premises are untenantable as a result of such taking and work of restoration. In any of the above termination cases, such termination notice may be given not more than thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds taking for purposes of private sale in lieu thereof) of the Demised Premises or Common Area this paragraph shall be the property date when the taking authority requires possession) and termination must be effective for the portion not taken not less than fifteen (15) or more than sixty (60) days after such notice is given. For the portion taken, the termination shall be effective as of Landlordthe date of the taking. The amount of damages resulting to Landlord and Tenant respectively, and to their respective interests in and to the Building and in, to and in connection with lease, by reason of such exercise of the power of eminent domain, shall be separately determined and computed by the court having jurisdiction and separate awards and judgments with respect to such damages to Landlord and Tenant, respectively, and to each of their respective interests, shall be made and entered. In the event that such court shall make a single award without separately determining the respective interests of Landlord and Tenant, and if Landlord and Tenant hereby assigns its interest shall not agree in any writing as to their respective portions of such award to Landlord; provided, howeverwithin twenty (20) days after the date of the final determination of such court of the amount thereof, Landlord and Tenant agree to submit the matter to such court in stipulation for the purposes of a judgment determinative of their respective shares. Tenant shall have no interest the right to seek a separate award, if available, for loss or damage of its business or personal property in the Premises or relocation costs. Any provisions of this Lease which provide for termination of this Lease upon a taking shall not cause Tenant's rights to any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that be less than would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy exist in the event absence of a taking or condemnationsuch provisions. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything herein to the contrary, Landlord may terminate this lease with no further liability Tenant's rights to Tenant if (i) fifty percent (50%) any award for a taking or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award condemnation shall be subject and subordinate to the outstanding indebtednessrights of any holder of a First Mortgage.
Appears in 1 contract
Sources: Lease (Chicago Title Corp)
Eminent Domain. 18.1 If more than thirty percent (30%) the whole of the floor area Premises shall be taken, or such part thereof shall be taken as shall substantially interfere with Tenant’s use and occupancy of the Demised Premises should be taken for any public or quasi-public use balance thereof, under any governmental law, ordinance or regulation or by right power of eminent domain domain, or by private purchase sold, transferred, or conveyed in lieu thereof, either Tenant or Landlord may terminate this lease shall terminate and the rent shall be abated during the unexpired portion Lease as of this lease, effective on the date physical of such condemnation or as of the date possession is taken by the condemning authority.
18.2 , whichever date occurs later. If less than thirty percent (30%) any part of the floor area Building (other than the Premises), the Facilities, Project or Real Property, shall be so taken, sold, transferred or conveyed in lieu thereof, then Landlord shall have the right, at its option, to terminate this Lease as of the Demised Premises should be taken date of such condemnation or as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following 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; provided, however, that nothing contained herein shall be deemed to give Landlord any interest in or require Tenant to assign to Landlord any award made to Tenant for the taking of personal property and 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 or for relocation expenses recoverable against the condemning authority. In the event of a partial taking, or a sale, transfer, or conveyance in lieu thereof, which does not result in a termination of this Lease, Landlord shall make all necessary repairs or alterations shall, to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions extent of the Demised proceeds thereof, restore the Premises an architectural wholesubstantially to their condition prior to such partial taking and, but thereafter and Rent shall be abated in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any proportion which the square footage of the part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity Premises so made unusable bears to the Industrial Complex shall be less than seventy percent (70%) amount of the area of the Common Rentable Area immediately prior to the taking. Any election No temporary taking of a part of the Premises or of the Building, Facilities, or Real Property shall give Tenant any right to terminate this lease in accordance with this provision shall be evidenced by written notice Lease or to any abatement of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Rent hereunder. Tenant hereby assigns its interest in any such award waives the provisions of California Code of Civil Procedure Section 1265.130, which allows Tenant to Landlord; provided, however, Landlord shall have no interest in any award made petition the Superior Court to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in terminate this Article 18 shall be Tenant's sole and exclusive remedy Lease in the event of a partial taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like importPremises.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Lease Agreement (Cerus Corp)
Eminent Domain. 18.1 13.1 If more than thirty percent fifty (3050%) percent or more of the leasable floor area of the Demised Building or any material portion of the Premises should be is condemned or taken in any manner, including without limitation any conveyance in lieu of condemnation, for any public or quasi-public use under any governmental law(“Taken”), ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion Term of this lease, effective on Lease shall cease and terminate as of the date physical possession title is taken by vested in the condemning authority.
18.2 13.2 If less than thirty percent fifty (3050%) percent of the leasable floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired Building or if any material portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession Premises is taken by the condemning authority. Following such partial takingTaken, Landlord shall make all necessary repairs or alterations to have the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural wholeright, but in no event shall Landlord be required to expend an amount greater than not the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaidobligation, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced Lease by giving written notice of termination delivered to the other party within thirty (30) days after being notified of such taking, and in such event, termination shall be effective upon the date physical possession is taken designated by Landlord in the condemning authority.
18.4 All compensation awarded for any taking notice of termination. In addition, if less than fifty (or the proceeds of private sale in lieu thereof50%) percent of the Demised leasable floor area of the Building or if any material portion of the Premises or Common Area shall be the property of Landlordis Taken, and Tenant hereby assigns determines, in its reasonable business opinion, that operating its business is no longer tenable, then Tenant shall also have the right to terminate the Lease by giving written notice to Landlord within thirty (30) days after being notified of such Taking.
13.3 The whole of any award or compensation for any portion of the Premises Taken, including the value of Tenant’s leasehold interest under the Lease, shall be solely the Premises of Landlord. Tenant is not precluded from seeking, at its own expense, an award from the condemning authority for loss of the value of any trade fixtures or other personal Premises in any the Premises, or moving expenses, provided that the award for such claim or claims shall not diminish the award made to Landlord; provided. If the unexpired Term of the Lease is not terminated, howeverthen Landlord shall, within 210 days after the taking by the governmental authority, complete restoration of the Premises in its condition as close thereto as is reasonably possible and if Landlord fails to completely restore the Premises within the 210 day period other than as a result of Tenant Delay, then Tenant may terminate the Lease within twenty (20) days after the 210 day period. In such event all liability shall terminate.
13.4 In the event the Premises or any portion are Taken, Tenant shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or claim against Landlord for the loss value of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount any unexpired Term of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in Lease or otherwise. In the event of a partial taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code Premises which does not result in a termination of Civil Procedure and this Lease, the provisions Annual Base Rent thereafter shall be partially reduced. The reduction shall be computed on the basis of any successor or other law the ratio which the floor area of like import.
18.6 Notwithstanding anything that portion of the Premises Taken bears to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable rentable floor area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtednessPremises.
Appears in 1 contract
Eminent Domain. 18.1 If more than thirty percent (30%) all or any part of the floor area of the Demised Premises should shall be taken for appropriated by any public local, state or quasi-public use under federal government or any governmental lawagency or division thereof, ordinance or regulation whether such appropriation be by agreement or by right of eminent domain or by private purchase in lieu thereofsuit, then this lease Lease shall terminate and as to the rent shall be abated during the unexpired portion of this lease, effective part so taken on the date physical day when Tenant is required to yield exclusive possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authoritythereof. Following In such partial takingevent, Landlord shall make all such repairs and alterations as may be necessary repairs or alterations in order to restore the remaining premises orpart not so taken to useful condition (except for the Tenant Improvements and any other leasehold improvements installed by Tenant), if an exhibit describing Landlord's Work is attached and the Rent due hereunder shall be reduced equitably. Tenant shall have the option to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease Lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord a Substantial Portion (as hereinafter defined in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%Section 16) of the area Premises is so taken. The option to terminate shall exist as of the Common Area immediately prior date when Tenant is required to yield exclusive possession of such portion of the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of Premises, and Tenant must exercise the termination delivered to the other party option within thirty (30) days after the date physical possession is taken by Tenant receives final notice from Landlord and/or the condemning authority.
18.4 All compensation awarded for any taking (or governmental authority pursing the proceeds of private sale in lieu thereof) appropriation of the Demised Premises or Common Area nature, extent and timing of the appropriation involving the Premises. In the event of any such appropriation, Landlord shall be the property of Landlordentitled to all judgments, and Tenant hereby assigns its interest in any such award to Landlordawards or compensation paid on account thereof; provided, however, Landlord that Tenant shall have no interest in be entitled to seek and recover an award (but only to the extent such award would not diminish Landlord’s recovery) by any award made to Tenant said governmental agency (or any division thereof) for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures business, cost of removal of stock and trade fixtures, relocation costs and expenses, including increased rental at a new location, and/or the unamortized portion of Tenant Improvements to the Premises paid for by Tenant and any other tangible personal property improvements made by Tenant beyond the Tenant Improvements. Notwithstanding the foregoing, it shall not be considered a “taking” or an “appropriation” for purposes of this Section 15 if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount any portion of the award Land, but not the Building, is dedicated by Landlord to any municipality, provided that would otherwise be awarded Tenant’s rights under this Lease to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 use such portion of the California Code of Civil Procedure and the provisions of any successor or other law of like importPremises are not materially affected by such dedication.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Lease Agreement (AtriCure, Inc.)
Eminent Domain. 18.1 A. If more than thirty percent twenty-five (3025%) percent or more of the floor area Floor Space of the Demised Premises should shall be taken or condemned by any competent authority for any public or quasi-public use under any governmental lawor purpose, ordinance or regulation or either party may elect, by right of eminent domain or by private purchase in lieu thereof, this lease shall terminate and giving notice to the rent shall be abated during the unexpired portion of this lease, effective on other not more than sixty (60 days) after the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease on which title shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described vest in such exhibitauthority, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease Lease, and, in accordance with either such event, the Term of this provision Lease shall be evidenced by written notice cease and terminate as of termination delivered to the other party within thirty (30) days after the said date physical possession is taken by the condemning authority.
18.4 All compensation awarded for of title vesting. In case of any taking (or condemnation, whether or not the proceeds Term of private sale in lieu thereof) of this Lease shall cease and terminate, the Demised Premises or Common Area entire award shall be the property of Landlord, Landlord and Tenant hereby assigns to Landlord all its right, title and interest in and to any such award to Landlord; providedaward. Tenant shall, however, Landlord shall have no interest be entitled to claim, prove and receive in any award made to Tenant the condemnation proceeding such awards as may be allowed for Tenant's moving and relocation expenses or for the loss of Tenant's lease, moving expense, fixtures and other tangible personal property equipment installed by it but only if a separate award for such items is awards shall be made by the condemnation court in addition to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlordmade by it for the land and the building or part thereof so taken.
18.5 B. The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy current Rent (except Percentage Rent) in the event case of a any taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 , shall be apportioned as of the California Code date of Civil Procedure vesting of title and, if the Term of the Lease shall not have ceased and have been terminated as of said date, Tenant shall be entitled to a pro rata reduction in the provisions Rent (except Percentage Rent) payable hereunder based on the proportion which the Floor Space of any successor or other law the space taken bears to the entire Floor Space of like importthe Premises immediately prior to such taking.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) C. If more than fifty percent (50%) or more percent of the gross leasable area Floor Space of the Industrial Complex is building, or if more than twenty-five (25%) percent of the total Floor Space in the Shopping Center shall be so taken or (ii) conveyed, or if following any takingso much of the parking facilities shall be so taken or conveyed that a reasonable number of parking spaces necessary, in Landlord's mortgagee elects judgment, for the continued operation of the Shopping Center shall not be available for use by patrons of the Shopping Center, then, in any such event, Landlord may, by notice in writing to require Landlord to apply all Tenant delivered on or a portion before the day of such award surrendering possession to the outstanding indebtednessGovernmental Authority, terminate this Lease, and Rent shall be paid or refunded as of the date of termination.
D. If this Lease is not terminated pursuant to the provisions of this Section 7.2,
Appears in 1 contract
Eminent Domain. 18.1 If more than thirty twenty-five percent (3025%) of the floor area of the Demised Premises should be is taken or appropriated for any public or quasi-public use under any governmental law, ordinance or regulation or by right the power of eminent domain domain, or by private purchase conveyed in lieu thereof, either party hereto shall have the right, at its option, to terminate this lease Lease by written notice to the other party given within ten (10) days of the date of such taking, appropriation or conveyance, and Lessor shall 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 public or quasi-public use or purpose, (except that Lessee shall be entitled to independently seek an award for funds attributable to Lessee’s Alterations, trade fixtures, personal property, inventory and equipment, and Lessee’s moving costs in accordance with the terms of this Article 24), 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. If a substantial portion of the Building (other than the Premises) or the Exterior Common Areas may be so taken, appropriated or conveyed, Lessor shall have the 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 the rent shall be abated during Security Deposit to the unexpired portion extent required by the express provisions of this leaseLease; and (iii) Lessee shall pay to Lessor any Rentals or other charges due Lessor under the Lease, effective on prorated as of the date physical possession is taken by the condemning authority.
