Partial Taking. If any part of the Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possession.
Appears in 6 contracts
Samples: Lease Agreement (BioMed Realty Trust Inc), Lease Agreement (BioMed Realty Trust Inc), Lease Agreement (Human Genome Sciences Inc)
Partial Taking. If any part Should a portion of the Premises is be taken and by any Governmental Authority, corporation, or other entity under the remaining part after Landlord makes repairs and alterations is reasonably suitableright of eminent domain, as reasonably determined by Landlord and Tenantcondemnation, for Tenant’s continued occupancy for the purposes and uses permitted by this Leaseor similar right, this Lease shall, shall nevertheless continue in effect as to the part remainder of the Premises unless, in Tenant's reasonable judgment, so much of the Premises shall be so taken as to make it economically unsound to use the remainder for the uses and purposes contemplated hereby, whereupon this Lease shall terminate as of the date that of taking of possession of such part by the condemning authority in the same manner as if the whole of the Premises is taken had thus been taken, and the Base Monthly Rental award therefor shall be reduced distributed as provided in Section 8.4. In the event of a partial taking where this Lease is not terminated, all awards payable in respect thereof shall be payable to Landlord and Tenant, to the extent of their interests in the same proportion that Premises, as the floor area applicable condemning authority shall determine taking into account certain factors including, without limitation, the term of the portion leasehold estate of the Building so taken (less any addition thereto by reason Tenant and the ownership interest of any reconstruction) bears Landlord. Tenant shall restore and repair the Premises to the original floor area extent of the Buildingaward actually received by Tenant and there shall be no abatement or reduction in any rental because of such taking or condemnation. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations Subject to the Building so as foregoing, Tenant shall promptly and diligently proceed to make the portion of the Building not taken a complete architectural unit of the remainder of the Improvements, complying with the procedure set forth in Section 8.2 (a). For such purpose, and provided that a Default does not then exist, the amount of the awards to Tenant and Landlord relating to the Improvements, shall be deposited with the Depositary which shall disburse the awards towards the cost of said repairing or restoration in accordance with the terms procedure set forth in Section 8.2. If Tenant does not make a complete architectural unit of the remainder of the Improvements within a reasonable period after such taking or condemnation, not to exceed two hundred seventy days after Tenant is required to vacate the Premises and provisions the applicable awards have been made and deposited with the Depositary, then, in addition to whatever other remedies Landlord may have either under this Lease, at law or in equity, the money received by and then remaining in the custody of Section 19.4the Depositary shall, at Landlord's election, be paid to Landlord, and the remaining portion which was deposited by Tenant with the Depositary shall be held by Landlord as security for the continued performance and observance by Tenant of Tenant's covenants and agreements hereunder; provided, that Landlord shall make available be obligated to Tenant any condemnation proceeds it receives which are allocable to such portion of disburse the Building amounts received by Landlord from the Depositary in accordance with the terms and foregoing provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to as if Landlord were the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionDepositary.
Appears in 4 contracts
Samples: Lease Agreement (Group 1 Automotive Inc), Lease Agreement (Group 1 Automotive Inc), Lease Agreement (Group 1 Automotive Inc)
Partial Taking. If any part In the event of a Partial Taking, Lessee, at its own cost and expense, shall, within sixty (60) days of the Premises first to occur of the taking of possession by, or the date of vesting of title in, the Condemnor, commence the restoration of the affected Leased Property to a complete architectural unit of the same general character and condition (as nearly as may be possible under the circumstances) as existed immediately prior to the Partial Taking, and complete such restoration with all reasonable dispatch, but in any event within one hundred eighty (180) days of the date on which such Notice is taken given. Lessor shall contribute to the cost of restoration only such portion of the Award as is made therefor. As long as no Event of Default has occurred and is continuing, if such portion of the remaining part after Landlord makes repairs Award is in an amount less than the Approval Threshold, Lessor shall pay the same to Lessee upon completion of such restoration. As long as no Event of Default has occurred and alterations is reasonably suitablecontinuing, as reasonably determined by Landlord and Tenantif such portion of the Award is in an amount equal to or greater than the Approval Threshold, for Tenant’s continued occupancy for Lessor shall make such portion of the purposes and uses permitted by Award available to Lessee in the manner provided in Section 14.6 with respect to Net Proceeds in excess of the Approval Threshold. Notwithstanding anything to the contrary in this Lease, this Lease shall, as to if the part so taken terminate as Fair Market Rent of the date that possession of such part affected Leased Property is reduced by reason of the Premises Partial Taking, from and after the date on which possession is taken and by the Condemnor the annualized Base Monthly Rental Rent shall be reduced in the same proportion that the floor area of by an amount determined by dividing the portion of the Building so taken (less any addition thereto Award made to Lessor expressly for such reduction in Fair Market Rent by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionCapitalization Rate.
Appears in 4 contracts
Samples: Operations Transfer Agreement (Omega Healthcare Investors Inc), Master Lease (Omega Healthcare Investors Inc), Master Lease (Omega Healthcare Investors Inc)
Partial Taking. If any part In the event of a Partial Taking, Lessee, at its own cost and expense, shall within sixty (60) days of the Premises is taken taking of possession by, or the date of vesting of title in, the Condemnor, whichever first occurs, commence the restoration of the affected Leased Property to a complete architectural unit of the same general character and condition (as nearly as may be possible under the remaining part after Landlord makes repairs and alterations is reasonably suitable, circumstances) as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as existed immediately prior to the part so taken terminate as Partial Taking, and complete such restoration with all reasonable dispatch, but in any event, subject to Force Majeure, within two hundred forty (240) days of the date on which such Notice is given. Lessor shall contribute to the cost of restoration such portion of the Award as is made therefor, together with severance and other damages awarded for Leased Improvements Taken; provided, however, that possession the amount of such part contribution shall not exceed such cost. As long as no Event of Default has occurred and is continuing, if such portion of the Premises Award is in an amount less than the Approval Threshold, Lessor shall pay the same to Lessee upon commencement of such restoration. As long as no Event of Default has occurred and is continuing, if such portion of the Award is in an amount equal to or greater than the Approval Threshold, Lessor shall make such portion of the Award available to Lessee in the manner provided in Section 14.6 with respect to Net Proceeds in excess of the Approval Threshold. Notwithstanding anything to the contrary elsewhere herein, if the Fair Market Rent of the affected Leased Property is reduced by reason of the Partial Taking, from and after the date on which possession is taken and by the Condemnor the annualized Base Monthly Rental Rent shall be reduced in the same proportion that the floor area of by an amount determined by dividing the portion of the Building so taken (less any addition thereto Award made to Lessor expressly for such reduction in Fair Market Rent by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionCapitalization Rate.
Appears in 4 contracts
Samples: Master Lease (Omega Healthcare Investors Inc), Master Lease (Omega Healthcare Investors Inc), Master Lease (Advocat Inc)
Partial Taking. If any part title to less than the whole of the Premises Leased Property is taken condemned, and the remaining part after Landlord makes repairs Leased Property is still suitable for its Primary Intended Use, and alterations not Uneconomic for its Primary Intended Use, or if Lessee or Lessor is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, entitled but neither elects to terminate this Lease shallas provided in Section 15.3, as Lessor at its cost shall with all reasonable dispatch, but only to the part so taken terminate as extent of any condemnation awards made available to Lessor (and such additional sums agreed to be advanced by Lessor pursuant to the date that possession of such part of next sentence), restore the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the untaken portion of the Building any Leased Improvements so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken that such Leased Improvements constitute a complete architectural unit of the same general character and condition (as nearly as may be possible under the circumstances) as the Leased Improvements existing immediately prior to the Condemnation. If the condemnation awards are not adequate to restore the Facility as aforesaid, each of the Lessor and Lessee shall have the right to terminate this Lease, without in any way affecting any Other Leases for Other Properties then in effect, by giving Notice to the other; provided, however, that if such termination is by Lessee, Lessor shall have the right, in Lessor's sole discretion, to keep this Lease in full force and effect by providing, within thirty (30) days after Lessee's Notice of termination, a Notice to Lessee of Lessor's unconditional, legally binding obligation to be responsible for all restoration costs in excess of the condemnation awards. Lessor shall in good faith seek a fair and equitable allocation of any Award among restoration, taken Leasehold Improvements and other elements. Lessor shall contribute to the cost of restoration that part of its Award specifically allocated to such restoration, together with severance and other damages awarded for the taken Leased Improvements; provided, however, that the amount of such contribution shall not exceed such cost. In the event of a partial taking affecting the Fair Market Value of the Leased Property, after which this Lease shall not be terminated, the Base Rent shall be partially abated in a manner and to an extent that is fair, just and equitable to both Lessee and Lessor, taking into consideration, among other relevant factors, the number of usable rooms, or the revenues affected by such partial taking. If Lessor and Lessee are unable to agree upon the amount of such abatement within thirty (30) days after such partial taking, the matter may be submitted by either party to arbitration in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possession40.1 below for resolution.
Appears in 3 contracts
Samples: Lease Agreement (Capstar Hotel Co), Stock Purchase Agreement (Keystone Inc Et Al), Lease Agreement (American General Hospitality Corp)
Partial Taking. If any only a part of the Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part leased premises shall be so taken terminate as of or condemned, but the date that possession of such part of the Premises Lease is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears not terminated pursuant to the original floor area of the Building. Tenant shallSection 14.1 hereof, Lessee, at its sole cost and expenseexpense (subject to Lessee's right to use the Award for such purpose as described below), make shall repair and restore the leased premises and all necessary repairs or alterations Improvements thereon. Should the building which forms a part of the leased premises be reduced, then the annual fixed rent to be paid by Lessee to Lessor in accordance with Article 4 of this Lease shall be reduced by an amount equal to 10.875% percent of the Building so "Net Award" actually received by Lessor (after payment of reasonable expenses of collection, including attorneys' fees, and deducting therefrom any other amounts paid by Lessor to Lessee in accordance with this Article and further deducting any amount the First Mortgagee requires to be paid against the mortgage indebtedness), provided, however, that the annual fixed rent shall not be reduced as herein provided unless the "Net Award" as herein defined exceeds the sum of $25,000.00. Lessee shall promptly and diligently proceed to make the portion of the Building not taken a complete architectural unit of the remainder of the improvements, complying with the procedure set forth in Article 13 for such purpose, and provided Lessee is not then in default hereunder, the amount of the Award relating to the improvements shall be deposited with the Depositary (as defined in Article 13 hereof) which shall disburse the Award to apply on the cost of said repairing or restoration in accordance with the terms procedure set forth in Section 13.3. If Lessee does not make a complete architectural unit of the remainder of the improvements within a reasonable period after such taking or condemnation, not to exceed one hundred eighty (180) days, then, in addition to whatever other remedies Lessor may have either under this Lease, at law or in equity, the money received by and then remaining in the custody of the Depositary shall, at Lessor's election be paid to and retained by Lessor, as liquidated damages resulting from failure of Lessee to comply with the provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such this Section. Any portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder Award as may not have to be expended for such repairing or restoration shall be temporarily abated during such restoration period in proportion paid to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionLessor." 17
Appears in 3 contracts
Samples: Lease (Spartan Stores Inc), Lease (Spartan Stores Inc), Lease (Spartan Stores Inc)
Partial Taking. If any part title to the fee of less than the whole of a Leased Property shall be so taken or condemned, Lessee shall give Lessor Notice of such partial taking or condemnation within five (5) Business Days of the Premises occurrence thereof. If such Leased Property is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitablestill suitable for its Primary Intended Use, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental or if Lessee or Lessor shall be reduced so entitled, but shall not elect to terminate this Master Lease with respect to such Leased Property as provided in Section 15.3 hereof, Lessee shall with all reasonable dispatch restore the same proportion that the floor area of the untaken portion of the Building Leased Improvements on such Leased Property so taken that such Leased Improvements shall constitute a complete architectural unit of the same general character and condition (less any addition thereto by reason as nearly as may be possible under the circumstances) as the Leased Improvements existing immediately prior to such Condemnation or Taking. Lessee shall commence the restoration of any reconstructionthe Facility on such Leased Property within sixty (60) bears days of the Partial Taking, and shall complete the restoration within the Reconstruction Period following such Partial Taking. Lessor shall contribute to the original floor area cost of restoration such portion of the BuildingCondemnation Award payable to Lessor, if any, together with severance and other damages awarded for taken Leased Improvements, provided, however, the amount of such contribution shall not exceed the cost of restoration. Tenant shallAs long as no Event of Default has occurred hereunder, at its sole cost and expenseif the Award is in an amount less than the Self-Administered Amount, make all necessary repairs or alterations Lessor shall pay the same to Lessee. As long as no Event of Default has occurred hereunder, if the Building so as to Award is in an amount more than the Self-Administered Amount, Lessor shall make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make Award to which it is entitled available to Tenant any condemnation Lessee in the same manner as is provided in Section 14.9 for insurance proceeds it receives which are allocable to such portion in excess of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twentySelf-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possession.Administered
Appears in 3 contracts
Samples: Master Lease (Sun Healthcare Group Inc), Master Lease Agreement (Sun Healthcare Group Inc), Master Lease Agreement (Omega Healthcare Investors Inc)
Partial Taking. If any part of the Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five twenty percent (2520%) of the square footage floor space in the building or buildings located on the leased premises shall be taken under the power of eminent domain, both Landlord and Tenant shall have the Building is taken or sold under such threat, Landlord may right to terminate this Lease as of the date that day possession shall be taken by notice to the condemning authority takes possession by delivery of written notice of such election other party given within twenty ten (2010) days after Landlord has been notified possession is so taken. If the unexpired portion of the term or any renewal term of this Lease shall be two (2) years or less at the date of taking orof any portion of the building or buildings located on the leased premises, Landlord shall have the right to terminate this Lease as of the day possession shall be taken by like notice to Tenant. If more than one third (1/3) of the parking area in the absence thereofleased premises is taken under the power of eminent domain, within twenty Tenant shall have the right to terminate this Lease as of the day possession shall be taken by like notice to Landlord, unless Landlord shall provide, on or before the day possession shall be taken, a reasonably equivalent substitute parking area. Tenant shall be allowed a reasonable time not to exceed thirty (2030) days after any such termination to vacate the condemning authority remainder of the leased premises, and rent shall have be paid up to the day possession shall be taken possessionor the day Tenant vacates the remainder of the leased premises, whichever is later.
Appears in 3 contracts
Samples: Keystone Automotive Industries Inc, Keystone Automotive Industries Inc, Keystone Automotive Industries Inc
Partial Taking. If any part title to less than the whole of the Premises Leased Property is taken condemned, and the remaining part after Landlord makes repairs Leased Property is still suitable for its Primary Intended Use and alterations not Uneconomic for its Primary Intended Use, or if Lessee or Lessor is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, entitled but neither elects to terminate this Lease shallas provided in Section 15.3, as Lessee at its cost shall with all reasonable dispatch, but only to the part so taken terminate as extent of any Award made available to Lessee and any other sums advanced by Lessor pursuant to the date that possession of such part of next sentence, restore the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the untaken portion of the Building any Leased Improvements so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken that such Leased Improvements constitute a complete architectural unit of the same general character and condition (as nearly as may be possible under the circumstances) as the Leased Improvements existing immediately prior to the Condemnation. If the condemnation awards are not adequate to restore the Hotel to that condition, each of Lessor and Lessee shall have the right to terminate this Lease, by giving Notice to the other; provided, however that, if such termination is by Lessee, Lessor shall have the right, in accordance with its sole discretion, to nullify the termination and keep this Lease in full force by providing, within thirty (30) days after Lessee's Notice of termination, a Notice to Lessee of Lessor's unconditional, legally binding obligation to be responsible for all restoration costs in excess of the total Award. If this Lease is not terminated and Lessee restores the Hotel, the condemnation awards, and any other sums made available by Lessor as aforesaid, shall be held in trust by Lessor and paid out by Lessor from time to time for the reasonable costs of such restoration upon satisfaction of reasonable terms and provisions of Section 19.4conditions, Landlord and any excess awards remaining after such restoration shall make available to Tenant any be retained by Lessor unless the partial condemnation proceeds it receives which are allocable to such portion materially impairs the operations or financial performance of the Building Hotel, in accordance with which latter event the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder award shall be temporarily abated during such restoration period equitably apportioned between Lessor and Lessee in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) then fair market values of the square footage respective estates and interests of Lessor and Lessee in and to the Building is taken or sold Leased Property and under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionLease.
