Common use of Obligation to Restore Clause in Contracts

Obligation to Restore. In the event an immaterial part of the Premises or the Building or the Garage is taken for any public or quasi-public use under any governmental law, ordinance or regulation, or by right of eminent domain or by purchase in lieu thereof, and this Lease is not terminated as provided in Subsection A above, then Landlord shall, subject to the remaining provisions of this Section, at Landlord’s expense, restore the Premises to the extent necessary to make them reasonably tenantable. The Base Rent and Overhead Rent payable under this Lease during the unexpired portion of the Lease Term shall be adjusted to such an extent as may be fair and reasonable under the circumstances. Tenant shall have no claim to the condemnation award with respect to the leasehold estate but, in a subsequent, separate proceeding, may make a separate claim for trade fixtures installed in the Premises and Tenant’s moving expense. In no event will Tenant have any claim for the value of the unexpired Lease Term.

Appears in 4 contracts

Samples: Lease Agreement, Office Lease, Office Lease (Summit Financial Services Group Inc)

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Obligation to Restore. In the event an immaterial part of the Premises or the Building or the Garage parking spaces is taken for any public or quasi-quasi- public use under any governmental law, ordinance or regulation, or by right of eminent domain or by purchase in lieu thereof, and this Lease is not terminated as provided in Subsection subsection A above, then Landlord shall, subject to the remaining provisions of this Section, at Landlord’s 's expense, restore the Premises to the extent necessary to make them reasonably tenantable. The Base Rent and Overhead Additional Rent payable under this Lease during the unexpired portion of the Lease Term shall be adjusted to such an extent as may be fair and reasonable under the circumstances. Tenant shall have no claim to the condemnation award with respect to the leasehold estate but, in a subsequent, separate proceeding, may make a separate claim for trade fixtures installed in the Premises by and at the expense of Tenant and Tenant’s 's moving expense. In no event will Tenant have any claim for the value of the unexpired Lease Term.

Appears in 1 contract

Samples: Lease (Hiway Technologies Inc)

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