Partial Condemnation/Continuation of Lease. If ten percent (10%), or less, of the floor area of the Building, or fifteen percent (15%), or less, of the Land, shall be taken in such Proceedings, or if more than ten percent (10%) of the floor area of the Building or more than fifteen percent (15%) of the Land is taken (but less than the entire Premises), and this Lease is not terminated as in Section 13.2 hereof provided, this Lease shall, upon vesting of title in the Proceedings, terminate as to the parts so taken. The net amount of the award (after deduction of all costs and expenses, including attorneys' fees), shall be held by Landlord and Tenant as co-trustees and applied as hereinafter provided. Tenant, in such case, covenants and agrees, at Tenant's sole cost and expense (subject to reimbursement to the extent hereinafter provided), promptly to restore that portion of the Improvements on the Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as in this Lease provided. In the event that the net amount of the award (after deduction of all costs and expenses, including attorney's fees) that may be received by Landlord and held by Landlord and Tenant as co-trustees in any such Proceedings is insufficient to pay all costs of such restoration work, Landlord may elect to either (a) terminate the Lease in accordance with the provisions of Section 13.1 or (b) continue the Lease and restore that portion of the Improvements on the Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as in this Lease provided. If Landlord elects to terminate the Lease under this Section 13.3, Landlord shall deliver to Tenant written notice of Landlord's election to terminate along with an estimate of the amount of the deficiency between the costs of complete restoration and the award ("Deficiency Amount"), Tenant may continue the Lease in effect by delivery written notice to Landlord, within fifteen (15) days of receipt of Landlord's termination notice, of its election to continue the Lease and pay the Deficiency Amount. If Tenant elects to continue the Lease, Tenant shall deliver to Landlord and Tenant as co-trustees the Deficiency Amount within fifteen (15) days of written request by Landlord. If the Premises are restored, the award amounts shall be disbursed in accordance with the same requirements set forth in Section 12.2
Appears in 2 contracts
Samples: Ground Lease Agreement (Petco Animal Supplies Inc), Lease Agreement (Petco Animal Supplies Inc)
Partial Condemnation/Continuation of Lease. If ten percent (10%), or less, of the floor area of the Building, or fifteen percent (15%), or less, of the Land, shall be taken in such Proceedings, or if more than ten percent (10%) of the floor area of the Building or more than fifteen percent (15%) of the Land is taken (but less than the entire Premises), and this Lease is not ------------------------------------------ terminated as provided in Section 13.2 hereof provided, 14.2 hereof; then this Lease shall, upon vesting of title in the Proceedings, terminate as to the parts so taken, and Tenant shall have no claim or interest in the award, damages, consequential damages and compensation, or any part thereof except as otherwise provided in Section 14.1, Tenant hereby waiving any right Tenant now has or may have under present or future law to receive any separate award of damages for its interest in the Demised Premises or any portion thereof or its interest in this Lease, except as otherwise provided in Section 14.1 and except that Tenant shall have the right to apply to Landlord for reimbursement as hereinafter provided from such funds as specified in this Section 14.3. The net amount of the award (after deduction of all costs and expenses, including attorneys' fees), ) shall be held by Landlord and Tenant as co-trustees (or Landlord's lender) and applied as hereinafter provided. TenantLandlord, in such case, covenants and agrees, at TenantLandlord's sole cost and expense (subject to reimbursement to the extent hereinafter provided), promptly to restore that portion of the Improvements on the Demised Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as provided in this Lease providedLease. In the event that the net amount of the award (after deduction of all costs and expenses, including attorney's attorneys' fees) that may be received by Landlord in any such Proceedings for physical damage to the Improvements as a result of such taking, and held by Landlord and Tenant as co-trustees in any such Proceedings (or Landlord's lender) for restoration of the Demised Premises, is insufficient to pay all costs of such restoration work, Landlord may elect to either (a) terminate the Lease in accordance with the provisions of Section 13.1 or (b) continue the Lease and restore that portion of the Improvements on the Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as in this Lease provided. If Landlord elects to terminate the Lease under this Section 13.3, Landlord shall deliver to Tenant written notice of Landlord's election to terminate along with an estimate of the amount of the deficiency between the costs of complete restoration and the award ("Deficiency Amount"), Tenant may continue the Lease in effect by delivery written notice to Landlord, within fifteen (15) days of receipt of Landlord's termination notice, of its election to continue the Lease and pay the Deficiency Amountdifference. If Tenant elects to continue the Lease, Tenant shall deliver to Landlord and Tenant as co-trustees the Deficiency Amount within fifteen (15) days of written request by Landlord. If the Premises are restored, the award amounts shall not be disbursed in accordance with the same requirements set forth in Section 12.2liable for any additional sum.
