Common use of Partial or Temporary Taking Clause in Contracts

Partial or Temporary Taking. Subject to the rights of any Superior Mortgagee or Superior Lessor, and other parties having rights to condemnation proceeds, in the event of any taking of less than the whole of the Premises, which taking does not result in termination of this Lease, or in the event of a taking for a temporary use or occupancy of all or any part of the Premises, or other partial taking of the Premises, that does not result in a termination of this Lease: (a) Landlord, at its expense, and provided that a condemnation award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair the remaining parts of the Premises (other than those parts of the Premises that are Tenant's Property) to substantially their former condition, to the extent that the same is feasible (subject to those changes which Landlord reasonably deems desirable, and to building and other governmental codes and regulations) and so as to constitute a complete and tenantable Premises, and (b) Tenant, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair Tenant's Property, to substantially its former condition, to the extent feasible, subject to such reasonable changes as Landlord and Tenant shall agree upon, in writing. Such work by Tenant shall be deemed Alterations. Furthermore, in the event of a partial taking of the Premises that does not result in a termination of this Lease, the Base Rent due hereunder shall be reduced in a proportionate amount, based upon the proportion that the area that has been taken bears to the total area of the Premises. Such reduction shall be effective from the date on which the partial taking occurs until the date, if any, on which the partial taking terminates and the Premises have been restored in accordance with the terms of this Lease.

Appears in 2 contracts

Samples: Sparta Foods Inc, Nantucket Industries Inc

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Partial or Temporary Taking. Subject to the rights of any Superior Mortgagee or Superior Lessor, and other parties having rights to condemnation proceeds, in the event of any taking of less than the whole of the PremisesBuilding and/or the Property, which taking does not result in termination of this Lease, or in the event of a taking for a temporary use or occupancy of all or any part of the Premises, or other partial taking of the Premises, that does not result in a termination of this Lease: (a) Landlord, at its expense, and provided that a condemnation award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair the remaining parts of the Building and the Premises (other than those parts of the Premises that are Tenant's Property) to substantially their former condition, to the extent that the same is feasible (subject to those changes which Landlord reasonably deems desirable, and to building and other governmental codes and regulations) and so as to constitute a complete and tenantable Building and Premises, and (b) Tenant, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair Tenant's Property, to substantially its former condition, to the extent feasible, subject to such reasonable changes as Landlord and Tenant shall agree upon, in writing. Such work by Tenant shall be deemed Alterations. Furthermore, in the event of a partial taking of the Premises that does not result in a termination of this Lease, the Base Rent and Additional Rent due hereunder shall be reduced in a proportionate amount, based upon the proportion that the area that has been taken bears to the total area of the Premises. Such reduction shall be effective from the date on which the partial taking occurs until the date, if any, on which the partial taking terminates and the Premises have been restored in accordance with the terms of this Lease.

Appears in 2 contracts

Samples: Sublease Agreement (United Industries Corp), Disturbance and Attornment Agreement (United Industries Corp)

