Common use of Partial Condemnation/Termination of Lease Clause in Contracts

Partial Condemnation/Termination of Lease. If, during the Initial Term of this Lease, or any extension or renewal thereof, less than the entire Demised Premises, but more than fifteen percent (15%) of the floor area of the Building, or more than twenty-five percent (25%) of the land area of the Demised Premises, shall be taken in any such Proceedings, this Lease shall, upon vesting of title in the Proceedings, terminate as to the portion of the Demised Premises so taken, and Tenant may, at its option, terminate this Lease as to the remainder of the Demised Premises. Tenant shall not have the right to terminate this Lease pursuant to the preceding sentence unless (a) the business of Tenant conducted in the portion of the Demised Premises taken cannot reasonably be carried on with substantially the same utility and efficiency in the remainder of the Demised Premises (or any substitute space securable by Tenant pursuant to clause [b] hereof), and (b) Tenant cannot construct or secure on the Demised Premises substantially similar space to the space so taken. Such termination as to the remainder of the Demised Premises shall be effected by notice in writing given not more than sixty (60) days after the date of vesting of title in such Proceedings, and shall specify a date no more than sixty (60) days after the giving of such notice as the date for such termination. Upon the date specified in such notice, the term of this Lease, and all right, title and interest of Tenant hereunder, shall cease and come to an end. If this Lease is terminated as provided in this Section 14.2, 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 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. The right of Tenant to terminate this Lease as provided in this Section 14.2, shall be exercisable only upon the condition that Tenant is not then in default in the performance of any of the terms, covenants or conditions of this Lease on its part to be performed, and such termination upon Tenant's part shall become effective only upon compliance by Tenant with all such terms, covenants and conditions to the date of such termination. In the event that Tenant elects not to terminate this Lease as to the remainder of the Demised Premises, the rights and obligations of Landlord and Tenant shall be governed by the provisions of Section 14.3 hereof.

Appears in 1 contract

Samples: Inspire Insurance Solutions Inc

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Partial Condemnation/Termination of Lease. If, during the Initial Term of this Lease----------------------------------------- Term, or any extension or renewal thereof, less than the entire Demised Premises, but more than fifteen percent (15%) of the floor area of the Building, or more than twenty-five percent (25%) of the land area of the Demised Premises, shall be taken in any such ProceedingsProceedings and the portion taken constitutes a "Material Partial Condemnation" (as defined below), this Lease shall, upon vesting of title in the Proceedings, shall terminate as to the portion of the Demised Premises so taken 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, ; and either Landlord or Tenant may, at its their option, terminate this Lease as to the remainder of the Demised Premises. Tenant A "Material Partial Condemnation" shall not have the right to terminate this Lease mean a taking pursuant to the preceding sentence unless (a) which the business of Tenant conducted in the portion of the Demised Premises taken cannot reasonably be carried on with substantially the same scope, utility and efficiency in the remainder of the Demised Premises (or any substitute space securable by Tenant pursuant to clause [b] hereof), and (b) Tenant cannot construct or secure on the Demised Premises substantially similar space to the space so takenPremises. Such termination as to the remainder of the Demised Premises shall be effected by notice in writing given not more than sixty (60) days after the date of vesting of title in such Proceedings, and shall specify a date no not more than sixty (60) days after the giving of such notice as the date for such termination. Upon the date specified in such notice, the term of this LeaseTerm, and all right, title and interest of Tenant hereunder, shall cease and come to an end. If this Lease is terminated as provided in this Section 14.2, 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 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. The right of Tenant to terminate this Lease as provided in this Section 14.2, shall be exercisable only upon the condition that Tenant is not then in default in the performance of any of the terms, covenants or conditions of this Lease on its part to be performed, and such termination upon Tenant's part shall become effective only upon compliance by Tenant with all such terms, covenants and conditions to the date of such termination. In the event that neither Landlord nor Tenant elects not to terminate this Lease as to the remainder of the Demised Premises, the rights and obligations of Landlord and Tenant shall be governed by the provisions of Section 14.3 hereof.16.3. ------------

Appears in 1 contract

Samples: Lease (Wells Real Estate Investment Trust Inc)