Appears in 1 contract
Samples: Lease (Applied Micro Circuits Corp)
Partial Condemnation/Continuation of Lease. If ten percent (1015%), or less, of the floor area of the Building, or fifteen percent (1525 %), or less, of the Landland area of the Demised Premises, shall be taken in such Proceedings, or if more than ten percent (10%) 15% of the floor area of the Building or more than fifteen percent (15%) 25% of the Land land area of the Demised Premises is taken (but less than the entire Demised Premises), and this Lease Agreement is not terminated as in Section 13.2 14.2 hereof provided, this Lease Agreement shall, upon vesting of title in the Proceedings, terminate as to the parts so taken, and Tenant shall have no claim or interest in the award, damages, consequential damages and compensation, or any part thereof except as otherwise provided in Section 14.1. Landlord shall be entitled to and shall receive the total award made in such Proceedings, Tenant hereby assigning any interest in such award, damages, consequential damages and compensation to Landlord, and Tenant hereby waiving any right Tenant has now or may have under present or future law to receive any separate award of damages for its interest in the Demised Premises, or any portion thereof, or its interest in this Lease Agreement except as otherwise provided above in Section 14.1. The net amount of the award (after deduction of all costs and expenses, including attorneys' fees), ) that may be received by Landlord in any such proceedings for physical damage to the Improvements as the result of such taking shall be held deposited by Landlord and Tenant as co-trustees and applied as hereinafter providedin Tenant's Restoration Account. Tenant, in such case, covenants and agrees, at Tenant's sole cost and expense (subject to reimbursement to the extent hereinafter provided), promptly to restore that portion of the Improvements on the Demised Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as in this Lease Agreement provided. In the event that the net amount of the award (after deduction of all costs and expenses, including attorney's attorneys' fees) that may be received by Landlord and held by Landlord and Tenant as co-trustees in any such Proceedings for physical damage to the Improvements as a result of such taking is insufficient to pay all costs of such restoration work, Landlord shall deposit in the Restoration Account such additional sum as may elect be required to either (a) terminate update the Lease Restoration as the Restoration progresses upon the written request of Tenant. The provisions and conditions in accordance with the provisions of Section 13.1 or (b) continue the Lease Article XIX applicable to changes and alterations shall apply to Tenant's obligations to restore that portion of the Improvements on the Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of unit. Tenant as in this Lease provided. If Landlord elects to terminate the Lease under this Section 13.3, Landlord shall deliver to Tenant written notice of Landlord's election to terminate along with an estimate apply so much of the net amount of any award (after deduction of all costs and expenses, including attorneys' fees) that may be received by Landlord in any such Proceedings for physical damage to the deficiency between Improvements as a result of such taking and deposited by Landlord in the Restoration Account to the costs of complete such restoration work thereof and the award ("Deficiency Amount"), Tenant may continue the Lease in effect by delivery written notice to Landlord, within fifteen (15) days of receipt of Landlord's termination notice, of its election to continue the Lease and pay the Deficiency Amount. If Tenant elects to continue the Lease, Tenant shall deliver to Landlord and Tenant as co-trustees the Deficiency Amount within fifteen (15) days of written request by Landlord. If the Premises are restored, the award amounts shall be disbursed in accordance with the same requirements set forth in Section 12.2such
Appears in 1 contract
Partial Condemnation/Continuation of Lease. If ten percent (10%)If, during the Initial Term, or lessany extension or renewal thereof, of less than the floor area of the Building, or fifteen percent (15%), or less, of the Land, entire Demised Premises shall be taken in any such Proceedings, or if more than ten percent (10%) of the floor area of the Building or more than fifteen percent (15%) of the Land is taken (but less than the entire Premises)Proceeding, and this Lease Agreement is not terminated as in Section 13.2 16.2 hereof providedprovided (a “Minor Partial Condemnation”), this Lease Agreement shall, upon the sooner of (i) the date of vesting of title in the ProceedingsProceedings or (ii) the date on which Tenant can no longer occupy the Demised Premises as set forth herein, terminate as to the parts so taken. The net amount of the award (after deduction of all costs and expenses, including attorneys' ” fees), ) shall be held by Landlord and Tenant as co-trustees and applied as hereinafter provided. TenantLandlord, in such case, covenants and agrees, at Tenant's Landlord’s sole cost and expense (subject to reimbursement to the extent hereinafter provided), promptly to restore that portion of the Landlord’s Work and Tenant Improvements on the Demised Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as in this Lease providedAgreement. In the event that Landlord agrees in connection with such restoration work to apply so much of the net amount of the any award (after deduction of all costs and expenses, including attorney's attorneys’ fees) that may be received by Landlord and held by Landlord and Tenant as co-trustees in any such Proceedings is insufficient for physical damage to pay all the Landlord’s Work and Tenant Improvements as a result of such taking, to the costs of such restoration work. If payment of the award for physical damage to the Landlord’s Work and Tenant Improvements as a result of such taking, as aforesaid, shall not be received by Landlord in time to permit payments as the restoration work progresses (except in the event of an appeal of the award by Landlord), Landlord may elect shall, nevertheless, perform and fully pay for such work without delay (except such Force Majeure Events as are referred to either (a) terminate the Lease in accordance with the provisions of Section 13.1 or (b) continue the Lease and restore that portion of the Improvements on the Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as in this Lease providedArticle 2.5 hereof). If Landlord elects to terminate appeals an award and payment of the Lease under this Section 13.3award is delayed pending appeal, Landlord shall deliver shall, nevertheless, perform and fully pay for such work without delay (except Force Majeure Events as are referred to Tenant written notice of Landlord's election to terminate along with an estimate of the amount of the deficiency between the costs of complete restoration and the award ("Deficiency Amount"in Article 2.3 hereof.), Tenant may continue the Lease in effect by delivery written notice to Landlord, within fifteen (15) days of receipt of Landlord's termination notice, of its election to continue the Lease and pay the Deficiency Amount. If Tenant elects to continue the Lease, Tenant shall deliver to Landlord and Tenant as co-trustees the Deficiency Amount within fifteen (15) days of written request by Landlord. If the Premises are restored, the award amounts shall be disbursed in accordance with the same requirements set forth in Section 12.2
Appears in 1 contract
Partial Condemnation/Continuation of Lease. If ten twenty-five percent (1025%), or less, of the floor area of the Building, or fifteen thirty percent (1530%), or less, of the Landland area of the Demised Premises, shall be taken in such Proceedings, or if more than ten twenty-five percent (1025%) of the floor area of the Building or more than fifteen thirty percent (1530%) of the Land land area of the Demised Premises is taken (but less than the entire Demised Premises), and this Lease is not terminated as in Section 13.2 14.2 hereof provided, this Lease shall, upon vesting of title in the Proceedings, terminate as to the parts so taken, and Tenant shall have no claim or interest in the award, damages, consequential damages and compensation, or any part thereof except as otherwise provided in Section 14.1. Landlord shall be entitled to and shall receive the total award made in such Proceedings, Tenant hereby assigning any interest in such award, damages, consequential damages and compensation to Landlord, and Tenant hereby waiving any right Tenant has now or may have under present or future law to receive any separate award of damages for its interest in the Demised Premises, or any portion thereof, or its interest in this Lease except as otherwise provided in Section 14.1. The net amount of the award (after deduction of all costs and expenses, including attorneys' ’ fees), shall be held by paid to Landlord. Landlord and Tenant as co-trustees and applied as hereinafter provided. Tenantshall, in such case, covenants and agrees, at Tenant's sole cost and expense (subject to reimbursement to the extent hereinafter provided), promptly to restore that portion of the Improvements on the Demised Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as in this Lease provided. In the event that the net amount of the award (after deduction of all costs and expenses, including attorney's attorneys’ fees) that may be received by Landlord and held by Landlord and Tenant as co-trustees in any such Proceedings for physical damage to the Improvements as a result of such taking is insufficient to pay all costs of such restoration work, Tenant shall deposit with Landlord such additional sum as may elect to either (a) terminate be required upon the Lease in accordance with the provisions of Section 13.1 or (b) continue the Lease and restore that portion of the Improvements on the Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as in this Lease provided. If Landlord elects to terminate the Lease under this Section 13.3, Landlord shall deliver to Tenant written notice request of Landlord's election to terminate along with an estimate of the amount of the deficiency between the costs of complete restoration and the award ("Deficiency Amount"), Tenant may continue the Lease in effect by delivery written notice to Landlord, within fifteen (15) days of receipt of Landlord's termination notice, of its election to continue the Lease and pay the Deficiency Amount. If Tenant elects to continue the Lease, Tenant shall deliver to Landlord and Tenant as co-trustees the Deficiency Amount within fifteen (15) days of written request by Landlord. If the Premises are restored, the award amounts shall be disbursed in accordance with the same requirements set forth in Section 12.2.