Partial or Temporary Taking. Subject to the rights If there is a Permanent Taking of any Superior Mortgagee or Superior Lessor, and other parties having rights to condemnation proceeds, in the event of any taking of less than the whole a portion of the Premises, which taking does not result in termination of this LeaseLeased Property, or in the event of a taking for if there is a temporary use or occupancy Taking of all or any part a portion of the PremisesLeased Property, this Lease shall remain in effect so long as the Leased Property is not thereby rendered permanently Unsuitable For Its Primary Intended Use or temporarily Unsuitable For Its Primary Intended Use for a period not likely to, or other partial taking of which does not, exceed two hundred and seventy (270) days. If, however, the Premises, that does not result in a termination of this LeaseLeased Property is thereby so rendered permanently or temporarily Unsuitable For Its Primary Intended Use: (a) Landlordthe Lessee shall have the right to restore the Leased Property, at its own expense, and (subject to the right under certain circumstances as provided that a condemnation award or awards shall be sufficient for in Section 14.5 to receive the purpose, shall proceed with reasonable diligence to repair the remaining parts net proceeds of the Premises (other than those parts of the Premises that are Tenant's Propertyan Award for reimbursement) to substantially their former condition, to the extent that possible, to substantially the same is feasible (subject to those changes which Landlord reasonably deems desirable, and to building and other governmental codes and regulations) and so condition as to constitute a complete and tenantable Premises, and existed immediately before the partial or temporary Taking or (b) Tenantthe Lessee shall have the right to acquire the Leased Property from the Lessor (i) upon payment of all Rent due through the date that the purchase price is paid, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair Tenant's Property, to substantially its former condition, a purchase price equal to the extent feasibleFair Market Value of the Leased Property minus the Fair Market Added Value, subject with the Fair Market Value of the Leased Property and the Fair Market Added Value to be determined as of the day immediately prior to such reasonable changes as Landlord partial or temporary Taking and Tenant shall agree upon, in writing. Such work by Tenant shall be deemed Alterations. Furthermore, in the event of a partial taking of the Premises that does not result in a termination of this Lease, the Base Rent due hereunder shall be reduced in a proportionate amount, based upon the proportion that the area that has been taken bears to the total area of the Premises. Such reduction shall be effective from the date on which the partial taking occurs until the date, if any, on which the partial taking terminates and the Premises have been restored (ii) in accordance with the terms and conditions set forth in Article 18; in which event, this Lease shall terminate upon payment of such purchase price and the consummation of such acquisition. Notwithstanding the foregoing, the Lessor may overrule the Lessee's election under clause (a) or (b) and instead either (1) terminate this LeaseLease as of the date when the Lessee is required to surrender possession of the portion of the Leased Property so taken or (2) compel the Lessee to keep the Lease in full force and effect and to restore the Leased Property as provided in clause (a) above, but only if the Leased Property may be operated for at least eighty percent (80%) of the licensed bed capacity of the Facility if operated in accordance with its Primary Intended Use. The Lessee shall exercise its election under this Section 14.3 by giving the Lessor notice thereof ("Lessee's Election Notice") within sixty (60) days after the Lessee receives notice of the Taking. The Lessor shall exercise its option to overrule the Lessee's election under this Section 14.3 by giving the Lessee notice of the Lessor's exercise of its rights under Section 14.3 within thirty (30) days after the Lessor receives the Lessee's Election Notice. If, as the result of any such partial or temporary Taking, this Lease is not terminated as provided above, the Lessee shall be entitled to an abatement of Rent, but only to the extent, if any, provided for in Section 3.8, effective as of the date upon which the Leased Property is rendered Unsuitable For Its Primary Intended Use.

Appears in 2 contracts

Samples: 103 Facility Lease Agreement (Carematrix Corp), 102 Facility Lease Agreement (Carematrix Corp)

Partial or Temporary Taking. Subject to the rights If there is a Permanent Taking of any Superior Mortgagee or Superior Lessor, and other parties having rights to condemnation proceeds, in the event of any taking of less than the whole a portion of the Premises, which taking does not result in termination of this LeaseLeased Property, or in the event of a taking for if there is a temporary use or occupancy Taking of all or any part a portion of the PremisesLeased Property, this Lease shall remain in effect so long as the Leased Property is not thereby rendered permanently Unsuitable For Its Primary Intended Use or temporarily Unsuitable For Its Primary Intended Use for a period not likely to, or other partial taking of which does not, exceed two hundred and seventy (270) days. If, however, the Premises, that does not result in a termination of this LeaseLeased Property is thereby so rendered permanently or temporarily Unsuitable For Its Primary Intended Use: (aA) Landlordthe Lessee shall have the right to restore the Leased Property, at its own expense, and (subject to the right under certain circumstances as provided that a condemnation award or awards shall be sufficient for in Section 14.5 to receive the purpose, shall proceed with reasonable diligence to repair the remaining parts net proceeds of the Premises (other than those parts of the Premises that are Tenant's Propertyan Award for reimbursement) to substantially their former condition, to the extent that the same is feasible (subject to those changes which Landlord reasonably deems desirable, and to building and other governmental codes and regulations) and so as to constitute a complete and tenantable Premises, and (b) Tenant, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair Tenant's Propertypossible, to substantially its former conditionthe same condition as existed immediately before the partial or temporary Taking or (B) the Lessee shall have the right to acquire the Leased Property from the Lessor (I) upon payment of all Rent due through the date that the purchase price is paid, for a purchase price equal to the extent feasiblegreater of (X) the Meditrust Investment or (Y) the Fair Market Value of the Leased Property minus the Fair Market Added Value, subject with the Fair Market Value of the Leased Property and the Fair Market Added Value to be determined as of the day immediately prior to such reasonable changes as Landlord partial or temporary Taking and Tenant shall agree upon, in writing. Such work by Tenant shall be deemed Alterations. Furthermore, in the event of a partial taking of the Premises that does not result in a termination of this Lease, the Base Rent due hereunder shall be reduced in a proportionate amount, based upon the proportion that the area that has been taken bears to the total area of the Premises. Such reduction shall be effective from the date on which the partial taking occurs until the date, if any, on which the partial taking terminates and the Premises have been restored (II) in accordance with the terms and conditions set forth in Section 24.14; in which event, this Lease shall terminate upon payment of such purchase price and the consummation of such acquisition. Notwithstanding the foregoing, (1) if the Taking occurs at a time when there is less than two (2) years remaining on the Term of this LeaseLease and the Lessee has elected to restore the Leased Property under clause (a) above, then, unless the Lessee extends the Term pursuant to the provisions hereof, the Lessor may overrule the Lessee's election and terminate this Lease as of the date when the Lessee is required to surrender possession of the portion of the Leased Property so taken and (2) if the Taking occurs at a time when there are two (2) years or more remaining on the Term and the Lessee elects to acquire the Leased Property under clause (b) above, then the Lessor may overrule the Lessee's election and compel the Lessee to keep the Lease in full force and effect and to restore the Leased Property as provided in clause (a) above, but only if the Leased Property may be operated for at least eighty percent (80%) of the licensed unit capacity of the Facility if operated in accordance with its Primary Intended Use. The Lessee shall exercise its election under this Section 14.3 by giving the Lessor notice thereof ("Lessee's Election Notice") within sixty (60) days after the Lessee receives notice of the Taking. The Lessor shall exercise its option to overrule the Lessee's election under this Section 14.3 by giving the Lessee notice of the Lessor's exercise of its rights under Section 14.3 within thirty (30) days after the Lessor receives the Lessee's Election Notice. If, as the result of any such partial or temporary Taking, this Lease is not terminated as provided above, the Lessee shall be entitled to an abatement of Rent, but only to the extent, if any, provided for in Section 3.8, effective as of the date upon which the Leased Property is rendered Unsuitable For Its Primary Intended Use.

