Common use of Partial Taking--Lease Continues Clause in Contracts

Partial Taking--Lease Continues. If there is a taking of less a substantial portion of the Premises and, if the taking is not of the character described in this Article, then this Lease shall not terminate and: A. Landlord shall be entitled to receive (i) the portion of the Condemnation Proceeds, with the interest thereon, that represents compensation for the value of the land, or the portion taken, considered as improved vacant land unencumbered by this Lease and (ii) the portion of the Condemnation Proceeds, with the interest thereon, if separately stated in the award or the decree, that represents consequential damages, if any, to the portion of the land not so taken, considered as improved vacant land unencumbered by this Lease. B. The Condemnation Proceeds shall be deposited with Landlord for disbursement to Landlord and Tenant pursuant to the provisions of this Lease. C. If Landlord determines that Tenant cannot use or convert the remaining portion of the Premises for use in an economically feasible manner, then Tenant, at its expense and whether or not the Condemnation Proceeds payable after disbursement to Landlord are sufficient for the purpose, shall proceed with reasonable diligence to repair and restore the remaining portion of the Premises to substantially its former condition. The repairs or restoration, and the protection of other property pending the completion of any thereof, are referred to in this Article as the "Work". D. After the Condemnation Proceeds are deposited with Landlord, Landlord shall first pay to Landlord those amounts required under this Article and then shall hold, apply, and pay to Tenant the remaining Condemnation Proceeds in the same manner as provided with respect to insurance proceeds under the provisions of this Lease, and provided that upon the completion and payment of the cost of the Work, the remaining balance of the Condemnation Proceeds shall be paid to Tenant. E. Tenant is not entitled to any abatement, allowance, reduction, or suspension of Net Rent, Additional Payments, or other amounts required to be paid by Tenant or a release from any obligation imposed upon Tenant under this Lease as a result of a condemnation or other taking of a portion of the Premises.

Partial Taking--Lease Continues. If there is a taking of the condemning authority takes less a substantial portion than the whole or substantially all of the Premises andPremises, and if the taking is not otherwise covered in Article 20.3 of this Lease, then the remaining Term of the character described in this ArticleLease will not be affected, then this Lease shall not terminate and: A. Landlord In the condemnation proceedings, the Parties shall insist and formally stipulate that the Award must adjudicate, determine, and distribute the amount to be entitled paid to receive each Party for its respective interest in the Premises condemned (iincluding severance damages and repair and restoration costs) the portion and for attorneys’ fees, experts’ fees, and court costs. The interest of the Condemnation Proceeds, with the interest thereon, that represents compensation for the value of the land, Lender or the portion taken, considered Beneficiary under the leasehold deed of trust must be adjudicated and determined as improved vacant land unencumbered by this Lease and (ii) the portion part of the Condemnation Proceeds, with the Tenant’s interest thereon, if separately stated in the award or the decree, that represents consequential damages, if any, to the portion of the land not so taken, considered as improved vacant land unencumbered by this LeasePremises. B. Tenant shall promptly complete all repairs and restoration of the Premises, protect the Premises and all other property pending completion of the repairs and restoration (collectively Work), and pay all costs of the Work. C. The Condemnation Proceeds aggregate Net Rent payable by Tenant after the partial taking for the remaining term of this Lease shall be deposited with Landlord for disbursement apportioned and reduced, from the date of the partial taking, by the percentage equivalent to Landlord a fraction in which the area of the Premises remaining is the numerator, and Tenant pursuant to the provisions original area of the Premises is the denominator multiplied by the Net Rent immediately before the taking and the Net Rent in effect during the remaining Term of this Lease. C. D. If Landlord Tenant reasonably determines that Tenant cannot use or convert the remaining portion part of the Premises can feasibly be used or converted for use in an economically feasible mannerby Tenant as permitted by this Lease, then Tenant, at its expense own expense—and whether or not the Condemnation Proceeds payable after disbursement to Landlord are Award is sufficient for the this purpose, —shall proceed with reasonable diligence to repair the Premises, including any necessary demolition and reconstruction, and restore the remaining portion part of the Premises to substantially its former condition. The repairs a complete, self-contained building or restorationbuildings in good condition and repair, and usable in accordance with the protection of other property pending the completion of any thereof, are referred to in this Article as the "Work". D. After the Condemnation Proceeds are deposited with Landlord, Landlord shall first pay to Landlord those amounts required under this Article and then shall hold, apply, and pay to Tenant the remaining Condemnation Proceeds in the same manner as provided with respect to insurance proceeds under the provisions terms of this Lease, and provided that upon the completion and payment of the cost of the Work, the remaining balance of the Condemnation Proceeds shall be paid to Tenant. E. Except as expressly set forth in this Lease, Tenant is not entitled to any abatement, allowance, reduction, or suspension of Net Rent, Additional Payments, or other amounts required to be paid by Tenant or a release from any obligation obligations imposed upon Tenant under this Lease as a result of a condemnation or other taking of a portion of the Premises.