Partial Condemnation/Termination of Lease. If, during the Initial Term of this Lease, or any extension or renewal thereof, less than the entire Demised Premises, but more than fifteen percent (15%) % of the floor area of the Building, or more than twenty-five percent (25%) % of the land area of the Demised Premises, shall be taken in any such Proceedings, this Lease shall, upon vesting of title in the Proceedings, terminate as to the portion of the Demised Premises so taken, and Tenant may, at its option, terminate this Lease as to the remainder of the Demised Premises. Tenant shall not have the right to terminate this Lease pursuant to the preceding sentence unless (a) the business of Tenant conducted in the portion of the Demised Premises taken cannot reasonably be carried on with substantially the same utility and efficiency in the remainder of the Demised Premises (or any substitute space securable by Tenant pursuant to clause [b] hereof), ) and (b) Tenant cannot construct or secure on the Demised Premises substantially similar space to the space so taken, on the Demised Premises. Such termination as to the remainder of the Demised Premises shall be effected by notice in writing given not more than sixty (60) 60 days after the date of vesting of title in such Proceedings, and shall specify a date no not more than sixty (60) 60 days after the giving of such notice as the date for such termination. Upon the date specified in such notice, the term of this Lease, and all right, title and interest of Tenant hereunder, shall cease and come to an end. If this Lease is terminated as provided in this Section 14.214.2 provided, 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 has or may have under present or future law to receive any separate award of damages for its interest in the Demised Premises Premises, or any portion thereof thereof, or its interest in this Lease except as otherwise provided in Section 14.1. The right of Tenant to terminate this Lease Lease, as provided in this Section 14.214.2 provided, shall be exercisable only upon the condition that Tenant is not no Event of Default then in default in the performance of any of the terms, covenants or conditions of this Lease on its part to be performed, and such termination upon Tenant's part shall become effective only upon compliance by Tenant with all such terms, covenants and conditions to the date of such terminationexists. In the event that Tenant elects not to terminate this Lease as to the remainder of the Demised Premises, the rights and obligations of Landlord and Tenant shall be governed by the provisions of Section 14.3 hereof.

Appears in 1 contract

Samples: Net Lease Agreement (Merix Corp)

Partial Condemnation/Termination of Lease. If, during the Initial ----------------------------------------- Term of this LeaseLease Agreement, or any extension or renewal thereof, less than the entire Demised Premises, but more than fifteen percent (15%) of the floor area of the Building, or more than twenty-five percent (25%) of the land area of the Demised Premises, shall be taken in any such Proceedings, 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 that constitutes a "Material Partial Condemnation" (as defined below), terminate as to the portion of the Demised Premises so taken, and Tenant may, at its option, terminate this Lease Agreement as to the remainder of the Demised Premises. Tenant A "Material Partial Condemnation" shall not have the right to terminate this Lease mean a taking pursuant to the preceding sentence unless (a) which the business of Tenant conducted in the portion of the Demised Premises taken cannot reasonably be carried on with substantially the same scope, utility and efficiency in the remainder of the Demised Premises (or any substitute space securable by Tenant pursuant to clause [b] hereof), and (b) Tenant cannot construct or secure on the Demised Premises substantially similar space to the space so takenPremises. Such termination as to the remainder of the Demised Premises shall be effected by notice in writing given not more than sixty (60) days after the date of vesting of title in such Proceedings, and shall specify a date no not more than sixty (60) days after the giving of such notice as the date for such termination. Upon the date specified in such notice, the term of this LeaseTerm, and all right, title and interest of Tenant hereunder, shall cease and come to an end. If this Lease is terminated as provided in this Section 14.2, 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 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. The right of Tenant to terminate this Lease as provided in this Section 14.2, shall be exercisable only upon the condition that Tenant is not then in default in the performance of any of the terms, covenants or conditions of this Lease on its part to be performed, and such termination upon Tenant's part shall become effective only upon compliance by Tenant with all such terms, covenants and conditions to the date of such termination. In the event that Tenant elects not to terminate this Lease Agreement as to the remainder of the Demised Premises, the rights and obligations of Landlord and Tenant shall be governed by the provisions of Section 14.3 hereof16.3 below.