18.2 of taking. If less than thirty twenty-five percent (3025%) of the floor area 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 Demised Premises should be taken as aforesaidAward, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease and Lessee shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required entitled to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded a claim for any separate award attributable to any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the Lessee’s Alterations, trade fixtures, inventory, equipment, personal property of Landlordand moving expenses, and Tenant hereby assigns its interest in so long as any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award Lessee does not reduce the amount of the award that would otherwise Award available to Lessor; and (ii) the Rental thereafter to be awarded to Landlord.
18.5 The rights contained in this Article 18 paid hereunder for the Premises shall be Tenant's sole and exclusive remedy reduced in the event of a taking or condemnation. Each party waives same ratio that the provisions of Sections 1265.130 and 1265.150 percentage of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken Premises so taken, appropriated or (ii) if following any conveyed bears to the total area of the Premises immediately prior to the taking, Landlord's mortgagee elects 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 require Landlord to apply Article 7. Notwithstanding this Article 24 above, upon a temporary taking of all or a 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 award temporary taking, Lessee shall be entitled to any Award for the temporary use of the portion of the Premises taken which is attributable to the outstanding indebtednessperiod 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. 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 happening 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. 18.1 If more than thirty percent (30%) the whole or any substantial part of the floor area Leased Premises (such that the remaining part of the Demised Leased Premises should would be inadequate for use by Tenant for the purpose for which they were leased) shall be taken for any public or quasi-public use under any by a governmental law, ordinance or regulation or by right other authority having the power of eminent domain or by private purchase shall be conveyed to such authority in lieu thereofof such taking, then Landlord shall have the option to terminate this lease Lease upon thirty (30) days written notice from Landlord to Tenant. In the event Landlord does not exercise such option, and if such taking or conveyance would cause the remaining part of the Leased Premises to be inadequate for use by Tenant for the purpose for which they were leased, then Tenant may, at its option, terminate this Lease as of the date Tenant is required to surrender possession of the Leased Premises by giving Landlord written notice of such termination. If a part of the Leased Premises shall terminate be taken or conveyed but the remaining part is tenantable and adequate for Tenant’s use, then this Lease shall be terminated as to the part taken or conveyed as of the date Tenant surrenders possession; Landlord shall make such repairs, alterations and improvements as may be necessary to render the part not taken or conveyed tenantable within one hundred twenty (120) days after such taking, to the extent reasonably practicable; and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be Leased Premises so taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity conveyed and temporarily reduced to the Industrial Complex shall be less than seventy percent (70%) of extent unusable during the area of the Common Area immediately prior to the takingreconstruction. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any such taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area conveyance shall be the property of LandlordLandlord without any deduction therefrom for any present or future estate of Tenant, and Tenant hereby assigns to Landlord all its rights, title and interest in and to any such award to Landlord; providedaward. However, however, Landlord Tenant shall have no interest in any award made the right to recover from such authority, but not from Landlord, such compensation as may be awarded to Tenant for Tenant's on account of procuring, designing, moving and relocation expenses or for expenses, as well as any unamortized (over the loss useful life) amounts of Tenant's fixtures Shell Building and other tangible personal property Tenant Improvement/Soft Costs Building Excess Expenses, if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlordapplicable.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Lease Agreement (Arhaus, Inc.)
Eminent Domain. 18.1 If more than thirty twenty-five percent (3025%) of the floor area of the Demised Premises should shall be taken for appropriated by or conveyed to any public or quasi-public use authority under any governmental law, ordinance or regulation or by right the power of eminent domain or by private purchase in lieu thereofdomain, either party hereto shall have the right, at its option, within sixty (60) days after said taking, to terminate this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 Lease upon written notice. If less than thirty twenty-five percent (3025%) of the floor area Premises is taken or conveyed, or if more than twenty-five percent (25%) is taken and neither party elects to terminate as herein provided, the Minimum Rent thereafter to be paid shall be equitably reduced; Landlord shall, as diligently as practicable following receipt of the Demised condemnation award, restore the Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion nearly as is reasonably possible to the area taken, effective on condition existing prior to the date physical possession is taken by the condemning authority. Following such partial taking, Landlord and Tenant, at Tenant’s expense, shall make all necessary repairs or alterations and restorations to the Premises remaining premises orto place the same in the condition as received and shall also repair or replace its stock in trade, personal property, equipment and fixtures, and, if an exhibit describing Landlord's Work is attached to this leaseTenant has closed, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 promptly reopen for business. If any part of the Common Area should Center other than the Premises shall be taken as aforesaidso taken, this lease appropriated, or conveyed, Landlord shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area within sixty (60) days of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to taking, or conveyance, whichever occurs later, have the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election right at its option, to terminate this lease in accordance with this provision Lease upon written notice to Tenant. Any such termination shall be evidenced by written notice effective as of termination delivered to the other party within thirty (30) days after the date physical possession is taken by specified in the condemning authority.
18.4 All compensation awarded notice, and all rent shall be accounted for any taking (or the proceeds of private sale in lieu thereof) as of the Demised Premises date of termination. In the event of any taking, appropriation or Common Area conveyance, whatsoever, Landlord shall be the property of Landlordentitled to any and all awards and/or settlements which may be given, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses claim against Landlord or the condemning authority for the loss value of any unexpired term of this Lease. In the event such appropriation by eminent domain does not give rise to award by the Tenant, then the Landlord’s rights herein to cancel would be subject to repayment by the Landlord of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord’s unamortized leasehold improvements.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Shopping Center Lease (Franklin Financial Network Inc.)
Eminent Domain. 18.1 If more than thirty In the event of: (i) a taking of the entire Premises, or a substantial portion as would render the balance of the Premises not suitable for Tenant's then current use; or (ii) a taking of all or any portion of Landlord's Retail Facility, which results in Landlord permanently ceasing operations on such Real Property, then this Lease may be terminated at the option of either party. Such option shall be exercised by giving written notice of such termination within sixty (60) days after such taking or conveyance, whereupon this Lease shall forthwith terminate and the Rent shall be duly apportioned as of the date of such taking or conveyance. Upon such termination, Tenant shall surrender to Landlord the Premises and all of Tenant's interest therein under this Lease, and Landlord may re-enter and take possession of the Premises or remove Tenant therefrom. The taking of any portion of the building located on the Premises, fifteen percent (3015%) of the floor area then existing parking area, or the loss or adverse change in rights of access or ingress and egress as then established shall be considered a substantial taking as would render the Premises not suitable for Tenant's then current use. In the event of a taking of less than the entire Premises or less than a substantial portion as would render the balance of the Demised Premises should be taken not suitable for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereofTenant's then current use, this lease Lease shall terminate continue in full force and effect. Landlord shall promptly perform any repair or restoration work reasonably required to restore the Premises, insofar as possible, to its former condition, and the rent Rent owing hereunder shall be abated during adjusted, if necessary, in such just manner and proportion as the unexpired portion of this lease, effective part so taken (and its effect on Tenant's ability to use the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) remainder of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion Premises) bears to the area taken, effective on whole. In the date physical possession is taken by the condemning authority. Following such partial takingevent of taking or conveyance as described herein, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than receive the award actually received by Landlord in connection with such taking.
18.3 If any part of or consideration for the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, lands and Tenant hereby assigns its interest in any such award to Landlordimprovements so taken; provided, however, that Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses loss of business or value of its leasehold interest or for the loss taking of Tenant's fixtures and other tangible personal property if a separate award or property, or for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole relocation expenses. Tenant shall have the option to perform such restoration and exclusive remedy in Landlord shall upon Tenant's election provide the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion whole of such award or such portion thereof as may be necessary for Tenant to accomplish the outstanding indebtednessrestoration. Landlord and Tenant shall cooperate with one another in making claims for condemnation awards.
Appears in 1 contract
Eminent Domain. 18.1 15.1 If more than thirty twenty five percent (3025%) of the floor area of the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease Lease shall terminate and the rent shall be abated during the unexpired portion of this leaseLease, effective on the earlier of the date physical possession is taken by the condemning authority or title passes to the condemning authority.
18.2 15.2 If less than thirty twenty five percent (3025%) of the floor area of the Demised Premises should be taken as aforesaid, this lease Lease shall not terminate; however, the minimum guaranteed rental Minimum Guaranteed Rental payable hereunder during the unexpired portion of this lease Lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by earlier of the condemning authoritydates set forth above in 15.1 hereof. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of the Landlord's ’s Work as described in such exhibit, as the case may be, required Exhibit C necessary to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 15.3 If any part of the Common Area should shall be taken as aforesaid, this lease Lease shall not terminate, nor shall the rent rental payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease Lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex Demised Premises shall be less than seventy twenty five percent (7025%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease Lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by earlier of the condemning authoritydates set forth above in 15.1 hereof.
18.4 15.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, ; and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses loss of business or for the loss taking of Tenant's ’s fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to LandlordTenant.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Lease Agreement (AnythingIT, Inc.)
Eminent Domain. 18.1 17.1 If more than thirty twenty percent (3020%) of the floor area of the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease Lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 17.2 If less than thirty twenty percent (3020%) of the floor area of the Demised Premises should be so taken as aforesaid, this lease Lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease Rent shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authorityauthority and Percentage Rental shall be adjusted to reflect such change in the Minimum Rental. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required necessary to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 17.3 If any part of the Common Area should shall be taken as aforesaidtaken, this lease Lease shall not terminate, nor shall the rent rental payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease Lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex Shopping Center shall be less than seventy percent Seventy Percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease Lease in accordance with this provision shall be evidenced exercised by written notice of termination delivered to the other party within thirty Thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 17.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, Landlord and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any separate award made to Tenant for Tenant's loss of business or moving and relocation expenses expenses, or for the loss taking of Tenant's fixtures and other tangible personal property if a separate award for to the extent such items is made to Tenant as long as such separate award does not reduce diminish Landlord's award. Tenant shall not be entitled to any award for the amount value of the award that would otherwise be awarded to Landlordunexpired term of this Lease.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Lease Agreement (Smith & Wollensky Restaurant Group Inc)
Eminent Domain. 18.1 If the Premises, or any part thereof, or more than thirty percent (30%) of the floor area of Showroom, is taken under the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right power of eminent domain or by private purchase (including any conveyance made in lieu thereof), and if such taking makes the operation of Tenant's business in the Premises impractical, then either party shall have the right to terminate this lease shall terminate and Lease by delivery of written notice to the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by other party within sixty (60) days after title vests in the condemning authority.
18.2 . The effective date of such termination shall be thirty (30) days after the date of the notice of termination; provided, however, that Tenant's obligation to pay rent shall cease at the time Tenant is dispossessed of the Premises as a result of such taking. If neither party elects to terminate this Lease, Landlord shall apply the proceeds of condemnation to restore the Premises and the Showroom to a tenantable condition as soon as practical, in which event the rental paid by Tenant under this Lease shall be proportionately and equitably reduced. Notwithstanding anything in this paragraph B.25 to the contrary, Landlord shall not be required to pay, but may at its option choose to pay, for such restoration or repair any amount in excess of the condemnation award (or the proceeds of private sale in lieu thereof) received by Landlord as the result of such taking. If less than thirty percent (30%) of the floor area Showroom, none of which is the Premises, is taken under the power of eminent domain, than Landlord shall restore the Showroom on the same terms and conditions as if Landlord had elected to restore under the preceding paragraph; provided, however, that Landlord shall not be obligated to pay for such restoration or repair any amount in excess of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, condemnation amount (or the minimum guaranteed rental payable hereunder during the unexpired portion proceeds of this lease shall be reduced private sale in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually lieu thereof) received by Landlord in connection with as the result of such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) ), whether for the whole or a part of the Demised Premises or Common Area Premises, shall be the property of Landlord, whether such award is compensation for damages to Landlord's or Tenant's interest in the Premises, and Tenant hereby assigns all of its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss taking of Tenant's trade fixtures and other tangible personal property within the Premises (that Tenant is authorized to remove at termination pursuant to paragraphs B.17 and B.21) if a separate award for of such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to LandlordTenant.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Eminent Domain. 18.1 If more than thirty percent (30%) the whole of the floor area Premises shall be taken, or such part thereof shall be taken as shall substantially interfere with Tenant's use and occupancy of the Demised Premises should be taken for any public or quasi-public use balance thereof, under any governmental law, ordinance or regulation or by right power of eminent domain domain, or by private purchase sold, transferred, or conveyed in lieu thereof, either Tenant or Landlord may terminate this lease shall terminate and the rent shall be abated during the unexpired portion Lease as of this lease, effective on the date physical of such condemnation or as of the date possession is taken by the condemning authority.