Appears in 3 contracts
Samples: Lease Agreement (Strategic Hotel Capital Inc), Lease Agreement (Strategic Hotel Capital Inc), Lease Agreement (Strategic Hotel Capital Inc)
Partial Taking. If any part of the Premises is taken for any public or quasi-public use under any statute or by right of eminent domain and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, suitable for Tenant’s 's continued occupancy for the purposes and uses permitted by this Leaselease, this Lease shall, as to the part so taken taken, terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental Rent shall be reduced in the same proportion that the floor area of the portion of the Building Premises so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the BuildingPremises, as reasonably determined by Landlord or Landlord's Architect. Tenant Landlord shall, at its sole own cost and expense, make all necessary repairs or alterations to the Building Premises so as to make the portion of the Building Premises not taken a complete architectural unit unit. Such work shall not, however, exceed the scope of the work done by Landlord in accordance with originally constructing the terms and provisions of Section 19.4Premises. If severance damages from the condemning authority are not available to Landlord in sufficient amounts to permit such restoration, Landlord shall make available may terminate this Lease upon Notice to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4Tenant. Base Monthly Rental Rent due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which there is substantial interference with Tenant’s 's use of Premises is impairedthe Premises, as reasonably determined by Landlord or Landlord's Architect. Notwithstanding Each party hereby waives the foregoing, if more than twenty-five percent (25%) provisions of Section 1265.130 of the square footage California Code of Civil Procedure and any present or future law allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionPremises.
Appears in 2 contracts
Samples: Cupertino Master Lease Agreement (Adforce Inc), Cupertino Master Lease Agreement (Adforce Inc)
Partial Taking. If any part there is a Taking of a portion of the Premises is taken and by Condemnation such that the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Premises are not thereby rendered Unsuitable for its Permitted Use in the commercially reasonable opinion of Landlord and Tenant, this Lease shall remain in effect. If, however, the Premises are thereby rendered Unsuitable for its Permitted Use in Landlord and Tenant’s continued occupancy for mutual commercially reasonable opinion, Tenant shall have the purposes right, subject to the terms of the Landlord’s Mortgage (a) to take such proceeds of any Award as shall be necessary and uses permitted by restore the Premises, at its own expense, to the extent possible, to substantially the same condition as existed immediately before the partial Taking, or (b) to terminate this Lease, in which case all proceeds of any Award shall belong to Landlord. Tenant shall immediately provide Landlord with notice of any partial Taking and Tenant’s opinion concerning the suitability of the Premises for its Permitted Use. Landlord shall, within thirty (30) days after such notice of partial Taking, advise Tenant of its opinion concerning whether or not the Premises is, after the partial Taking rendered Unsuitable for its Permitted Use. Tenant shall exercise any one of its above stated options by giving Landlord notice thereof within sixty (60) days after Tenant receives Landlord’s notice concerning the suitability of the Premises for its Permitted Use after the partial Taking. In the event that this Lease shallis terminated pursuant hereto, as to the part so taken this Lease shall terminate effective as of the date that possession Date of such part of the Premises is taken Taking, and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost Minimum Rent and expense, make all necessary repairs Additional Charges paid or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion apportioned and paid to the degree to which Tenant’s use Date of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionTaking.
Appears in 2 contracts
Samples: Lease Agreement (Cornerstone Healthcare Plus Reit, Inc.), Lease Agreement (Cornerstone Healthcare Plus Reit, Inc.)
Partial Taking. If title to less than the whole of the Property shall be taken or condemned, and the Property is still suitable for its then Primary Intended Use, or if Tenant or Landlord shall be entitled (but shall not elect) to terminate this Lease as provided in Section 16.3 hereof, Tenant at its own cost and expense shall with all reasonable diligence restore the untaken portion of any Improvements so that such improvements shall constitute a complete architectural unit of the same general character and condition (as nearly as may be possible under the circumstances) as the Improvements existing immediately prior to such Condemnation or Taking. Landlord and Tenant shall each contribute to the cost of restoration that part of the Premises their Award specifically allocated to such restoration, if any (or if no such specific allocation is taken made, a just, fair and the remaining part after Landlord makes repairs and alterations is reasonably suitable, reasonable portion of its Award as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted Tenant or by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit arbitration in accordance with the terms Section 28.14 if Landlord and provisions of Section 19.4, Landlord shall make available Tenant are unable to Tenant any condemnation proceeds it receives which are allocable to such portion agree within 30 days of the Building in accordance Award), together with any and all severance and other damages awarded for any taken Improvements; provided, however, the terms amount of such contribution shall not exceed such cost. If such amounts are not sufficient to cover the cost of restoration Landlord and provisions of Section 19.4. Base Monthly Rental due and payable hereunder Tenant shall be temporarily abated during such contribute any additional amounts needed for restoration period in proportion to the degree amounts already contributed by them, provided that in no event shall Landlord contribute any amount to which such restoration in excess of its Award. Thereafter, any excess restoration cost shall be borne solely by Tenant’s use . Landlord agrees that Tenant shall be entitled to an equitable abatement of Premises is impaired. Notwithstanding Base Rent in the foregoing, if more than twenty-five percent (25%) event of a partial taking of the square footage Property, but such abatement shall be strictly limited to any amount of excess Award paid to Landlord after the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord restoration cost has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionpaid.
Appears in 2 contracts
Samples: Safford Care Lease (Unison Healthcare Corp), Douglas Manor Lease (Unison Healthcare Corp)
Partial Taking. If any part of the Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant Landlord shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with unit. Such work shall not, however, exceed the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion scope of the Building work done by Tenant in accordance with originally constructing the terms and provisions of Section 19.4Building. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord or Tenant may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possession.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (NPS Pharmaceuticals Inc)
Partial Taking. If any part (a) This Section 13(a) shall apply solely with respect to a taking of less than substantially all of the Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as prior to the part so taken terminate as of the date that possession of such part Premises Conversion Date. If less than substantially all of the Premises is taken and the Base Monthly Rental shall be reduced taken prior to the Premises Conversion Date for public or quasi-public purposes, Tenant will promptly, at its sole cost and expense, restore, repair, replace or rebuild the improvements so taken in conformity with the requirements of paragraph 9 as nearly as practicable to the condition, size, quality of workmanship and market value thereof immediately prior to such taking, without regard to the adequacy of any condemnation award for such purpose. There shall be no abatement of Rent during such period of restoration. In performing its obligations, Tenant shall be entitled to all condemnation proceeds available to Landlord under the same proportion that the floor area of the portion of the Building so taken (less any addition thereto terms and conditions for disbursement set forth for Casualty proceeds in paragraph 10 hereof, including such proceeds being made available by reason of any reconstruction) bears to the original floor area of the BuildingMortgagee. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to negotiate and, if necessary, litigate, the Building so as to make the portion amount of the Building not taken a complete architectural unit award, and Landlord shall have the right to participate in accordance with the terms such process, and provisions if Tenant fails to diligently prosecute such efforts or if an Event of Section 19.4Default exists, Landlord shall make may take control of the process. Any condemnation proceeds in excess of the amounts as are made available to Tenant any condemnation proceeds it receives which are allocable to such portion for restoration or repair of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder Premises, shall be temporarily abated during such restoration period the sole and exclusive property of Landlord. So long as no Event of Default exists, Tenant shall have the right to participate in proportion condemnation proceedings with Landlord, and shall be entitled to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that receive any award made by the condemning authority takes possession by delivery in respect of written notice of such election within twenty (20) days after Landlord has been notified of the taking business loss or, if available, business relocation and any other claim permitted by law, which does not, in the absence thereofany such case, within twenty (20) days after the condemning authority shall have taken possessiondiminish Landlord’s recovery.
Appears in 2 contracts
Samples: Lease Agreement (Quantum Corp /De/), Lease Agreement (Quantum Corp /De/)
Partial Taking. If any part title to less than the whole of the Premises Leased Property is taken condemned, and the remaining part after Landlord makes repairs Leased Property is not Unsuitable for its Primary Intended Use, and alterations not Uneconomic for its Primary Intended Use, or if Lessee or Lessor is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, entitled but neither elects to terminate this Lease shallas provided in Section 15.3, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, Lessee at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms of this Lease and provisions any Construction Services Agreement entered into in connection herewith, shall with all reasonable dispatch, but only to the extent of Section 19.4, Landlord shall make any Award funds made available to Tenant Lessee and any condemnation proceeds it receives which are allocable other sums advanced by Lessor pursuant to this Section, restore the untaken portion of any Improvements so that such Improvements constitute a complete architectural unit of the same general character and condition (as nearly as may be possible under the circumstances) as the Improvements existing immediately prior to the Condemnation. Lessor shall in good faith seek a fair and equitable allocation of any Award among restoration, taken Improvements and other elements. Lessor will contribute to the cost of restoration that part of its Award specifically allocated to such portion restoration, together with severance and other damages awarded for the Improvements; provided, however, the amount of such contribution will not exceed such cost. If the Awards are not adequate to restore the Hotel to that condition, each of Lessor and Lessee shall have the right to terminate this Lease, without in any way affecting any of the Building Other Leases in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion effect, by giving Notice to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoingother; provided, however that, if more than twenty-five percent (25%) of such termination is by Lessee, Lessor shall have the square footage of right, in its sole discretion, to nullify the Building is taken or sold under such threat, Landlord may terminate termination and keep this Lease as of the date that the condemning authority takes possession in full force by delivery of written notice of such election providing, within twenty thirty (2030) days after Landlord has been notified Lessee's Notice of termination, a Notice to Lessee of Lessor's unconditional, legally binding obligation to be responsible for all restoration costs in excess of the taking orAwards. If this Lease is not terminated and Lessee restores the Hotel, the Award funds, and any other sums made available by Lessor as aforesaid, shall (subject to the requirements of any ground or building lease or Mortgage) be held by Lessor and paid out by Lessor from time to time for the reasonable costs of such restoration upon satisfaction of reasonable terms and conditions, and any excess Award funds remaining after such restoration, and reimbursement of Lessor for any sums advanced by Lessor hereunder, shall be retained by Lessor. In the event of a partial Taking that does not result in a termination of this Lease, the Base Rent shall be abated in the absence thereofmanner and to the extent that is fair, just and equitable to both Lessee and Lessor, taking into consideration, among other relevant factors, the number of usable rooms, the amount of square footage, the revenues affected by such partial Taking and changes in the Hotel's projected net operating income following such partial Taking. If Lessor and Lessee are unable to agree upon the amount of such abatement within twenty thirty (2030) days after such partial Taking, the condemning authority shall have taken possessionmatter may be submitted by either party to arbitration under Section 22.2 hereof for resolution.
Appears in 2 contracts
Samples: Lease Agreement (Felcor Lodging Trust Inc), Lease Agreement (Bristol Hotels & Resorts Inc)
Partial Taking. If any part In the event of a Partial Taking during the term hereof (1) the rights of Tenant under the Lease and the leasehold estate of Tenant in and to the portion of the Premises is taken shall cease and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date Date of Taking; (2) from and after the Date of Taking the Monthly Installment of rent shall be an amount equal to the product obtained by multiplying the monthly Installment of rent immediately prior to the Taking by a fraction, the numerator of which is the number of square feet contained in the Premises after the Taking and the denominator of which is the number of square feet contained in the Premise prior to the Taking; (3) Tenant shall receive from the Award the portions of the Award attributable to trade fixtures of Tenant; (4) the remainder of the Award shall be paid to and be the property of Landlord; and (5) in the event of any such condemnation or taking and this Lease is not so terminated, Landlord shall promptly repair the Premises or the Project, as the case may be, to a condition such that possession of such part the remaining portion of the Premises is taken or Project, as the case may be, shall constitute an architectural unit, fit for Tenant’s occupancy and the Base Monthly Rental shall be reduced in the same proportion business operations; provided, however, that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears Landlord’s obligation to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable repair hereunder shall be temporarily abated during such restoration period in proportion limited to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) extent of the square footage net proceeds made available to Landlord for such repair from any such condemnation or taking and subject to the rights of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionLandlord’s mortgagee(s).
Appears in 2 contracts
Samples: Building Lease Agreement (Sumo Logic, Inc.), Building Lease Agreement (Sumo Logic, Inc.)
Partial Taking. If any part more than fifteen percent (15%) of the Rentable Square Feet in the Leased Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitableor appropriated by eminent domain, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shallat the option of either party, as may be terminated by written notice given to the part so taken terminate other party not more than thirty (30) days after Landlord and Tenant receive notice of the taking or appropriation, and such termination shall be effective as of the date that possession Tenant is required to vacate the portion of the Leased Premises so taken. If more than ten percent (10%) of the parking areas or other common areas of the Building are taken or appropriated by eminent domain, then Landlord, at its option, may terminate this Lease by written notice given to Tenant within sixty (60) days of the date of such part taking. If this Lease is so terminated, all Base Rent, additional rent, and Other Charges due hereunder shall be paid to the date of termination. Whenever any portion of the Leased Premises or common areas is taken by eminent domain and this Lease is not terminated, Landlord, at its expense, shall restore, to the extent reasonably prudent, the remainder of the Leased Premises and common areas to their condition immediately prior to such taking, and Tenant, at its sole expense, shall proceed with all reasonable dispatch to restore its furniture, furnishings, floor covering, equipment and alterations or improvements installed by Tenant to the same condition they were in immediately prior to such taking. From the date Tenant is required to vacate that portion of the Leased Premises taken, the Base Monthly Rental Rent payable hereunder shall be reduced in the same proportion that the floor area of the portion of the Building so Rentable Square Feet taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, total Rentable Square Feet in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionLeased Premises prior to taking.
Appears in 2 contracts
Samples: Eddie Bauer Holdings, Inc., Eddie Bauer Holdings, Inc.
Partial Taking. If any part Unless this Lease shall be terminated as aforesaid, Tenant shall, with reasonable promptness (subject to delays covered by matters beyond Tenant’s reasonable control), cause the remainder of the Premises is taken to be repaired and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as restored to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit as nearly as commercially reasonably possible to their value, condition and character immediately prior to such taking, provided that Tenant shall comply with the provisions of Section 7.2 above. For such purposes, in the event that Tenant encumbers its interest in the Premises, the full amount of the Tenant’s Interest in the Award will be deposited with the Leasehold Mortgagee, and Leasehold Mortgagee shall disburse such Award to be applied towards the cost of such repairs and restorations in accordance with the procedures set forth in Section 7.3 above. Any portion of the Tenant’s Interest in the Award that shall not have been expended for such repairs or restorations shall be paid to Landlord in respect of Landlord’s Interest and to Tenant in respect of Tenant’s Interest. Notwithstanding the foregoing to the contrary, in the event Tenant encumbers its interest in the Premises, the Tenant’s Interest in the Award shall be disbursed in accordance with the terms and provisions of Section 19.4such leasehold mortgage, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of and Leasehold Mortgagee may, in its reasonable discretion, direct that the Building Tenant’s Interest in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall Award be temporarily abated during such restoration period in proportion applied to the degree to which repayment of Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionindebtedness to Leasehold Mortgagee.
Appears in 2 contracts
Samples: Ground Lease Agreement, Ground Lease Agreement (CNL Healthcare Properties, Inc.)
Partial Taking. In the event of a Partial Taking of any Facility, this Lease shall remain in effect as to such Facility and, except as specifically set forth herein, Tenant’s obligation to make payments of Rent and to pay all other charges required under this Lease with respect to such Facility shall remain unabated during the Term notwithstanding such Partial Taking. If Landlord determines in its commercially reasonable judgment that the Facility subject to the Partial Taking is fully or partially restorable, Tenant shall diligently repair or reconstruct such Facility to a like or better condition than existed prior to such damage or destruction in accordance with Section 7.5, provided that any part net condemnation award received by Landlord with respect to such Partial Taking shall be paid directly to Landlord and, provided Tenant is diligently performing the restoration and repair work with respect to such Facility and no Event of Default has occurred hereunder, shall be made available to Tenant to be used by Tenant for costs of the Premises is taken repair or reconstruction of such Facility. If, after Tenant’s compliance with the restoration obligation in the foregoing sentence, such Partial Taking results in a reduced number of licensed beds at such Facility, then the current Base Rent shall be proportionally reduced based on (a) the ratio of the number of licensed beds reduced at such Facility to the total number of licensed beds at such Facility (prior to such Partial Taking) and (b) the ratio of the applicable Facility’s EBITDARM to the EBITDARM of all Facilities. The applicable calculations of EBITDARM shall be based on Tenant’s financials for the calendar quarter most recently ended as of the effective date of such Partial Taking. By way of example only, if (1) a Facility originally containing 100 licensed beds suffers a casualty and the remaining part after Landlord makes repairs and alterations number of licensed beds is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for reduced to 80; (2) the purposes and uses permitted by total Base Rent under this Lease, this Lease shallprior to such casualty, as to is $1,000,000; (3) the part so taken terminate as of total EBITDARM for all Facilities is $12,000,000.00; and (4) the date that possession of such part of EBITDARM for the Premises damaged Facility is taken and $4,000,000.00, then the Base Monthly Rental shall Rent would be reduced in the same proportion that the floor area of the portion of the Building so taken by $66,666.67 (less any addition thereto by reason of any reconstructioni.e., (20 licensed beds /100 licensed beds) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent * (25%$4,000,000/$12,000,000) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty *(20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possession$1,000,000).
Appears in 2 contracts
Samples: Master Lease (Diversicare Healthcare Services, Inc.), Master Lease (Diversicare Healthcare Services, Inc.)