Appears in 1 contract

Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)

Partial Condemnation/Termination of Lease. If, during the Initial Term of this Lease, or any extension or renewal thereof, any part of the Building or Demised Premises, but less than the entire Building or Demised Premises, but more than fifteen percent (15%) of the floor area of the Building, or more than twenty-five percent (25%) of the land area of the Demised Premises, shall be taken in any such Proceedings, and after taking into account any restoration which Landlord has agreed to perform, if any, the remainder thereof is reasonably determined by Tenant, in good faith, to be insufficient for the reasonable and economic operation of Tenant’s business therein, as evidenced by a certification by an officer of Tenant to that effect, this Lease shall, upon vesting of title in the Proceedings, terminate as to the portion of the Demised Premises so taken, and Tenant may, at its option, terminate this Lease as to the remainder of the Demised Premises. Tenant shall not have the right to terminate this Lease pursuant to the preceding sentence unless (a) the business of Tenant conducted in the portion of the Demised Premises taken cannot reasonably be carried on with substantially the same utility and efficiency in the remainder of the Demised Premises (or any substitute space securable by Tenant pursuant to clause [b] hereof), and (b) Tenant cannot construct or secure on the Demised Premises substantially similar space to the space so taken. Such termination as to the remainder of the Demised Premises shall be effected by notice in writing given not more than sixty (60) days after the date of vesting of title in such Proceedings, and shall specify a date no not more than sixty (60) days after the giving of such notice as the date for such termination. Upon the date specified in such notice, the term of this LeaseTerm, and all right, title and interest of Tenant hereunder, shall cease and come to an end. If this Lease is terminated as provided in this Section 14.2, 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 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. The right of Tenant to terminate this Lease as provided in this Section 14.2, shall be exercisable only upon the condition that Tenant is not then in default in the performance of any of the terms, covenants or conditions of this Lease on its part to be performed, and such termination upon Tenant's part shall become effective only upon compliance by Tenant with all such terms, covenants and conditions to the date of such termination. In the event that Tenant elects not to terminate this Lease as to the remainder of the Demised Premises, the rights and obligations of Landlord and Tenant shall be governed by the provisions of Section 14.3 hereof.

Appears in 1 contract

Samples: Lease Agreement (Church & Dwight Co Inc /De/)

Partial Condemnation/Termination of Lease. If, during the Initial Term of this Lease, or any extension or renewal thereof, an amount of the entire Demised~ Premises is taken in a Proceeding which is less than the entire Demised Premises, Premises but more than fifteen percent (15%) is so much that the utility and functionality of the floor area Demised Premises for Tenant's intended use (as described in Section 4. 1, hereof) is materially and adversely affected (including as a result of the Building, or more than twenty-five percent (25%) taking of a portion of the land area of the Demised PremisesPremises used for vehicular parking), shall be taken in any such Proceedings, this Lease shall, upon vesting of title in notwithstanding the Proceedings, terminate as to the portion restoration of the Demised Premises so takenas provided below, and Tenant may, at its option, and subject to the requirements of this Section 14.2 terminate this Lease as to the remainder of the Demised PremisesPremises not so taken. Notwithstanding the foregoing, Tenant shall not have the right to terminate this Lease pursuant to the preceding sentence unless (a) the business of Tenant conducted in the portion of the Demised Premises taken cannot reasonably be carried on with substantially the same utility and efficiency functionality in the remainder of the Demised Premises (or any substitute space securable by Tenant pursuant to clause [b] hereof)Promises, and (b) Tenant (or Landlord for Tenant) cannot construct or secure on the Demised Premises substantially similar space to the space so takentaken and as a substantially integrated whole with the remaining portion of the Demised Promises. Furthermore, Tenant may terminate this Lease following such a taking if (i) the remainder of the Demised Premises cannot be restored as described in this Section 14.2 within one hundred eighty 0 80) days, or (ii) Tenant is deprived of the use of the Demised Premises for more than ninety (90) consecutive days, following the date of vesting of title in such Proceedings. Such termination as to the remainder of the Demised Premises shall be effected by notice in writing given not more than sixty thirty (6030) days after the date of vesting of title in such Proceedings, and shall specify a date no more than sixty thirty (6030) days after the giving of such notice as the date for such termination. Upon the date specified in such notice, the term Term of this Lease, and all right, title and interest of Tenant hereunder, shall cease and come to an endand. If this Lease is terminated as provided in this Section 14.2, 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 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 Lease, except as otherwise provided in Section 14.1. The right of Tenant to terminate this Lease as provided in this Section 14.2, shall be exercisable only upon the condition that not cure or otherwise release Tenant is not from any then in default in the existing breach of Tenant's performance of any of the terms, covenants or conditions of this Lease on an its part to be performed, and such termination upon Tenant's part shall become effective only upon compliance by Tenant with all such terms, covenants and conditions to the date of such termination. In the event that Tenant elects not to terminate this Lease as to the remainder of the Demised Premises, the rights and obligations of Landlord and Tenant shall be governed by the provisions of Section 14.3 hereof.