Appears in 2 contracts

Samples: Facility Lease Agreement (Alternative Living Services Inc), Facility Lease Agreement (Alternative Living Services Inc)

Partial or Temporary Taking. Subject to the rights of any Superior Mortgagee or Superior Lessor, and other parties having rights to condemnation proceeds, in the event of any taking of less than the whole of the Premises, which taking does not result in termination of this Lease, or in the event of a taking for a temporary use or occupancy of all or any part of the Premises, or other partial taking of the Premises, that in any such case does not result in a termination of this Lease: (a) Landlord, at its expense, and provided to the extent that a condemnation award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair the remaining parts of the Premises (inclusive of that portion of the Premises that represents Tenant Funded Improvements, but other than those parts of the Premises that are Tenant's PropertyProperty and Tenant's Improvements that Tenant is entitled to remove) to substantially their former condition, to the extent that the same is feasible (subject to those changes which Landlord reasonably deems desirabledesirable and Tenant reasonably accepts, and to building and other governmental codes and regulations) and so as to constitute a complete and tenantable Premises, and (b) Tenant, at its expense, and whether or not to the extent any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair Tenant's PropertyProperty and Tenant's Improvements, to substantially its former condition, to the extent feasible, subject to such reasonable changes as Landlord and Tenant Xxxxxx shall agree upon, in writing. Such work by Tenant shall be deemed AlterationsAlterations (the approval for which Alterations shall not be unreasonably withheld by Landlord). Furthermore, in the event of a partial taking of the Premises that does not result in a termination of this Lease, the Net Base Rent due hereunder shall be reduced in a proportionate amount, based upon the proportion that the area that has been taken bears to the total area of the Premises. Such reduction shall be effective from the date on which the partial taking occurs until the date, if any, on which the partial taking terminates and the Premises have been restored in accordance with the terms of this Lease.