Partial Taking. If any part of the Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the a portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shallLeased Premises, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make or the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder Property shall be temporarily abated during such restoration period taken for any public or quasi-public use under any governmental law, ordinance or regulation, or by right of eminent or by purchase in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoinglieu thereof, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threatand this Lease not terminated as provided in Section 8.01 above, Landlord may terminate this Lease (whether or not the Leased Premises are affected thereby) by giving written notice thereof to Tenant within sixty (60) days after the right of election accrues, in which event this Lease shall terminate as of the date that when physical possession of such portion of the Leased Premises, the Building or the Property is taken by the condemning authority takes possession by delivery authority. If upon any such taking or sale of written notice of such election within twenty (20) days after Landlord has been notified less than the whole or substantially the whole of the taking orLeased Premises, the Building or the Property, this Lease shall not be thus terminated, the Base Rent payable hereunder shall be diminished by an amount representing that part of the Base Rent properly allocable to the portion so taken or sold, and Landlord shall, at Landlord’s sole expense, restore and reconstruct the Building and/or the Property and the Leased Premises to their former condition to the extent feasible, but such work shall not exceed the scope of the work done by Landlord in originally constructing the absence Building and the Leased Premises, nor shall Landlord be required to spend for such work an amount in excess of the condemnation award or proceeds in lieu thereof, within twenty (20) days after the condemning authority and Tenant shall have taken possessionnot be entitled to and expressly waives all claim to any such compensation.
Appears in 2 contracts
Samples: Office Lease (Interface Security Systems, L.L.C.), Office Lease (Interface Security Systems Holdings Inc)
Partial Taking. If any part portion of the Premises any Leased Property is taken and by Condemnation, this Lease shall remain in effect as to such Leased Property if the remaining part after Landlord makes repairs and alterations Facility(ies) located thereon is reasonably suitable, not thereby rendered Unsuitable For Its Primary Intended Use as reasonably determined by Landlord and TenantLandlord, for Tenant’s continued occupancy for but if the purposes and uses permitted by this LeaseFacility(ies) is/are thereby rendered Unsuitable For Its Primary Intended Use, this Lease shallshall terminate as to such Leased Property on the Date of Taking, in which event the provisions of Section 17.9 governing the deletion of one or more Leased Properties from this Lease upon a Condemnation shall apply. If, as a result of any such partial taking by Condemnation, this Lease is not terminated as provided above, Tenant’s obligation to make payments of Rent and to pay all other charges required under this Lease shall remain unabated during the part so taken terminate as of Term notwithstanding such Condemnation, unless the date that possession of such taking includes a material part of the Premises is taken Facility on any Leased Property, in which event, from and the Base Monthly Rental after such taking, Rent hereunder shall be reduced equitably abated, as determined by Landlord, in its reasonable discretion. In the event of any partial taking by Condemnation of any Leased Property, the entire Award shall belong to and be paid to Landlord, except that, subject to the rights of any Facility Mortgagees, Tenant shall be entitled to receive from the Award, if and to the extent such Award specifically includes such item, the following: (i) a sum specifically attributable to Tenant’s Personal Property and any reasonable removal and relocation costs included in the same proportion that the floor area of the portion of the Building so taken Award; and (less any addition thereto by reason of any reconstructionii) bears a sum specifically attributable to the original floor area cost of restoring the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit Leased Property in accordance with Section 16.4 hereof; and (iii) a sum specifically attributable to the terms interruption of business operations, which sum, if and provisions of Section 19.4to the extent received by Landlord, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion credited against payments of Rent and other charges due from Tenant to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold Landlord under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionLease.
Appears in 2 contracts
Samples: Master Lease Agreement (Emeritus Corp\wa\), Master Lease Agreement (Emeritus Corp\wa\)
Partial Taking. If any part less than the whole of the Premises Leased Property is taken condemned, and the remaining part after Landlord makes repairs Leased Property is still suitable for its Primary Intended Use, and alterations not Uneconomic for its Primary Intended Use, or if Lessee or Lessor is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, entitled but neither elects not to terminate this Lease shallas provided in Section 15.3, as Lessee at its cost shall with all reasonable dispatch, but only to the part so taken terminate as extent of any condemnation awards made available to Lessee and any other sums advanced by Lessor pursuant to the date that possession of such part of next sentence, restore the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the untaken portion of the Building any Improvements so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken that such Improvements constitute a complete architectural unit of the same general character and condition (as nearly as may be possible under the circumstances) as the Improvements existing immediately prior to the Condemnation. If the condemnation awards are not adequate to restore the Facility to that condition, each of Lessor and Lessee shall have the right to terminate this Lease, without in accordance with any way affecting any other leases in effect between Lessor and Lessee, by giving Notice to the other; provided, however, that if such termination is by Lessee, Lessor shall have the right, in its sole discretion, to nullify the termination and keep this Lease in full force by providing, within thirty (30) days after Lessee’s Notice of termination, a Notice to Lessee of Lessor’s unconditional, legally binding obligation to be responsible for all restoration costs in excess of the condemnation awards. If this Lease is not terminated and Lessee restores the Facility, the condemnation awards, and any other sums made available by Lessor as aforesaid, subject to the terms of any lender mortgage, shall be held in trust by Lessor and provisions paid out by Lessor from time to time for the reasonable costs of Section 19.4such restoration upon satisfaction of reasonable terms and conditions, Landlord and any excess awards remaining after such restoration shall make available to Tenant any be retained by Lessor unless the partial condemnation proceeds it receives which are allocable to such portion materially impairs the operations or financial performance of the Building Facility, in accordance with which latter event the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder award shall be temporarily abated during such restoration period equitably apportioned between Lessor and Lessee in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) then fair market values of the square footage respective estates and interests of Lessor and Lessee in and to the Building is taken or sold Leased Property and under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionLease.
Appears in 2 contracts
Samples: Lease Agreement (MHI Hospitality CORP), Lease Agreement (MHI Hospitality CORP)
Partial Taking. If In the event that less than the whole or substantially the whole of the Building or the Premises is taken or condemned for any part public or quasi-public use or purpose by any competent authority in appropriation proceedings or by any right of eminent domain, and if such taking or condemnation shall so substantially interfere with the operation or use of the Building as to render the continued operation thereof economically unfeasible as reasonably determined by Licensor, then Licensor (whether or not the Premises be affected) may, at its option, by notifying Licensee in writing, terminate this Agreement and the term hereby granted as of the date when title vests pursuant to such taking, and the rent and other charges hereunder shall be apportioned as of said date, and any rent paid for any period beyond said date shall be refunded to Licensee by Licensor. In the event that less than the whole or substantially the whole of the Premises is taken or condemned for any public or quasi-public use or purpose by any competent authority in appropriation proceedings or by any right of eminent domain, and if such taking or condemnation shall so substantially interfere with the remaining part after Landlord makes repairs and alterations is reasonably suitable, use of the Premises so as to render the continued operation thereof economically unfeasible as reasonably determined by Landlord Licensee, then Licensee may, at its option, by notifying Licensor in writing, terminate this Agreement and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate term hereby granted as of the date when title vests pursuant to such taking, and the rent and other charges hereunder shall be apportioned as of said date, and any rent paid for any period beyond said date shall be refunded to Licensee by Licensor. In the event that possession less than the whole or substantially the whole of such part of the Building or the Premises is taken or condemned for any public or quasi-public use or purpose by any competent authority in appropriation proceedings or by any right of eminent domain, and if neither party has exercised their respective right to terminate hereunder, then this Agreement shall terminate only as to the portion of the Premises so taken on the date when title vests pursuant to such taking, and the Base Monthly Rental rent and other charges hereunder shall be reduced in the same proportion that the floor area of to the portion of the Building Premises so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessiontaken.
Appears in 2 contracts
Samples: Facilities Rental Agreement, Facilities Rental Agreement
Partial Taking. If less than substantially all of any part Site shall be taken for public or quasi-public purposes, Tenant will promptly, at its sole cost and expense, restore, repair, replace or rebuild the improvements so taken in conformity with the requirements of paragraph 9 as nearly as practicable to the condition, size, quality of workmanship and market value thereof immediately prior to such taking, without regard to the adequacy of any condemnation award for such purpose. There shall be no abatement of Rent during such period of restoration. In performing its obligations, Tenant shall be entitled to all condemnation proceeds available to Landlord for restoration or repair of the Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in under the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Buildingterms and conditions for disbursement set forth for casualty proceeds in paragraph 10 hereof. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to negotiate and, if necessary, litigate, the Building so as to make the portion amount of the Building not taken a complete architectural unit in accordance with the terms award, and provisions of Section 19.4, Landlord shall make available have the right to participate in such process, at its sole cost and expense (it being acknowledged and agreed by Landlord that Tenant any condemnation shall have the right to control such proceeds it receives which are allocable and settle all awards), and if Tenant fails to diligently prosecute such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threatefforts, Landlord may terminate this Lease as take control of the date that process. Any condemnation proceeds in excess of the amounts used or requested as are made by Tenant for restoration or repair of the Premises, shall be the sole and exclusive property of Landlord. Tenant shall have the right to control all condemnation proceedings on Landlord’s behalf, and shall also be entitled to receive any award made by the condemning authority takes possession by delivery in respect of written notice of such election within twenty (20) days after Landlord has been notified of the taking business loss or, if available, business relocation and any other claim permitted by law which does not, in the absence thereofany such case, within twenty (20) days after the condemning authority shall have taken possessiondiminish Landlord’s recovery.
Appears in 2 contracts
Samples: Lease Ii Agreement (Amf Bowling Worldwide Inc), Lease I Agreement (Amf Bowling Worldwide Inc)
Partial Taking. If less than substantially all of any part Site shall be taken for public or quasi-public purposes, Tenant shall promptly, at its sole cost and expense, restore, repair, replace or rebuild the improvements so taken in conformity with the requirements of paragraph 9 of this Lease as nearly as practicable to the condition, size, quality of workmanship and market value thereof immediately prior to such taking, without regard to the adequacy of any condemnation award for such purpose. There shall be no abatement of Rent during any such period of restoration. In performing its obligations, Tenant shall be entitled to all condemnation proceeds made available to Landlord for restoration or repair of the Premises is taken under the same terms and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, conditions for Tenant’s continued occupancy disbursement set forth for the purposes and uses permitted by casualty proceeds in paragraph 10 of this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of including such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto proceeds being made available by reason of any reconstruction) bears to the original floor area of the BuildingMortgagee. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to negotiate and, if necessary, litigate, the Building so as to make the portion amount of the Building not taken a complete architectural unit award, and Landlord shall have the right to participate in accordance with the terms such process, and provisions of Section 19.4if Tenant fails to diligently prosecute such efforts, Landlord shall make may (at its option) take control of the process. Any condemnation proceeds in excess of the amounts as are made available to Tenant any condemnation proceeds it receives which are allocable to such portion for restoration or repair of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder Premises shall be temporarily abated during such restoration period the sole and exclusive property of Landlord. Tenant shall have the right to participate in proportion condemnation proceedings with Landlord, and shall be entitled to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that receive any award made by the condemning authority takes possession by delivery in respect of written notice of such election within twenty (20) days after Landlord has been notified of the taking business loss or, if available, business relocation and any other claim permitted by law which does not, in the absence thereofany such case, within twenty (20) days after the condemning authority shall have taken possessiondiminish Landlord's recovery.
Appears in 2 contracts
Samples: Lease Agreement (Manufactured Home Communities Inc), Lease Agreement (Equity Lifestyle Properties Inc)
Partial Taking. If any part title to less than the whole of the Premises Leased Property is taken condemned, and the remaining part after Landlord makes repairs Leased Property is still suitable for its Primary Intended Use and alterations not Uneconomic for its Primary Intended Use, or if Lessee or Lessor is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, entitled but neither elects to terminate this Lease shallas provided in Section 15.3, as Lessee at its cost shall with all reasonable dispatch, but only to the part so taken terminate as extent of any condemnation awards made available to Lessee and any other sums advanced by Lessor pursuant to the date that possession of such part of next sentence, restore the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the untaken portion of the Building any Leased Improvements so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken that such Leased Improvements constitute a complete architectural unit of the same general character and condition (as nearly as may be possible under the circumstances) as the Leased Improvements existing immediately prior to the Condemnation. If the condemnation awards are not adequate to restore the Facility to that condition, each of Lessor and Lessee shall have the right to terminate this Lease, without in accordance with any way affecting any other leases in effect between Lessor and Lessee, by giving Notice to the other; provided, however that, if such termination is by Lessee, Lessor shall have the right, in its sole discretion, to nullify the termination and keep this Lease in full force by providing, within thirty (30) days after Lessee's Notice of termination, a Notice to Lessee of Lessor's unconditional, legally binding obligation to be responsible for all restoration costs in excess of the condemnation awards. If this Lease is not terminated and Lessee restores the Facility, the condemnation awards, and any other sums made available by Lessor as aforesaid, shall be held in trust by Lessor and paid out by Lessor from time to time for the reasonable costs of such restoration upon satisfaction of reasonable terms and provisions of Section 19.4conditions, Landlord and any excess awards remaining after such restoration shall make available to Tenant any be retained by Lessor unless the partial condemnation proceeds it receives which are allocable to such portion materially impairs the operations or financial performance of the Building Facility, in accordance with which latter event the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder award shall be temporarily abated during such restoration period equitably apportioned between Lessor and Lessee in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) then fair market values of the square footage respective estates and interests of Lessor and Lessee in and to the Building is taken or sold Leased Property and under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionLease.
Appears in 2 contracts
Samples: Consolidated Lease Agreement (Equity Inns Inc), Consolidated Lease Agreement (Equity Inns Inc)
Partial Taking. If any part more than fifteen percent (15%) of the Rentable Area of the Leased Premises is taken and or appropriated by the remaining part after Landlord makes repairs and alterations is reasonably suitablepower of eminent domain, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shallat the option of either party, as may be terminated by written notice given to the part so taken terminate other party not more than thirty (30) days after Landlord and Tenant receive written notice of the taking or appropriation, and such termination shall be effective as of the date that possession Tenant is required to vacate the portion of the Leased Premises so taken. If more than ten percent (10%) of the Common Area of the Bank of America Building is taken by the power of eminent domain, then Landlord, at its option, may terminate this Lease by written notice given to Tenant within sixty (60) days of the date of such part taking. If this Lease is so terminated, all Rent, Additional Rent and Other Charges due hereunder shall be paid to the date of termination. Whenever any portion of the Leased Premises or Common Area is taken by the power of eminent domain and this Lease is not terminated, Landlord, at its expense, shall proceed with reasonable dispatch to restore, to the Base Monthly Rental extent that it is reasonably prudent, the remainder of the Leased Premises and Common Area to their condition immediately prior to such taking, and Tenant, at its sole expense, shall proceed with reasonable dispatch to restore the fixtures and improvements installed by Tenant and Tenant’s furniture, furnishings, and equipment to the same condition they were in immediately prior to such taking. From the date Tenant is required to vacate that portion of the Leased Premises so taken, the Rent and Additional Rent payable hereunder shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area Rentable Area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations Leased Premises prior to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessiontaking.
Appears in 2 contracts
Samples: First Lease Addendum (Smartsheet Inc), Office Lease Exhibits (Smartsheet Inc)
Partial Taking. If any part of the Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the a portion of the Building so Leased Premises shall be taken for any public or quasi-public use under any governmental law, ordinance, or regulation or by right of eminent domain or by purchase in lieu thereof, and this Lease is not terminated as provided in Section 8.01 above, Landlord shall restore and reconstruct the Leased Premises (less any addition thereto by reason of any reconstructionincluding all Common Elements (defined in the Condominium Declaration) bears necessary for their operation) and other improvements on the Leased Premises to the original floor area extent necessary to make it reasonably tenantable. The rent payable under this Lease during the unexpired portion of the BuildingTerm shall be adjusted to such an extent as may be fair and reasonable under the circumstances. Tenant shallshall have no claim to the condemnation award or proceeds in lieu thereof. Notwithstanding anything set forth herein to the contrary, at Landlord’s obligation to restore and/or reconstruct the Leased Premises as provided in this Section shall be limited to the extent, and only to the extent, that condemnation proceeds are actually received by Landlord in connection with any such taking after payment of all of Landlord’s reasonable costs and expenses in obtaining such condemnation proceeds. Notwithstanding anything to the contrary contained hereinabove, Tenant shall have the right to recover from the condemning authority, but not from Landlord, any compensation as may be separately awarded to Tenant on account of its sole cost and expense, make all necessary repairs or alterations to the Building so as Leased Premises, moving and relocation expenses and depreciation to make the portion and removal of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises physical property and all other interest and property for which Tenant is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under entitled to compensation from such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionunder common law or applicable statutes.
Appears in 2 contracts
Samples: Commercial Lease (Karat Packaging Inc.), Commercial Lease (Karat Packaging Inc.)