18.2 , whichever date occurs later. If less than thirty percent (30%) any part of the floor area Building other than the Premises, including parking facilities and interior and adjacent landscaped areas, shall be so taken, sold, transferred or conveyed in lieu thereof, Landlord shall have the right, at its option, to terminate this Lease as of the Demised Premises should be taken date of such condemnation or as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following 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; provided, however, that nothing contained herein shall be deemed to give Landlord any interest in or require Tenant to assign to Landlord any award made to Tenant for the taking of personal property and 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 or for relocation expenses recoverable against the condemning authority. In the event of a partial taking, or a sale, transfer, or conveyance in lieu thereof, which does not result in a termination of this Lease, Landlord shall make all necessary repairs or alterations restore the Premises substantially to their condition prior to such partial taking and, thereafter, rent shall be abated in the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within proportion which the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions square footage of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity Premises so made unusable bears to the Industrial Complex shall be less than seventy percent (70%) amount of the area of the Common Rentable Area immediately prior to the taking. Any election No temporary taking FOR LESS THAN SIX (6) MONTHS of a part of the Premises or of the Building, including parking facilities and interior and adjacent landscaped areas, shall give Tenant any right to terminate this lease in accordance with this provision shall be evidenced by written notice Lease or to any abatement of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authorityrent hereunder.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Eminent Domain. 18.1 17.1 If more than thirty twenty percent (3020%) of the floor area of the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 17.2 If less than thirty twenty percent (3020%) of the floor area of the Demised Premises should be taken as aforesaidafore said, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired expired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 17.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity adjacent to the Industrial Complex Flour Mill shall be less than seventy eighty percent (7080%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 17.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest Interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to LandlordTenant.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Lease Agreement (Guar Global Ltd.)
Eminent Domain. 18.1 a. If more than thirty percent (30%) all of the floor area of the Demised Premises should be is taken for by any public or quasi-public use authority under any governmental law, ordinance or regulation or by right the power of eminent domain domain, or by private purchase any agreement in lieu thereofthereof (a “taking”), this lease Lease shall terminate and as to the rent shall be abated during the unexpired portion of this lease, the Premises taken effective on as of the date physical possession is taken by the condemning authority.
18.2 of taking. If less more than thirty twenty-five percent (3025%) of the floor area rentable square feet of the Demised Premises should is taken, or if access to the Premises is substantially impaired, in each case for a period in excess of one hundred eighty (180) days, either party shall have the option to terminate this Lease effective as of the date possession is required to be taken as aforesaidsurrendered to the authority; provided, this lease shall not terminate; however, that Tenant’s right to terminate this Lease is conditioned upon the minimum guaranteed rental payable hereunder during the unexpired remaining portion of this lease the Premises being of such size or configuration that such remaining portion of the Premises is unusable or uneconomical for Tenant’s business. Landlord shall be reduced in proportion entitled to the area takenall compensation, effective on the date physical possession is taken by the condemning authority. Following such partial takingdamages, Landlord shall make all necessary repairs income, rent awards and interest thereon whatsoever which may be paid or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord made in connection with such taking.
18.3 any taking and Tenant shall have no claim against Landlord or any governmental authority for the value of any unexpired Term of this Lease or of any of the improvements or Alterations in the Premises; provided, however, that the foregoing shall not prohibit Tenant from prosecuting a separate claim against the taking authority for an amount separately designated for Tenant’s relocation expenses or the interruption of or damage to ▇▇▇▇▇▇’s business or as compensation for ▇▇▇▇▇▇’s personal property, trade fixtures, Alterations or other improvements paid for by Tenant so long as any award to Tenant will not reduce the award to Landlord. In the event of a partial taking of the Premises which does not result in a termination of this Lease, the Monthly Rent and Additional Rent under Paragraphs 5 and 7 hereunder shall be equitably reduced. If all or any material part of the Common Area should be taken as aforesaidReal Property other than the Premises is taken, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by Lease upon written notice of termination delivered to the other party Tenant given within thirty ninety (3090) days after the date physical possession of taking.
b. Notwithstanding the foregoing, if all or any portion of the Premises is taken by for a period of time of one (1) year or less ending prior to the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) end of the Demised Premises or Common Area Term of this Lease, this Lease shall be the property of Landlord, remain in full force and effect and Tenant hereby assigns shall continue to pay all rent and to perform all of its interest in any such award to Landlordobligations under this Lease; provided, however, Landlord that Tenant shall have no be entitled to all compensation, damages, income, rent awards and interest thereon that is paid or made in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for connection with such items is made to Tenant as long as such separate award does not reduce the amount temporary taking of the award Premises (or portion thereof), except that would otherwise any such compensation in excess of the rent or other amounts payable to Landlord hereunder shall be awarded promptly paid over to LandlordLandlord as received.
18.5 The rights contained in this Article 18 shall be Tenant's sole c. Landlord and exclusive remedy in the event of a taking or condemnation. Each party waives Tenant each hereby waive the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure Section 1265.130 and any other applicable existing or future Legal Requirement providing for, or allowing a party to petition the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more courts of the gross leasable area state in which the Real Property is located for a termination of this Lease upon a partial taking of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to Premises and/or the outstanding indebtednessBuilding.
Appears in 1 contract
Sources: Industrial Lease (Scilex Holding Co)
Eminent Domain. 18.1 Section 1. If the whole of the Leased Premises shall be taken under the power of Eminent Domain, then the Lease Term shall cease as of the day possession shall be taken by the public authority and Monthly Base Rent and Additional Rent shall be paid up to such date.
Section 2. If more than thirty ten percent (3010%) of the Land be so taken, the Landlord shall have the right to terminate this Lease, with the rent adjustments as provided in Section 1, by giving Tenant written notice of termination within sixty (60) days after the taking of possession by the public authority.
Section 3. If any floor area of the Demised Leased Premises should be taken for any public or quasitwenty-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty five percent (3025%) or more of the floor parking area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should shall be taken as aforesaidso taken, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that then either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided Lease by Landlord giving notice in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered writing to the other party within thirty (30) days after the date physical taking of possession is taken by the condemning public authority. If this Lease is not terminated, all of the terms herein provided shall continue in effect except that the Annual Base Rent and Additional Rent shall ▇▇▇▇▇ in the proportion that the taken portion of the Leased Premises bears to the entire Leased Premises and Landlord shall make all necessary repairs or alterations as provided in Article 14, Section 1 to the extent reasonably possible to restore the Building in which the Leased Premises is located to a complete architectural unit.
18.4 Section 4. All compensation damages awarded for any such taking (under the power of Eminent Domain, whether for the whole or a part of the Leased Premises, the Buildings, the Land or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area Complex shall be the property of Landlord, and Tenant hereby assigns its interest whether such damages shall be awarded as compensation for diminution in any such award value of the leasehold or to Landlordthe fee of the Leased Premises; provided, however, that Landlord shall have no interest in not be entitled to any separate award made to Tenant for Tenant's moving depreciation of and cost of removal of stock depreciation of tenant improvements and fixtures, as well as any relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlordits tenancy.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Eminent Domain. 18.1 If any portion of the Leased Premises shall be taken or damaged by condemnation or the exercise of the power of eminent domain, or by agreement reached under 2679199lvl2 threat thereof (any such event being hereinafter refened to as a "Taking"), and such Taking does not (A) render the Building comprising the Leased Premises unavailable for Tenant's continued use as may be reasonably detennined and based on Tenant's actual use thereof as of the date of the Taking, or (B) take fifty percent (50.00%) or more of the cun-ently existing parking spaces located thereon, or (C) take more than thirty forty percent (3040.00%) of the floor existing loading dock facilities, or (D) otherwise materially, adversely impairs, denies, or restricts truck or other vehicle access to the loading dock area on the Leased Premises, then (i) this Lease shall continue in full force and effect, and such Taking shall entitle Tenant to an equitable abatement or reduction of Minimum Rent based on the portion of the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) building square footage of the floor area of the Demised Leased Premises should be so taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations it bears to the remaining premises orsquare footage of the buildings, if an exhibit describing Landlord's Work is attached to this leaseparking area, all necessary repairs within and/or loading dock area located on the scope Leased Premises, and other charges by reason thereof which shall be adjusted as of Landlord's Work as described in the date of such exhibitTaking; (ii) Landlord shall, as promptly as commercially reasonable, restore, repair or rebuild the case may beLeased Premises to substantially the same condition as existed before the Taking (to the extent reasonably possible, given such Taking) using materials of the same or better grade than that of the materials being replaced, including any improvements or alterations required to make be made by Law (hereinafter collectively referred to as the remaining portions "Repairs"; and (iii) Landlord shall, obtain all permits required for such Repairs; provided, however, (x) all sums apportioned as compensation for the loss of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity damages to the Industrial Complex shall be less than seventy percent Leased Premises (70%hereinafter referred to as the "Premises Award") of the area of the Common Area immediately prior shall, notwithstanding anything to the taking. Any election contrary contained herein (except the immediately following sentence), be awarded, paid or made available to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30Landlord and its mortgagee(s) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby irrevocably assigns its and transfers to Landlord all of Tenant's right, title and interest in and to any such award condemnation proceeds or awards that may be granted or awarded to Landlord; providedTenant. Notwithstanding the immediately foregoing sentence, however, Landlord shall have no interest in any award made to Tenant for Tenant▇▇▇▇▇▇'s moving and relocation expenses or for the loss of Tenant▇▇▇▇▇▇'s fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 Tenant. Any repair or restoration work shall be Tenantperformed within a reasonable time period, done diligently and continually until completed. The Landlord's sole obligations to rebuild and repair shall in any event be limited to restoring the Leased Premises to substantially the condition in which the same existed prior to such condemnation, exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or of any other law of like importalterations, improvements, fixtures and equipment installed by Tenant.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Lease Agreement (Dixie Group Inc)
Eminent Domain. 18.1 If more than thirty percent (30%i) --------------------------- -------------- Mortgagor, promptly upon obtaining knowledge of any pending or threatened institution of any proceedings for the condemnation of the floor area Premises, or of the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain domain, or by private purchase of any other proceedings arising out of injury or damage to or decrease in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) value of the floor area Premises, including a change in grade of any street, will notify Mortgagee of the Demised Premises should be taken threat or pendency thereof. Mortgagee may participate in any such proceedings, and Mortgagor from time to time will execute and deliver to Mortgagee all reasonable instruments requested by Mortgagee or as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord permit such participation. Mortgagor shall, at its expense, diligently prosecute any such proceedings, shall deliver to Mortgagee copies of all papers served in connection therewith and shall consult and cooperate with such taking.
18.3 If any part Mortgagee, its attorneys and agents, in the carrying on and defense of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlordproceedings; provided, however, Landlord that no settlement in -------- ------- excess of $100,000 of any such proceeding shall be made by Mortgagor without Mortgagee's consent. Notwithstanding any taking by eminent domain or other governmental action causing injury to, or decrease in value of, the Premises and creating a right to compensation therefor, including, without limitation, the change of the grade of any street, Mortgagor shall continue to pay interest, computed at the rate reserved in the Term Notes, on the entire unpaid principal amount thereof, until the award or compensation for such taking or other action shall have no interest been actually received by Mortgagee. Mortgagee shall have the right to apply such award or compensation first, to reimburse Mortgagee ----- for all costs and expenses incurred in any connection with the collection of such award made or compensation, and, second, the remainder shall be applied, prior to Tenant for Tenant's moving and relocation expenses or the ------ occurrence of an Event of Default, to Mortgagor solely for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount restoration or rebuilding, in whole or in part, of the award portion of the Premises so subject to such governmental action; provided, however, that would otherwise be awarded any funds in excess of the -------- ------- amount needed to Landlord.
18.5 The rights contained in this Article 18 restore or rebuild the Premises shall be Tenant's sole and exclusive remedy in applied towards the event payment of a taking all or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 any part of the California Code Obligations; and provided further, however, ---------------- ------- that such funds held by Mortgagee to be applied to the restoration or rebuilding of Civil Procedure the Premises shall be so held without payment or allowance of interest thereon and shall be paid out from time to time upon compliance by Mortgagor with such reasonable provisions and requirements as may be imposed by Mortgagee. Upon the provisions occurrence of an Event of Default, Mortgagee may retain the remainder of such award or compensation in payment of all or any successor or other law part of like import.
18.6 the Obligations. Notwithstanding anything herein or at law or equity to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more none of the gross leasable area awards paid to Mortgagee shall be deemed trust funds and Mortgagee shall be entitled to dispose of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtednesssame as provided in this Section 13.