Appears in 1 contract
Samples: Net Lease (Wells Mid-Horizon Value-Added Fund I LLC)
Partial Condemnation/Continuation of Lease. If ten percent (10%), or less, of the floor area of the Building, or fifteen percent (15%), or less, of the Land, shall be taken in such Proceedings, or if more than ten percent (10%) of the floor area of the Building or more than fifteen percent (15%) of the Land is taken (but less than the entire Premises)Premises is taken or condemned by a legal authority, and the obligations of the Parties under this Lease shall be unaffected unless the effect of the taking or condemnation is not terminated as in Section 13.2 hereof provided, this Lease shall, upon vesting to render the Premises unsuitable for the Permitted Use. From and after the date of title in the Proceedings, terminate as delivery of possession to the parts so taken. The net amount condemning authority, a just and proportionate part of the award (after deduction of all costs and expensesBase Rent, including attorneys' fees), shall be held by Landlord and Tenant as co-trustees and applied as hereinafter provided. Tenant, in such case, covenants and agrees, at Tenant's sole cost and expense (subject to reimbursement according to the extent hereinafter providedand nature of such taking, shall xxxxx for the remainder of the term of this Lease. The Premises shall be deemed “unsuitable for the Permitted Use” if the state or condition of the Premises has been so affected by the taking or condemnation that, in the good faith judgment of Tenant, reasonably exercised, the Premises cannot be operated on a commercially practicable basis as a charter school. If a taking or condemnation renders the Premises unsuitable for the Permitted Use, Tenant may terminate the Lease as of the date of the taking, or as of the date of loss of occupancy of the condemned portion (if the date for vacating the Premises is different from the date of taking), promptly to restore that portion or within twenty (20) Business Days following either the date of taking or the date of loss of occupancy of the Improvements on condemned portion. If all or any part of the Premises not so taken is temporarily condemned for a period of six (6) months or less, the Parties shall be relieved from their obligations under the Lease only to a complete architectural the extent performance is rendered impracticable or impossible and mechanical unit Tenant shall remain obligated to pay Rent and other charges due under the Lease to Landlord for the use and occupancy period of Tenant as in this Lease providedsuch temporary taking. In the event that of such a temporary taking, the net entire amount of compensation payable for the award (after deduction of temporary taking, whether paid by the condemning authority as damages, rent or otherwise, shall be payable to Tenant, subject to Tenant having paid to Landlord all costs Rent and expenses, including attorney's fees) that may be received by Landlord and held by Landlord and Tenant as co-trustees in any such Proceedings is insufficient to pay all costs other charges payable under the Lease for the period of such restoration work, Landlord may elect to either (a) terminate the Lease in accordance with the provisions of Section 13.1 or (b) continue the Lease and restore that portion of the Improvements on the Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as in this Lease provided. If Landlord elects to terminate the Lease under this Section 13.3, Landlord shall deliver to Tenant written notice of Landlord's election to terminate along with an estimate of the amount of the deficiency between the costs of complete restoration and the award ("Deficiency Amount"), Tenant may continue the Lease in effect by delivery written notice to Landlord, within fifteen (15) days of receipt of Landlord's termination notice, of its election to continue the Lease and pay the Deficiency Amount. If Tenant elects to continue the Lease, Tenant shall deliver to Landlord and Tenant as co-trustees the Deficiency Amount within fifteen (15) days of written request by Landlord. If the Premises are restored, the award amounts shall be disbursed in accordance with the same requirements set forth in Section 12.2temporary taking.