Partial Taking. If any part title to less than the whole of the Premises Leased -------------- Property is taken condemned, and the remaining part after Leased Property is not Unsuitable for its Primary Intended Use, and not Uneconomic for its Primary Intended Use, or if Tenant or Landlord makes repairs is entitled but neither elects to terminate this Lease as provided in Section 15.2, Tenant at its cost shall with all reasonable dispatch, but only to the extent of any condemnation awards made available to Tenant and alterations is reasonably suitableany other sums advanced by Landlord pursuant to the next sentence, restore the untaken portion of any Leased Improvements so that such Leased Improvements constitute a complete architectural unit of the same general character and condition (as reasonably determined by nearly as may be possible under the circumstances) as the Leased Improvements existing immediately prior to the Condemnation. If the condemnation Awards are not adequate to restore the Facility to that condition, each of Landlord and Tenant shall have the right to terminate this Lease, without in any way affecting any other leases in effect between Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as giving Notice to the part so taken terminate as of the date that possession of other; provided, however that, if such part of the Premises termination is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4Tenant, Landlord shall make available have the right, in its sole discretion, to nullify the termination and keep this Lease in full force by providing, within thirty (30) days after Tenant's Notice of termination, a Notice to Tenant any condemnation proceeds it receives which are allocable of Landlord's unconditional, legally binding obligation to such portion be responsible for all restoration costs in excess of the Building condemnation Awards. If this Lease is not terminated and Tenant restores the Facility, the condemnation awards, and any other sums made available by Landlord as aforesaid, shall be held in accordance with trust by Landlord and paid out by Landlord from time to time for the reasonable costs of such restoration upon satisfaction of reasonable terms and provisions of Section 19.4. Base Monthly Rental due conditions, and payable hereunder any excess awards remaining after such restoration shall be temporarily abated during such restoration period retained by Landlord unless the partial condemnation materially impairs the operations or financial performance of the Facility, in which latter event the Award shall be equitably apportioned between Landlord and Tenant in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) then fair market values of the square footage respective estates and interests of Landlord and Tenant in and to the Building is taken or sold Leased Property and under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionLease.
Appears in 2 contracts
Samples: Lease Agreement (Hudson Hotels Trust), Lease Agreement (Hudson Hotels Trust)
Partial Taking. If any only a part of the Premises is shall be so taken or condemned, and as a result thereof the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy balance of the Premises can be used for the purposes and uses permitted by this Leasesame purpose as prior to such taking, this Lease shall, as to the part so taken shall not terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shallTenant, at its sole cost and expense, make shall repair and restore the Premises and all necessary repairs or alterations improvements thereon to the Building so as extent of the condemnation award. Tenant shall promptly and diligently proceed to make the portion of the Building not taken a complete architectural unit of the remainder of the improvements first complying with the procedure set forth in Section 15.02. The amount of the award relating to the improvements and shall be held and disbursed in accordance with the terms procedure set forth in Sections 15.03 and 15.06. If Tenant does not make a complete architectural unit of the remainder of the improvements within a reasonable period after such taking or condemnation, not to exceed three hundred sixty five (365) days, then, in addition to whatever other remedies Landlord may have either under this Lease, at law or in equity, Landlord may receive the entire award or the balance thereof remaining in the custody of the Depository, as the case may be, as liquidated damages resulting from the failure of Tenant to comply with the provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such this Section. Any portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder such award as may not have to be expended for such repairing or restoration shall be temporarily abated during paid to Landlord. There shall be no abatement or reduction in any rental because of such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage taking or condemnation unless a portion of the Building is taken or sold under such threat, Landlord may terminate this Lease as in which event Base Rent shall xxxxx based on the percentage of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, rentable space in the absence thereof, within twenty (20) days after the condemning authority shall have Building so taken possessionand not replaced pursuant to this Section.
Appears in 2 contracts
Samples: May & Speh Inc, May & Speh Inc
Partial Taking. If any part less than substantially all of the Premises is shall be taken for any public or quasi-public use under the power of eminent domain or by purchase under threat of condemnation by any governmental agency, or if any appurtenances of the Premises or any vaults or areas outside the boundaries of the Premises or rights in, under or above the streets adjoining the Premises or the rights and benefits of light, air or access from or to such streets, shall be so taken, or the grade of any such streets shall be changed, in any such case in a manner that the remaining part after Landlord makes repairs portion of the Premises can be adapted and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy economically operated for the purposes and uses permitted by this Leasein substantially the same manner as it was operated prior thereto in Tenant's good faith business judgment, Tenant shall give prompt notice thereof to Landlord, this Lease shall, shall continue in full force and effect and Base Rent shall be equitably reduced by an amount which bears the same ratio to the Basic Rent payable immediately prior to such taking as to the part so taken terminate as value of the date that possession Land after taking bears to fair market value of Land immediately prior to such part taking. Tenant shall proceed, with reasonable diligence, to 12 perform any necessary repairs and to restore the Premises to an economically viable unit in strict accordance with all Legal Requirements, and as nearly as possible to the condition the Premises was in immediately prior to such taking. The Condemnation Proceeds shall be paid to Tenant or as Tenant may direct (subject to the rights of any Mortgagee) as the restoration of the Premises is taken and progresses, to pay or reimburse Tenant for the Base Monthly Rental shall be reduced cost of such restoration in the same proportion that the floor area of the event Tenant's award is insufficient. Any portion of the Building Condemnation Proceeds not so taken used for such restoration shall be paid to Tenant (less any addition thereto by reason subject to the rights of any reconstructionMortgagee) bears to the original floor area extent that it is attributable to Tenant's personal property or the Improvements (or that of the Building. Tenant shallits invitees, at its sole cost agents or Subtenants) and expense, make all necessary repairs or alterations to Landlord to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds extent that it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion is attributable to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionLandlord's Estate.
Appears in 1 contract
Partial Taking. If any part Should a portion of the Premises is be taken and by any Governmental Authority, corporation, or other entity under the remaining part after Landlord makes repairs and alterations is reasonably suitableright of eminent domain, as reasonably determined by Landlord and Tenantcondemnation, for Tenant’s continued occupancy for the purposes and uses permitted by this Leaseor similar right, this Lease shall, shall nevertheless continue in effect as to the part remainder of the Premises unless, in Tenant's reasonable judgment, so much of the Premises shall be so taken as to make it economically unsound to use the remainder for the uses and purposes contemplated hereby, whereupon this Lease shall terminate as of the date that of taking of possession of such part by the condemning authority in the same manner as if the whole of the Premises is taken had thus been taken, and the Base Monthly Rental award therefor shall be reduced distributed as provided in Section 8.4. In the event of a partial taking where this Lease is not terminated, all awards payable in respect thereof shall be payable to Landlord and Tenant, to the extent of their interests in the same proportion that Premises, as the floor area applicable condemning authority shall determine taking into account certain factors including, without limitation, the term of the portion leasehold estate of the Building so taken (less any addition thereto by reason Tenant and the ownership interest of any reconstruction) bears to the original floor area of the BuildingLandlord. Tenant shallFollowing such partial taking, at its sole cost and expense, Landlord shall make all necessary repairs or alterations to the Building so as remaining Premises, required to make the remaining portions of the Premises an architectural whole. The Base Rent payable hereunder during the unexpired portion of the Building not Lease shall be reduced to the extent fair and reasonable under the circumstances, effective on the date physical possession is taken a complete architectural unit in accordance with by the terms and provisions condemning authority. Tenant acknowledges that tentative plans exist for the widening of Section 19.4Statx Xxxx 000, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion xxxx xxxx xxxning along the west boundary of the Building in accordance with property. Should the terms and provisions applicable governmental agency effectuate the taking of Section 19.4land for the widening of State Road 441, the Tenant agrees that such taking shall not constitute a basis for termination of this lease. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as As of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking orexecution of this Lease, in to the absence thereofbest of Landlord's knowledge, the widening of State Road 441 will involve property already within twenty (20) days after the condemning authority shall have taken possessionright- of-way owned by the applicable governmental agency.
Appears in 1 contract
Partial Taking. If any only a part of the Leased Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined for any public or quasi-public use or improvement by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Leasevirtue of eminent domain, this Lease shall, shall remain in effect as to the part so taken terminate as of the date that possession of such part of the Leased Premises is not taken (unless so much of the Leased Premises shall be so taken as to render the balance, in the sole discretion of Lessee, unsuitable for use by Lessee for the uses and purposes contemplated, in which event this Lease shall terminate as provided in Section 6.1, Lessor and Lessee shall together make a single claim for their combined interests in the portion taken, and the Base Monthly Rental award obtained shall be divided pursuant to Section 6.1 hereof), but the rentals shall be reduced in during the same proportion that unexpired portion of this Lease on a just and proportionate basis having due regard to the floor area relative value of the portion of the Building Leased Premises so taken (less any addition thereto as compared to the remainder thereof and taking into consideration the extent, if any, to which Lessee's use of the remainder of the Leased Premises shall have been impaired or interfered with by reason of any reconstruction) bears to the original floor area of the Buildingsuch partial taking. Tenant shallLessee, at its sole cost and expenseoption, make all necessary repairs may restore or alterations to the Building so as to make repair the portion of the Building improvements, if any, then on the Leased Premises not taken a complete architectural unit by such condemnation. If no restoration is involved, the award shall be divided in accordance with Section 6.1. In the terms event that Lessee elects to restore or repair, Lessor and provisions Lessee shall together make one claim for their combined interests in the Leased Premises and the net award (after deduction of Section 19.4reasonable fees and expenses of collection, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms including, but not limited to, reasonable attorneys and provisions of Section 19.4. Base Monthly Rental due and payable hereunder experts fees) shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease paid as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possession.follows:
Appears in 1 contract
Samples: Lease Agreement (North American Gaming & Entertainment Corp)
Partial Taking. If any part of the Premises is taken for any public or quasi-public use under any statute or by right of eminent domain and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, suitable for Tenant’s 's continued occupancy for the purposes and uses permitted by this Leaseconduct of Tenant's business in the ordinary course as then conducted, this Lease shall, as to the part so taken taken, terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental Rent shall be reduced in the same proportion that than the floor area of the portion of the Building Premises so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the BuildingPremises, as reasonably determined by Landlord or Landlord's Architect. Tenant Landlord shall, at its sole own cost and expense, make all necessary repairs or alterations to the Building Premises so as to make the portion of the Building Premises not taken a complete architectural unit unit. Such work shall not, however, exceed the scope of the work done by Landlord in accordance with originally constructing the terms and provisions of Section 19.4Premises. If severance damages from the condemning authority are not available to Landlord in sufficient amounts to permit such restoration, Landlord shall make available may terminate this Lease upon Notice to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4Tenant. Base Monthly Rental Rent due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which there is substantial interference with Tenant’s 's use of Premises is impaired. Notwithstanding the foregoingPremises, if more than twenty-five percent (25%) of the square footage of the Building is taken as reasonably determined by Landlord or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionLandlord's Architect.
Appears in 1 contract
Samples: United Natural Foods Inc
Partial Taking. If any part a portion of the Premises is should be taken and by a governmental authority, corporation or other entity under the remaining part after Landlord makes repairs and alterations is reasonably suitableright of eminent domain, as reasonably determined by Landlord and Tenantcondemnation, for Tenant’s continued occupancy for pursuant to the purposes and uses permitted by this LeaseGround Lease or similar right, this Lease shall, Sublease shall nevertheless continue in effect as to the part remainder of the Premises unless, in Ground Lessor's judgment, so much of the Premises shall have been taken so as to make it economically unsound to use the remainder of the Premises for the uses and purposes contemplated by this Sublease. If the Ground Lessor determines that so much of the Premises has been taken as to make it economically unsound to use the remainder of the Premises for the uses and purposes contemplated by this Sublease, this Sublease shall terminate as of the date that of the taking of possession by the condemning authority, and all Base Rent, additional rent and other charges payable by Tenant hereunder shall be apportioned and paid to the date of such part taking. In the event of a partial taking where this Sublease is not terminated, then to the extent of the condemnation proceeds received by Landlord, Landlord shall proceed promptly to restore the remaining portion of the Premises is taken to a safe integral unit resembling, so far as practicable, the Premises prior to such taking, and the Base Monthly Rental Rent, additional rent and other charges payable by Tenant hereunder during the remainder of the Sublease Term after taking of possession by the condemning authority shall be reduced in on a just and proportionate basis having due regard for the same proportion that the floor area relative value and square footage of the portion of the Building so Premises thus taken (less any addition thereto as compared to the remainder thereof and taking into consideration the extent, if any, to which Tenant's use of the remainder of the Premises shall have been impaired or interfered with by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionpartial taking.
Appears in 1 contract
Samples: Sublease Agreement (Kitty Hawk Inc)
Partial Taking. If any part a portion of the Premises is taken and by any Governmental Authority or other entity under the remaining part after Landlord makes repairs and alterations is reasonably suitableright of eminent domain, as reasonably determined by Landlord and Tenantcondemnation, for Tenant’s continued occupancy for the purposes and uses permitted by this Leaseor similar right, this Lease shall, shall continue in effect as to the part remainder of the Premises unless, in Tenant’s reasonable judgment, so much of the Premises is so taken as to make it economically unsound to use the remainder for the uses and purposes contemplated hereby, whereupon this Lease shall terminate as of the date that of taking of possession of such part by the condemning authority in the same manner as if the whole of the Premises is taken had thus been taken, and the award therefor shall be distributed as provided in Section 10.01. In the event of a partial taking where this Lease is not terminated, the Base Monthly Rental Rent payable during the remainder of the Term after taking of possession by the condemning authority shall be reduced in on a just and proportionate basis having due regard to the same proportion that the floor area relative value and acreage of the portion of the Building so Premises thus taken (less any addition thereto as compared to the remainder thereof and taking into consideration the extent, if any, to which Xxxxxx’s use of the remainder of the Premises shall have been impaired or interfered with by reason of any reconstruction) bears such partial taking. If Landlord and Xxxxxx are unable to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so agree as to make a just reduction in Base Rent, the matter shall be submitted to arbitration as provided in Section 15.03. In the event of a partial taking where this Lease is not terminated, Tenant shall proceed promptly to restore the remaining portion of the Building not taken a complete architectural Premises to an integral unit resembling, so far as practicable in accordance with Tenant’s sole opinion, the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable Premises prior to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking ortaking, in the absence thereofsame manner provided in Article 9 for restoration following a casualty, within twenty (20) days after with the condemning authority shall have taken possessionprovisions relating to Tenant’s right to use insurance proceeds for Immediate Work and Restoration Work to apply likewise to Tenant’s right to use condemnation awards for such purposes.
Appears in 1 contract
Samples: Option Agreement
Partial Taking. If any part of the Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by Permitted Use pursuant to this Lease, this Lease shall, as to the part so taken taken, terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building Improvements so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the BuildingBuilding Improvements measured immediately prior to such taking. Tenant Landlord shall, at its sole cost and expense, make all necessary repairs or alterations to the Building Improvements so as to make the portion of the Building Improvements not taken a complete architectural unit in accordance with unit; provided, however, that if such partial taking occurs during the terms and provisions of Section 19.4Lease Term, Landlord shall only be required to make available such repairs or alterations to Tenant the extent of any condemnation proceeds it receives which are allocable received by Landlord with regard to any such portion taking (exclusive of any condemnation proceeds relating to any loss or reduction of income to be derived by Landlord with regard to the Premises). Such work shall not, however, exceed the scope of the work done by Landlord in originally constructing the Building in accordance with the terms and provisions of Section 19.4Improvements. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use Permitted Use of Premises is impaired. Each party hereby waives the provisions of Section 1265.130 of the California Code of Civil Procedure allowing either party to petition the Superior Court to terminate in the event of a partial taking of the Building Improvements or the Premises. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building Improvements which have been completed immediately prior to such taking is taken or sold under such threat, Landlord or Tenant may terminate this Lease as of the earlier to occur of: (a) the date that on which the condemning authority takes possession by delivery of the portion of the Premises that is subject to the condemnation, or (b) the date on which title to the portion of the Premises that is subject to the condemnation is vested in the condemning authority, in each case provided that Landlord or Tenant, as applicable, delivers written notice of such election to terminate to the other party within twenty (20) days after Landlord has been notified such party receives notification of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionpossession of such portion of the Premises. If a termination occurs under this Section 21.2 before the Term Commencement Date, Landlord will immediately return to Tenant any Base Monthly Rental paid by Tenant to Landlord under this Lease, plus interest at LIBOR if Landlord has held such Base Monthly Rental payments for longer than 12 months prior to such termination.
Appears in 1 contract
Partial Taking. If any part more than ten percent (10%) of Tenant’s sales area or twenty percent (20%) of the Leased Premises is shall be taken and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Leaseor appropriated, this Lease shallmay, as at the option of either party, be terminated by written notice given to the part so taken terminate other party not more than thirty (30) days after Landlord or Tenant receive notice of the taking or appropriation, and such termination shall be effective as of the date when Tenant is required to vacate any portion of the Leased Premises. In the event that possession more than twenty percent (20%) of the parking areas or other Common Area of University Village shall be taken or appropriated, then the Landlord may at its option terminate this Lease by written notice given to Tenant within sixty (60) days of the date of such part taking. If this Lease is so terminated, all Minimum Rent and other charges due hereunder shall be paid to the date of termination. Whenever any portion of the Leased Premises or Common Area is taken by eminent domain and this Lease is not terminated, Landlord shall at its expense proceed with all reasonable dispatch to restore, to the Base Monthly Rental extent that it is reasonably prudent to do so, the remainder of the Leased Premises and Common Area to the condition they were in immediately prior to such taking, and Tenant shall at its expense proceed with all reasonable dispatch to restore its fixtures, furniture, furnishings, floor covering and equipment to the same condition immediately prior to such taking. From the date Tenant is required to vacate that portion of the Leased Premises taken, the Minimum Rent and Other Charges payable hereunder shall be reduced in the same proportion that the floor area taken bears to the total area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears Leased Premises prior to the original floor area of the Buildingtaking. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may not terminate this Lease as a result of a Taking unless the date that Leases for all other tenants identified as “similarly situated” on Exhibit 15.2 attached hereto which Landlord would be permitted to terminate under the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified facts and circumstances of the taking or, in and under the absence thereof, within twenty (20) days after the condemning authority terms of said leases shall have taken possessionalso be terminated.