Appears in 1 contract
Eminent Domain. 18.1 If more than thirty percent (30%) of Should the floor area of the Demised Premises should Premises, or any part thereof or interest therein, be taken for or damaged by reason of any public or quasi-public use under any governmental lawimprovement, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereofother similar proceeding, this lease ("Condemnation"), or should Mortgagor receive any notice or other information regarding such proceeding, Mortgagor shall terminate give prompt written notice thereof to Mortgagee, and the rent following provisions shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.apply:
18.2 If less than thirty percent (30%a) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in In the event of a taking Condemnation (x) requiring $50,000 or condemnation. Each party waives more to restore the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything Premises to the contrary, Landlord may terminate this lease with no further liability same value and character as existed before the Condemnation or (y) requiring less than $50,000 to Tenant if so restore occurring after an. Event of Default has occurred and while such Event of Default is continuing hereunder:
(i) fifty percent Mortgagee shall receive all compensation, awards and other payments of relief therefor made or granted for the benefit of Mortgagor. Mortgagee shall have the exclusive right to settle, adjust or compromise any claim and shall be entitled, at Mortgagee's option, to commence, appear in and prosecute in its own name any action or proceedings. All such compensation, awards, damages, rights of action and proceeds awarded to Mortgagor (50%the "Proceeds") or more shall be deemed assigned to Mortgagee, and Mortgagor agrees to execute such further assignments of the gross leasable area Proceeds as Mortgagee may require. Such assignment shall not relieve Mortgagor of its obligations to continue to pay and perform the obligations and indebtedness secured hereby or such portion thereof as remains unpaid after any application by Mortgagee, pursuant to this Section 1.15, of the Industrial Complex is taken Proceeds to the obligations or indebtedness so secured.
(ii) if following any taking, Landlord's mortgagee elects to require Landlord Mortgagee shall have the right to apply all such Proceeds, after deducting therefrom all costs and expenses (regardless of the particular nature thereof and whether incurred with or a portion without suit), including reasonable attorneys' fees, incurred by it in connection with the collection of such award Proceeds, to the indebtedness secured hereby. Such application or release shall not, by itself, cure or waive any default hereunder or notice of default under this Mortgage or invalidate any act done pursuant to such notice.
(b) In the event of a condemnation of less than all or substantially all of the Premises and so long as an Event of Default shall not have occurred hereunder (or if an Event of Default shall have occurred hereunder but Mortgagee shall not have elected to avail itself of its rights under subparagraph (a)):
(i) Mortgagor shall have the exclusive right to settle, adjustment or compromise any claim, but Mortgagee shall have the right to monitor the settlement process and the consent of Mortgagee shall be required for any settlement, adjustment or compromise of any such claim in excess of $50,000.
(ii) Provided that (a) Mortgagee is satisfied that there are sufficient Proceeds to complete restoration of the Improvements to the same value and character as extended prior to the Condemnation and to fulfill Mortgagor's obligations with respect to the indebtedness secured hereby, Mortgagee shall apply the net Proceeds to restoration of the Improvements on the terms and subject to the conditions set forth in Section 1.06(b)(iii).
(iii) If, prior to the commencement of restoration, or at any time during restoration, the estimated cost of restoration, as determined by Mortgagee, exceeds the net Proceeds, such difference shall be paid by Mortgagor to Mortgagee for deposit into the Restoration Account and disbursed prior to the disbursement of any Proceeds. Any sum so added by Mortgagor which remains in the Restoration Account upon completion of restoration shall be refunded by Mortgagor. All Proceeds, if any, remaining after completion of restoration or after the occurrence of an Event of Default hereunder shall be applied by Mortgagee to the then outstanding indebtednessprincipal balance of the indebtedness secured hereby.
Appears in 1 contract
Sources: Open End Mortgage and Security Agreement (Alterra Healthcare Corp)
Eminent Domain. 18.1 SECTION 1. If more than thirty percent (30%) the whole of the floor area of the Demised Premises should be building or premises is lawfully taken by condemnation or under threat thereof or in any other manner for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereofpurpose, this lease Lease shall terminate as of the date of such taking, and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 prorated to such date. If less than thirty percent (30%) the whole of the floor area of the Demised Premises should be taken as aforesaidbuilding or premises is so taken, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease Lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken unaffected by the condemning authority. Following such partial taking, Landlord provided that: a) TENANT shall make all necessary repairs or alterations to have the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election right to terminate this lease in accordance with this provision shall be evidenced Lease by written notice of termination delivered to the other party LANDLORD given within thirty ninety (3090) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any of such taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty twenty percent (5020%) or more of the gross leasable premises is taken and the remaining area of the Industrial Complex premises is taken not reasonably sufficient for TENANT to continue operation of its business, and b) LANDLORD shall have the right to terminate this Lease by notice to TENANT given within ninety (90) days after the date of such taking. If either LANDLORD or TENANT so elects to terminate this Lease, the Lease shall terminate on the thirtieth (ii30th) if following any day after either such notice. The rent shall be prorated to the date of termination. If this Lease continues in force upon such partial taking, Landlord's mortgagee elects the base rent and TENANT'S proportionate share shall be equitably adjusted according to require Landlord the remaining rentable area of the premises and project.
SECTION 2. In the event of a partial taking of the premises, or transfer under threat thereof, which does not result in a termination of this Lease, LANDLORD shall restore the remaining portion of the premises as nearly as practicable to apply its condition prior to the condemnation or taking. TENANT shall be responsible, at its sole cost and expense, for the repair, restoration, replacement of any leasehold improvements previously constructed by TENANT and TENANT'S property.
SECTION 3. Except for the value allocated to alterations and additions made by TENANT after the date of this Lease, all other damages awarded for such taking under the power of eminent domain, whether for the whole or a portion part of the leased premises, shall be the property of LANDLORD, whether such award damages shall be awarded as compensation for diminution in value of the leasehold or to the outstanding indebtednessfee of the leased premises; provided, however, that LANDLORD shall not be entitled to any separate award made to TENANT for loss of business, depreciation to and cost of removal of stock and fixtures or to other separate awards payable to TENANT.
Appears in 1 contract
Eminent Domain. 18.1 21.1 If more than thirty twenty percent (3020%) of the floor area of the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease Lease shall terminate and the rent shall be abated during the unexpired unexplored portion of this leaseLease, effective on the date physical possession is taken by the condemning authority.
18.2 21.2 If less than thirty twenty percent (3020%) of the floor area of the Demised Premises should be taken as aforesaid, this lease Lease shall not terminate; , however, the minimum guaranteed rental (but not percentage rental) payable hereunder during the unexpired portion of this lease Lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required ’s work to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 21.3 If any part of the Common Area should shall be taken as aforesaid, this lease Lease shall not terminate, nor shall the rent payable hereunder be reduced, reduced except that either Landlord or Tenant may terminate this lease Lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex Shopping Center shall be less than seventy percent (70%) of in the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice Notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 21.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses loss of business or for the loss taking of Tenant's ’s fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to LandlordTenant.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Lease Agreement
Eminent Domain. 18.1 If more than thirty percent (30%) Grantor acknowledges that Condemnation Awards have been assigned to Beneficiary, which awards Beneficiary is hereby irrevocably authorized to collect and receive, and to give appropriate receipts and acquittances therefor, and at Beneficiary's option, to apply the same toward the payment of the floor area amount owing on account of the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described indebtedness hereby secured in such exhibit, order of application as Beneficiary may elect and whether or not the case same may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord then be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent due and payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlordotherwise adequately secured; provided, however, Landlord that a Condemnation Award in respect of any taking of a portion (but not all or any material portion) of the Mortgaged Premises shall have no interest be made available for the restoration of such Mortgaged Premises in the same manner and subject to the same conditions as are imposed on the release of insurance proceeds set forth in Section 9(d) hereof (including the provision of such Section relating to net insurance proceeds less than $250,000) as if the Mortgaged Premises so taken were destroyed and the Condemnation Award for such taking was actually insurance proceeds in respect of the Mortgaged Premises so deemed as having been destroyed. In the event that any award proceeds of a Condemnation Award shall be made available to Grantor for restoring the Mortgaged Premises so taken, Grantor hereby covenants to promptly commence and complete such restoration of the Mortgaged Premises as nearly as possible to its value, condition and character immediately prior to such taking. Grantor covenants and agrees that Grantor will give Beneficiary prompt notice of the actual or threatened commencement of any proceedings under condemnation or eminent domain affecting all or any part of the Mortgaged Premises including any easement therein or appurtenance thereof or severance and consequential damage and change in grade of streets, and will deliver to Beneficiary copies of any and all papers served in connection with any such proceedings. Grantor further covenants and agrees to make, execute and deliver to Beneficiary, at any time or times upon request, free, clear and discharged of any encumbrances of any kind whatsoever, any and all further assignments and/or instruments deemed necessary by Beneficiary for the purpose of validly and sufficiently assigning all awards and other compensation heretofore and hereafter to be made to Tenant Grantor for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all either permanent or a portion of temporary, under any such award to the outstanding indebtednessproceeding.
Appears in 1 contract
Sources: Deed of Trust and Security Agreement (Morton Industrial Group Inc)
Eminent Domain. 18.1 Section 16.1. If more than thirty thirty-three percent (3033%) of the floor area of the Demised Premises should building on the demised premises shall be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right the power of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent portion not so taken 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 make, Tenant shall be abated during have the unexpired portion 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 this lease, effective on the date physical possession is taken by remainder of the condemning authority.
18.2 If demised premises and shall notify Landlord in writing within ten (10) days after such taking of Tenant's election. In the event less than thirty thirty-three percent (3033%) of the floor area of the Demised Premises should building on the demised premises shall be taken or Tenant elects to remain in possession, as aforesaidprovided in the first sentence hereof, this lease all of the terms herein provided shall not terminate; howevercontinue in effect, except that the minimum guaranteed rental payable hereunder during the unexpired portion of this lease 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 taken, effective of the building on the date physical possession is taken by the condemning authority. Following such partial takingdemised premises, and Landlord shall at its own cost and expense make all necessary repairs or alterations to the remaining building so as to constitute the portion of the building not taken a complete architectural unit and the demised premises ora complete unit for the purposes allowed by this Lease, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within but such work shall not exceed the scope of Landlord's Work as described in such exhibit, as the case may be, required work to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received done by Landlord in connection with originally constructing said building. From and after the taking date, and during ▇▇▇▇▇▇▇▇’s alteration and repair work, rent shall proportionately ▇▇▇▇▇ to the extent any portion of the demised premises is rendered inaccessible or not usable by Tenant as a result of such takingtaking or Landlord’s alteration and repair work.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnationSection 16.2. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California 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 damages or awards for any taking under the power of eminent domain whether for the whole or a part of the demised premises shall belong to and be the provisions property of Landlord whether such damages or awards shall be awarded as compensation for diminution in value to the leasehold or to 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 made 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, or if any part of the Parking and Accommodation Areas shall be so taken, Landlord may, by written notice to ▇▇▇▇▇▇ delivered on or 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 public authority and Landlord shall make a prorata refund of any successor or other law of like importrent and all deposits paid by Tenant in advance and not yet earned.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Lease (Biotime Inc)
Eminent Domain. 18.1 If more than thirty (a) twenty-five percent (3025%) of the floor area of the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty (b) five percent (305%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs parking spaces within the scope Project serving the Premises (and Landlord is unable, within six (6) months, to provide reasonably comparable parking spaces such that Tenant shall have the use of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy at least ninety-five percent (7095%) of the area number of parking spaces referenced in Article 1.I. of the Common Area immediately prior to Basic Lease Provisions above) shall be taken under power of eminent domain, or are sold, transferred or conveyed in lieu thereof (a “Taking”), Landlord and Tenant shall each have the taking. Any election option to terminate this lease in accordance with this provision shall be evidenced by Lease upon ninety (90) days’ written notice of termination delivered to the other party within thirty party, provided such notice is given no later than one hundred eighty (30180) days after the date physical possession is taken by of such Taking. In the event of any Taking, whether total or partial, Tenant shall have the right to claim and recover from the condemning authority.
18.4 All authority such compensation as may be separately awarded or recoverable by Tenant in a separate proceeding for loss of its business fixtures, or equipment belonging to Tenant immediately prior to the Taking, so long as the same does not diminish any award to which Landlord is entitled or the “bonus value” of the leasehold estate. The balance of any condemnation award shall belong to Landlord except as provided below, and Tenant shall have no further right to recover from Landlord or the condemning authority for any claims arising out of such Taking, provided that Tenant shall have the right to make a separate claim in the condemnation proceeding, as long as the award payable to Landlord is not reduced thereby, for the taking of the unamortized (or using the proceeds initial Term of private sale in lieu thereofthis Lease as the amortization period) value of any tenant improvements paid for by Tenant which are not removed by Tenant. In the event Tenant recovers compensation from the condemning authority on account of the “bonus value” of the leasehold estate, Tenant agrees to pay to Landlord, within ten (10) days following Tenant’s receipt of said compensation, an amount equal to fifty percent (50%) of the Demised Premises or Common Area shall be the property of total sum so recovered by Tenant. Tenant also agrees, upon request from Landlord, to keep Landlord fully and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount promptly apprised of the award that would otherwise be awarded status of any efforts by Tenant to Landlord.