Partial Taking--Lease Continues. If there is a In the event of any such taking of less a substantial portion than the whole or substantially all of the Premises and, if the such taking is not of the character described in this Article, then Section 15.1.A.(2) (or if such taking is of such character and the option of Tenant to terminate this Lease is not exercised), the Term shall not terminate andbe reduced or affected in any way and the following shall apply: A. Landlord shall be entitled The entire condemnation award (herein sometimes referred to receive (i) the portion of the as “Condemnation Proceeds, with the interest thereon, that represents compensation for the value of the land, or the portion taken, considered as improved vacant land unencumbered by this Lease and (ii”) the portion of the Condemnation Proceeds, with the interest thereon, if separately stated in the award or the decree, that represents consequential damages, if any, to the portion of the land not so taken, considered as improved vacant land unencumbered by this Lease. B. The Condemnation Proceeds shall be deposited with Landlord Tenant’s Leasehold Mortgagee, or if Tenant does not have a Leasehold Mortgagee, an escrow company authorized to do business in the State of Arizona for disbursement to Landlord and Tenant pursuant to the provisions of this Lease.Section 15.2.C. C. B. If Landlord determines that Tenant cannot use or convert the remaining portion part of the Premises feasibly can be used or converted for use in an economically feasible mannerby Tenant as contemplated herein, then Tenant, at its sole cost and expense and whether or not the Condemnation Proceeds payable after disbursement to Landlord are shall be sufficient for the purpose, shall proceed with reasonable diligence to repair repair, alter (including any necessary demolition and reconstruction) and restore the remaining portion part of the Premises substantially (to substantially its the extent possible) to their former condition, so as to be complete, rentable and usable and of the quality provided for in this Lease for the original construction of the affected buildings. The repairs If the remaining part of the Premises feasibly cannot be used or converted for use by Tenant as contemplated herein, Tenant, at its sole cost and expense, shall proceed with due diligence to repair, alter (including any necessary demolition and reconstruction) and restore the remaining part of the Premises so as to constitute a complete, rentable building for a purpose not in violation of the CC&Rs; provided, however, that not less than sixty (60) days prior to proceeding with any such repairs, alterations, or restoration, Tenant shall have given written notice to Landlord certifying that the remaining part of the Premises cannot feasibly be used or converted for use by Tenant as contemplated herein and if such use is in violation of the CC&Rs, requesting approval of a new use, and Landlord shall have approved in writing such restoration and new use, which approval shall not be unreasonably withheld, conditioned or delayed. Such repairs, alterations, or restoration, including such changes and alterations as above-mentioned and including temporary repairs, or the protection of other property pending the completion of any thereof, are sometimes referred to in this Article Section as the "“Work".” D. C. After the Condemnation Proceeds are deposited with Landlorda Leasehold Mortgagee or the escrow company under the provisions of Section 15.2.A, Landlord shall first pay to Landlord those amounts required under this Article and then the escrow company or Leasehold Mortgagee shall hold, apply, make available and pay over to Tenant the remaining Condemnation Proceeds in to be applied to the same manner as provided with respect to insurance proceeds under the provisions of this Lease, and provided that upon the completion and payment of the cost of the Work to the extent such Condemnation Proceeds are sufficient for the purpose. If the Condemnation Proceeds are not sufficient to pay the entire cost of the Work, Tenant shall supply the remaining amount of any such deficiency. Under no circumstances shall Landlord be obligated to make any payment, reimbursement, or contribution towards the cost of the Work (except that the award otherwise payable to Landlord pursuant to Section 15.1. B. shall be deposited with the Leasehold Mortgagee or escrow company for the completion of the Work). Any balance of the Condemnation Proceeds remaining after completion of the Work shall be paid to Tenant. E. Tenant is not entitled to any abatement, allowance, reduction, or suspension of D. The Net Rent, Additional Payments, or other amounts required to be paid by Tenant or a release from any obligation imposed upon Tenant under this Lease as a result of a condemnation or other taking of a portion Rent payable for that part of the Premisesbalance of the Term hereof occurring prior to the termination of the Lease shall be proportionately reduced effective as of the date of such Taking.