Appears in 1 contract
Partial Taking. If any part In the event that possession of a portion of the Premises is shall be taken under the power of eminent domain or proceedings in lieu thereof, and the remaining part after Landlord makes repairs and alterations is portion not so taken would not have been reasonably suitable, as reasonably determined adequate for the operation of Tenant’s business even if restoration had been performed by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, then this Lease shall, as to the part so taken shall thereupon terminate as of the date that possession of such part of is taken. In the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason event of any reconstruction) bears to taking under the original floor area power of the Building. Tenant shalleminent domain, at its sole cost and expenseor proceedings in lieu thereof, make all necessary repairs or alterations to the Building so as to make the portion of the Building which does not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as provided above, this Lease shall remain in full force and effect, however, Minimum Rent shall be reduced to equal an amount calculated by multiplying the Minimum Rent otherwise payable by fraction, the numerator of which shall be the number of square feet of Floor Area remaining in the Premises after the taking and the denominator of which shall be the number of square feet of Floor Area in the Premises prior to the taking and Tenant’s Proportionate Share shall be adjusted. Unless this Lease is terminated, if the Premises shall be taken under the power of eminent domain or proceedings in lieu thereof, then Landlord shall repair and restore those remaining parts of the date that the condemning authority takes possession Premises which are under this Lease, to be kept in repair by delivery of written notice of such election within twenty (20) days after Landlord has been notified Landlord, and Tenant shall likewise repair and restore all other parts of the taking orPremises, substantially to the condition thereof immediately prior to such taking, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionaccordance with part XI.
Appears in 1 contract
Partial Taking. In the event of a Partial Taking of any Facility, this Lease shall remain in effect as to such Facility and, except as specifically set forth herein, Tenant’s obligation to make payments of Rent and to pay all other charges required under this Lease with respect to such Facility shall remain unabated during the Term notwithstanding such Partial Taking. If Landlord determines in its commercially reasonable judgment that the Facility subject to the Partial Taking is fully or partially restorable, Tenant shall diligently repair or reconstruct such Facility to a like or better condition than existed prior to such damage or destruction in accordance with Section 7.5, provided that any part net condemnation award received by Landlord with respect to such Partial Taking shall be paid directly to Landlord and, provided Tenant is diligently performing the restoration and repair work with respect to such Facility and no Event of Default has occurred hereunder, shall be made available to Tenant to be used by Tenant for costs of the Premises is taken repair or reconstruction of such Facility. If, after Tenant’s compliance with the restoration obligation in the foregoing sentence, such Partial Taking results in a reduced number of licensed beds at such Facility, then the current Base Rent shall be proportionally reduced based on (a) the ratio of the number of licensed beds reduced at such Facility to the total number of licensed beds at such Facility (prior to such Partial Taking) and (b) the ratio of the applicable Facility’s EBITDARM to the EBITDARM of all Facilities. The applicable calculations of EBITDARM shall be based on Tenant’s financials for the calendar quarter most recently ended as of the effective date of such Partial Taking. By way of example only, if (1) a Facility originally containing 100 licensed beds suffers a casualty and the remaining part after Landlord makes repairs and alterations number of licensed beds is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for reduced to 80; (2) the purposes and uses permitted by total Base Rent under this Lease, this Lease shallprior to such casualty, as to is $1,000,000; (3) the part so taken terminate as of total EBITDARM for all Facilities is $12,000,000.00; and (4) the date that possession of such part of EBITDARM for the Premises damaged Facility is taken and $4,000,000.00, then the Base Monthly Rental shall Rent would be reduced in the same proportion that the floor area of the portion of the Building so taken by $66,666.67 (less any addition thereto by reason of any reconstructioni.e., (20 licensed beds /100 licensed beds) bears to the original floor area of the Building* ($4,000,000/$12,000,000) *($1,000,000). Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possession.12.5
Appears in 1 contract
Samples: Master Lease
Partial Taking. If any only a part of the Leased Premises is taken shall be subject to a Taking, but the balance of the Leased Premises can still be used for the same purpose and with substantially the remaining part after same utility to Tenant as immediately prior to such Taking, then this Lease shall not terminate and Landlord makes repairs shall repair and alterations is reasonably suitablerestore the Leased Premises and all improvements thereon, as reasonably determined except that Landlord shall not hereby be required to expend for repair and restoration any sum in excess of the award. Any portion of the award which has not been expended by Landlord and Tenantfor such repairing or restoration shall be retained by Landlord as Landlord’s sole property. Rent shall be equitably abated following delivery of possession to the condemning body. In addition, Rent shall be abated during any period in which the business operations in the Premises are ceased for TenantLandlord’s continued occupancy for restoration. Notwithstanding the purposes and uses permitted by this Leaseforegoing: (x) if fifty percent (50%) or more of the Building shall be so taken or condemned, then Landlord shall have the right to terminate this Lease shall, as by giving written notice to Tenant within sixty (60) days after such taking; and (y) if fifty percent (50%) or more of the part Building shall be so taken terminate as of the date that possession of such part of the Premises is taken or condemned and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears Leased Premises subject to such a taking or condemnation prevents Tenant from using the original floor area balance of the Building. Tenant shall, at its sole cost Leased Premises the same purpose and expense, make all necessary repairs or alterations to with substantially the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available same utility to Tenant any condemnation proceeds it receives which are allocable as immediately prior to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoingTaking, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord then Tenant may terminate this Lease as of the date that the condemning authority takes possession by delivery of giving written notice of such election to Landlord within twenty sixty (2060) days after Landlord has been notified such taking. In such event, the award shall be paid to or be the sole property of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionLandlord.
Appears in 1 contract
Samples: Escrow Agreement (Global Power Equipment Group Inc.)
Partial Taking. If any In the event of a Taking of only a part of the Premises is taken or of a part of the Project which does not constitute a Total Taking during the term of this Lease (a “Partial Taking”), the rights and obligations of Tenant under this Lease and the remaining part after Landlord makes repairs leasehold estate of Tenant in and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so portion of the property taken shall cease and terminate as of the date that possession Date of such part of Taking, and an adjustment to the Premises is taken and the Base Monthly Rental Rent shall be made based upon the reduced in the same proportion that the floor area of the Premises. In the event of a Taking of a material portion of the Building so taken (less any addition thereto by reason of any reconstructionother than the Premises) bears to the original floor area of such that, in Landlord’s reasonable opinion, the Building. Tenant shall, at its sole cost and expense, make all necessary repairs ’s continued operation is not practically or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threateconomically feasible, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written giving notice of such election to Tenant within twenty ninety (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (2090) days after the condemning authority date notice of such Taking is received by Landlord. If this Lease is terminated pursuant to this Section 7.1, Landlord shall refund to Tenant any prepaid unaccrued Rent and any other sums due and owing to Tenant (less any sums then due and owing Landlord by Tenant), and Tenant shall pay to Landlord any remaining sums due and owing Landlord under this Lease, each prorated as of the Date of Taking where applicable. If this Lease is not terminated as provided for in this Section 7.1, Landlord at its expense shall promptly repair and restore the Building, Project and/or the Premises to substantially the same condition that existed immediately prior to the Date of Taking, wear and tear only excepted (and Landlord shall have taken possessionno obligation to repair or restore Tenant’s improvements to the Premises or Tenant’s property), except for the part taken, so as to render the Building or Project as complete an architectural unit as practical, but only to the extent of the condemnation award received by Landlord for the damage.
Appears in 1 contract
Partial Taking. If any only a part of the Leased Premises is shall be so taken and the remaining part after Landlord makes repairs and alterations is reasonably suitableor condemned, and, as reasonably determined by Landlord and Tenanta result thereof, for Tenant’s continued occupancy the balance of the Leased Premises can be used for the purposes and uses permitted by this Leasesame purpose as expressed in Article II, this Lease shallshall not terminate, as to and Tenant shall repair and restore the part so taken terminate as of Leased Premises and all improvements thereon at the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion expense of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4Tenant; provided, however, that Landlord shall make available pay to Tenant any condemnation proceeds it receives which are allocable to Tenant, after the Leased Premises have been repaired and restored, such portion of the Building in accordance with Award which has been specifically allocated for and has been paid to Landlord by the terms condemning authority for the repair and provisions restoration of Section 19.4the Leased Premises. Base Monthly Rental due and payable hereunder Rent shall be temporarily equitably abated during following such restoration period taking. Any Award shall be paid to and be the sole property of Landlord, but nothing herein shall preclude Tenant from claiming and recovering from the condemning authority, but not from the Landlord, such compensation as may be separately awarded or recoverable by Tenant in proportion Tenant’s own right on account of any and all damage to Tenant’s business by reason of the condemnation and for or on account of any cost or loss to which Tenant might be put in removing Tenant’s merchandise, furniture, fixtures, leasehold improvements and equipment. Notwithstanding anything herein to the degree contrary, Tenant shall have the right to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as if the partial taking results in there being inadequate parking for the Leased Premises, the drive thru facilities are taken, or a part of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionbuilding is taken.
Appears in 1 contract
Samples: Lease (Cobiz Inc)
Partial Taking. If any part of or interest in the Premises or the Shopping Center is so taken and the remaining part thereof or interest therein is, in Landlord's or Tenant's judgment, after Landlord makes repairs and alterations is reconstruction of the remaining Premises or Shopping Center, reasonably suitable, as reasonably determined by Landlord and Tenant, suitable for Tenant’s 's continued occupancy for the purposes and uses permitted by this Leasefor which the Premises are leased, then after giving written notice to the other party, this Lease shall, as to the part of the Premises so taken taken, terminate as of the date that possession of such part of the Premises is taken taken, and the Base Monthly Rental Fixed Minimum Rent then in effect shall be reduced in the same proportion that the floor area Gross Leasable Area of the portion of the Building so part taken (less any addition additions thereto by reason of any reconstruction) bears to the original floor area Gross Leasable Area of the BuildingPremises. Tenant Landlord shall, at its sole own cost and expense, make all necessary repairs or alterations to the Building remaining Premises and/or Shopping Center, so as to make constitute the remaining Premises (or the Building) a complete architectural unit, provided that (i) the cost of such work does not exceed the amount of the award available to Landlord as a result of the taking unless Tenant elects by written notice to pay for all excess costs or if Tenant does not so elect and pay, the Lease will terminate as of the date possession of the portion of the Premises is taken; and (ii) the scope of such work shall not exceed that done by Landlord in originally constructing the Building not taken a complete architectural unit in accordance with and/or the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion Premises. A just part of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder Fixed Minimum Rent shall be temporarily abated during such restoration period in proportion to the degree to which extent that such restoration substantially interferes with the conduct of Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, 's business in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionPremises.
Appears in 1 contract
Partial Taking. If 14.3.1 In the event any part portion or portions of the Premises is shall be taken and under the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined exercise of the power of eminent domain or by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by agreement with any condemnor in lieu of such taking (herein called a “Partial Taking”) then this Lease, this Lease shall, only as to the part portion or portions so taken taken, shall terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental thereof shall be reduced in delivered to the same proportion condemnor, and Rent shall be abated from that the floor area of date with respect to the portion of the Building or portions so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shalltaken, at its sole cost but otherwise this Lease shall remain in full force and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impairedeffect. Notwithstanding the foregoing, if more than twenty-five percent (25%) as a result of such Partial Taking, Tenant determines in the exercise of Tenant’s reasonable business judgment that the remainder of the square footage Premises is unsuitable for Tenant’s use thereof, or it is economically unfeasible to reconstruct or operate Tenant’s business in the remaining portion of the Building Premises because of the insufficiency in size of the remaining portion of the Premises, or access to the Premises is taken or sold under such threatmaterially impaired and no reasonable alternate access is available, Landlord may terminate and Tenant gives written notice thereof to Landlord, then (a) this Lease as shall terminate thirty (30) days from the date possession of the date that part taken shall be delivered to the condemning authority takes possession by delivery condemnor, (b) such Partial Taking shall be deemed to be and treated as a Total Taking, and (c) Tenant shall comply with the provisions of written notice of such election within twenty (20) days after Landlord has been notified Section 17 hereof as to the portion of the taking or, in the absence thereof, within twenty (20) days Premises remaining after the condemning authority shall have taken possessionsaid Taking.
Appears in 1 contract
Samples: Independence Blue Cross Agreement (Wells Real Estate Investment Trust Inc)
Partial Taking. If In the event that less than the whole or substantially the whole of the Building or the Premises is taken or condemned for any part public or quasi- public use or purpose by any competent authority in appropriation proceedings or by any right of eminent domain, and if such taking or condemnation shall so substantially interfere with the operation or use of the Building as to render the continued operation thereof economically unfeasible as reasonably determined by Licensor, then Licensor (whether or not the Premises be affected) may, at its option, by notifying Licensee in writing, terminate this Agreement and the term hereby granted as of the date when title vests pursuant to such taking, and the rent and other charges hereunder shall be apportioned as of said date, and any rent paid for any period beyond said date shall be refunded to Licensee by Licensor. In the event that less than the whole or substantially the whole of the Premises is taken or condemned for any public or quasi-public use or purpose by any competent authority in appropriation proceedings or by any right of eminent domain, and if such taking or condemnation shall so substantially interfere with the remaining part after Landlord makes repairs and alterations is reasonably suitable, use of the Premises so as to render the continued operation thereof economically unfeasible as reasonably determined by Landlord Licensee, then Licensee may, at its option, by notifying Licensor in writing, terminate this Agreement and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate term hereby granted as of the date when title vests pursuant to such taking, and the rent and other charges hereunder shall be apportioned as of said date, and any rent paid for any period beyond said date shall be refunded to Licensee by Licensor. In the event that possession less than the whole or substantially the whole of such part of the Building or the Premises is taken or condemned for any public or quasi-public use or purpose by any competent authority in appropriation proceedings or by any right of eminent domain, and if neither party has exercised their respective right to terminate hereunder, then this Agreement shall terminate only as to the portion of the Premises so taken on the date when title vests pursuant to such taking, and the Base Monthly Rental rent and other charges hereunder shall be reduced in the same proportion that the floor area of to the portion of the Building Premises so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessiontaken.
Appears in 1 contract
Samples: Facilities Rental Agreement
Partial Taking. If any part less than substantially all of the Leased Premises is shall be taken and for any public or quasi- public use under the power of eminent domain or by purchase under threat of condemnation by any governmental agency in a manner that the remaining part after Landlord makes repairs portion of the Leased Premises can be adapted and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy economically operated for the purposes of the Project and uses permitted by this Leasein substantially the same manner as it was operated prior thereto in Tenant's good faith business judgment, this Lease shallshall continue in full force and effect and Rent shall be equitably abated. Tenant shall proceed, with reasonable diligence, to perform any necessary repairs and to restore the Improvements to an economically viable unit in strict accordance with the requirements of Section 5.1 above, and as nearly as possible to the condition the Improvements were in immediately prior to such taking. The condemnation proceeds shall be paid to Tenant, or as Tenant may direct, as to the part so taken terminate as restoration of the date that possession Improvements progresses, to pay or reimburse Tenant for the cost of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the restoration. Any portion of the Building condemnation proceeds not so taken (less any addition thereto by reason of any reconstruction) bears µsed for such restoration shall be paid to Tenant to the original floor area extent that it is attributable to Tenant's personal property or the Improvements, and to Landlord to the extent that it is attributable to the balance of the BuildingLeased Premises. In the event of a partial taking, such that in Tenant's good faith business judgment it shall no longer be reasonably economical or practical for Tenant, in Tenant's good faith business judgment, to continue its business on the Leased Premises, then Tenant shallshall have the right, at its sole cost and expenseoption, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election in writing to Landlord within twenty ninety (2090) days after Landlord Tenant actually receives notice that such taking has been notified of the taking oroccurred, in the absence thereof, within twenty (20) days after the condemning authority which event this Lease shall have taken possessionbe terminated.