18.5 The rights contained recover compensation from the condemning authority on account of the “bonus value” of the leasehold estate. In the event of a partial Taking described in this Article 18 which does not result in a termination of this Lease, the rent shall be Tenant's sole apportioned according to the ratio that the rentable square footage of the part of the Premises remaining useable by Tenant bears to the total rentable square footage of the Premises. Tenant hereby waives any and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections all rights it might otherwise have pursuant to Section 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like importProcedure.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Eminent Domain. 18.1 If more than thirty percent Except as hereinafter provided, if the Premises, or such portion thereof as to render the balance (30%if reconstructed to the maximum extent practicable in the circumstances) of unsuitable for the floor area of the Demised Premises should Tenant’s purposes as contemplated under this Lease, shall be taken for any public by condemnation or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; howeverdomain, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or the Tenant may terminate this lease if shall have the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election right to terminate this Lease and any separate parking lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within of its desire to do so, provided that such notice is given not later than thirty (30) days after receipt by the Tenant of notice of the effective date of such taking. If so much of the Building shall be so taken that the Landlord reasonably determines that it would be reasonably necessary to raze or substantially alter the Building, the Landlord shall have the right to terminate this Lease by giving notice to the Tenant of the Landlord’s desire to do so not later than thirty (30) days after the effective date physical possession is of such taking. Should any part of the Premises be so taken or condemned during the Term, and should this Lease be not terminated in accordance with the foregoing provisions, the Landlord agrees to use reasonable efforts to put what may remain of the Premises into proper condition for use and occupation as nearly like the condition of the Premises prior to such taking as shall be practicable, subject, however, to applicable laws and codes then in existence. If the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Garage, or such portion thereof as to render the Tenant’s parking privileges therein impossible or impracticable in the Landlord’s reasonable determination, shall be taken by condemnation or right of eminent domain, then the condemning authority.
18.4 All compensation awarded Landlord shall designate, if available and promptly following any such taking, alternative parking within University Park that shall be used for any taking (or the proceeds of private sale in lieu thereof) parking of the Demised Premises or Common Area automobiles of the employees and invitees of the Tenant. All such alternative parking shall be allocated proportionately among all tenants, including the property of LandlordTenant, and Tenant hereby assigns its interest in any such award to Landlordthen currently leasing parking spaces within the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Garage; provided, however, the number of the Tenant’s parking spaces guaranteed by the Landlord in Exhibit A shall not change. The Tenant shall pay the market rate from time to time in effect for such alternative parking facilities. In the event the Landlord is unable to secure for the Tenant such alterative parking, the Tenant shall have no interest in the right, as its sole remedy, to terminate this Lease and any award made separate parking lease by notice to Landlord of its desire to do so, provided such notice is given not later than the later of thirty (30) days after the effective date of such taking or thirty (30) days after the Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount has notice of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 effective date of such taking. Such termination shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything effective thirty (30) days after such notice is given to the contraryLandlord, Landlord may terminate this lease with no further liability to or such later date specified by the Tenant if in such notice not exceeding one hundred twenty (i120) fifty percent (50%) or more of the gross leasable area of the Industrial Complex days after such notice is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtednessgiven.
Appears in 1 contract
Eminent Domain. 18.1 If more than thirty percent the whole or any “Substantial Part” (30%as hereinafter defined) of the floor area Leased Premises should be taken for any public or quasi-public use under governmental law, ordinance or regulation, or by right of eminent domain, or by private purchase in lieu thereof, either Landlord or Tenant may terminate this Lease effective as of the Demised date on which the physical taking of the Leased Premises should shall occur, in which event the Rent shall be apportioned and paid to such date. If part of the Leased Premises shall be taken for any public or quasi-public use under any governmental law, ordinance or regulation regulation, or by right of eminent domain domain, or by private purchase in lieu thereof, and this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession Lease is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken not terminated as aforesaidprovided above, this lease Lease shall not terminate; however, terminate but the minimum guaranteed rental Rent payable hereunder during the unexpired portion of this lease Lease shall be reduced to such extent as may be fair and reasonable under all of the circumstances. If part of Tenant’s Parking Lot shall be taken for any public or quasi-public use under any governmental law, ordinance or regulation, or by right of eminent domain, or by private purchase in proportion to the area takenlieu thereof, effective on the date physical possession is taken by the condemning authority. Following and there are less than one hundred (100) parking spaces remaining in Tenant’s Parking Lot after such partial taking, Landlord then Tenant shall make all necessary repairs or alterations to have the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election right to terminate this lease in accordance with this provision shall be evidenced Lease as of the date the condemning authority takes title or possession, whichever occurs first, by giving written notice of such termination delivered to the other party within Landlord not later than thirty (30) days after said date; provided, however, that if Landlord is able to provide alternative parking arrangements within the date physical possession is taken by Park so that, when combined with any then-remaining parking within the condemning authority.
18.4 Parking Lot, such alternative parking arrangements result in at least one hundred (100) parking spaces being made available to Tenant, then Tenant shall have no right to terminate this Lease. All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises Leased Premises, the Building or Common Area other improvements, or any part thereof, shall be the property of Landlord, Landlord and Tenant hereby assigns its interest in any such award to Landlord; provided, however, however Landlord shall have no interest in any award made to Tenant for loss of business, loss to Tenant's moving and ’s Property, or relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as Tenant. In no event shall Landlord be required under this Lease to incur any expenses in excess of available proceeds from any taking contemplated hereby for the purposes of restoring the Building or the Leased Premises after any such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained taking. As used in this Article 18 shall be Tenant's sole and exclusive remedy in 10, the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.phrase “
Appears in 1 contract
Sources: Lease (Purple Innovation, Inc.)
Eminent Domain. 18.1 (a) If more than thirty percent (30%) there is a taking of the floor area of Project or the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right or threat of eminent domain or by private purchase (a “Taking”) which results. in lieu thereofthe remainder of the Premises being unable to be restored to a condition reasonably suitable for Tenant’s business needs within one hundred eighty (180) days from the date of the Taking (“Substantial Taking”), this lease Lease shall terminate terminate. In such event, the Rent shall ▇▇▇▇▇ from the date of the Taking, and the rent any Rent for any period beyond such date shall be abated during returned to Tenant
(b) If there shall be a Taking which does not constitute a Substantial Taking, this Lease shall not terminate but Landlord shall, at its sole cost and expense, with due diligence, restore the unexpired Premises as speedily as practical to the condition in which Landlord was required originally to deliver the Premises to Tenant, and Tenant shall restore, at its sole cost and expense, with due diligence, any necessary portion of this leaseTenant’s Property, effective on its Initial Improvements, or any Alterations made by or at the date physical possession request of Tenant. During the restoration period, the Rent shall proportionately ▇▇▇▇▇ to the extent the Premises are not reasonably suitable for Tenant’s business needs. If only a portion of the Premises is taken by taken, the condemning authorityRent shall ▇▇▇▇▇ proportionately.
18.2 If less than thirty percent (30%c) In the event of the floor area termination of the Demised Premises should be taken as aforesaidthis Lease under this Paragraph 17, this lease Tenant shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion entitled to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaidpayment or award for a Taking, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except provided that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded file a claim for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award ’s Property; moving expenses; or for damages for cessation or interruption of Tenant’s business, provided such items is made to Tenant as long as such separate award does claim will not reduce the amount of the award that would otherwise be awarded to diminish Landlord’s recovery.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Single Occupancy Net Lease Agreement (Griffin Capital Net Lease REIT, Inc.)
Eminent Domain. 18.1 If more than thirty percent Except as hereinafter provided, if the Premises, or such portion thereof as to render the balance (30%if reconstructed to the maximum extent practicable in the circumstances) of unsuitable for the floor area of the Demised Premises should Tenant's purposes as contemplated under this Lease, shall be taken for any public by condemnation or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; howeverdomain, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or the Tenant may terminate this lease if shall have the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election right to terminate this Lease and any separate parking lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within of its desire to do so, provided that such notice is given not later than thirty (30) days after receipt by the Tenant of notice of the effective date of such taking. If so much of the Building shall be so taken that the Landlord reasonably determines chat would be reasonably necessary to raze or substantially alter the Building, the Landlord shall have the right to terminate this Lease by giving notice to the Tenant of the Landlord's desire to do so not later than thirty (30) days after the effective date physical possession is of such taking. Should any part of the Premises be so taken or condemned during the Term, and should this Lease be not terminated in accordance with the foregoing provisions, the Landlord agrees to use reasonable efforts to put what may remain of the Premises into proper condition for use and occupation as nearly like the condition of the Premises prior to such taking as shall be practicable, subject, however, to applicable laws and codes then in existence. If the Garage, or such portion thereof as to render the Tenant's parking privileges therein impossible or impracticable in the Landlord's reasonable determination, shall be taken by condemnation or right of eminent domain, then the condemning authority.
18.4 All compensation awarded Landlord shall designate, if available to the Landlord and promptly following any such taking, alternative parking within University Park that may be used for any taking (or the proceeds of private sale in lieu thereof) parking of the Demised Premises or Common Area automobiles of the employees and invitees of the Tenant. All such alternative parking shall be allocated proportionately among all tenants, including the property of LandlordTenant, and Tenant hereby assigns its interest in any such award to Landlordthen currently leasing parking spaces within the Garage; provided, however, the number of the Tenant's parking spaces guaranteed by the Landlord in Exhibit A shall not change. The Tenant shall pay the market rate from time to tune in effect for such alternative parking facilities. In the event the Landlord is unable to secure for the Tenant such alternative parking within sixty (60) days after the later of the effective date of such taking or the date the Landlord and the Tenant have notice of the effective date of such taking, the Tenant shall have no interest in the right, as its sole remedy, to terminate this Lease and any award made separate parking lease by notice to Tenant for the Landlord of its desire to do so, provided that the Tenant's moving and relocation expenses or for notice is given not later than ten (10) days following the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount expiration of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 aforesaid sixty (60) day period. Such termination shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything effective thirty (30) days after such notice is given to the contraryLandlord, Landlord may terminate this lease with no further liability to or such later date specified by the Tenant if in such notice not exceeding one hundred twenty (i120) fifty percent (50%) or more of the gross leasable area of the Industrial Complex days after such notice is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtednessgiven.
Appears in 1 contract
Eminent Domain. 18.1 If the whole of the Leased Premises shall be taken by any public authority under the power of eminent domain, or conveyed under a threat of condemnation, the lease term shall cease as of the day possession shall be taken by such public authority, and Tenant shall pay rent up to that date with an appropriate refund by Landlord of such rent as shall have been paid in advance for a period subsequent to the date of taking. If more than thirty forty percent (3040%) of the floor area total square footage of all buildings on the Demised Leased Premises should shall be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right the power of eminent domain domain, or by private purchase in lieu thereofconveyed under the threat of condemnation, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less or more than thirty forty percent (3040%) of the floor paved area on the Leased Premises is taken under the power of eminent domain, or conveyed under the threat of condemnation, Tenant may, by notice in writing to Landlord on or before the day of surrendering possession to the public authority, terminate this Lease, and rent shall be paid or refunded as of the Demised Premises should be taken as aforesaiddate of termination. In the event the Lease is not so terminated, this lease then the Lease shall not terminate; however, continue in full force and effect except that the minimum guaranteed rental payable hereunder during the unexpired portion of this lease base rent shall be reduced in proportion to equitably abated for the area taken, effective on taking of the date physical possession is taken by the condemning authority. Following such partial taking, Leased Premises and Landlord shall make all necessary repairs or alterations alterations, to the remaining premises orextent of available condemnation proceeds, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work basic building and exterior work so as described in such exhibit, as the case may be, required to make constitute the remaining portions of the Demised Leased Premises an a complete architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the takingunit. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking under the power of eminent domain, whether for the whole or part of the Leased Premises, shall be property of the Landlord, whether such damages shall be awarded as compensation for the diminution in the value of or loss of the leasehold or for diminution in the value of or loss of the fee of the Leased Premises, or otherwise. Nothing contained herein shall prevent Tenant from applying for reimbursement from the condemning authority (if permitted by law) for moving expenses, or the proceeds expense of private sale in lieu thereof) removal of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses trade fixtures, or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlordgood will.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Eminent Domain. 18.1 If more than thirty percent (30%) all or any part of the floor area of the Demised Premises should System shall be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain proceedings or by private purchase conveyance in lieu thereof, the net proceeds realized by the City therefrom shall be deposited with the Trustee in a special fund in trust and shall be applied and disbursed by the Trustee subject to the following conditions:
(a) If such funds are sufficient to provide for the payment of the entire amount of Principal due or to become due upon all of the Outstanding Bonds and outstanding Repayment Obligations, together with all of the interest due or to become due thereon and any redemption premiums thereon, so as to enable the City to retire all of the Bonds then Outstanding, either by call and redemption at the then current Redemption Prices or by payment at maturity or partly by redemption prior to maturity and partly by payment at maturity, and to pay all Repayment Obligations, the Trustee shall apply such moneys to such retirement or payment, as appropriate, and to the payment of such interest. Pending the application of such proceeds for such purpose, such moneys shall be invested by the Trustee, at the Written Request of the City, in Government Obligations. The balance of such moneys, if any, shall be transferred to the City.