Appears in 1 contract

Samples: Lease (Radyne Corp)

Partial Condemnation/Termination of Lease. If, during the Initial Term of this Lease, or any extension or renewal thereof, less than the entire Demised Premises, but more than fifteen twenty-five percent (1525 %) of the floor area of the Building, or more than twenty-five thirty percent (2530%) of the land area of the Demised Premises, shall be taken in any such Proceedings, this Lease shall, upon vesting of title in the Proceedings, terminate as to the portion of the Demised Premises so taken, and Tenant may, at its option, terminate this Lease as to the remainder of the Demised Premises. Tenant shall not have the right to terminate this Lease pursuant to the preceding sentence unless (a) the business of Tenant conducted in the portion of the Demised Premises taken cannot reasonably be carried on with substantially the same utility and efficiency in the remainder of the Demised Premises (or any substitute space securable by Tenant pursuant to clause [b] hereof), ) and (b) Tenant cannot construct or secure on the Demised Premises substantially similar space to the space so taken, on the Demised Premises. Such termination as to the remainder of the Demised Premises shall be effected by notice in writing given not more than sixty (60) days after the date of vesting of title in such Proceedings, and shall specify a date no not more than sixty (60) days after the giving of such notice as the date for such termination. Upon the date specified in such notice, the term Term of this Lease, and all right, title and interest of Tenant hereunder, shall cease and come to an end. If this Lease is terminated as provided in this Section 14.214.2 provided, 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 has or may have under present or future law to receive any separate award of damages for its interest in the Demised Premises Premises, or any portion thereof thereof, or its interest in this Lease except as otherwise provided in Section 14.114. 1. The right of Tenant to terminate this Lease Lease, as provided in this Section 14.214.2 provided, shall be exercisable only upon the condition that Tenant is not then in default in the performance of any of the terms, covenants or conditions of this Lease on its part to be performed, and such termination upon Tenant's ’s part shall become effective only upon compliance by Tenant with all such terms, covenants and conditions to the date of such termination. In the event that Tenant elects not to terminate this Lease as to the remainder of the Demised Premises, the rights and obligations of Landlord and Tenant shall be governed by the provisions of Section 14.3 hereof.

Appears in 1 contract

Samples: Net Lease (Wells Mid-Horizon Value-Added Fund I LLC)