Appears in 1 contract
Samples: Lease Agreement
Partial Condemnation/Continuation of Lease. If ten percent (10%), or less, of the floor area of the Building, or fifteen percent (15%), or less, of the Land, shall be taken in such Proceedings, or if more than ten percent (10%) of the floor area of the Building or more than fifteen percent (15%) of the Land is taken (but less than the entire Premises)Premises is taken or condemned by a legal authority, and the obligations of the Parties under this Lease shall be unaffected unless the effect of the taking or condemnation is not terminated as in Section 13.2 hereof provided, this Lease shall, upon vesting to render the Premises unsuitable for the Permitted Use. From and after the date of title in the Proceedings, terminate as delivery of possession to the parts so taken. The net amount condemning authority, a just and proportionate part of the award (after deduction of all costs and expensesBase Rent, including attorneys' fees), shall be held by Landlord and Tenant as co-trustees and applied as hereinafter provided. Tenant, in such case, covenants and agrees, at Tenant's sole cost and expense (subject to reimbursement according to the extent hereinafter providedand nature of such taking, shall xxxxx for the remainder of the Term. The Premises shall be deemed “unsuitable for the Permitted Use” if the state or condition of the Premises has been so affected by the taking or condemnation that, in the good faith judgment of Tenant, reasonably exercised, the Premises cannot be operated in a commercially practicable basis as a public school. If a taking or condemnation renders the Premises unsuitable for the Permitted Use, Tenant may terminate the Lease as of the date of the taking, or as of the date of loss of occupancy of the condemned portion (if the date for vacating the Premises is different from the date of taking), promptly to restore that portion or within thirty (30) Days following either the date of taking or the date of loss of occupancy of the Improvements on condemned portion. If all or any part of the Premises not so taken is temporarily condemned for a period of six (6) months or less, the Parties shall be relieved from their obligations under the Lease only to a complete architectural the extent performance is rendered impracticable or impossible and mechanical unit Tenant shall remain obligated to pay Rent and other charges due under the Lease to Landlord for the use and occupancy period of Tenant as in this Lease providedsuch temporary taking. In the event that of such a temporary taking, the net entire amount of compensation payable for the award (after deduction of temporary taking, whether paid by the condemning authority as damages, rent, or otherwise, shall be payable to Tenant, subject to Tenant having paid to Landlord all costs Rent and expenses, including attorney's fees) that may be received by Landlord and held by Landlord and Tenant as co-trustees in any such Proceedings is insufficient to pay all costs other charges payable under the Lease for the period of such restoration work, Landlord may elect to either (a) terminate the Lease in accordance with the provisions of Section 13.1 or (b) continue the Lease and restore that portion of the Improvements on the Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as in this Lease provided. If Landlord elects to terminate the Lease under this Section 13.3, Landlord shall deliver to Tenant written notice of Landlord's election to terminate along with an estimate of the amount of the deficiency between the costs of complete restoration and the award ("Deficiency Amount"), Tenant may continue the Lease in effect by delivery written notice to Landlord, within fifteen (15) days of receipt of Landlord's termination notice, of its election to continue the Lease and pay the Deficiency Amount. If Tenant elects to continue the Lease, Tenant shall deliver to Landlord and Tenant as co-trustees the Deficiency Amount within fifteen (15) days of written request by Landlord. If the Premises are restored, the award amounts shall be disbursed in accordance with the same requirements set forth in Section 12.2temporary taking.
Appears in 1 contract
Samples: Lease Agreement
Partial Condemnation/Continuation of Lease. If ten percent (10%)If, during the Initial Term, or lessany extension or renewal thereof, of less than the floor area of the Building, or fifteen percent (15%), or less, of the Land, entire Demised Premises shall be taken in any such Proceedings, or if more than ten percent (10%) of the floor area of the Building or more than fifteen percent (15%) of the Land is taken (but less than the entire Premises)Proceeding, and this Lease Agreement is not terminated as in Section 13.2 16.2 hereof providedprovided (a "Minor Partial Condemnation"), this Lease Agreement shall, upon the sooner of (i) the date of vesting of title in the ProceedingsProceedings or (ii) the date on which Tenant can no longer occupy the Demised Premises as set forth herein, terminate as to the parts so taken. The net amount of the award (after deduction of all costs and expenses, including attorneys' " fees), ) shall be held by Landlord and Tenant as co-trustees and applied as hereinafter provided. TenantLandlord, in such case, covenants and agrees, at TenantLandlord's sole cost and expense (subject to reimbursement to the extent hereinafter provided), promptly to restore that portion of the Landlord's Work and Tenant Improvements on the Demised Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as in this Lease providedAgreement. In the event that Landlord agrees in connection with such restoration work to apply so much of the net amount of the any award (after deduction of all costs and expenses, including attorney's attorneys' fees) that may be received by Landlord and held by Landlord and Tenant as co-trustees in any such Proceedings is insufficient for physical damage to pay all the Landlord's Work and Tenant Improvements as a result of such taking, to the costs of such restoration work. If payment of the award for physical damage to the Landlord's Work and Tenant Improvements as a result of such taking, as aforesaid, shall not be received by Landlord in time to permit payments as the restoration work progresses (except in the event of an appeal of the award by Landlord), Landlord may elect shall, nevertheless, perform and fully pay for such work without delay (except such Force Majeure Events as are referred to either (a) terminate the Lease in accordance with the provisions of Section 13.1 or (b) continue the Lease and restore that portion of the Improvements on the Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as in this Lease providedArticle 2.5 hereof). If Landlord elects to terminate appeals an award and payment of the Lease under this Section 13.3award is delayed pending appeal, Landlord shall deliver shall, nevertheless, perform and fully pay for such work without delay (except Force Majeure Events as are referred to Tenant written notice of Landlord's election to terminate along with an estimate of the amount of the deficiency between the costs of complete restoration and the award ("Deficiency Amount"in Article 2.3 hereof.), Tenant may continue the Lease in effect by delivery written notice to Landlord, within fifteen (15) days of receipt of Landlord's termination notice, of its election to continue the Lease and pay the Deficiency Amount. If Tenant elects to continue the Lease, Tenant shall deliver to Landlord and Tenant as co-trustees the Deficiency Amount within fifteen (15) days of written request by Landlord. If the Premises are restored, the award amounts shall be disbursed in accordance with the same requirements set forth in Section 12.2
Appears in 1 contract
Partial Condemnation/Continuation of Lease. If ten percent (10%), or less, of the floor area of the Building, or fifteen percent (15%), or less, of the Land, shall be taken in such Proceedings, or if more than ten percent (10%) of the floor area of the Building or more than fifteen percent (15%) of the Land is taken (but less than the entire Premises), and this Lease is not terminated as in Section 13.2 hereof provided, this Lease shall, upon vesting of title in the Proceedings, terminate as to the parts so taken. The net amount of the award (after deduction of all costs and expenses, including attorneys' fees), shall be held by Landlord and Tenant as co-trustees and applied as hereinafter provided. Tenant, in such case, covenants and agrees, at Tenant's sole cost and expense (subject to reimbursement to the extent hereinafter provided), promptly to restore that portion of the Improvements on the Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as in this Lease provided. In the event that the net amount of the award (after deduction of all costs and expenses, including attorney's fees) that may be received by Landlord and held by Landlord and Tenant as co-trustees in any such Proceedings is insufficient to pay all costs of such restoration work, Landlord may elect to either (a) terminate the Lease in accordance with the provisions of Section 13.1 or (b) continue the Lease and restore that portion of the Improvements on the Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as in this Lease provided. If Landlord elects to terminate the Lease under this Section 13.3, Landlord shall deliver to Tenant written notice of Landlord's election to terminate along with an estimate of the amount of the deficiency between the costs of complete restoration and the award ("Deficiency Amount"), Tenant may continue the Lease in effect by delivery written notice to Landlord, within fifteen (15) days of receipt of Landlord's termination notice, of its election to continue the Lease and pay the Deficiency Amount. If Tenant elects to continue the Lease, Tenant shall deliver to Landlord and Tenant as co-trustees the Deficiency Amount within fifteen (15) days of written request by Landlord. If the Premises are restored, the award amounts shall be disbursed in accordance with the same requirements set forth in Section 12.212.2 of this Lease. If the Lease is terminated, the award amounts shall be disbursed in accordance with Section 13.1.