(b) If such proceeds are insufficient to provide the moneys required for the purposes set forth in subsection (a) of this lease Section, the City shall terminate file with the Trustee a Written Request of the City requesting the Trustee to apply such proceeds for one of the following purposes:
(1) If such Written Request requests the Trustee to apply such proceeds to the purchase, redemption or retirement of Bonds, the Trustee shall apply such proceeds to the purchase, redemption or retirement of Bonds then Outstanding and Repayment Obligations then outstanding. If more than one Series of Bonds is then Outstanding, such proceeds shall be applied pro rata among each such Series to the purchase, redemption or retirement of the Bonds of each such Series and the rent payment of Repayment Obligations in the proportion which the Principal amount of Bonds of each such Series then Outstanding and Repayment Obligations then outstanding bears to the aggregate Principal amount of all Bonds then Outstanding and Repayment Obligations then outstanding. Pending the application of such proceeds for such purpose, such moneys shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken invested by the condemning authorityTrustee, at the Written Request of the City, in Government Obligations.
18.2 (2) If less than thirty percent (30%) such Written Request requests the Trustee to deliver such proceeds to the City to apply to the cost of additions, improvements or extensions to the System, the City shall also file with the Trustee an Engineer’s Certificate showing the loss in annual Revenues, if any, suffered, or to be suffered, by the City by reason of such eminent domain proceedings, together with a general description of the floor area additions, improvements or extensions to the System then proposed to be acquired or constructed by the City from such proceeds. If, in the opinion of the Demised Premises should City (evidenced by a Written Certificate of the City filed with the Trustee), which shall be taken as aforesaid, this lease shall not terminate; howeverfinal, the minimum guaranteed rental payable additional Revenues to be derived from such additions or improvements will sufficiently offset the loss of Revenues resulting from such eminent domain proceedings so that the ability of the City to meet its obligations hereunder during will not be substantially impaired, the unexpired portion of this lease Trustee shall be reduced in proportion pay such proceeds to the area takenCity. The City, effective on in reaching such determination, may rely upon the date physical possession is taken by the condemning authorityEngineer’s Certificate. Following The City shall hold such partial taking, Landlord shall make all necessary repairs or alterations proceeds in trust and apply them to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions acquisition or construction of the Demised Premises an architectural wholeadditions, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord improvements or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease extensions substantially in accordance with this provision such Engineer’s Certificate. The City shall acquire or construct such additions or improvements in a sound and economic manner and as expeditiously as is practicable. Any balance of such proceeds not required by the City for such additions, improvements or extensions shall be evidenced by written notice of termination delivered deposited into the Revenue Fund.
(3) If such Written Request requests the Trustee to transfer such proceeds to the other party within thirty (30) days after City for deposit into the date physical possession is taken by Revenue Fund upon the condemning authority.
18.4 All compensation awarded for any taking (basis that such eminent domain proceedings have had no effect, or at the most a relatively immaterial effect, upon the security of the Bonds, the City shall also file with the Trustee an Engineer’s Certificate stating that such eminent domain proceedings have not substantially impaired or affected the operation of the Systems or the proceeds of private sale in lieu thereof) ability of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award System to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything produce Net Revenues at least equal to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion Rate Covenant Requirement. Upon receipt of such award Written Request and such Engineer’s Certificate, the Trustee shall transfer such proceeds to the outstanding indebtednessCity for deposit into the Revenue Fund.
Appears in 1 contract
Sources: Master Trust Indenture
Eminent Domain. 18.1 If more than thirty percent (30%) all or any substantial part of the floor area of the Demised Premises should shall be taken for or appropriated by any public or quasi-public use authority under any governmental law, ordinance or regulation or by right the power of eminent domain domain, or by private purchase conveyance in lieu thereofof such appropriation, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached either party to this leaseLease shall have the right, all necessary repairs within at its option, of giving the scope of Landlord's Work as described in such exhibitother, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If at any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party time within thirty (30) days after such taking, notice terminating this Lease, except that Tenant may only terminate this Lease by reason of taking or appropriation, if such taking or appropriation shall be so substantial as to materially interfere with Tenant’s use and occupancy of the date physical possession is Premises. If neither party to this Lease shall so elect to terminate this Lease, the rental thereafter to be paid shall be adjusted on a fair and equitable basis under the circumstances. In addition to the rights of Landlord above, if any substantial part of the Project shall be taken or appropriated by any public or quasi-public authority under the condemning authority.
18.4 All compensation awarded for any taking (power of eminent domain or the proceeds of private sale conveyance in lieu thereof) , and regardless of whether the Premises or any part thereof are so taken or appropriated, Landlord shall have the right, at its sole option, to terminate this Lease. In addition to the rights of Tenant above, if any of the Demised Premises or Common Area parking areas in the Project shall be taken or appropriated by any public or quasi-public authority under the property power of Landlordeminent domain or conveyance in lieu thereof and that taking or appropriation reduces the number of parking spaces available to Tenant below 5.5 spaces per 1,000 square feet of rentable area in the Premises, Tenant shall have the right, at its sole option, to terminate this Lease unless Landlord provides suitable replacement parking to Tenant in reasonable proximity to the Building, sufficient to bring the number of parking spaces available to Tenant up to 5.5 spaces per 1,000 square feet of rentable area in the Premises. Landlord shall be entitled to any and all income, rent, award, or any interest whatsoever in or upon any such sum, which may be paid or made in connection with any such public or quasi-public use or purpose, and Tenant hereby assigns its to Landlord any interest it may have in or claim to all or any part of such sums, other than any separate award which may be made with respect to LandlordTenant’s trade fixtures and moving expenses; provided, however, Landlord Tenant shall have make no interest in any award made to Tenant for Tenant's moving and relocation expenses or claim for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions value of any successor or other law of like importunexpired Term.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Lease Agreement (KBS Real Estate Investment Trust III, Inc.)
Eminent Domain. 18.1 23.1. If more than thirty percent (30%) the entire Premises, or so much thereof as to render the balance thereof not reasonably usable for the conduct of the floor area of the Demised Premises should Tenant's business, shall be taken for any public or quasi-public use appropriated under any governmental law, ordinance or regulation or by right the power of eminent domain or by private purchase conveyed in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this leaseeither party hereto may, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by serving written notice of termination delivered to upon the other party hereto within thirty (30) days after thereafter, immediately terminate this Lease. If any substantial part of the date physical possession is Project excluding the Premises shall be taken by or appropriated under the condemning authority.
18.4 All compensation awarded for any taking (power of eminent domain or the proceeds of private sale 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) of the Demised Premises any income, rent, award or Common Area shall any interest therein which may be the property of Landlordpaid in connection therewith, and Tenant hereby assigns its interest in shall have no claim for any such award part of any sum so paid, whether or not attributable to Landlordthe value of the unexpired term of this Lease; provided, however, Landlord that nothing herein shall have no interest prevent Tenant from pursuing a separate award in any award made to Tenant connection with the taking of Tenant's removable tangible personal property placed in the Premises solely at Tenant's expense and for Tenant's moving relocation costs.
23.2. If a part of the Premises shall be so taken, appropriated or conveyed and relocation expenses neither party hereto shall elect to so terminate this Lease, (i) Base Rent and Additional Rent payable hereunder shall be abated in the proportion that the area of the portion of the Premises so taken, appropriated or for conveyed bears to the loss area of the entire Premises, and (ii) if the Premises shall have been damaged as a consequence of such partial taking, appropriation or conveyance, Landlord shall, to the extent of any severance damages received by Landlord, restore the Premises continuing under this Lease; provided, however, the 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, additions, fixtures or improvements installed on the Premises by or at the expense of Tenant's fixtures , and other tangible personal property if a separate award for Tenant shall pay any amount in excess of such items is made severance damages required to Tenant as long as complete such separate award does not reduce the amount of the award that would otherwise be awarded to Landlordrepairs or restoration.
18.5 The rights 23.3. Notwithstanding anything to the contrary contained in this Article 18 23, if the temporary use or occupancy of any part of the Premises shall be Tenant's sole 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 exclusive remedy remain unaffected by such taking, appropriation or conveyance and Tenant shall continue to pay in full all rent payable hereunder by Tenant during the term of this Lease. In the event of a taking any such temporary taking, appropriation or condemnationconveyance, Tenant shall be entitled to receive that portion of any award which represents compensation for loss of this use or occupancy of the Premises during the term of this Lease, and Landlord shall be entitled to receive the balance of such award. Each To the extent that it is inconsistent with the above, each party hereto hereby waives the provisions of Sections Section 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything allowing either party to the contrary, Landlord may petition a court to terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more Lease in the event of a partial taking of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtednessPremises.
Appears in 1 contract
Eminent Domain. 18.1 If more than thirty fifteen percent (3015%) of the floor area of the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty fifteen percent (3015%) of the floor area of the Demised demised Premises and no portion of Tenant's service center should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demises Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy eighty percent (7080%) of the area of the Common Area immediately Immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items Items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord, and subject to the terms of any mortgage or ground lease encumbering the Industrial Complex.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease the Lease with no further liability to Tenant if (i) fifty percent (50%) % or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, taking Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Industrial Complex Lease (Pilot Network Services Inc)
Eminent Domain. 18.1 (a) If more the Premises, or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes of Tenant, shall be taken by condemnation or right of eminent domain, Tenant, upon written notice to Landlord, shall be entitled to terminate this Lease, provided that such notice is given not later than thirty percent sixty (30%60) days after Tenant has been deprived of possession. Should any part of the floor area Premises by so taken or condemned, and should this Lease not be terminated in accordance with the foregoing provision, Landlord covenants and agrees promptly after such taking or condemnation, and the determination of Landlord's award therein, to expend so much as may be necessary of the Demised net amount which may be awarded to Landlord in such condemnation proceedings in restoring the Premises should to an architectural unit as nearly like their condition prior to such taking as shall be taken practicable. Should the net amount so awarded to Landlord be insufficient to cover the cost of restoring the Premises, as estimated by Landlord's architect, Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore said Premises as above provided, with all reasonable diligence, or Landlord may terminate this Lease, if Tenant does not supply the necessary additional funds or agree to a reduction in the Landlord's restoration obligation. Where Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, Landlord shall notify Tenant of Landlord's election not later than ninety (90) days after the final determination of the amount of the award.
(b) Out of any award for any public or quasi-public use under any governmental lawtaking of the Premises, ordinance or regulation in condemnation proceedings or by right of eminent domain or by private purchase in lieu thereofdomain, this lease shall terminate and the rent Landlord shall be abated during entitled to receive and retain the unexpired portion amounts awarded for such Premises and for Landlord's loss of Landlord's estate in this leaseLease. Tenant shall (i) execute any instruments of assignment as may be reasonably required by landlord, effective on (ii) join in any petition for recovery of damages as Landlord may reasonably request, and (iii) turn over to Landlord any damages that may be recovered in any proceeding which are the date physical possession is taken property of Landlord under this Section. Tenant shall be entitled to receive and retain any amounts which may be specifically awarded to it in any such condemnation proceedings, because of the taking of its trade fixtures or furniture and its leasehold improvements loss of goodwill, severance damages, and moving costs to the extent Tenant was not reimbursed for the same by the condemning authorityLandlord.
18.2 If less than thirty percent (30%c) In the event of any such taking of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; howeverPremises, the minimum guaranteed rental payable hereunder during rent or a fair and just proportion thereof, according to the unexpired nature and extent of the damage sustained, shall be suspended or abated, and Landlord shall return a pro rata portion of this lease shall be reduced in proportion the semiannual advance Base Rent payment to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such takingTenant.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Lease (Varian Semiconductor Equipment Associates Inc)
Eminent Domain. 18.1 If more than thirty percent (30%) the whole or any part of the floor area of the Demised Leased --------------- Premises should or Common Areas shall be taken for any public or quasi-public use under any by a governmental law, ordinance or regulation or by right other authority having the power of eminent domain or by private purchase shall be conveyed to such authority in lieu thereofof such taking, and if such taking or conveyance shall cause the remaining part of the Leased Premises to be untenantable or inadequate for use by Tenant for the purpose for which they were leased, then either Landlord or Tenant may, at their respective option, terminate this lease shall terminate and Lease as of the rent date Tenant is required to surrender possession of the Leased Premises or use of the Common Areas by giving written notice of such termination to the other party. If a part of the Leased Premises shall be abated during taken or conveyed but the unexpired portion remaining part is adequate for Tenant's use, then this Lease shall be terminated as to the part taken or conveyed as of this lease, effective on the date physical possession is Tenant surrenders possession; Landlord shall make such repairs, alterations or improvements as may be necessary to render the part not taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminateor conveyed tenantable; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease and Rental shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should Leased Premises so taken or conveyed. If Landlord elects to restore the Leased Premises or the Building, such restoration shall be taken as aforesaidcomplete within one hundred and twenty (120) days of the condemnation or taking. Failing such timely completion, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following Lease upon ten (10) days' written notice to Landlord. All such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex repairs and restoration shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the takingmade in a good and workmanlike manner, and in compliance with all laws. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any such taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area conveyance shall be the property of LandlordLandlord without any deduction therefrom for any present or future estate of Tenant, and Tenant hereby assigns to Landlord all its right, title and interest in and to any such award to Landlord; providedaward. However, however, Landlord Tenant shall have no interest in any award made the right to recover from such authority, but not from Landlord, such compensation as may be awarded to Tenant for Tenant's on account of moving and relocation expenses or for the loss and depreciation to and removal of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlordproperty.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Eminent Domain. 18.1 If more than thirty percent (30%) all or substantially all of the floor area Premises, the Building or the parking areas is taken by a public authority pursuant to the exercise of the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right power of eminent domain or by private purchase in lieu thereofdomain, this lease Lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by on which the condemning authority.