Appears in 1 contract

Samples: Golden Books Family Entertainment Inc

Partial or Temporary Taking. Subject to the rights of any --------------------------- Superior Mortgagee or Superior Lessor, the grantee of any facade or historical easement, and other appropriate parties having rights to condemnation proceeds, in the event of any taking of less than the whole of the Premises, Building and/or the Property which taking does not result in termination of this Lease, or in the event of a taking for a temporary use or occupancy of all or any part of the Premises, or other partial taking of the Premises, that Premises which does not result in a termination of this Lease: , (a) Landlord, at its expense, and provided that a condemnation award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair the remaining parts of the Building and the Premises (other than those parts of the Premises that which are Landlord's Property and Tenant's Property) to substantially their former condition, condition to the extent that the same is may be feasible (subject to those reasonable changes which Landlord reasonably deems shall deem desirable, and to building and other governmental codes and regulations) and so as to constitute continue a complete and tenantable Building and Premises, and (b) Tenant, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair the remaining parts of the Premises which are deemed Landlord's Property and Tenant's Property, to substantially its their former condition, to the extent feasible, subject to such reasonable changes as Landlord and which Tenant shall agree upon, in writingdeem desirable. Such work by Tenant shall be deemed Alterations. Furthermore, in the event of a partial taking of the Premises that does not result in a termination of this Lease, the Base Rent due hereunder shall be reduced in a proportionate amount, based upon the proportion that the area that has been taken bears to the total area of the Premises. Such reduction shall be effective from the date on which the partial taking occurs until the date, if any, on which the partial taking terminates and the Premises have been restored in accordance with the terms of this LeaseAlterations as hereinabove defined.

Appears in 1 contract

Samples: Lease Agreement (Commerx Inc)

Partial or Temporary Taking. Subject to the rights of any Superior Mortgagee or Superior Lessor, and other parties having rights to condemnation proceeds, in the event of any taking of less than the whole of the Premises, which taking does not result in termination of this Lease, or in the event of a taking for a temporary use or occupancy of all or any part of the Premises, or other partial taking of the Premises, that does not result in a termination of this Lease: (a) Landlord, at its expense, and provided that a condemnation award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair the remaining parts of the Premises (other than those parts of the Premises that are Tenant's Property) to substantially their former condition, to the extent that the same is feasible (subject to those changes which Landlord reasonably deems desirable, and to building and other governmental codes and regulations) and so as to constitute a complete and tenantable Premises; provided, however, that if a condemnation award is not sufficient to pay for such repairs, Landlord may, in its sole and absolute discretion, terminate this Lease or perform such repairs to the extent of such condemnation award, and (b) Tenant, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair Tenant's Property, to substantially its former condition, to the extent feasible, subject to such reasonable changes as Landlord and Tenant shall agree upon, in writing. Such work by Tenant shall be deemed Alterations. Furthermore, in the event of a partial or temporary taking of the Premises that does not result in a termination of this Lease, the Base Rent due hereunder shall be reduced in a proportionate amount, based upon the proportion that the area that has been taken bears to the total area of the Premises. Such reduction shall be effective from the date on which the partial taking occurs until the date, if any, on which the partial taking terminates and the Premises have been restored in accordance with the terms of this Leaseoccurs.

Appears in 1 contract

Samples: Sabratek Corp

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Partial or Temporary Taking. Subject to the rights of any ---------------------------- Superior Mortgagee or Superior Lessor, and other parties having rights to condemnation proceeds, in the event of any taking of less than the whole of the Premises, which taking does not result in termination of this Lease, or in the event of a taking for a temporary use or occupancy of all or any part of the Premises, or other partial taking of the Premises, that does not result in a termination of this Lease: (a) Landlord, at its expense, and provided that a condemnation award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair the remaining parts of the Premises (other than those parts of the Premises that are Tenant's Property) to substantially their former condition, to the extent that the same is feasible (subject to those changes which Landlord reasonably deems desirable, and to building and other governmental codes and regulations) and so as to constitute a complete and tenantable Premises, and (b) Tenant, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair Tenant's Property, to substantially its former condition, to the extent feasible, subject to such reasonable changes as Landlord and Tenant shall agree upon, in writing. Such work by Tenant shall be deemed Alterations. Furthermore, in the event of a partial taking of the Premises that does not result in a termination of this Lease, the Base Rent due hereunder shall be reduced in a proportionate amount, based upon the proportion that the area that has been taken bears to the total area of the Premises. Such reduction shall be effective from the date on which the partial taking occurs until the date, if any, on which the partial taking terminates and the Premises have been restored in accordance with the terms of this Lease.