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Partial Condemnation/Termination of Lease. If, during the Initial Term of this Lease, or any extension or renewal thereof, Lease an amount less than the entire Demised Premises, but more than fifteen percent (15%) of the floor area of the Building, or more than twenty-five percent (25%) of the land area of the Demised Premises, Premises shall be taken in any such ProceedingsProceedings with the result that it will materially and adversely interfere with Tenant’s enjoyment and intended use (as described in Section 4.1, this Lease shallhereof), upon vesting of title in the Proceedingsas reasonably determined by Tenant, terminate as to the portion of the Demised Premises so taken, and Tenant may, at its option, terminate this Lease as to the remainder of the Demised Premises. Tenant shall not have the right to terminate this Lease pursuant to the preceding sentence unless (a) the business of Tenant conducted in the portion of the Demised Premises taken cannot reasonably be carried on with substantially the same utility and efficiency in the remainder of the Demised Premises (or any substitute space securable by Tenant pursuant to clause [b] hereof)Premises, and (b) Tenant canLandlord does not construct or secure on in the Demised Premises Project, within ninety (90) days after the vesting of title or possession in such Proceedings, substantially similar space to the space so takentaken and as a substantially integrated whole with the remaining portion of the Demised Premises. Such termination as to the remainder of the Demised Premises shall be effected by notice in writing given not more than sixty (60) days after the date of vesting of title in such Proceedings, and shall specify a date no more than sixty (60) days after the giving of such notice as the date for such termination. Upon the date specified in such notice, the term Term of this Lease, and all right, title and interest of Tenant hereunder, shall cease and come to an end. If this Lease is terminated as provided in this Section 14.2, 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 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 Lease, except as otherwise provided in Section 14.1. The right of Tenant to terminate this Lease as provided in this Section 14.2, shall be exercisable only upon the condition that not cure or otherwise release Tenant is not from any then in default in the existing breach of Tenant’s performance of any of the terms, covenants or conditions of this Lease on its part to be performed, and such termination upon Tenant's part shall become effective only upon compliance by Tenant with all such terms, covenants and conditions to the date of such termination. In the event that Tenant elects not to terminate this Lease as to the remainder of the Demised Premises, the rights and obligations of Landlord and Tenant shall be governed by the provisions of Section 14.3 hereof.

Appears in 1 contract

Samples: Lease (American Residential Investment Trust Inc)

Partial Condemnation/Termination of Lease. If, during the Initial Term of ------------------------------------------ this Lease, or any extension or renewal thereof, Lease an amount less than the entire Demised Premises, but more than fifteen percent (15%) of the floor area of the Building, or more than twenty-five percent (25%) of the land area of the Demised Premises, Premises shall be taken in any such ProceedingsProceedings with the result that it will materially and adversely interfere with Tenant's enjoyment and intended use (as described in Section 4.1, this Lease shallhereof), upon vesting of title in the Proceedingsas reasonably determined by Tenant, terminate as to the portion of the Demised Premises so taken, and Tenant may, at its option, terminate this Lease as to the remainder of the Demised Premises. Tenant shall not have the right to terminate this Lease pursuant to the preceding sentence unless (a) the business of Tenant conducted in the portion of the Demised Premises taken cannot reasonably be carried on with substantially the same utility and efficiency in the remainder of the Demised Premises (or any substitute space securable by Tenant pursuant to clause [b] hereof)Premises, and (b) Tenant (or Landlord for Tenant) cannot construct or secure on the Demised Premises substantially similar space to the space so takentaken and as a substantially integrated whole with the remaining portion of the Demised Premises. Such termination as to the remainder of the Demised Premises shall be effected by notice in writing given not more than sixty (60) days after the date of vesting of title in such Proceedings, and shall specify a date no more than sixty (60) days after the giving of such notice as the date for such termination. Upon the date specified in such notice, the term Term of this Lease, and all right, title and interest of Tenant hereunder, shall cease and come to an end. If this Lease is terminated as provided in this Section 14.2, 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 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 Lease, except as otherwise provided in Section 14.1. The right of Tenant to terminate this Lease as provided in this Section 14.2, shall be exercisable only upon the condition that not cure or otherwise release Tenant is not from any then in default in the existing breach of Tenant's performance of any of the terms, covenants or conditions of this Lease on its part to be performed, and such termination upon Tenant's part shall become effective only upon compliance by Tenant with all such terms, covenants and conditions to the date of such termination. In the event that Tenant elects not to terminate this Lease as to the remainder of the Demised Premises, the rights and obligations of Landlord and Tenant shall be governed by the provisions of Section 14.3 hereof.