18.2 If less than thirty percent (30%) authority takes possession of the floor area Premises (“Date of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authoritySuch Taking”). Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should Premises is taken such that, in Landlord’s reasonable opinion, the Premises cannot be taken restored to an economically viable condition, or if the holder of any Mortgage (as aforesaidhereinafter defined) requires application of the condemnation proceeds to the reduction of the mortgage indebtedness, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within Lease upon thirty (30) days prior written notice to Tenant. If Landlord does not terminate this Lease and the condemnation renders all or a substantial portion of the Premises untenantable or inaccessible or results in a reduction of accessible on-site parking spaces to the extent it is not viable for Tenant to continue to operate its business at the Premises in the manner operated immediately prior to such taking, Tenant may terminate this Lease effective on the Date of Such Taking by written notice given no later than sixty (60) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any Date of Such Taking. Upon a partial taking which does not result in a termination of this Lease: (or the proceeds of private sale in lieu thereofi) of the Demised Premises or Common Area rent shall be adjusted to reflect the property reduced amount of Landlordrentable area in the Building; and (ii) Landlord shall restore the Premises, including the Work, but only to the extent of funds available to Landlord from the consideration paid for such taking. Landlord shall not otherwise be obligated to replace or restore any improvements or alterations to the Premises made by or on behalf of Tenant, or any of Tenant’s leasehold improvements, personal property, furniture, fixtures or equipment. Upon any taking, Landlord shall be entitled to any resulting damages, awards or any interest therein, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or claim for the loss value of Tenant's any unexpired term of the Lease or otherwise. Tenant may independently claim for the value of its furniture, fixtures and other tangible personal property if a separate award for equipment or moving expenses, provided that such items is made to Tenant as long as such separate award does claim shall not reduce the amount of the award that would otherwise be awarded to diminish Landlord’s claim.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Eminent Domain. 18.1 15.1 If more than thirty percent (30%) all of the floor area Premises, access to the Premises, or such portion of the Demised Premises should or the Newport Corporate Center or access thereto as would, in Landlord's or Tenant's reasonable judgment, materially interfere with the continuation of Tenant's business operations in substantially the same manner and space, shall be permanently taken or condemned for any public purpose, then this Lease, at the option of Tenant or quasi-public use under Landlord upon the giving of written notice to the other party, shall forthwith cease and terminate upon the date when title vests in the condemning or taking entity. If this Lease is terminated as provided above, then this Lease shall cease and expire as if the date of transfer of possession of the Premises, the Newport Corporate Center, or any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu portion thereof, was the Expiration Date of this lease Lease.
15.2 In the event that this Lease is not terminated by either Landlord or Tenant under the prior Section, Tenant shall pay Rent up to the date of transfer of possession of such portion of the Premises so taken or condemned and this Lease shall thereupon cease and terminate and with respect to such portion of the rent Premises so taken or condemned as if the date of transfer of possession of the Premises was the Expiration Date of the term of this Lease relating to such portion of the Premises. Thereafter the Rent shall be abated during the unexpired portion of this leaseadjusted on a pro rata, effective on the date physical possession is taken by the condemning authoritynet rentable square foot basis.
18.2 If less than thirty percent (30%) 15.3 In the event of the floor area of the Demised Premises should be taken as aforesaid, any such condemnation or taking and this lease shall Lease is not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial takingso terminated, Landlord shall make all necessary repairs promptly repair the Premises or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibitNewport Corporate Center, as the case may be, required to make the condition that existed at the Commencement Date, so that the remaining portions portion of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area Newport Corporate Center, as the case may be, shall be the property of Landlordconstitute a complete architectural unit, fit for Tenant's occupancy and Tenant hereby assigns its interest in any such award to Landlordbusiness; provided, however, that Landlord's obligation to repair hereunder shall be limited to the extent of the net proceeds made available to Landlord for such repair from any such condemnation or taking. Landlord shall promptly make available to Tenant any and all net proceeds made available to Landlord from such condemnation or taking to the extent such proceeds are attributable to Tenant Improvements owned by and/or paid for by Tenant and are not used in repairing or restoring such Tenant Improvements to the condition that existed at the Commencement Date.
15.4 In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, then this Lease shall continue in full force and effect except that Rent shall be adjusted on a pro rata net rentable square foot basis for the period of time that the Premises are so taken as of the date of transfer of possession of the Premises, and Landlord shall be under no obligation to make any repairs or alterations.
15.5 In the event of any condemnation or taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all Tenant Improvements and Tenant may not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate attempt to recover an award or compensation against or from the condemning authority for (i) the value of any fixtures, furniture, furnishings, and other personal property which were condemned but which under the terms of this Lease Tenant is permitted to remove at the end of the Term, (ii) the unamortized cost of Tenant Improvements, which are not so removable by Tenant at the end of the term of this Lease but which were installed solely at Tenant's expense, (iii) relocation and moving expenses, and (iv) compensation for loss to Tenant's business.
15.6 Subject to Section 15.5, Landlord shall have no interest the exclusive authority to grant possession and use to the condemning authority and to negotiate and settle all issues of just compensation or, in any award made the alternative, to conduct litigation concerning such issues; provided, however, that Landlord shall keep Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount informed of the award that would otherwise be awarded to Landlordproceedings and negotiations concerning the Premises.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Sublease Agreement (Mercata Inc)
Eminent Domain. 18.1 If more than thirty twenty-five percent (3025%) of the floor area of the Demised Premises should be is taken or appropriated for any public or quasi-public use under any governmental law, ordinance or regulation or by right the power of eminent domain domain, or by private purchase conveyed in lieu thereof, either party hereto shall have the right, at its option, to terminate this lease shall terminate Lease by written notice to the other party given within ten (10) days of the date of such taking, appropriation or conveyance, and the rent Lessor shall be abated during entitled to any and all income, rent, award, or any interest therein whatsoever which may be paid or made (the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%“Award”) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 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. If any part of the Common Area should Building or the Project other than the Premises may be taken as aforesaidso taken, this lease appropriated or conveyed, Lessor shall not terminate, nor shall have the rent payable hereunder be reduced, except that either Landlord or Tenant may right at its option to terminate this lease if Lease, and in any such event Lessor shall be entitled to the area 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 Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity date upon which title to the Industrial Complex 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 be refund to Lessee any prepaid but unearned Rentals and the unused balance of the Security Deposit; 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 seventy twenty-five percent (7025%) of the area 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 Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision Award, and Lessee shall be evidenced by written notice of termination delivered entitled to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded make a claim for any separate award attributable to any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in Lessee’s trade fixtures so long as any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award Lessee does not reduce the amount of the award that would otherwise Award available to Lessor; and (ii) the Rental thereafter to be awarded to Landlord.
18.5 The rights contained in this Article 18 paid hereunder for the Premises shall be Tenant's sole and exclusive remedy reduced in the event of a taking or condemnation. Each party waives same ratio that the provisions of Sections 1265.130 and 1265.150 percentage of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken Premises so taken, appropriated or (ii) if following any conveyed bears to the total area of the Premises immediately prior to the taking, Landlord's mortgagee elects 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 allocated to require Landlord the Office Cost Pool shall be adjusted pursuant to apply Article 7. Notwithstanding this Article 24 above, upon a temporary taking of all or a 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 award temporary taking, Lessee shall be entitled to any Award for the temporary use of the portion of the Premises taken which is attributable to the outstanding indebtednessperiod 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. 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 happening 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. 18.1 18.1. If more any Premises or greater than thirty twenty-five percent (3025%) of the floor area Rentable Area of such Premises or twenty-five percent (25%) of the Demised parking area generally serving such Premises should as reasonably determined by Landlord and Tenant shall be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right power of eminent domain or by private purchase in lieu thereofdomain, this lease Lease shall terminate and the rent shall be abated during the unexpired portion as to such Premises as of this lease, effective on the date physical of such condemnation, or as of the date possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession whichever is taken by the condemning authorityearlier. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the No award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlordapportioned, and Tenant hereby assigns its to Landlord any award made in such taking or condemnation together with all rights of Tenant in or to the same or any part thereof. However, nothing contained herein shall give Landlord any interest in any such award or require Tenant to Landlord; provided, however, assign to Landlord shall have no interest in any award made to Tenant for the taking of personal property and fixtures of Tenant and/or for interruption of or damage to Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for business, provided that such items is made to Tenant as long as such separate award does not reduce the amount of diminish the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 18.2. If less than twenty-five percent (25%) of the Rentable Area of a Premises is so taken, rent shall be Tenant's sole abated in proportion to the part of such Premises so taken, effective the date on which the condemning authority requires possession. Landlord shall restore the portion of such Premises remaining usable to as near its former condition as reasonably possible and exclusive remedy this Lease shall continue in effect. In no event shall there be any abatement of rent in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 less than twenty-five percent (25%) of the California Code parking generally serving a Premises, unless Landlord is unable to replace such taken parking within the Center or within other property in reasonable proximity to the Center, in which event Tenant's monthly basic rent payable hereunder shall ▇▇▇▇▇ in proportion to the number of Civil Procedure stalls taken which are not so replaced and the provisions total number of any successor or other law Allocated Parking Spaces to which Tenant is entitled pursuant to this Lease as of like importthe date of such taking.
18.6 18.3. Notwithstanding anything to the contrarycontrary in the foregoing, Landlord may no temporary taking of a Premises, or any part thereof, any parking relating to such Premises and/or of Tenant's rights therein shall terminate this lease with no further liability Lease or give Tenant any right to any abatement of rent; any award to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion by reason of such award temporary taking shall belong entirely to Tenant.
18.4. A sale by ▇▇▇▇▇▇▇▇ to any authority having the outstanding indebtednesspower of eminent domain, either under threat of condemnation or while condemnation proceedings are pending, shall be deemed a taking by eminent domain for all purposes under this Article.
Appears in 1 contract
Sources: Master Building Lease (Filenet Corp)
Eminent Domain. 18.1 If more than thirty percent (30%) In the event that the entire Premises shall at any time after execution of the floor area of the Demised Premises should this Lease be taken for any in public or quasi-public use or condemned under any governmental laweminent domain, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, then this lease Lease shall terminate and expire effective the date of such taking and any prepaid rent or unearned charges shall be abated during refunded to Tenant. Tenant shall have the unexpired right of termination of this Lease with an appropriate refund of prepaid rent or unearned charges, if, as a result of such eminent domain proceeding or other governmental or quasi-public action:
(a) Any portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should shall be taken as aforesaidand the remaining portion shall be unsuitable for Tenant's continued business operations, this lease shall not terminatedetermined in Tenant's sole business judgments; however, or
(b) The total number of parking spaces established for the minimum guaranteed rental payable hereunder during the unexpired portion of this lease Premises shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy twenty percent (7020%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within or more, or Tenant, its customers, agents, employees and visitors are for more than thirty (30) days after denied reasonable access to the date physical possession is taken by Premises or parking areas. Should Tenant elect to remain in the condemning authority.