Appears in 1 contract
Samples: Ground Lease Agreement
Partial Taking. If any part In the event of a partial taking of more than thirty percent (30%) of the Demised Premises is taken which in Tenant's judgment materially interferes with Tenant's continued use and occupancy of the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for Demised Premises' Tenant shall have the purposes and uses permitted by this Lease, right to terminate this Lease shallupon sixty (60) days prior written notice to Landlord. If notwithstanding such taking, Tenant does not elect to terminate within sixty (60) days of such taking, or in the event of the taking of less than thirty percent (30%) of the building area of the Demised Premises, then this Lease as to the part so taken only shall terminate as of of' the date that possession of such part of the Demised Premises is taken be so taken, and the Base Monthly Rental fixed monthly rental and additional rental herein Provided for shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building Demised Premises so taken bears to the total Demised Premises area existing before such taking if this Lease is taken or sold under such threatnot terminated as provided herein, Landlord shall replace or repair the building facility constituting a portion of the Demised Premises by re-installing plumbing, electrical wiring, walls and paving, if necessary, so that said building facility shall be completely operable and an integral whole, but at a cost to Landlord not to exceed the condemnation award received by Landlord. If Landlord shall fail to complete such rebuilding so as to result in an integral whole within six months of such taking, notwithstanding the provisions of Section 17.1 hereof, Tenant may terminate this Lease as upon notice to Landlord. In the event of such partial taking Landlord shall be entitled to (a) any amounts paid for the taking of Landlord's fee interest in the demised premises, and (b) any severance damages included in the award and (c) any amount paid for the taking of the date Demised Premises except that paid for any improvements made to the condemning authority takes possession Demised Premises by delivery Tenant which remain the property of written notice Tenant, and (d) any amount which represents the present worth of such election within twenty (20) days after Landlord has been notified of the taking or, rental payments to be made in the absence thereoffuture under the provisions of this Lease as to the part taken which was not included in (a) above, within twenty (20) days after and none of Landlord's interests in the condemning authority above shall have taken possessionbe subject to any diminution or apportionment whatsoever except that notwithstanding anything to the contrary contained herein, Tenant shall be entitled to compensation for the unamortized value of any improvements made to the demised premises by Tenant which were taken.
Appears in 1 contract
Samples: Lease (Datamax International Corp)
Partial Taking. If any part In the event that less than the entire Premises and access thereto or RAC’s leasehold interest in less than the entire Premises and access thereto is taken permanently by the exercise of the power of eminent domain, and if the remainder of the Premises is taken are capable of being restored to a condition reasonably required to fulfill the intent and the remaining part after Landlord makes repairs and alterations is reasonably suitablepurpose of this Agreement, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Leasethen in such event, this Lease shallAgreement shall not terminate but shall remain in full force and effect and RAC shall continue to perform and observe all of the obligations of RAC hereunder, including the obligations to pay the Concession Fee, the Ground Rent, the Contingent Rent, and Impositions as provided herein, and shall restore the Premises to a condition required to fulfill the part so taken terminate interest and purpose of this Agreement. However, effective as of the date that the condemning authority legally acquires the right of possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building Premises so taken and continuing thereafter during the remainder of the Term, the Ground Rent payable by RAC during the remainder of the Term of this Agreement shall be adjusted solely by reducing the area of the Premises used in calculating Ground Rent by that portion of the land area of the Premises used in calculating Ground Rent which was taken by Condemnation Proceedings. The value of RAC’s interest shall not include any money to pay Ground Rent in the future (and any such amount allocated to RAC shall be paid to the State). In the event of such a partial taking, the State shall first be paid that portion of the award which represents the value of its interest in and to the Premises as may have been taken as a result of such partial taking. Next, RAC shall first be paid an amount of any award in trust sufficient to undertake the complete restoration of the Premises as may be necessary as a result of such partial taking, after deducting therefrom and paying to or applying for the benefit of the State the amounts set forth in Article XIV.B.2.a. and Article XIV.B.2.b. hereof. RAC shall be entitled to receive and retain any balance remaining of such award made as a result of such partial taking. If the proceeds are insufficient to complete restoration of the Premises, RAC shall nevertheless perform such restoration at its cost, in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due Article VI (Construction, Maintenance and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%Repair) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionAgreement.
Appears in 1 contract
Samples: Concession Agreement
Partial Taking. If any part a portion of the Premises is taken condemned and Section 9.2 does not apply, the remaining part after lease will continue on the following terms: Landlord makes will be entitled to all of the proceeds of condemnation, and Tenant will have no claim against Landlord as a result of the condemnation. Landlord will proceed as soon as reasonably possible to make such repairs and alterations is reasonably suitable, to the Premises as are necessary to restore the remaining Premises to a condition as comparable as reasonably determined practicable to that existing at the time of the condemnation. After the date on which title vests in the condemning authority or an earlier date on which alterations or repairs are commenced by Landlord and Tenant, for Tenant’s continued occupancy for to restore the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part balance of the Premises is taken and in anticipation of taking, the Base Monthly Rental shall rent will be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree reduction in value of the Premises as an economic unit on account of the partial taking. If the parties are unable to agree on the amount of the reduction of rent, the amount will be determined by arbitration in the manner provided in Section 18. If a portion of Landlord's property not included in the Premises is taken, and severance damages are awarded on account of the Premises, or an award is made for detriment to the Premises as a result of activity by a public body not involving a physical taking of any portion of the Premises, this will be regarded as a partial condemnation to which Tenant’s use Sections 9.1(a) and 9.1(c) apply, and the rent will be reduced to the extent of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) reduction in rental value of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease Premises as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has though a portion had been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionphysically taken.
Appears in 1 contract
Samples: Commercial Lease
Partial Taking. If any part less than substantially all of the Premises is shall be taken for any public or quasi-public use under the power of eminent domain or by purchase under threat of condemnation by any governmental agency, or if any appurtenances of the Premises or any vaults or areas outside the boundaries of the Premises or rights in, under or above the streets adjoining the Premises or the rights and benefits of light, air or access from or to such streets, shall be so taken, or the grade of any such streets shall be changed, in any such case in a manner that the remaining part after Landlord makes repairs portion of the Premises can be adapted and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy economically operated for the purposes and uses permitted by this Leasein substantially the same manner as it was operated prior thereto in Tenant’s good faith business judgment, Tenant shall give prompt notice thereof to Landlord, this Lease shallshall continue in full force and effect and Annual Rent shall be equitably abated. Tenant shall proceed, with reasonable diligence, to perform any necessary repairs and to restore the Premises to an economically viable unit in strict accordance with all Legal Requirements and the requirements of Article 7 above, and as nearly as possible to the part so taken terminate condition the Premises was in immediately prior to such taking, provided, however, any such repair or restoration costs resulting from such partial taking shall be paid from the Condemnation Proceeds. The Condemnation Proceeds shall be paid to Tenant or as of Tenant may direct as the date that possession of such part restoration of the Premises is taken and progresses, to pay or reimburse Tenant for the Base Monthly Rental shall be reduced in the same proportion that the floor area cost of the such restoration. Any portion of the Building Condemnation Proceeds not so taken (less any addition thereto by reason of any reconstruction) bears used for such restoration shall be paid to Tenant to the original floor area extent that it is attributable to Tenant’s Estate, or Tenant’s personal property or the Improvements (or That of the Building. Tenant shallits invitees, at its sole cost agents or Subtenants) and expense, make all necessary repairs or alterations to Landlord to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds extent that it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion is attributable to the degree to which TenantLandlord’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionEstate.
Appears in 1 contract
Samples: Ground Lease (Tpi Composites, Inc)
Partial Taking. If title to any part of the Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building demised premises shall be so taken which shall be less than a complete taking (less a "partial taking"), Landlord shall be entitled to and shall receive the total award made in such proceeding, including interest thereon, if any, and the rent and other terms of this Lease shall not be reduced or affected in any addition thereto by reason of any reconstruction) bears way. Subject to the original floor area rights of the Building. Tenant shallMortgagee, Tenant, at its sole cost and expense, make all necessary repairs shall proceed to restore, repair, replace or alterations rebuild the remaining part of the demised premises as nearly as possible to the Building so as condition they were in immediately prior to such taking, to the extent that the same shall be feasible. The obligation of Tenant to make such restoration, repairs, ----------------------------------------------------------------------------------------------------------------------- replacements, or rebuilding shall be conditioned upon the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available payment to Tenant any condemnation proceeds it receives which are allocable (or agreement to such portion of pay subject to conditions referred to in the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%next sentence) of the square footage net amount of such award including interest thereon, if any, after deducting (a) the fair value of the Building is taken or sold under land so taken, and (b) all expenses incurred by Landlord in connection with such threat, Landlord proceeding. Such payment may terminate this Lease as be made in installments subject to customary applications with respect to the cost of the date that work as said cost shall be certified to Landlord or Mortgagee(s), and/or by the condemning authority takes possession architect or contractor in charge of the work who shall be approved in writing by delivery the Landlord and such Mortgagee(s), which approval shall not be unreasonably withheld. The excess of written notice any such award over the cost of such election within twenty (20) days after Landlord has been notified restoration, repairs, replacements or rebuilding shall belong to Landlord, and the cost of the taking orsuch restoration, repairs, replacements or rebuilding in the absence thereof, within twenty (20) days after the condemning authority excess of any such award shall have taken possessionbe borne by Tenant.
Appears in 1 contract
Partial Taking. If any part Unless this Lease shall be terminated as aforesaid, the Tenant shall, with reasonable promptness (subject to delays covered by matters beyond the Tenant’s reasonable control), cause the remainder of the Premises is taken to be repaired and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as restored to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit as nearly as commercially reasonably possible to their value, condition and character immediately prior to such Taking, provided that the Tenant shall comply with the provisions of Section 7.2 above. For such purposes, in the event that the Tenant encumbers its interest in the Premises, the full amount of the Tenant’s Interest in the Award will be deposited with the Leasehold Mortgagee, and the Leasehold Mortgagee shall disburse such Award to be applied towards the cost of such repairs and restorations in accordance with the procedures set forth in Section 7.3 above. Any portion of the Tenant’s Interest in the Award that shall not have been expended for such repairs or restorations shall be paid to the Landlord in respect of the Landlord’s Interest, and to the Tenant in respect of the Tenant’s Interest. Notwithstanding the foregoing to the contrary, in the event the Tenant encumbers its Interest in the Premises, the Tenant’s Interest in the Award shall be disbursed in accordance with the terms and provisions of Section 19.4such leasehold mortgage, Landlord shall make available and the Leasehold Mortgagee may, in its reasonable discretion, direct that the Tenant’s Interest in the Award be applied to Tenant any condemnation proceeds it receives which are allocable to such portion the repayment of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion Tenant’s indebtedness to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionLeasehold Mortgagee.
Appears in 1 contract
Samples: Land Lease Agreement
Partial Taking. If any In the event of a Taking of only a part of the Premises is taken or of a part of the Building which does not constitute a Total Taking during the Lease Term (a "Partial Taking"), the rights of Tenant under this Lease and the remaining part after Landlord makes repairs leasehold estate of Tenant in and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so portion of the property taken shall cease and terminate as of the date that possession Date of such part of Taking, and an adjustment to the Premises is taken and the Base Monthly Rental Rent shall be made based upon the reduced in the same proportion that the floor area of the Premises. In the event of a Taking of a material portion of the Building so taken (less any addition thereto by reason of any reconstructionother than the Premises) bears to the original floor area of such that, in Landlord's reasonable opinion, the Building. Tenant shall, at its sole cost and expense, make all necessary repairs ’s continued operation is not practically or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threateconomically feasible, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written giving notice of such election to Tenant within twenty ninety (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (2090) days after the condemning authority date notice of such Taking is received by Landlord. If this Lease is terminated pursuant to this Section 7.2, Landlord shall refund to Tenant any prepaid unaccrued Rent and any other sums due and owing to Tenant (less any sums then due and owing Landlord by Tenant), and Tenant shall pay to Landlord any remaining sums due and owing Landlord under this Lease, each prorated as of the Date of Taking where applicable. If this Lease is not terminated as provided for in this Section 7.2, Landlord at its expense shall promptly repair and restore the Building and/or the Premises to substantially the same condition that existed immediately prior to the Date of Taking, wear and tear only excepted (and Landlord shall have taken possessionno obligation to repair or restore Tenant's improvements to the Premises or Tenant's property), except for the part taken, so as to render the Building as complete an architectural unit as practical, but only to the extent of the condemnation award actually received by Landlord for the damage.
Appears in 1 contract
Samples: Lease Agreement (AntriaBio, Inc.)
Partial Taking. If any part less than substantially all of the Premises is shall be taken for any public or quasi-public use under the power of eminent domain or by purchase under threat of condemnation by any governmental agency, or if any appurtenances of the Premises or any vaults or areas outside the boundaries of the Premises or rights in, under or above the streets adjoining the Premises or the rights and benefits of light, air or access from or to such streets, shall be so taken, or the grade of any such streets shall be changed, in any such case in a manner that the remaining part after Landlord makes repairs portion of the Premises can be adapted and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy economically operated for the purposes and uses permitted by this Leasein substantially the same manner as it was operated prior thereto in Tenant’s good faith business judgment, Tenant shall give prompt notice thereof to Landlord, this Lease shallshall continue in full force and effect and Annual Rent shall be equitably abated. Tenant shall proceed, with reasonable diligence, to perform any necessary repairs and to restore the Premises to an economically viable unit in strict accordance with all Legal Requirements and the requirements of Article 7 above, and as nearly as possible to the part so taken terminate condition the Premises was in immediately prior to such taking, provided, however, any such repair or restoration costs resulting from such partial taking shall be paid from the Condemnation Proceeds. The Condemnation Proceeds shall be paid to Tenant or as of Tenant may direct as the date that possession of such part restoration of the Premises is taken and progresses, to pay or reimburse Tenant for the Base Monthly Rental shall be reduced in the same proportion that the floor area cost of the such restoration. Any portion of the Building Condemnation Proceeds not so taken (less any addition thereto by reason of any reconstruction) bears used for such restoration shall be paid to Tenant to the original floor area extent that it is attributable to Tenant’s Estate, or Tenant’s personal property or the Improvements (or that of the Building. Tenant shallits invitees, at its sole cost agents or Subtenants) and expense, make all necessary repairs or alterations to Landlord to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds extent that it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion is attributable to the degree to which TenantLandlord’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionEstate.
Appears in 1 contract
Samples: Ground Lease (Tpi Composites, Inc)
Partial Taking. If title to less than the whole of the Property shall be taken or condemned, and the Property is still suitable for its then Primary Intended Use, in Tenant's reasonable opinion, or if Tenant or Landlord shall be entitled (but shall not elect) to terminate this Lease as provided in Section 16.3 hereof, Tenant at its own cost and expense shall with all reasonable diligence restore the untaken portion of any Improvements so that such improvements shall constitute a complete architectural unit of the same general character and condition (as nearly as may be possible under the circumstances) as the Improvements existing immediately prior to such Condemnation or Taking. Landlord and Tenant shall each contribute to the cost of restoration that part of the Premises their Award specifically allocated to such restoration, if any (or if no such specific allocation is taken made, a just, fair and the remaining part after Landlord makes repairs and alterations is reasonably suitable, reasonable portion of its Award as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted Tenant or by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit arbitration in accordance with the terms Section 28.14 if Landlord and provisions of Section 19.4, Landlord shall make available Tenant are unable to Tenant any condemnation proceeds it receives which are allocable to such portion agree within 30 days of the Building in accordance Award), together with any and all severance and other damages awarded for any taken Improvements; provided, however, the terms amount of such contribution shall not exceed such cost. If such amounts are not sufficient to cover the cost of restoration Landlord and provisions of Section 19.4. Base Monthly Rental due and payable hereunder Tenant shall be temporarily abated during such contribute any additional amounts needed for restoration period in proportion to the degree amounts already contributed by them, provided that in no event shall Landlord contribute any amount to which such restoration in excess of its Award. Thereafter, any excess restoration cost shall be borne solely by Tenant’s use . Landlord agrees that Tenant shall be entitled to an equitable abatement of Premises is impaired. Notwithstanding Base Rent in the foregoing, if more than twenty-five percent (25%) event of a partial taking of the square footage Property, but such abatement shall be strictly limited to any amount of excess Award paid to Landlord after the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord restoration cost has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionpaid.
Appears in 1 contract
Samples: California Facilities Security Agreement (Iasis Healthcare Corp)
Partial Taking. Tenant assigns to Landlord or the Proceeds Trustee, as required hereunder, any award, proceeds or other payment to which Tenant may become entitled in connection with a taking of any portion of the Premises. If any part less than substantially all of the Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. for public or quasi-public purposes, Tenant shallshall diligently, at its sole cost and expense, make all necessary repairs restore, repair, replace or alterations rebuild the Improvements so taken in conformity with the requirements of Sections 9 and 22 herein as nearly as practicable to the Building so as condition, size, quality of workmanship and market value thereof immediately prior to make such taking, without regard to the portion adequacy of any condemnation award for such purpose, but subject to then Applicable Laws. There shall be no abatement of Rent during such period of restoration, and this Lease shall remain in full force and effect. In performing its obligations, Tenant shall be entitled to all condemnation proceeds available to Landlord under the same terms and conditions for disbursement set forth for casualty proceeds in Section 10 herein. Any condemnation proceeds in excess of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to amounts as are used by Tenant any condemnation proceeds it receives which are allocable to such portion for restoration or repair of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder Premises, shall be temporarily abated during such restoration period the sole and exclusive property of Landlord, and Fixed Rent shall not be reduced or abated. Tenant shall have the right to participate in proportion condemnation proceedings with Landlord, and shall be entitled to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that receive any award made by the condemning authority takes possession in respect of, Tenant’s Trade Fixtures, Tenant Improvements which were paid for by delivery of written notice of such election within twenty Tenant (20) days after Landlord has been notified of the taking but not including any Tenant Improvements paid for by Landlord), business loss or, if available, _business relocation, loss of leasehold value, and any other claim permitted by law which does not, in the absence thereofany such case, within twenty (20) days after the condemning authority shall have taken possessiondiminish Landlord’s recovery.