Appears in 1 contract
Partial Condemnation/Continuation of Lease. If ten percent (10%)If, during the Initial ------------------------------------------ Term, or lessany extension or renewal thereof, of less than the floor area of the Building, or fifteen percent (15%), or less, of the Land, entire Demised Premises shall be taken in any such Proceedings, or if more than ten percent (10%) of the floor area of the Building or more than fifteen percent (15%) of the Land is taken (but less than the entire Premises)Proceeding, and this Lease Agreement is not terminated as in Section 13.2 16.2 hereof providedprovided (a "Minor Partial Condemnation"), this Lease Agreement shall, upon the sooner of (i) the date of vesting of title in the ProceedingsProceedings or (ii) the date on which Tenant can no longer occupy the Demised Premises as set forth herein, terminate as to the parts so taken. The net amount of the award (after deduction of all costs and expenses, including attorneys' fees), ) shall be held by Landlord and Tenant as co-trustees and applied as hereinafter provided. TenantLandlord, in such case, covenants and agrees, at TenantLandlord's sole cost and expense (subject to reimbursement to the extent hereinafter provided), promptly to restore that portion of the Improvements on the Demised Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as in this Lease Agreement provided, but only to the extent such award or proceeds are actually made available to Landlord. In the event that the net amount of the award (after deduction of all costs and expenses, including attorney's attorneys' fees) that may be received by Landlord and held by Landlord and Tenant as co-trustees in any such Proceedings for physical damage to the Improvements as a result of such taking is insufficient to pay all costs of such restoration work, Landlord shall deposit with Landlord and Tenant as co-trustees such additional sum as may elect be required. Landlord and Tenant as co-trustees agree in connection with such restoration work to either (a) terminate the Lease in accordance with the provisions of Section 13.1 or (b) continue the Lease and restore that portion apply so much of the net amount of any award (after deduction of all costs and expenses, including attorneys' fees) that may be received by Landlord and held by Landlord and Tenant as co-trustees in any such Proceedings for physical damage to the Improvements as a result of such taking to the costs of such restoration work thereof and the said net award for physical damage to the Improvements as a result of such taking shall be paid out from time to time to Landlord, or on behalf of Landlord, as such restoration work progresses upon the Premises written request of Tenant, which shall be accompanied by a certificate of the architect or the registered professional engineer in charge of the restoration work stating that: (i) the sum requested is justly due to the contractors, subcontractors, materialmen, laborers, engineers, architects or other persons, firms or corporations furnishing or supplying work, labor, services or materials for such restoration work or as is justly required to reimburse Landlord for expenditures made by Landlord in connection with such restoration work, and when added to all sums previously paid out by Landlord and Tenant as co-trustees does not so taken exceed the value of the restoration work performed to the date of such certificate. If payment of the award for physical damage to the Improvements as a result of such taking, as aforesaid, shall not be received by Landlord in time to permit payments as the restoration work progresses (except in the event of an appeal of the award by Landlord), Landlord shall, nevertheless, perform and fully pay for such work without delay (except such Excused Delays as are referred to in Article 2.3 hereof), and payment of the amount to which Landlord may be entitled shall thereafter be made by Tenant out of the net award for physical damage to the Improvements as a result of such taking as and when payment of such award is received by Tenant. If Landlord appeals an award and payment of the award is delayed pending appeal Landlord shall, nevertheless, perform and fully pay for such work without delay (except such Excused Delays as are referred to in Article 2.3 hereof). Landlord shall also furnish Landlord and Tenant as co-trustees with each certificate hereinabove referred to, together with evidence reasonably satisfactory to Landlord and Tenant as co-trustees that there are no unpaid bills in respect to any work, labor, services or materials performed, furnished or supplied, or claimed to have been performed, furnished or supplied, in connection with such restoration work, and that no liens have been filed against the Demised Premises, or any portion thereof Landlord and Tenant as co-trustees shall not be required to pay out any funds when there are unpaid bills for work, labor, services or materials performed, furnished or supplied in connection with such restoration work, or where a lien for work, labor, services or materials performed, furnished or supplied has been placed against the Demised Premises, or any portion thereof. Upon completion of the restoration work and payment in full therefor by Landlord, and upon submission of proof reasonably satisfactory to Landlord that the restoration work has been paid for in full and that the Improvements have been restored or rebuilt to a complete architectural and mechanical unit for the use and occupancy of Tenant as provided in this Lease provided. If Landlord elects to terminate the Lease under this Section 13.3Agreement, Landlord shall deliver to Tenant written notice of Landlord's election to terminate along with an estimate of the amount of the deficiency between the costs of complete restoration and the award ("Deficiency Amount"), Tenant may continue the Lease in effect by delivery written notice to Landlord, within fifteen (15) days of receipt of Landlord's termination notice, of its election to continue the Lease and pay the Deficiency Amount. If Tenant elects to continue the Lease, Tenant shall deliver to Landlord and Tenant as co-trustees shall pay over to Landlord any portion of the Deficiency Amount within fifteen (15) days cash deposit furnished by Landlord then remaining. From and after the date of written request by Landlord. If delivery of possession to the Premises are restoredcondemning authority pursuant to the Proceedings, a just and proportionate part of the award amounts Base Rent and Operating Expenses, according to the extent and nature of such taking, shall be disbursed in accordance with xxxxx for the same requirements set forth in Section 12.2remainder of the Term.