Appears in 1 contract

Samples: Lasermaster Technologies Inc

Partial or Temporary Taking. Subject to the rights of any Superior Mortgagee or Superior Lessor, and other parties having rights to condemnation proceeds, in the event of any taking of less than the whole of the PremisesProperty, which taking does not result in termination of this Lease, or in the event of a taking for a temporary use or occupancy of all or any part of the Premises, or other partial taking of the Premises, that does not result in a termination of this Lease: (a) Landlord, at its expense, and provided that a condemnation award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair the remaining parts of the Property and the Premises (other than those parts of the Premises that are Tenant's Property) to substantially their former condition, to the extent that the same is feasible (subject to those changes which Landlord reasonably deems desirable, and to building and other governmental codes and regulations) and so as to constitute a complete and tenantable Property and Premises, and (b) Tenant, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair Tenant's Property, to substantially its former condition, to the extent feasible, subject to such reasonable changes as Landlord and Tenant shall agree upon, in writing. Such work by Tenant shall be deemed Alterations. Furthermore, in the event of a partial taking of the Premises that does not result in a termination of this Lease, the Base Rent and Additional Rent due hereunder shall be reduced in a proportionate amount, based upon the proportion that the area that has been taken bears to the total area of the Premises. Such reduction shall be effective from the date on which the partial taking occurs until the date, if any, on which the partial taking terminates and the Premises have been restored in accordance with the terms of this Lease.

Appears in 1 contract

Samples: Gantos Inc

Partial or Temporary Taking. Subject to the rights If there is a Permanent Taking of any Superior Mortgagee or Superior Lessor, and other parties having rights to condemnation proceeds, in the event of any taking of less than the whole a portion of the Premises, which taking does not result in termination of this LeaseLeased Property, or in the event of a taking for if there is a temporary use or occupancy Taking of all or any part a portion of the PremisesLeased Property, this Lease shall remain in effect so long as the Leased Property is not thereby rendered permanently Unsuitable For Its Primary Intended Use or temporarily Unsuitable For Its Primary Intended Use for a period not likely to, or other partial taking of which does not, exceed three hundred and sixty-five (365) days. If, however, the Premises, that does not result in a termination of this LeaseLeased Property is thereby so rendered permanently or temporarily Unsuitable For Its Primary Intended Use: (a) Landlordthe Lessee shall have the right to restore the Leased Property, at its own expense, and (subject to the right under certain circumstances as provided that a condemnation award or awards shall be sufficient for in Section 14.5 to receive the purpose, shall proceed with reasonable diligence to repair the remaining parts net proceeds of the Premises (other than those parts of the Premises that are Tenant's Propertyan Award for reimbursement) to substantially their former condition, to the extent that possible, to substantially the same is feasible (subject to those changes which Landlord reasonably deems desirable, and to building and other governmental codes and regulations) and so condition as to constitute a complete and tenantable Premises, and existed immediately before the partial or temporary Taking or (b) Tenantthe Lessee shall have the right to acquire the Leased Property from the Lessor (i) upon payment of all Rent due through the date that the purchase price is paid, at its expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair Tenant's Property, to substantially its former condition, a purchase price equal to the extent feasibleFair Market Value of the Leased Property minus the Fair Market Added Value, subject with the Fair Market Value of the Leased Property and the Fair Market Added Value to be determined as of the day immediately prior to such reasonable changes as Landlord partial or temporary Taking, (ii) upon the assumption by the Lessee of all of the Lessor's obligations under all of the documents evidencing any applicable Fee Mortgage Loan (including, without limitation, if applicable, the HUD Financing Documents), together with a full release (in form and Tenant substance acceptable to the Lessor) of the Lessor from all obligations thereunder, but the provisions of this clause (ii) shall agree upon, in writing. Such work by Tenant shall be deemed Alterations. Furthermore, apply only in the event of a partial taking of the Premises that does not result in a termination of this Lease, the Base Rent due hereunder shall be reduced in a proportionate amount, based upon the proportion that the area that Lessee has been taken bears elected to assume the total area of the Premises. Such reduction shall be effective from the date on which the partial taking occurs until the date, if any, on which the partial taking terminates obligations under any Fee Mortgage Loan and the Premises have been restored (iii) in accordance with the terms and conditions set forth in Article 18; in which event, (x) the Lessor shall assign to the Lessee all of the Lessor's right, title and interest in the amounts, if any, then held in escrow by any applicable Fee Mortgagee (including, without limitation, if applicable, any amounts held in the HUD Escrow Accounts) if the Lessee has elected to assume the obligations under the applicable Fee Mortgage Loan and (y) this LeaseLease shall terminate upon payment of such purchase price and the consummation of such acquisition. Notwithstanding the foregoing, the Lessor may overrule the Lessee's election under clause (a) or (b) and instead either (1) terminate this Lease as of the date when the Lessee is required to surrender possession of the portion of the Leased Property so taken or (2) compel the Lessee to keep the Lease in full force and effect and to restore the Leased Property as provided in clause (a) above, but only if the Leased Property may be operated for at least eighty percent (80%) of the licensed unit capacity of the Facility if operated in accordance with its Primary Intended Use. The Lessee shall exercise its election under this Section 14.3 by giving the Lessor notice thereof ("Lessee's Election Notice") within sixty (60) days after the Lessee receives notice of the Taking. The Lessor shall exercise its option to overrule the Lessee's election under this Section 14.3 by giving the Lessee notice of the Lessor's exercise of its rights under Section 14.3 within thirty (30) days after the Lessor receives the Lessee's Election Notice. If, as the result of any such partial or temporary Taking, this Lease is not terminated as provided above, the Lessee shall be entitled to an abatement of Rent, but only to the extent, if any, provided for in Section 3.6, effective as of the date upon which the Leased Property is rendered Unsuitable For Its Primary Intended Use.