Appears in 1 contract
Partial Taking. If In the event of any taking of less than the whole of the Building and/or the Property upon which the Building is situated which does not result in termination of this Lease, or in the event of a taking for a temporary use or 23 Landlord initials ????? ------------- Tenant initials ????? ------------- occupancy of all or any part of the Premises is taken which does not result in a termination of this Lease: (a) Landlord, at his expense, and whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part parts of the Premises is taken which are Landlord's Property and Tenant's Property), to substantially their former condition to the Base Monthly Rental shall be reduced in extent that the same proportion that the floor area of the portion of the be feasible (subject to reasonable changes which Landlord shall deem desirable) and so as to constitute a complete and tenantable Building so taken and Premises; and (less any addition thereto by reason of any reconstructionb) bears to the original floor area of the Building. Tenant shallTenant, at its sole cost and expense, make all necessary repairs and whether or alterations 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 pursuant hereto and Tenant's Property to substantially their former condition to the Building so as extent that the same may be feasible, subject to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord reasonable changes which Tenant shall make available to deem desirable. Such work by Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease deemed Alterations as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionhereinabove defined.
Appears in 1 contract
Samples: Lease Agreement (Registry Magic Inc)
Partial Taking. If less than the whole or substantially the whole of the Project, Building or Premises is thus taken or sold, Landlord (and if more than ten percent [10%] of the Net Rentable Area of the Premises shall be taken or if access to the Project or restrooms serving the Premises is materially impaired, Tenant) may terminate this Lease by giving ninety (90) days written notice thereof to Tenant (or if applicable, Landlord), provided such notice must be given no later than 180 days after the date of such taking or sale; in which event this Lease shall terminate as of the date when physical possession of such portion of the Project, Building or Premises is taken by the condemning authority. If the Lease is not so terminated upon any part such taking or sale, and a portion of the Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitablein connection therewith, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion diminished by an equitable amount, and Landlord shall, to the degree extent Landlord deems feasible, restore the Building and the Premises to which Tenant’s use of Premises is impaired. Notwithstanding substantially their former condition, but such work shall not exceed the foregoing, if more than twenty-five percent (25%) scope of the square footage work done by Landlord in originally constructing the Building and installing improvements in the Premises, nor shall Landlord in any event be required to spend for such work an amount in excess of the amount received by Landlord as compensation for such taking after the exercise by any mortgagee of the Building is taken or sold under of any option to apply such threat, Landlord may terminate this Lease as of proceeds against Landlord’s debt to the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionmortgagee.
Appears in 1 contract
Partial Taking. If any (a) a part of the Premises is taken shall be subject to a Taking; and such partial Taking materially impairs Tenant’s ability to use the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, Premises for Tenant’s continued occupancy for business, or (b) all or a part of the purposes parking areas shall be subject to a Taking, and uses permitted the number of Tenant’s parking stalls is reduced by this Lease, more than ten percent (10%) and Landlord is unable to furnish Tenant with comparable substitute parking spaces in the vicinity of the Project. then Tenant may terminate this Lease shall, as to the part so taken terminate as of the earlier of the date that title vests in the condemning authority or the date an order of immediate possession is issued, by giving Landlord written notice thereof within thirty (30) days after Tenant receives written notice of the Taking. If this Lease is not terminated pursuant to this Paragraph 20.2, then (i) Landlord shall promptly restore the Premises to an architectural whole, excluding the portion thereof lost in such part condemnation, (ii) this Lease shall continue in full force and effect as to said portion of the Premises is taken and remaining, (iii) the Base Basic Monthly Rental payable from the date of the Taking shall be reduced in the same proportion that as the floor area of the Premises taken bears to the total area of the Premises, and (iv) if, following the Taking, the Building shall be occupied by more than one tenant (e.g., the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears subject to the original floor Taking is subsequently occupied by governmental authority or its assignee), then Tenant’s Proportionate Share shall be adjusted to equal a fraction, the numerator of which equals the rentable area of the Premises following the Taking and the denominator of which equals the total rentable area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to Such notice shall specify the Building so as to make the portion date of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives termination which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if not less than thirty (30) nor more than twenty-five percent sixty (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (2060) days after the condemning authority shall have taken possessiondate of said notice.
Appears in 1 contract
Samples: Lease (Harmonic Inc)
Partial Taking. If any part during the continuance of the Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, a portion (but less than all) of the Leased Premises shall be acquired by authority of any government or governmental agency in the exercise of its power of eminent domain, Lessor shall have the option of terminating this Lease shall, as to the part so taken terminate as of the date that possession of such part partial taking (by giving Lessee 30 days written notice of termination within 90 days after such partial taking) and, in the event of such termination, there shall be an abatement in the payment of all rentals and other sums payable by Lessee under the terms of the Premises is taken and Lease accruing thereafter. If the Base Monthly Rental Lessor does not so terminate this Lease, rent provided for in Article 3 hereof accruing thereafter shall be reduced in the same proportion that the floor area of the portion Leased Premises so taken, if any, bears to the total area of the Leased Premises immediately prior to such taking, and any additional rent thereafter payable under Article 3 hereof which is computed on the basis of the ratio of the area of the Leased Premises to the total office space of the Building so taken (less any addition thereto by reason shall thereafter be computed on the basis of any reconstruction) bears whatever ratio thereafter accurately reflects the actual ratio of the area of the Leased Premises to the original floor area total office space of the Building. Tenant shallIn no case provided for by this Article shall Lessee have any claim against Lessor for the value of any unexpired term of this Lease, at its sole cost and expense, make all necessary repairs or alterations nor shall Lessee be entitled to the Building so as to make the portion any part of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable award made to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionLessor.
Appears in 1 contract
Samples: Caballero Spanish Media LLC
Partial Taking. If In the event that (i) more than 25% of the Premises, or of the parking area serving the Premises and owned by the Landlord, is taken under the power of eminent domain by any part public or quasi-public authority, (ii) by reason of any appropriation or taking, regardless of the amount so taken, the remainder of the Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitablenot one undivided parcel of property, or (iii) as reasonably determined by Landlord and Tenanta result of any taking, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as regardless of the date that possession of such part amount so taken, the remainder of the Premises is taken and rendered unsuitable for the Base Monthly Rental shall be reduced in the same proportion that the floor area continued operation of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding business, either Landlord or Tenant shall have the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may right to terminate this Lease as of the date that Tenant is required to vacate a portion of the condemning authority takes possession Premises, by delivery of written giving the other notice of such election within twenty (20) 30 days after receipt by Tenant from Landlord has of written notice that the Premises have been notified so appropriated or taken. The taking which affects fifty (50%) percent or more of the Building and improvements on the Premises shall be considered, as Tenant’s option, a substantial taking oras would render the use of the Premises not suitable for Tenant’s use. Landlord agrees immediately after learning of any appropriation or taking to give to Tenant notice in writing thereof. In the event of such termination, upon Tenant’s payment to Landlord of all rents accruing through such date, both Landlord and Tenant shall thereupon be released from any future liability thereafter accruing hereunder. If both parties elect not to terminate this Lease, Tenant shall remain in that portion of the Premises not so taken and Tenant, at Tenant’s sole cost and expense, shall restore the remaining portion of the Premises as soon as possible to a complete unit of like quality and character as existed prior to such taking. So long as this Lease is not terminated in the absence thereofmanner provided above, within twenty (20) days after there shall be an equitable adjustment of the condemning authority shall have taken possessionrent payable by Tenant hereunder by reason of such partial taking. Tenant hereby waives any statutory rights of termination which may arise by reason of any partial taking of the Premises under the power of eminent domain.
Appears in 1 contract
Partial Taking. If any part In the event of a Taking of less than substantially all of the Premises is taken Premises, this Lease shall continue in full force and the remaining part after Landlord makes repairs and alterations is reasonably suitableeffect (including, as reasonably determined by Landlord and Tenantbut not limited to, for Tenant’s continued occupancy for obligation to pay the purposes full amount of Base Rent and uses permitted all other amounts payable by Tenant to Landlord under the terms of this Lease, this Lease shallwithout any offset, as abetment or diminution thereof), and Tenant shall with commercially reasonable diligence and efforts (subject to Unavoidable Delays) commence and complete Restoration in accordance with the requirements of Section 8, except to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced extent made unfeasible by any reduction in the same proportion that the floor area of the portion Land or Improvements caused by such Taking, provided that Tenant shall not be obligated to expend in excess of the Building condemnation proceeds it actually receives in connection with such Restoration (though Tenant shall be obligated to spend so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area much of the Building. Tenant shall, at its sole cost and expense, make all condemnation proceeds as is reasonably necessary repairs or alterations to complete the Building so as to make the portion of the Building not taken a complete architectural unit Restoration in accordance with the terms and provisions hereof). In no event shall Landlord have any obligation to expend any amount to complete the Restoration pursuant to this Lease, as all such costs of Section 19.4, Landlord Restoration shall make available be borne solely by Tenant as provided above. Tenant shall receive any award made in respect of or allocable to the Tenant Property. All awards made in respect of or allocable to the Premises shall be distributed to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building for Restoration in accordance with this Section 12.2. Landlord shall receive the terms and provisions balance of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion the award, subject to the degree to which rights of Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) any, as purchaser of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionPremises pursuant to Section 22.
Appears in 1 contract
Samples: Purchase Agreement (Supervalu Inc)
Partial Taking. If any part more than fifteen percent (15%) of the Rentable Area of the Leased Premises is taken and or appropriated by the remaining part after Landlord makes repairs and alterations is reasonably suitablepower of eminent domain, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shallat the option of either party, as may be terminated by written notice given to the part so taken terminate other party not more than thirty (30) days after Landlord and Tenant receive written notice of the taking or appropriation, and such termination shall be effective as of the date that possession Tenant is required to vacate the portion of the Leased Premises so taken. If more than ten percent (10%) of the Common Area of the Bank of America Building is taken by the power of eminent domain, then Landlord, at its option, may terminate this Lease by written notice given to Tenant within sixty (60) days of the date of such part taking. If this Lease is so terminated, all Rent, Additional Rent and Other Charges due hereunder shall be paid to the date of termination. Whenever any portion of the Leased Premises or Common Area is taken by the power of eminent domain and this Lease is not terminated, Landlord, at its expense, shall proceed with reasonable dispatch to restore, to the Base Monthly Rental extent that it is reasonably prudent, the remainder of the Leased Premises and Common Area to their condition immediately prior to such taking, and Tenant, at its sole expense, shall proceed with reasonable dispatch to restore the fixtures and improvements installed by Tenant and Tenant's furniture, furnishings, and equipment to the same condition they were in immediately prior to such taking. From the date Tenant is required to vacate that portion of the Leased Premises so taken, the Rent and Additional Rent payable hereunder shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area Rentable Area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations Leased Premises prior to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessiontaking.
Appears in 1 contract
Partial Taking. If any part fifty percent (50%) or more of the Premises is shall be taken and or condemned by any competent government authority, then either party may elect to terminate this Lease by giving notice to the remaining part other party not more than sixty (60) days after Landlord makes repairs and alterations is reasonably suitablethe date of which such title shall vest in the authority. Also, as reasonably determined if the parking facilities are reduced below the minimum parking requirements imposed by Landlord and the applicable authorities, either party may elect to terminate this Lease by giving the other party notice within one hundred twenty (120) days after such taking. In addition, if the leases of tenants occupying more than fifty percent (50%) of the leasable area of the Shopping Center terminate pursuant to an act of eminent domain, either party may terminate this Lease by providing sixty (60) days' written notice to Tenant, for Tenant’s continued occupancy for . In the purposes and uses permitted by event of any taking under the power of eminent domain which does not so result in a termination of this Lease, this Lease shallthe Minimum Guaranteed Rental and all other Rent payable hereunder based upon the square footage of the Premises shall be reduced, as to effective on the part so taken terminate as earlier of the date that possession of such part of the Premises is taken and condemning authority grants the Base Monthly Rental shall be reduced condemnation award or the date the condemning authority acquires possession, in the same proportion that which the floor area of the portion of the Building so Premises taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Buildingentire Premises prior to the taking. Tenant shall, Landlord shall promptly at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make expense restore the portion of the Building Premises not so taken a complete architectural unit to as near its former condition as is reasonably possible, except that (a) Tenant shall be required to utilize any awards received for any Tenant Fixtures, as referenced in accordance with Section 15.5, for the terms and provisions restoration of Section 19.4those Tenant Fixtures, (b) Landlord shall make available not be required to Tenant any condemnation proceeds it receives which are allocable to spend for such portion work an amount in excess of the Building in accordance with amount received by Landlord as damages for the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) part of the square footage of the Building is taken or sold under Premises so taken, less any amount paid to Landlord's mortgagee from such threataward, Landlord may terminate and (c) this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, shall continue in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionfull force and effect.
Appears in 1 contract
Partial Taking. If any only a part of the Leased Premises is shall be so taken or condemned, and as a result thereof the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy balance of the Leased Premises can be used for the purposes and uses permitted by this Leasesame purpose as expressed in Article III, this Lease shall, as to the part so taken shall not terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shallTenant, at its sole cost and expense, make shall repair and restore the Leased Premises and all necessary repairs or alterations to the Building so as improvements thereon. Tenant shall promptly and diligently proceed to make the portion of the Building not taken a complete architectural unit of the remainder of the improvements first complying with the procedure set forth in Section 7.1. For such purpose the amount of the award relating to the improvements shall be deposited with the Depositary (as defined in Section 7.2 hereof) which shall disburse such award to apply on the cost of said repairing or restoration in accordance with the terms procedure set forth in Section 7.2. If Tenant does not make a complete architectural unit of the remainder of the improvements within a reasonable period after such taking or condemnation, not to exceed one hundred eighty (180) days then, in addition to whatever other remedies Landlord may have either under this Lease, at law or in equity, the money received by and then remaining in the custody of the Depositary shall. at Landlord's election be paid to and retained by Landlord as liquidated damages resulting from the failure of Tenant to comply with the provisions of this Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such Any portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder such award as may not have to be expended for such repairing or restoration shall be temporarily abated during such restoration period paid to Landlord. There shall be no abatement or reduction in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice any 40 rental because of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionor condemnation.
Appears in 1 contract
Samples: Mfri Inc
Partial Taking. If (a) In the event of any such taking of less than the whole or substantially all of the Property, the Term shall not be reduced or affected in any way. In such event: (i) Landlord shall be entitled to receive (A) such portion of the award or awards (with the interest thereon, if any) paid by the condemning authority as shall represent compensation for the value of the Property or the part thereof so taken, exclusive of the value of the Tenant Improvements and all Work performed, and (B) such portion of such award or awards (with the interest thereon, if any) paid by the condemning authority as shall represent consequential damages, if any, to the portion or portions of the Property not so taken; and (ii) Subject to the amounts reserved to Landlord in clause (i) above, Tenant shall be entitled to receive the balance of such award or awards (including compensation for any Tenant Improvements or portion thereof taken and damages, if any, to the parts of the Tenant Improvements not so taken). (b) Tenant may repair, alter and restore the remaining part of the Premises is taken and Property as Tenant shall elect, with such repair, alteration or restoration to be done in conformity with the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy applicable provisions of Article V above. (c) The Base Rent for the purposes and uses permitted by this Leasebalance of the Term shall be reduced, this Lease shall, as to the part so taken terminate effective as of the date that possession of such part of the Premises is taken and partial taking, so that the Base Monthly Rental Rent thereafter payable shall be reduced in an amount equal to the same proportion that result obtained by multiplying the floor Base Rent which would otherwise be payable under the terms of this Lease by a fraction, the numerator of which shall be the number of square feet of he land area of the portion Property remaining subject to the provisions hereof after such taking and the denominator of which shall be the number of square feet of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor land area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable Property covered by this Lease immediately prior to such portion of the Building in accordance with the terms and provisions of Section 19.4taking. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possession.11.3
Appears in 1 contract
Partial Taking. If any part fifty percent (50%) or more of the Premises is shall be taken and or condemned by any competent government authority, then either party may elect to terminate this Lease by giving notice to the remaining part other party not more than sixty (60) days after Landlord makes repairs and alterations is reasonably suitablethe date of which such title shall vest in the authority. Also, as reasonably determined if the parking facilities are reduced below the minimum parking requirements imposed by Landlord and the applicable authorities, either party may elect to terminate this Lease by giving the other party notice within one hundred twenty (120) days after such taking. In addition, if the leases of tenants occupying more than fifty percent (50%) of the leasable area of the Shopping Center terminate pursuant to an act of eminent domain, either party may terminate this Lease by providing sixty (60) days’ written notice to Tenant, for Tenant’s continued occupancy for . In the purposes and uses permitted by event of any taking under the power of eminent domain which does not so result in a termination of this Lease, this Lease shallthe Minimum Guaranteed Rental and all other Rent payable hereunder based upon the square footage of the Premises shall be reduced, as to effective on the part so taken terminate as earlier of the date that possession of such part of the Premises is taken and condemning authority grants the Base Monthly Rental shall be reduced condemnation award or the date the condemning authority acquires possession, in the same proportion that which the floor area of the portion of the Building so Premises taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Buildingentire Premises prior to the taking. Tenant shall, Landlord shall promptly at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make expense restore the portion of the Building Premises not so taken a complete architectural unit to as near its former condition as is reasonably possible, except that (a) Tenant shall be required to utilize any awards received for any Tenant Fixtures, as referenced in accordance with Section 15.5, for the terms and provisions restoration of Section 19.4those Tenant Fixtures, (b) Landlord shall make available not be required to Tenant any condemnation proceeds it receives which are allocable to spend for such portion work an amount in excess of the Building in accordance with amount received by Landlord as damages for the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) part of the square footage of the Building is taken or sold under Premises so taken, less any amount paid to Landlord’s mortgagee from such threataward, Landlord may terminate and (c) this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, shall continue in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionfull force and effect.