Appears in 1 contract
Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)
Partial Condemnation/Continuation of Lease. If ten percent (10%), or less, of the floor area of the Building, or fifteen percent (15%), or less, of the Land, shall be taken in such Proceedings, or if more than ten percent (10%) of the floor area of the Building or more than fifteen percent (15%) of the Land is taken (but less than the entire Premises), and this Lease is not terminated as provided in Section 13.2 hereof provided14.2 hereof, then this Lease shall, upon vesting of title or possession in the Proceedings, terminate as to the parts so taken, and Tenant shall have no claim or interest in the award, damages, consequential damages and compensation, or any part thereof except as otherwise provided in Section 14.1, Tenant hereby waiving any right Tenant now has or may have under present or future law to receive any separate award of damages for its interest in the Demised Premises or any portion thereof or its interest in this Lease, except as otherwise provided in Section 14.1 and except that Tenant shall have the right to apply to Landlord for reimbursement as hereinafter provided from such funds as specified in this Section 14.3. The net amount of the award (after deduction of all costs and expenses, including attorneys' ’ fees), ) shall be held by Landlord and Tenant as co-trustees (or Landlord’s lender) and applied as hereinafter provided. TenantLandlord, in such case, covenants and agrees, at Tenant's Landlord’s sole cost and expense (subject to reimbursement to the extent hereinafter provided), promptly to restore that portion of the Improvements on the Demised Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as provided in this Lease providedLease. In the event that the net amount of the award (after deduction of all costs and expenses, including attorney's attorneys’ fees) that may be received by Landlord in any such Proceedings for physical damage to the Improvements as a result of such taking, and held by Landlord and Tenant as co-trustees in any such Proceedings (or Landlord’s lender) for restoration of the Demised Premises, is insufficient to pay all costs of such restoration work, Landlord may elect to either (a) terminate the Lease in accordance with the provisions of Section 13.1 or (b) continue the Lease and restore that portion of the Improvements on the Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as in this Lease provided. If Landlord elects to terminate the Lease under this Section 13.3, Landlord shall deliver to Tenant written notice of Landlord's election to terminate along with an estimate of the amount of the deficiency between the costs of complete restoration and the award ("Deficiency Amount"), Tenant may continue the Lease in effect by delivery written notice to Landlord, within fifteen (15) days of receipt of Landlord's termination notice, of its election to continue the Lease and pay the Deficiency Amountdifference. If Tenant elects to continue the Lease, Tenant shall deliver to Landlord and Tenant as co-trustees the Deficiency Amount within fifteen (15) days of written request by Landlord. If the Premises are restored, the award amounts shall not be disbursed in accordance with the same requirements set forth in Section 12.2liable for any additional sum.
Appears in 1 contract
Samples: Lease Agreement (American Residential Investment Trust Inc)
Partial Condemnation/Continuation of Lease. If ten percent (1015%), or less, of the floor area of the Building, or fifteen percent (1525%), or less, of the Landland area of the Demised Premises, shall be taken in such Proceedings, or if more than ten percent (10%) 15% of the floor area of the Building or more than fifteen percent (15%) 25% of the Land land area of the Demised Premises is taken (but less than the entire Demised Premises), and this Lease is not terminated as in Section 13.2 14.2 hereof provided, this Lease shall, upon vesting of title in the Proceedings, terminate as to the parts so taken, and Tenant shall have no claim or interest in the award, damages, consequential damages and compensation, or any part thereof except as otherwise provided in Section 14.1. Landlord shall be entitled to and shall receive the total award made in such Proceedings, Tenant hereby assigning any interest in such award, damages, consequential damages and compensation to Landlord, and Tenant hereby waiving any right Tenant has now or may have under present or future law to receive any separate award of damages for its interest in the Demised Premises, or any portion thereof, or its interest in this Lease except as otherwise provided in Section 14.1. The net amount of the award (after deduction of all costs and expenses, including attorneys' fees, incurred in connection with recovery of the award), shall be held by Landlord and Tenant as co-trustees and applied as hereinafter provided. Tenant, in such case, covenants and agrees, at Tenant's sole cost and expense (subject to reimbursement to the extent hereinafter provided), promptly to restore that portion of the Improvements on the Demised Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as in this Lease provided. In the event that the net amount of the award (after deduction of all costs and expenses, including attorney's fees, incurred in connection with recovery of the award) that may be received by Landlord and held by Landlord and Tenant as co-trustees in any such Proceedings for physical damage to the Improvements as a result of such taking is insufficient to pay all costs of such restoration work, Tenant shall deposit with Landlord and Tenant as co-trustees such additional sum as may elect be required upon the written request of Landlord. The provisions and conditions in Article XIX applicable to either (a) terminate the Lease in accordance with the provisions of Section 13.1 or (b) continue the Lease changes and alterations shall apply to Tenant's obligations to restore that portion of the Improvements to a complete architectural and mechanical unit. Landlord and Tenant as co-trustees agree in connection with such restoration work to apply so much of the net amount of any award (after deduction of all costs and expenses, including attorney's fees) that may be received by Landlord and held by Landlord and Tenant as co-trustees in any such Proceedings for physical damage to the Improvements as a result of such taking to the costs of such restoration work thereof and the said net award for physical damage to the Improvements as a result of such taking shall be paid out from time to time to Tenant, or on behalf of Tenant, as such restoration work progresses upon the Premises written request of Tenant, which shall be accompanied by a certificate of the architect or the registered professional engineer in charge of the restoration work stating that (a) the sum requested is justly due to the contractors, subcontractors, materialmen, laborers, engineers, architects or other persons, firms or corporations furnishing or supplying work, labor, services or materials for such restoration work or as is justly required to reimburse Tenant for expenditures made by Tenant in connection with such restoration work, and when added to all sums previously paid out by Landlord and Tenant as co-trustees does not so taken exceed the value of the restoration work performed to the date of such certificate; and (b) the net amount of any such award for physical damage to the Improvements as a result of such taking remaining in the hands of Landlord, together with the sums, if any, deposited by Tenant with Landlord and Tenant as co-trustees pursuant to the provisions