Limitation on Recapture. Notwithstanding anything to the contrary herein, if the Recapture Amount becomes due as a result of the sale or transfer of the Property (whether involuntary or voluntary), the Recapture Amount shall be paid only from (and to the extent of) net proceeds available upon such sale or transfer. For these purposes, “net proceeds” shall mean the sales price of the Property minus any repayment of a loan senior in priority to this Loan and any reasonable or customary closing costs of the sale of the Property.
Limitation on Recapture. Notwithstanding the foregoing, any such recapture shall be subject to any and all lawful offsets, settlements, deductions or credits to which GRANTEE may be entitled at law or under this Agreement. The termination and/or recapture of grant funds provided in this Article are not applicable to situations involving minor changes to the description of the Project Site, or GRANTOR-approved changes in ownership, so long as GRANTEE, or any successor or assignee allowed under the terms of this Agreement, continues conducting Business Activities or other authorized activities thereon as provided hereinabove.
Limitation on Recapture. Notwithstanding the foregoing, any such recapture shall be subject to any and all lawful offsets, settlements, deductions or credits to which GRANTEE may be entitled at law or under this Agreement. The termination and/or recapture of grant funds provided in this Section 16 are not applicable to situations involving minor changes to the description of the Project Site, or GRANTOR approved changes in ownership or in management thereof, so long as GRANTEE, or any successor or assignee allowed under the terms of this Agreement, continues conducting Business Activities or other authorized activities thereon as provided hereinabove and assumes in writing joint and severable liability for all of GRANTEE’s obligations hereunder and, in such event, GRANTEE shall remain liable for GRANTEE’s obligations hereunder.
Limitation on Recapture. Notwithstanding anything to the ----------------------- contrary contained in Paragraph 6.E(i), in connection with a proposed sublease by Tenant, Landlord may exercise its right to terminate this Lease as to the portion of the Premises that Tenant proposes to sublease and recapture said space only if (a) the portion of the Premises that Tenant proposes to sublease in the Project, when combined with all of the other space in the Project that is subleased by Tenant, comprises more than fifty percent (50%) of the total rentable square footage in the Project or (b) the term of the proposed sublease expires during the last twelve (12) months of the term of this Lease for the Building in which the proposed portion of the Premises to be sublet is located (or during the last twelve (12) months of any extension term relating to such space to the extent Tenant has previously exercised its option to extend the term of this Lease with respect to such space). For example, if (i) Tenant proposes to sublease ten thousand (10,000) rentable square feet of space in Building A, (ii) at the time Tenant proposes to sublease said space Tenant currently is subleasing ninety thousand (90,000) rentable square feet of space in the Project to one or more subtenants, and (iii) the total rentable square footage in the Project is one hundred eighty three thousand two hundred eighty- four (183,284) rentable square feet, then Landlord shall have the right to recapture the portion of the Premises that Tenant proposes to sublease (i.e., 10,000 rsf) regardless of the term of the proposed sublease. Alternatively, if (i) Tenant proposes to sublease ten thousand (10,000) rentable square feet of space in Building A, (ii) at the time Tenant proposes to sublease said space Tenant currently is subleasing fifty thousand (50,000) rentable square feet of space in the Project to one or more subtenants, and (iii) the total rentable square footage in the Project is one hundred eighty three thousand two hundred eighty-four (183,284) rentable square feet, then Landlord shall have the right to recapture the portion of the Premises that Tenant proposes to sublease (i.e., 10,000 rsf) only if the term of the proposed sublease expires during the last twelve (12) months of the Building A Term.