Appears in 1 contract

Samples: Facility Lease Agreement (Carematrix Corp)

Partial or Temporary Taking. Subject If during the initial Term: (i) a portion of the Premises shall be subject to a Taking, which Taking is not sufficient to qualify as a complete or significant Taking pursuant to Section 16.2 above, or (ii) the rights use or occupancy of the Premises or any Superior Mortgagee part thereof shall be temporarily taken by any governmental authority; then this Lease shall continue in full force and effect without abatement or Superior Lessorreduction of Base Rent, and Additional Rent, or other parties having rights to condemnation proceedssums payable by Tenant hereunder, notwithstanding such partial or temporary Taking. Tenant shall, promptly after any such partial Taking, at its sole expense, repair any damage caused thereby in conformity with the requirements of Section 11 hereof, so that, thereafter, the Premises shall be, as nearly as possible, in a condition as good as the condition thereof immediately prior to such Taking. In the event of any taking of less than such partial Taking, Landlord shall make the whole of the PremisesNet Award (as defined below) available to Tenant to make such repair, which taking does not result in termination of this Lease, or in the event of a taking for a temporary use or occupancy of all or any part of the Premises, or other partial taking of the Premises, that does not result in a termination of this Lease: (a) Landlord, at its expense, and provided that a condemnation award or awards but if such Net Award shall be sufficient in excess of $100,000.00, only against certificates of Tenant delivered to Landlord from time to time as such work or repair for which Tenant is requesting payment pursuant to the purpose, procedures set forth in Section 14.8 above. Any Net Award remaining after such repairs have been made shall proceed with reasonable diligence be delivered to repair the remaining parts of the Premises (other than those parts of the Premises that are Tenant's Property) to substantially their former condition, ; but only to the extent that the same is feasible (subject aggregate amount of such Net Award so remaining and all amounts previously paid to those changes which Tenant pursuant to this sentence do not exceed $100,000.00. If such amounts exceed $100,000.00, the excess may be retained by Landlord reasonably deems desirableand applied in reduction of the principal amount of the indebtedness secured by a Mortgage then outstanding at Landlord's sole option. If Landlord retains any such amount, and to building and other governmental codes and regulations) and so as to constitute a complete and tenantable Premises, and (b) Tenant, at its expense, and whether the Base Rent payable on or not any award or awards after the second Base Rent payment date occurring after such retention shall be sufficient for reduced equitably but in no event shall the purpose, shall proceed with reasonable diligence to repair Tenant's Property, to substantially its former condition, to Base Rent be reduced lower than the extent feasible, subject to such reasonable changes as Landlord and Tenant shall agree upon, in writingmonthly payments due under any Mortgage. Such work by Tenant shall be deemed Alterations. Furthermore, in In the event of a partial taking temporary Taking, Tenant shall be entitled to receive the entire Net Award payable by reason of such temporary Taking or portion of such temporary Taking which relates to any period occurring during the Term hereof. If the cost of any repairs required to be made by Tenant pursuant to this Section shall exceed the amount of the Premises that does not result in a termination of this LeaseNet Award, the Base Rent due hereunder deficiency shall be reduced in a proportionate amount, based upon the proportion that the area that has been taken bears to the total area of the Premisespaid by Tenant. Such reduction No payments shall be effective from the date on which the partial taking occurs until the date, made to Tenant pursuant to this Section if any, on which the partial taking terminates any uncured default or Event of Default shall have happened and the Premises have been restored in accordance with the terms of shall be continuing under this Lease.

Appears in 1 contract

Samples: Management Agreement (Lakes Gaming Inc)

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