hereof, will be sufficient upon the completion of such restoration work to pay for the same in full. If payment of the award for physical damage to the Improvements as a result of such taking, as aforesaid, shall not be received by Landlord in time to permit payments as the restoration work progresses (except in the event of an appeal of the award by Landlord), Tenant shall, nevertheless, perform and fully pay for such work without delay (except such delays as are referred to in Article XIX hereof), and payment of the amount to which Tenant may be entitled shall thereafter be made by Landlord out of the net award for physical damage to the Improvements as a result of such taking as and when payment of such award is received by Landlord. If Landlord appeals an award and payment of the award is delayed pending appeal Tenant shall, nevertheless, perform and fully pay for such work without delay (except such delays as are referred to in Article XIX hereof), and payment of the amount to which Tenant would have been entitled had Landlord not appealed the award (in an amount not to exceed the net award prior to such appeal) shall be made by Landlord to Tenant as restoration progresses pursuant to this Section 14.3. In which event Landlord shall be entitled to retain an amount equal to the sum disbursed to Tenant pursuant to the preceding sentence out of the net award as and when payment of such award is received by Landlord. Tenant shall also furnish Landlord and Tenant as co-trustees with each certificate hereinabove referred to, together with evidence reasonably satisfactory to Landlord that there are no unpaid bills in respect to any work, labor, services or materials performed, furnished or supplied, or claimed to have been performed, furnished or supplied, in connection with such restoration work, and that no liens have been filed against the Demised Premises, or any portion thereof. Landlord and Tenant as co-trustees shall not be required to pay out any funds when there are unpaid bills for work, labor, services or materials performed, furnished or supplied in connection with such restoration work, or where a lien for work, labor, services or materials performed, furnished or supplied has been placed against the Demised Premises, or any portion thereof. Upon completion of the restoration work and payment in full therefor by Tenant, and upon submission of proof reasonably satisfactory to Landlord that the restoration work has been paid for in full and that the Improvements have been restored or rebuilt to a complete architectural and mechanical unit for the use and occupancy of Tenant as provided in this Lease provided. If Landlord elects to terminate the Lease under this Section 13.3, Landlord shall deliver to Tenant written notice of Landlord's election to terminate along with an estimate of the amount of the deficiency between the costs of complete restoration and the award ("Deficiency Amount"), Tenant may continue the Lease in effect by delivery written notice to Landlord, within fifteen (15) days of receipt of Landlord's termination notice, of its election to continue the Lease and pay the Deficiency Amount. If Tenant elects to continue the Lease, Tenant shall deliver to Landlord and Tenant as co-trustees shall pay over to Tenant any portion of the Deficiency Amount within fifteen (15) days cash deposit furnished by Tenant then remaining. To the extent that any award, damages or compensation which would otherwise be payable to Landlord and applied to the payment of written request the cost of restoration of the Improvements is paid to any mortgagee of Landlord and applied in payment or reduction of the sum or sums secured by Landlord. If any such mortgage or mortgages made by Landlord on the Premises are restoredDemised Premises, Landlord shall make available for the award amounts shall be disbursed use of Tenant, in accordance connection with the same requirements set forth in Section 12.2payment of the cost of restoring the Improvements an amount equal to the amount of such net award payable to the mortgagee. From and after the date of delivery of possession to the condemning authority pursuant to the Proceedings, a just and proportionate part of the Basic Rent, according to the extent and nature of such taking, shall xxxxx for the remainder of the term of this Lease.
Appears in 1 contract
Samples: Net Lease Agreement (Merix Corp)
Partial Condemnation/Continuation of Lease. If ten percent (10%), or less, of the floor area of the Building, or fifteen percent (15%), or less, of the Land, shall be taken in such Proceedings, or if more than ten percent (10%) of the floor area of the Building or more than fifteen percent (15%) of the Land is taken (but less than the entire Premises), and this Lease is not ------------------------------------------- terminated as provided in Section 13.2 hereof provided14.2 hereof, then this Lease shall, upon vesting of title in the Proceedings, terminate as to the parts so taken, and Tenant shall have no claim or interest in the award, damages, consequential damages and compensation, or any part thereof except as otherwise provided in Section 14.1, Tenant hereby waiving any right Tenant now has or may have under present or future law to receive any separate award of damages for its interest in the Demised Premises or any portion thereof or its interest in this Lease, except as otherwise provided in Section 14.1 and except that Tenant shall have the right to apply to Landlord for reimbursement as hereinafter provided from such funds as specified in this Section 14.3. The net amount of the award (after deduction of all costs and expenses, including attorneys' fees), ) shall be held by Landlord and Tenant as co-trustees (or Landlord's lender) and applied as hereinafter provided. TenantLandlord, in such case, covenants and agrees, at TenantLandlord's sole cost and expense (subject to reimbursement to the extent hereinafter provided), promptly to restore that portion of the Improvements on the Demised Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as provided in this Lease providedLease. In the event that the net amount of the award (after deduction of all costs and expenses, including attorney's attorneys' fees) that may be received by Landlord in any such Proceedings for physical damage to the Improvements as a result of such taking, and held by Landlord and Tenant as co-trustees in any such Proceedings (or Landlord's lender) for restoration of the Demised Premises, is insufficient to pay all costs of such restoration work, Landlord may elect to either (a) terminate the Lease in accordance with the provisions of Section 13.1 or (b) continue the Lease and restore that portion of the Improvements on the Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as in this Lease provided. If Landlord elects to terminate the Lease under this Section 13.3, Landlord shall deliver to Tenant written notice of Landlord's election to terminate along with an estimate of the amount of the deficiency between the costs of complete restoration and the award ("Deficiency Amount"), Tenant may continue the Lease in effect by delivery written notice to Landlord, within fifteen (15) days of receipt of Landlord's termination notice, of its election to continue the Lease and pay the Deficiency Amountdifference. If Tenant elects to continue the Lease, Tenant shall deliver to Landlord and Tenant as co-trustees the Deficiency Amount within fifteen (15) days of written request by Landlord. If the Premises are restored, the award amounts shall not be disbursed in accordance with the same requirements set forth in Section 12.2liable for any additional sum.