Appears in 1 contract

Samples: Lease (Applied Micro Circuits Corp)

Partial Condemnation/Termination of Lease. If, during the Initial Term of ----------------------------------------- this Lease, or any extension or renewal thereof, Lease an amount less than the entire Demised Premises, but more than fifteen percent (15%) of the floor area of the Building, or more than twenty-five percent (25%) of the land area of the Demised Premises, Premises shall be taken in any such ProceedingsProceedings with the result that it will materially and adversely interfere with Tenant's enjoyment and intended use (as described in Section 4.1, this Lease shallhereof), upon vesting of title in the Proceedingsas reasonably determined by Tenant, terminate as to the portion of the Demised Premises so taken, and Tenant may, at its option, terminate this Lease as to the remainder of the Demised Premises. Tenant shall not have the right to terminate this Lease pursuant to the preceding sentence unless (a) the business of Tenant conducted in the portion of the Demised Premises taken cannot reasonably be carried on with substantially the same utility and efficiency in the remainder of the Demised Premises (or any substitute space securable by Tenant pursuant to clause [b] hereof)Premises, and (b) Tenant (or Landlord for Tenant) cannot construct or secure on the Demised Premises substantially similar space to the space so takentaken and as a substantially integrated whole with the remaining portion of the Demised Premises. Such termination as to the remainder of the Demised Premises shall be effected by notice in writing given not more than sixty (60) days after the date of vesting of title in such Proceedings, and shall specify a date no more than sixty (60) days after the giving of such notice as the date for such termination. Upon the date specified in such notice, the term Term of this Lease, and all right, title and interest of Tenant hereunder, shall cease and come to an end. If this Lease is terminated as provided in this Section 14.2, 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 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 Lease, except as otherwise provided in Section 14.1. The right of Tenant to terminate this Lease as provided in this Section 14.2, shall be exercisable only upon the condition that not cure or otherwise release Tenant is not from any then in default in the existing breach of Tenant's performance of any of the terms, covenants or conditions of this Lease on its part to be performed, and such termination upon Tenant's part shall become effective only upon compliance by Tenant with all such terms, covenants and conditions to the date of such termination. In the event that Tenant elects not to terminate this Lease as to the remainder of the Demised Premises, the rights and obligations of Landlord and Tenant shall be governed by the provisions of Section 14.3 hereof.

Appears in 1 contract

Samples: Applied Micro Circuits Corp

Partial Condemnation/Termination of Lease. If, during the Initial Term of this LeaseLease Agreement, or any extension or renewal thereof, less than the entire Demised Premises, but more than fifteen percent (15%) % of the floor area of the Building, or more than twenty-five percent (25%) % of the land area of the Demised Premises, shall be taken in any such Proceedings, this Lease Agreement shall, upon vesting of title in the Proceedings, terminate as to the portion of the Demised Premises so taken, and Tenant may, at its option, terminate this Lease Agreement as to the remainder of the Demised Premises. Tenant shall not have the right to terminate this Lease pursuant to the preceding sentence unless (a) the business of Tenant conducted in the portion of the Demised Premises taken cannot reasonably be carried on with substantially the same utility and efficiency in the remainder of the Demised Premises (or any substitute space securable by Tenant pursuant to clause [b] hereof), ) and (b) Tenant cannot construct or secure on the Demised Premises substantially similar space to the space so taken, on the Demised Premises. Such termination as to the remainder of the Demised Premises shall be effected by notice in writing given not more than sixty (60) 60 days after the date of vesting of title in such Proceedings, and shall specify a date no not more than sixty (60) 60 days after the giving of such notice as the date for such termination. Upon the date data specified in such notice, the term of this LeaseLease Agreement, and all right, title and interest of Tenant hereunder, shall cease and come to an end. If this Lease Agreement is terminated as provided in this Section 14.214.2 provided, 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 has or may have under present or future law to receive any separate award of damages for its interest in the Demised Premises Premises, or any portion thereof thereof, or its interest in this Lease Agreement except as otherwise provided in Section 14.1. The right of Tenant to terminate this Lease as provided in this Section 14.2, shall be exercisable only upon the condition that Tenant is not then in default in the performance of any of the terms, covenants or conditions of this Lease on its part to be performed, and such termination upon Tenant's part shall become effective only upon compliance by Tenant with all such terms, covenants and conditions to the date of such termination. In the event that Tenant elects not to terminate this Lease Agreement as to the remainder of the Demised Premises, the rights and obligations of Landlord and Tenant shall be governed by the provisions of Section 14.3 hereof.

Appears in 1 contract

Samples: Lease Agreement (Cheap Tickets Inc)

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