Common use of Less Than All of Premises Taken Clause in Contracts

Less Than All of Premises Taken. If less than all but more than twenty percent (20.0%) of the GLA in the Premises is taken by condemnation or if (regardless of the percentage of the GLA in the Premises which is taken) the remainder of the Premises is not one undivided parcel of property, then in either event Landlord and Tenant shall have the right to terminate this Lease upon notice in writing to the other party within ninety (90) days after possession is taken by such condemnation. If this Lease is so terminated, it shall terminate as of the day possession shall be taken by such authority, and Tenant shall pay Rent and perform all of its other obligations under this Lease up to that date with proportionate refund by Landlord of any Rent they may have been paid in advance for a period subsequent to the date of the taking. If this Lease is not so terminated, it shall terminate only with respect to the parts of the Premises so taken as of the day possession is taken by such authority, and Tenant shall pay Rent up to that day with a proportionate refund by Landlord of any Rent that may have been paid for a period subsequent to the date of the taking and, thereafter, the Rent shall be based on the remaining square footage of GLA in the Premises. Landlord agrees, at Landlord's cost and expense, as soon as reasonably possible, to restore the Premises on the land remaining to a complete unit of like quality and character as existed prior to such appropriation or taking; provided that Landlord shall not be required to expend more on such restoration than the condemnation award received by Landlord (less all expenses, costs, legal fees and court costs incurred by Landlord in connection with such award).

Appears in 1 contract

Samples: Lease (American Marine Recreation Inc)

AutoNDA by SimpleDocs

Less Than All of Premises Taken. If less than all but more than twenty ten percent (20.010%) of the GLA in Rentable Area of the Premises is taken by condemnation Condemnation, or if in the reasonable judgment of Landlord or Tenant (regardless of the percentage of the GLA in Rentable Area of the Premises which is taken) the remainder of the Premises is cannot one undivided parcel of propertybe used for Tenant’s continued use or occupancy for Tenant’s business, then in either such event Landlord and or Tenant shall each have the right to terminate this Lease upon notice in writing to the other party within ninety (90) sixty days after possession is taken by such condemnationCondemnation. If this Lease is so terminated, it shall terminate as of the day date possession shall be taken by such authorityso taken, and Tenant shall pay Rent rent and perform all of its other obligations under this Lease up to that such date with a proportionate refund by Landlord of any Rent they may rent which shall have been paid in advance for a period periods subsequent to the date of the takingsuch date. If this Lease is not so terminated, it shall terminate only with respect to the parts of the Premises so taken as of the day date possession is shall be taken by such authority, authority and Tenant shall pay Rent rent up to that day such date with a proportionate refund by Landlord of any Rent that may rent which shall have been paid in advance for a period periods subsequent to such date, and thereafter the date of the taking and, thereafter, the Minimum Rent shall be based on reduced in direct proportion to the remaining square footage amount of GLA in the Premises. Rentable Area of the Premises taken, and Landlord agrees, at Landlord's ’s cost and expense, as soon as reasonably possible, possible to restore the remainder of the Premises on the land remaining to a complete unit of like similar quality and character as existed prior to such appropriation or takingtaking (to the extent feasible); provided that Landlord shall not be required to expend more on such restoration than an amount equal to the condemnation award received by Landlord (less all expenses, costs, costs and legal fees and court costs incurred by Landlord in connection with such award).

Appears in 1 contract

Samples: Village Center Lease Agreement (Digital Domain Media Group, Inc.)

Less Than All of Premises Taken. If less than all but more than twenty percent (20.0%) of the GLA in the Premises is taken by condemnation or Condemnation, and if (regardless of the percentage of the GLA in the Premises which is taken) the remainder of the Premises is cannot one undivided parcel be used for Tenant’s continued use or occupancy for Tenant’s business in the reasonable judgment of propertyTenant or if the portion of the Premises not taken cannot be feasibly restored to a leasable unit in the reasonable judgment of Landlord, then in either such event Landlord and or Tenant shall each have the right to terminate this Lease upon notice in writing to the other party within ninety thirty (9030) days after possession is taken by such condemnationCondemnation. If this Lease is so terminated, it shall terminate as of the day date possession shall be taken by such authorityso taken, and Tenant shall pay Rent and perform all of its other obligations under this Lease up to that such date with a proportionate refund by Landlord of any Rent they may which shall have been paid in advance for a period periods subsequent to the date such date. XX Xxxxxxxx, LLC – Lightshade Labs, LLC 2014 Commercial Lease 12 of the taking. 31 If this Lease is not so terminated, it shall terminate only with respect to the parts of the Premises so taken as of the day date possession is shall be taken by such authority, and Tenant shall pay Rent up to that day with a proportionate refund by Landlord of any Rent that may have been paid for a period subsequent to the date of the taking and, thereafter, thereafter the Rent shall be based on reduced in direct proportion to the remaining square footage amount of GLA in Leasable Space of the Premises. Premises taken, and Landlord agrees, at Landlord's ’s cost and expense, as soon as reasonably possible, practical to restore the remainder of the Premises on the land remaining to a complete unit of like similar quality and character as existed prior to such appropriation or takingtaking (to the extent feasible); provided that Landlord shall not be required to expend more on such restoration than an amount equal to the condemnation award received by Landlord on account of such taking (less all expenses, costs, and legal fees and court costs incurred by Landlord in connection with such award).

Appears in 1 contract

Samples: Commercial Lease (MJ Holdings, Inc.)