Appears in 1 contract
Samples: Lease (Applied Micro Circuits Corp)
Partial Condemnation/Continuation of Lease. If ten percent (10%), or less, of the floor area of the Building, or fifteen percent (15%), or less, of the Land, shall be taken in such Proceedings, or if more than ten percent (10%) of the floor area of the Building or more than fifteen percent (15%) of the Land is taken (but less than the entire Premises), and this Lease is not terminated as provided in Section 13.2 hereof provided14.2 hereof, then this Lease shall, upon vesting of title in the Proceedings, terminate as to the parts so taken, and Tenant shall have no claim or interest in the award, damages, consequential damages and compensation, or any part thereof except as otherwise provided in Section 14.1, Tenant hereby waiving any right Tenant now has or may have under present or future law to receive any separate award of damages for its interest in the Demised Premises or any portion thereof or its interest in this Lease, except as otherwise provided in Section 14.1 and except that Tenant shall have the right to apply to Landlord for reimbursement as hereinafter provided from such funds as specified in this Section 14.3. The net amount of the award (after deduction of all costs and expenses, including attorneys' fees), ) shall be held by Landlord and Tenant as co-trustees (or Landlord's lender) and applied as hereinafter provided. TenantLandlord, in such case, covenants and agrees, at TenantLandlord's sole cost and expense (subject to reimbursement to the extent hereinafter provided), promptly to restore that portion of the Improvements on the Demised Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as provided in this Lease providedLease. In the event that the net amount of the award (after deduction of all costs and expenses, including attorney's attorneys' fees) that may be received by Landlord in any such Proceedings for physical damage to the Improvements as a result of such taking, and held by Landlord and Tenant as co-trustees in any such Proceedings (or Landlord's lender) for restoration of the Demised Premises, is insufficient to pay all costs of such restoration work, Landlord may elect to either (a) terminate the Lease in accordance with the provisions of Section 13.1 or (b) continue the Lease and restore that portion of the Improvements on the Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as in this Lease provided. If Landlord elects to terminate the Lease under this Section 13.3, Landlord shall deliver to Tenant written notice of Landlord's election to terminate along with an estimate of the amount of the deficiency between the costs of complete restoration and the award ("Deficiency Amount"), Tenant may continue the Lease in effect by delivery written notice to Landlord, within fifteen (15) days of receipt of Landlord's termination notice, of its election to continue the Lease and pay the Deficiency Amountdifference. If Tenant elects to continue the Lease, Tenant shall deliver to Landlord and Tenant as co-trustees the Deficiency Amount within fifteen (15) days of written request by Landlord. If the Premises are restored, the award amounts shall not be disbursed in accordance with the same requirements set forth in Section 12.2liable for any additional sum.
Appears in 1 contract
Samples: Lease (Radyne Corp)
Partial Condemnation/Continuation of Lease. If ten percent (10%)If, during the Initial ------------------------------------------ Term, or lessany extension or renewal thereof, of less than the floor area of the Building, or fifteen percent (15%), or less, of the Land, entire Demised Premises shall be taken in any such ProceedingsProceeding, and either (a) the portion taken is not a Material Partial Condemnation, or if more than ten percent (10%b) of the floor area of the Building or more than fifteen percent (15%) of the Land portion taken is taken (a Material Partial Condemnation but less than the entire Premises), and this Lease is not terminated as provided in Section 13.2 hereof provided16.2, (in either event, a "Minor Partial Condemnation"), this Lease shall, upon the sooner of (i) the date of vesting of title in the Proceedings, or (ii) the date on which Tenant can no longer occupy the portion of the Demised Premises so taken, terminate as to the parts so taken. The net amount of the award (after deduction of all costs and expenses, including attorneys' fees), ) shall be held by Landlord and Tenant as co-trustees and applied as hereinafter provided. TenantLandlord, in such case, covenants and agrees, at TenantLandlord's sole cost and expense (subject to reimbursement to the extent as hereinafter provided), promptly to restore that portion of the Improvements on the Demised Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as in this Lease providedLease. In the event that Landlord agrees in connection with such restoration work to apply so much of the net amount of the any award (after deduction of all costs and expenses, including attorney's attorneys' fees) that may be received by Landlord and held by Landlord and Tenant as co-trustees in any such Proceedings is insufficient for physical damage to pay all the Improvements as a result of such taking to the costs of such restoration work; provided however, that in no event shall Landlord be obligated to expend in respect of the Restoration work any amount in excess of the net amount of any award received by Landlord at the date of vesting of title (after deduction of all costs and expenses including attorneys' fees). Tenant, at its option, may elect to either (abut shall not be required to) terminate expend such additional sums as is necessary to complete the Lease in accordance with the provisions of Section 13.1 or (b) continue the Lease and restore that portion of the Improvements on the Premises not so taken to a complete architectural and mechanical unit for the use and occupancy of Tenant as in this Lease providedRestoration. If Landlord elects to terminate the Lease under this Section 13.3Upon such election by Tenant, Landlord shall deliver assign to Tenant written notice of Landlord's election to terminate along with an estimate of the amount of the deficiency between the costs of complete restoration and the award ("Deficiency Amount"), Tenant may continue the Lease in effect by delivery written notice to Landlord, within fifteen (15) days of receipt of Landlord's termination notice, all of its election to continue the Lease and pay the Deficiency Amount. If Tenant elects to continue the Lease, Tenant shall deliver to Landlord and Tenant as co-trustees the Deficiency Amount within fifteen (15) days of written request by Landlord. If the Premises are restored, the award amounts shall be disbursed claims in accordance connection with the same requirements set forth Minor Partial Condemnation and all of its rights and interests in Section 12.2the Proceeding, and shall thereafter fully cooperate with Tenant (at Tenant's reasonable expense) in Tenant's prosecution of such claims in the Proceeding.
Appears in 1 contract