18.4 All compensation awarded Premises under the circumstances described in subparagraph (a), then rent shall be reduced for any taking (or the proceeds of private sale in lieu thereof) remainder of the Demised term thereafter in proportion to the amount of the Premises taken. All damages awarded in connection with the taking of the Premises whether permitted as compensation for diminution in value to the leaseholdor the fee of the Premises or Common Area for taking of any portion of the Property shall be the property of belong to Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, if Tenant has made any leasehold improvements to the Premises or structural changes to the Premises with Landlord's written approval and at its own expense (regardless of when made), Tenant and not Landlord shall have no interest in any be entitled to claim an award made to Tenant for Tenant's moving and relocation expenses or for the loss unamortized balance of Tenant's fixtures and other tangible personal property if cost thereof amortized over the useful life thereof, not to exceed ten (10) years. In the event the condemning authority shall not make a separate award for therefor, Landlord shall make a claim therefor on behalf of Tenant and if such items claim is made allowed, assign the portion of its award equal to such unamortized cost to Tenant. In addition, Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole entitled to claim an award from the condemning authority for loss of business, DAMAGE to merchandise and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 fixtures, removal and 1265.150 of the California Code of Civil Procedure reinstallation costs and the provisions of any successor or other law of like importmoving expenses.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Eminent Domain. 18.1 If all or substantially all of the Premises shall be sold to or taken by any public authority under its power of condemnation or the threat thereof, this Lease shall terminate as of the date possession shall be transferred to the acquiring authority, and the Rent payable hereunder shall be apportioned accordingly. Upon any taking of less than substantially all of the Premises, this Lease shall continue in force as to the part of the Premises not taken. In the event of any such partial taking, Tenant, at Tenant’s sole cost except as otherwise provided herein, shall diligently rebuild or restore the remainder of the Premises to the condition in which they existed at the time of such taking. Except as herein specifically provided otherwise, all damages awarded by or amounts paid by the acquiring authority for any such taking, whether for the whole or a part of the Premises, shall belong to and be the property of Landlord; provided that Tenant shall have the right to make its separate claim for compensation for any loss or damage it suffers to its trade fixtures and for statutory relocation expenses, provided any such claim does not reduce the amount of the award otherwise payable to Landlord. In the event of a partial taking any proceeds received by Landlord shall first be applied to reimburse Tenant for the costs of rebuilding or restoring the Premises to its condition at the time of taking on mutually agreeable, reasonable terms and conditions (which may include, without limitation, those that an institutional construction lender would customarily and reasonably require for disbursement of construction loan proceeds).
4.2.1 Notwithstanding anything contained in this Lease to the contrary, if more than thirty fifty percent (3050%) of the floor area of the Demised Premises should be are taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) last year of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial takingTerm, Landlord and Tenant each shall make all necessary repairs or alterations to have the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election right to terminate this lease in accordance with this provision shall be evidenced Lease by giving to the other written notice of such termination delivered to the other party within thirty (30) days after the date physical possession is taken by of such taking, specifying a termination date of at least sixty (60) days and not more than ninety (90) days after the condemning authority.
18.4 All compensation awarded for any taking date of notice of termination. Failure to give notice of termination within such thirty (or the proceeds of private sale in lieu thereof30) of the Demised Premises or Common Area day period shall be the property of Landlord, and Tenant hereby assigns its interest in any such award deemed to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if be a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion waiver of such award to the outstanding indebtednessright of termination.
Appears in 1 contract
Sources: Triple Net Lease (Voltari Corp)
Eminent Domain. 18.1 Section 16.1. If more than thirty thirty-three percent (3033%) of the floor area of the Demised Premises should demised premises shall be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right the power of eminent domain or by private purchase the portion not so taken 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 make, or if Tenant's parking rights under the Lease are materially reduced as a result of such taking, Tenant shall have the 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 lieu thereofpossession of the remainder of the demised premises, this lease and shall terminate and notify Landlord in writing within ten (10) days after such taking of Tenant's election. Subject to Landlord's termination rights, in the event Tenant elects to remain 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 abated during reduced in the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of same proportion that the floor area of the Demised Premises should be demised premises taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion bears to the original floor area takenof the demised premises, effective on the date physical possession is taken by the condemning authority. Following such partial taking, and Landlord shall at its own cost and expense make all necessary repairs or alterations to the remaining demised premises orso as to constitute the portion of the demised premises not taken a complete architectural unit for the purposes allowed by this Lease, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within but such work shall not exceed the scope of Landlord's Work as described in such exhibit, as the case may be, required work to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received done by Landlord in connection with such takingoriginally constructing the building and the demised premises (but including the Tenant Improvements).
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnationSection 16.2. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California 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 damages or awards for any taking under the power of eminent domain whether for the whole or a part of the demised premises shall belong to and be the provisions property of Landlord whether such damages or awards shall be awarded as compensation for diminution in value to the leasehold or to 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 made 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 or the demised premises shall be taken under power of eminent domain, or if any material part of the Parking and Accommodation Areas shall be so taken, Landlord may, by written notice to Tenant delivered on or 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 public authority and Landlord shall make a prorata refund of any successor or other law of like importrent and all deposits paid by Tenant in advance and not yet earned.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Lease (Xtent Inc)
Eminent Domain. 18.1 16.1 If more than thirty percent (30%) of the floor area of the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease Lease, shall terminate and the rent shall be abated during the unexpired portion of this leaseLease, effective on the date physical possession is taken by the condemning condemning, authority.
18.2 16.2 If less than thirty percent (30%) of 30%)of the floor area of the Demised Premises should be taken as aforesaid, this lease Lease shall not terminate; , however, the minimum guaranteed rental Minimum Guaranteed Rental (but not Percentage Rental) is payable hereunder during the unexpired portion of this lease shall be reduced Lease in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work Exhibit B is attached to this leasehereto, all necessary repairs or alterations within the scope of Landlord's Work as described in such exhibitExhibit B, as the case may be, be required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 16.3 If any part of the Common Area should be taken as aforesaid, this lease Lease shall not terminate, terminate nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease .this Lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex Shopping Center shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease Lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 16.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's Tenant ' s moving and relocation expenses or for the loss of Tenant's Tenant ' s fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to LandlordTenant.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Lease Agreement (Etravnet Com Inc)
Eminent Domain. 18.1 14.1 If more than thirty percent (30%) any portion of the floor area of the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, or if the rentable square footage in the Shopping Center should be reduced by twenty percent (20%) or more, this lease Lease shall terminate at Tenant's option and the rent shall be abated during the unexpired portion of this leaseLease, effective on the date physical possession is taken by the condemning authority.
18.2 14.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken Tenant shall elect not to terminate this Lease as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental rent payable hereunder during the unexpired portion of this lease Lease shall be reduced in proportion to the area takena manner that is fair and equitable, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an a complete architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such takingand commercial unit.
18.3 14.3 If any part of the Common Area should be taken as aforesaid, this lease Lease shall not terminate, nor shall the rent rentals payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease Lease if, in Tenant's sole judgment, access to the Demised Premises or Shopping Center or any other essential service or facility is materially diminished, or if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy reduced by fifteen percent (7015%) or more, or if the required parking ratios are not maintained, or if the lease of the area of the Common Area immediately prior to the takingor occupancy by any Key Tenant is terminated. Any election to terminate this lease Lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authorityLandlord.
18.4 14.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of LandlordTenant to the extent of Tenant's moving costs and relocation expenses, the loss of personal property, fixtures, and Tenant equipment taken, and the unamortized cost of any leasehold improvements by Tenant, and Landlord hereby assigns its interest in any such portion of the award to Tenant. The balance of the award shall be the property of Landlord; provided, however, Landlord and Tenant shall have no interest in any award made to Tenant for therein. For purposes hereof, Tenant's moving and relocation expenses or for the loss leasehold improvements shall be deemed amortized in annual increments as of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount each anniversary of the award that would otherwise be awarded to Landlord.
18.5 The rights Rent Commencement Date, with the number of whole integer Lease Years having expired in the Lease Term as of the date of taking being the numerator, and the number of whole integer Lease Years originally contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives Lease Term being the provisions of Sections 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like importdenominator.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Shopping Center Lease (Alrenco Inc)
Eminent Domain. 18.1 If more than thirty percent (30%) of the floor area of the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections Section 1265.130 and 1265.150 of the California Code of Civil Procedure and the provisions of any successor or other law of like import.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Sources: Industrial Complex Lease (Apbiotech)
Eminent Domain. 18.1 If more than thirty percent (30%) In the event that the entire Premises shall at any time after execution of the floor area of the Demised Premises should this Lease be taken for any in public or quasi-public use or condemned under any governmental laweminent domain, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, then this lease Lease shall terminate and expire effective the date of such taking and any prepaid rent or unearned charges shall be abated during refunded to Tenant. Tenant shall have the unexpired right of termination of this Lease with an appropriate refund of prepaid rent or unearned charges, if, as a result of such eminent domain proceeding or other governmental or quasi-public action:
(a) Any portion of this lease, effective on the date physical possession is taken by the condemning authority.
18.2 If less than thirty percent (30%) of the floor area of the Demised Premises should shall be taken as aforesaidand the remaining portion shall be unsuitable for Tenant's continued business operations, this lease shall not terminatedetermined in Tenant's sole business judgments; however, or
(b) The total number of parking spaces established for the minimum guaranteed rental payable hereunder during the unexpired portion of this lease Premises shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's Work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received by Landlord in connection with such taking.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy twenty percent (7020%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within or more, or Tenant, its customers, agents, employees and visitors are for more than thirty (30) days after denied reasonable access to the date physical possession is taken by Premises or parking areas. Should Tenant elect to remain in the condemning authority.
18.4 Premises under the circumstances described in subparagraph (a), then rent shall be reduced for the remainder of the term thereafter in proportion to the amount of the Premises taken. All damages awarded in connection with the taking of the Premises whether permitted as compensation awarded for any taking (diminution in value to the leasehold or the proceeds of private sale in lieu thereof) fee of the Demised Premises or Common Area for taking of any portion of the Property shall be the property of belong to Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, if Tenant has made any leasehold improvements to the Premises or structural changes to the Premises with Landlord's written approval and at its own expense (regardless of when made), Tenant and not Landlord shall have no interest in any be entitled to claim an award made to Tenant for Tenant's moving and relocation expenses or for the loss unamortized balance of Tenant's fixtures and other tangible personal property if cost thereof amortized over the useful life thereof, not to exceed ten (10) years. In the event the condemning authority shall not make a separate award for therefor, Landlord shall make a claim therefor on behalf of Tenant and if such items claim is made allowed, assign the portion of its award equal to such unamortized cost to Tenant. In addition, Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole entitled to claim an award from the condemning authority for loss of business, damage to merchandise and exclusive remedy in the event of a taking or condemnation. Each party waives the provisions of Sections 1265.130 fixtures, removal and 1265.150 of the California Code of Civil Procedure reinstallation costs and the provisions of any successor or other law of like importmoving expenses.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
Appears in 1 contract
Eminent Domain. 18.1 Section 16.1. If more than thirty thirty-three percent (3033%) of the floor area of the Demised Premises should building on the demised premises shall be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right the power of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent portion not so taken 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 make, Tenant shall be abated during have the unexpired portion 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 this lease, effective on the date physical possession is taken by remainder of the condemning authority.
18.2 If demised premises and shall notify Landlord in writing within ten (10) days after such taking of Tenant's election. In the event less than thirty thirty-three percent (3033%) of the floor area of the Demised Premises should building on the demised premises shall be taken or Tenant elects to remain in possession, as aforesaidprovided in the first sentence hereof, this lease all of the terms herein provided shall not terminate; howevercontinue in effect, except that the minimum guaranteed rental payable hereunder during the unexpired portion of this lease 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 taken, effective of the building on the date physical possession is taken by the condemning authority. Following such partial takingdemised premises, and Landlord shall at its own cost and expense make all necessary repairs or alterations to the remaining building so as to constitute the portion of the building not taken a complete architectural unit and the demised premises ora complete unit for the purposes allowed by this Lease, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within but such work shall not exceed the scope of Landlord's Work as described in such exhibit, as the case may be, required work to make the remaining portions of the Demised Premises an architectural whole, but in no event shall Landlord be required to expend an amount greater than the award actually received done by Landlord in connection with originally constructing said building. From and after the taking date, and during Landlord’s alteration and repair work, rent shall proportionately ▇▇▇▇▇ to the extent any portion of the demised premises is rendered inaccessible or not usable by Tenant as a result of such takingtaking or Landlord’s alteration and repair work.
18.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Industrial Complex shall be less than seventy percent (70%) of the area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
18.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant as long as such separate award does not reduce the amount of the award that would otherwise be awarded to Landlord.
18.5 The rights contained in this Article 18 shall be Tenant's sole and exclusive remedy in the event of a taking or condemnationSection 16.2. Each party waives the provisions of Sections 1265.130 and 1265.150 of the California 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 damages or awards for any taking under the power of eminent domain whether for the whole or a part of the demised premises shall belong to and be the provisions property of Landlord whether such damages or awards shall be awarded as compensation for diminution in value to the leasehold or to 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 made 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, or if any part of the Parking and Accommodation Areas shall be so taken, Landlord may, by written notice to Tenant delivered on or 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 public authority and Landlord shall make a prorata refund of any successor or other law of like importrent and all deposits paid by Tenant in advance and not yet earned.
18.6 Notwithstanding anything to the contrary, Landlord may terminate this lease with no further liability to Tenant if (i) fifty percent (50%) or more of the gross leasable area of the Industrial Complex is taken or (ii) if following any taking, Landlord's mortgagee elects to require Landlord to apply all or a portion of such award to the outstanding indebtedness.
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Sources: Sublease Agreement (Asterias Biotherapeutics, Inc.)