Less Than All of Premises Taken. If less than all but more than twenty percent (20.020%) or more of the GLA square footage in the Premises is taken by condemnation or if (regardless of the percentage of the GLA in the Premises which is taken) the remainder of the Premises is not one undivided parcel of propertydivided in two (2) or more units, then in either event Landlord and Tenant shall have the right to terminate this Lease upon written notice in writing to Xxxxxx delivered no later than the other party within ninety (90) days after day possession is shall be taken by such condemnation. If condemning authority whereupon this Lease is so terminated, it shall terminate as of the day possession shall be taken by such condemning authority. Tenant may reject Xxxxxxxx’s termination, and if in Tenant’s sole discretion, it is still viable for Tenant’s use. If there is a termination of the Lease under this Article, Tenant shall pay Rent and perform all of its other obligations under this Lease up to that date with proportionate refund by Landlord of any Rent they may have been paid in advance for a period subsequent to the date of the takingdate. If this Lease is not so terminated, it shall terminate only with respect to the parts square footage of the Premises so taken shall be accordingly adjusted as of the day possession is taken by such authority, and Tenant shall pay Rent up to that day with a proportionate refund by Landlord of any Rent that may have been paid for a period subsequent to the date of the taking andtaking, thereafterRent shall be accordingly adjusted and any pre-paid Rent shall be proportionately credited or debited to Tenant. Thereafter, the Rent shall be based on the remaining square footage of GLA in the Premises. Landlord Xxxxxxxx agrees, at Landlord's Xxxxxxxx’s cost and expense, as soon as reasonably possible, to restore the Premises on the land remaining to a complete unit of like quality and character as existed prior to such appropriation or taking; , provided that Landlord shall not be required to expend more on such restoration than the condemnation award received by Landlord (less all expenses, costs, legal fees and court costs incurred by Landlord in connection with such award).

Appears in 1 contract

Samples: Net Lease Agreement (Zoned Properties, Inc.)

AutoNDA by SimpleDocs

Less Than All of Premises Taken. If less than all but more than twenty percent (20.0%) of the GLA in the Premises is taken by condemnation or Condemnation, and if (regardless of the percentage of the GLA in the Premises which is taken) the remainder of the Premises is cannot one undivided parcel be used for Tenant’s continued use or occupancy for Tenant’s business in the reasonable judgment of propertyTenant or if the portion of the Premises not taken cannot be feasibly restored to a leasable unit in the reasonable judgment of Landlord, then in either such event Landlord and or Tenant shall each have the right to terminate this Lease upon notice in writing to the other party within ninety thirty (9030) days after possession is taken by such condemnationCondemnation. If this Lease is so terminated, it shall terminate as of the day date possession shall be taken by such authorityso taken, and Tenant shall pay Rent and perform all of its other obligations under this Lease up to that such date with a proportionate refund by Landlord of any Rent they may which shall have been paid in advance for a period periods subsequent to the date of the takingsuch date. If this Lease is not so terminated, it shall terminate only with respect to the parts of the Premises so taken as of the day date possession is shall be taken by such authority, and Tenant shall pay Rent up to that day with a proportionate refund by Landlord of any Rent that may have been paid for a period subsequent to the date of the taking and, thereafter, thereafter the Rent shall be based on reduced in direct proportion to the remaining square footage amount of GLA in Leasable Space of the Premises. Premises taken, and Landlord agrees, at Landlord's ’s cost and expense, as soon as reasonably possible, practical to restore the remainder of the Premises on the land remaining to a complete unit of like similar quality and character as existed prior to such appropriation or takingtaking (to the extent feasible); provided that Landlord shall not be required to expend more on such restoration than an amount equal to the condemnation award received by Landlord on account of MJ Havana, LLC - Lightshade Labs, LLC 2014 Commercial Lease Page 13 of 32 such taking (less all expenses, costs, and legal fees and court costs incurred by Landlord in connection with such award).

Appears in 1 contract

Samples: Commercial Lease (MJ Holdings, Inc.)

Less Than All of Premises Taken. If less than all but more than twenty percent (20.020%) or more of the GLA in the Premises is taken by condemnation or if (regardless of the percentage of the GLA in the Premises which is taken) the remainder of the Premises is not one undivided parcel of propertydivided in two (2) or more units, then in either event Landlord and Tenant shall have the right to terminate this Lease upon notice in writing to the other party within ninety (90) days written notice after possession is taken by such condemnation. If this condemnation whereupon the Lease is so terminated, it shall terminate as of the day possession shall be taken by such condemning authority, and . Tenant shall pay Rent and perform all of its other obligations under this Lease up to that date with proportionate refund by Landlord of any Rent they may have been paid in advance for a period subsequent to the date of the takingdate. If this Lease is not so terminated, it shall terminate only with respect to the parts GLA of the Premises so taken shall be accordingly adjusted as of the day possession is taken by such authority, and Tenant shall pay Rent up to that day with a proportionate refund by Landlord of any Rent that may have been paid for a period subsequent to the date of the taking andtaking, thereafterRent shall be accordingly adjusted and any pre-paid Rent shall be proportionately credited or debited to Tenant. Thereafter, the Rent shall be based on the remaining square footage of GLA in the Premises. Landlord agrees, at Landlord's ’s cost and expense, as soon as reasonably possible, to restore the Premises on the land remaining to a complete unit of like quality and character as existed prior to such appropriation or taking; , provided that Landlord shall not be required to expend more on such restoration than the condemnation award received by Landlord (less all expenses, costs, legal fees and court costs incurred by Landlord in connection with such award).

Appears in 1 contract

Samples: Center Lease (Wilshire Bancorp Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.