Appears in 1 contract
Partial Taking. If any Subject to Paragraph 16.5, if part of the Premises premises is taken for any public or quasi-public use, under any statute or right of eminent domain (collectively a "taking"), and a part of the remaining part after Landlord makes repairs and alterations premises remains which is reasonably suitable, as reasonably determined by Landlord and Tenant, suitable for Tenant’s 's continued occupancy for the purposes and uses permitted by this Lease, and a portion of the parking area within the Project remains which is equivalent to at least fifty percent (50%) of the parking area in the Project as of the Commencement Date, this Lease shall, as to the part so taken taken, terminate as of the date that the condemner or purchaser takes possession of such part of the Premises is taken property being taken, and the monthly Base Monthly Rental Rent payable hereunder shall be reduced in the same proportion that the floor area of the portion of the Building premises so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Buildingpremises as of the Commencement Date. Tenant Landlord shall, at its sole own cost and expense, make all necessary repairs or alterations to the Building so as premises in order to make the portion of the Building premises not taken a complete architectural unit unit. Such work shall not, however, exceed the scope of the work done by Xxxxxxxx in accordance with originally constructing the terms and premises. Each party hereto waives the provisions of California Code of Civil Procedure Section 19.41265.130 allowing either party to petition the superior court to terminate this Lease in the event of a partial taking of the premises. In any portion of the premises is condemned, and such partial condemnation renders the premises unusable for Tenant's business, as reasonably determined by Tenant in good faith, Tenant shall have the right to terminate this Lease by giving notice to Landlord of Tenant's desire to terminate, and this Lease shall terminate as of the date of the notice. If such partial condemnation does not result in termination of the Lease, Landlord shall make available promptly restore the remaining premises to Tenant any condemnation proceeds it receives which are allocable the same condition they were in prior to such portion of the Building condemnation, and this Lease shall continue in accordance with the terms full force and provisions of Section 19.4. effect except that Base Monthly Rental due Rent and payable hereunder Xxxxxx's Share shall be temporarily abated during such restoration period in proportion to adjusted on the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) basis of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease condemned as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionpremises is condemned.
Appears in 1 contract
Samples: Corsair Communications Inc
Partial Taking. If any part of the Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant Landlord shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with unit. Such work shall not, however, exceed the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion scope of the Building work done by Landlord in accordance with originally constructing the terms and provisions of Section 19.4Building. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Each party hereby waives the provisions of Section 1265.130 of the California Code of Civil Procedure allowing either party to petition the Superior Court to terminate in the event of a partial taking of the Building or Premises. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possession.
Appears in 1 contract
Partial Taking. If less than substantially all of any part Site shall be taken for public or quasi-public purposes, Tenant shall promptly, at its sole cost and expense, restore, repair, replace or rebuild the improvements so taken in conformity with the requirements of paragraph 9 of this Lease as nearly as practicable to the condition, size, quality of workmanship and market value thereof immediately prior to such taking, without regard to the adequacy of any condemnation award for such purpose. There shall be no abatement of Rent during any such period of restoration. In performing its obligations, Tenant shall be entitled to all condemnation proceeds made available to Landlord for restoration or repair of the Premises is taken under the same terms and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, conditions for Tenant’s continued occupancy disbursement set forth for the purposes and uses permitted by casualty proceeds in paragraph 10 of this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of including such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto proceeds being made available by reason of any reconstruction) bears to the original floor area of the BuildingMortgagee. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to negotiate and, if necessary, litigate, the Building so as to make the portion amount of the Building not taken a complete architectural unit award, and Landlord shall have the right to participate in accordance with the terms such process, and provisions of Section 19.4if Tenant fails to diligently prosecute such efforts, Landlord shall make may (at its option) take control of the process. Any condemnation proceeds in excess of the amounts as are made available to Tenant any condemnation proceeds it receives which are allocable to such portion for restoration or repair of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder Premises shall be temporarily abated during such restoration period the sole and exclusive property of Landlord. Tenant shall have the right to participate in proportion condemnation proceedings with Landlord, and shall be entitled to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that receive any award made by the condemning authority takes possession by delivery in respect of written notice of such election within twenty (20) days after Landlord has been notified of the taking business loss or, if available, business relocation and any other claim permitted by law which does not, in the absence thereofany such case, within twenty (20) days after the condemning authority shall have taken possessiondiminish Landlord’s recovery.
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Partial Taking. If any part (a) In the event of a Partial Taking of the Premises is taken during the Term of this Lease which takes any portion of the Premises, the following shall occur: (i) the rights of Tenant under this Lease and the remaining part after Landlord makes repairs Leasehold Estate of Tenant in and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so portion of the Premises taken shall cease and terminate as of the date Date of Taking; and (ii) this Lease shall otherwise continue in full effect, except that possession of such part of the Premises is taken and the Base Monthly Rental Annual Rent shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Buildingas set forth below. Tenant shall, promptly after any such Taking, at its sole cost and expense, make all necessary repairs or alterations repair any damage caused thereby so that, thereafter, the Premises shall be, as nearly as reasonably possible, in a condition as good as the condition thereof immediately prior to such Taking. In the Building so as to make the portion event of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4any such Partial Taking, Landlord shall make an amount equal to that portion of the Award that is attributed to any building or other improvement then situated on the Land (but not any portion of the Award attributed to the Land) available to Tenant any condemnation proceeds it receives which are allocable to make such repair. Any portion of the Building in accordance with Award attributed to the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder Land shall be temporarily abated during and remain the property of Landlord and in no event shall Tenant shall have any right to receive or share in any portion thereof. Any amount of the Award retained by Landlord and any amount of the Award delivered to Tenant remaining after such restoration period in proportion repairs have been made shall remain the property of Landlord, and shall, to the degree extent previously paid by Landlord to which Tenant’s use of Premises is impaired, be repaid by Tenant to Landlord. Notwithstanding After such repairs have been completed, Annual Rent shall be reduced by the foregoing, if more than twenty-five percent (25%) product of the square footage Annual Rent multiplied by a fraction (the “Rent Reduction Percentage”), the denominator of which is the total land area of the Building Land prior to the Taking and the numerator of which is taken or sold under such threat, Landlord may terminate this Lease as the total land area of the date that Land subject to the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionTaking.
Appears in 1 contract
Partial Taking. If any part In the event a taking of a portion of the Premises is taken Terminal or the Concessions Locations that permits the Operator and its Sublessees, if any, to continue to operate a portion of the remaining part after Landlord makes repairs and alterations is reasonably suitableConcessions Locations (a “Partial Taking”) occurs during the Term, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by then this Lease, this Lease shall, Concession Agreement shall terminate as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building Premises so taken (less any addition thereto by reason of any reconstruction) bears but shall continue in full force and effect as to the original floor area remainder of the BuildingPremises. Tenant In the event of a Partial Taking, Authority shall, at its sole cost and expensepromptly after Authority’s receipt of the net proceeds paid as a result of such Partial Taking, make all necessary repairs repair or alterations to the Building so as to make restore the portion of the Building Premises not so taken a complete to the extent Authority determines to be necessary for the continued use or occupancy of the Concession Locations by Operator and its applicable Sublessees, if any; provided, however, that Authority shall have no obligation to repair or restore any damage to the Capital Improvements of Operator or its Sublessees, or any fixtures, equipment and other property of Operator or its Sublessees. Operator or its Sublessees, if any, shall repair and restore the Capital Improvements affected by such Partial Taking so that an architectural unit reasonably appropriate for continued Concession Operations is completed. To the extent any permitted mortgagee with an interest in accordance with the terms and provisions Airport premises or any portion thereof permits the release of Section 19.4all or a sufficient portion of such net proceeds to Operator, Landlord Authority shall make any net proceeds paid as a result of such Partial Taking that are specifically awarded with respect to the Capital Improvements of Operator available to Tenant any condemnation proceeds it receives Operator in a manner reasonably acceptable to Authority for such repair and restoration of such Capital Improvements. During the period of repair and restoration, the Rent shall be abated proportionately to the extent and during the time in which are allocable to such a portion of the Building in accordance with Concession Locations is rendered untenantable. Upon the terms completion of such repair and provisions restoration, the Minimum Annual Guarantee (but not the Percentage Rent) for the remainder of Section 19.4. Base Monthly Rental due and payable hereunder the Term shall be temporarily abated during such restoration period in proportion proportionately adjusted so as to reflect only the degree to which Tenant’s use loss of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) any portion of the square footage of the Building is Concession Locations taken or sold under in such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionPartial Taking.
Appears in 1 contract
Samples: Lease and Concession Agreement
Partial Taking. If any part In the event of a Partial Taking, this Lease and the Term shall continue, but only with respect to that portion of the Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and not so taken. Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs whether or alterations not the award or awards, if any, shall be sufficient for the purpose, but provided that the award is equal to at least ninety percent (90%) of the cost of Restoration, shall proceed diligently to restore any remaining part of the Improvements not so taken. In the event of any taking or condemnation as provided in this Section 12.03 for a Partial Taking, the entire award (i.e., the aggregate of the separate awards to Landlord and Tenant, as the case may be) shall be paid to Landlord. Subject to the Building so as to make the portion of the Building not taken a complete architectural unit provisions and limitations in accordance with the terms and provisions of Section 19.4this Article, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such as much of that portion of the Building award actually received and held by Landlord, if any, less necessary and proper expenses paid or incurred by Landlord in the condemnation proceedings, as may be necessary to pay the cost of Restoration of the part of the Improvements remaining. Such Restoration shall be done in accordance with and subject to the terms and provisions of Section 19.4Articles 11 and 16 hereof. Base Monthly Rental due and payable hereunder Payments to Tenant as aforesaid shall be temporarily abated during such restoration period disbursed in proportion to the degree to which Tenant’s use of Premises is impairedmanner set forth in Article 11 hereof. Notwithstanding the foregoing, if more than twenty-five percent (25%) Any balance of the square footage award thereafter remaining shall be paid first to Landlord in respect of its interest in the portion of the Building is taken or sold under such threatPremises (exclusive of Equipment and the Vessels) so taken, Landlord without deduction therefrom for any estate vested in Tenant by this Lease, and the remainder then shall be paid to Tenant. Xxxxxxxx and Xxxxxx agree to execute any and all documents that may terminate this Lease as be required in order to facilitate collection by them of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessiontheir respective awards.
Appears in 1 contract
Samples: Lease Agreement
Partial Taking. If title to less than the whole of the Property shall be taken or condemned, and the Property is still suitable for its then Primary Intended Use, in Tenant's reasonable opinion, or if Tenant or Landlord shall be entitled (but shall not elect) to terminate this Lease as provided in Section 16.3 hereof, Tenant at its own cost and expense shall with all reasonable diligence restore the untaken portion of any Improvements so that such improvements shall constitute a complete architectural unit of the same general character and condition (as nearly as may be possible under the circumstances) as the Improvements existing immediately prior to such Condemnation or Taking. Landlord and Tenant shall each contribute to the cost of restoration that part of the Premises their Award specifically allocated to such restoration, if any (or if no such specific allocation is taken made, a just, fair and the remaining part after Landlord makes repairs and alterations is reasonably suitable, reasonable portion of its Award as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted Tenant or by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit arbitration in accordance with the terms Section 28.14 if Landlord and provisions of Section 19.4, Landlord shall make available Tenant are unable to Tenant any condemnation proceeds it receives which are allocable to such portion agree within 30 days of the Building in accordance Award), together with any and all severance and other damages awarded for any taken Improvements; provided, however, the terms amount of such contribution shall not exceed such cost. If such amounts are not sufficient to cover the cost of restoration Landlord and provisions of Section 19.4. Base Monthly Rental due and payable hereunder Tenant shall be temporarily abated during such contribute any additional amounts needed for restoration period in proportion to the degree amounts already contributed by them, provided that in no event shall Landlord contribute any amount to which such restoration in excess of its Award. Thereafter, any excess restoration cost shall be borne solely be Tenant’s use . Landlord agrees that Tenant shall be entitled to an equitable abatement of Premises is impaired. Notwithstanding Base Rent in the foregoing, if more than twenty-five percent (25%) event of a partial taking of the square footage Property, but such abatement shall be strictly limited to any amount of excess Award paid to Landlord after the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord restoration cost has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionpaid.
Appears in 1 contract
Samples: __________ Lease (Emeritus Corp\wa\)
Partial Taking. If any part less than substantially all of the Premises is shall be taken for any public or quasi-public use under the power of eminent domain or by purchase under threat of condemnation by any governmental agency, and the remaining part after Landlord makes repairs portion of the Premises can be adapted and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy economically operated for the purposes and uses permitted by this Leasein substantially the same manner as it was operated prior thereto in Tenant’s good faith business judgment, Tenant shall give prompt notice thereof to the County and this Lease shallshall continue in full force and effect. Tenant shall proceed, with reasonable diligence, to perform all necessary repairs and to restore the Premises to an economically viable operating facility in strict accordance with all Legal Requirements and the requirements of Article VI above, and as nearly as possible to the part so taken terminate condition the Premises was in immediately prior to such taking. The condemnation proceeds shall be paid to Tenant or as of Tenant may direct as the date that possession of such part restoration of the Premises is taken progresses, to pay or reimburse Tenant for the cost of such restoration. The County and the Base Monthly Rental shall be reduced in the same proportion Tenant agree that the floor area of the any portion of the Building condemnation proceeds not so taken (less used for such restoration shall be paid first to the repayment of any addition thereto of Tenant’s financing obligations that are outstanding, if any, second to Tenant to the extent that it is attributable to Tenant’s estate and interest in the Premises and Improvements and Tenant’s personal property, and finally the County to the extent that it is attributable to the County’s estate and interest in the Premises, the Public Improvements, and the Access Road. In no event shall Tenant be entitled to any abatement, allowance, reduction or suspension of Base Rent or the Revenue Based Rent by reason of any reconstruction) bears to the original floor area partial taking of the Building. Tenant shallPremises, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken part thereof or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionany interest therein.
Appears in 1 contract
Samples: Ground Lease Agreement
Partial Taking. If any part more than fifteen percent (15%) of the Rentable Area of the Leased Premises is taken and or appropriated by the remaining part after Landlord makes repairs and alterations is reasonably suitablepower of eminent domain, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shallat the option of either party, as may be terminated by written notice given to the part so taken terminate other party not more than thirty (30) days after Landlord and Tenant receive written notice of the taking or appropriation, and such termination shall be effective as of the date that possession Tenant is required to vacate the portion of the Leased Premises so taken. If more than ten percent (10%) of the Common Area of the Bank of America Building is taken by the power of eminent domain, then Landlord, at its option, may terminate this Lease by written notice given to Tenant within sixty (60) days of the date of such part 0xx Xxxxx Lease taking. If this Lease is so terminated, all Rent, Additional Rent and Other Charges due hereunder shall be paid to the date of termination. Whenever any portion of the Leased Premises or Common Area is taken by the power of eminent domain and this Lease is not te1minated, Landlord, at its expense, shall proceed with reasonable dispatch to restore, to the Base Monthly Rental extent that it is reasonably prudent, the remainder of the Leased Premises and Common Area to their condition immediately prior to such taking, and Tenant, at its sole expense, shall proceed with reasonable dispatch to restore the fixtures and improvements installed by Tenant and Tenant’s furniture, furnishings, and equipment to the same condition they were in immediately prior to such taking. From the date Tenant is required to vacate that portion of the Leased Premises so taken, the Rent and Additional Rent payable hereunder shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area Rentable Area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations Leased Premises prior to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessiontaking.
Appears in 1 contract
Partial Taking. If any only a part of the Leased Premises is shall be so taken and the remaining part after Landlord makes repairs and alterations is reasonably suitableor condemned, and, as reasonably determined by Landlord and Tenanta result thereof, for Tenant’s continued occupancy the balance of the Leased Premises can be used for the purposes and uses permitted by this Leasesame purpose as expressed in Article II, this Lease shallshall not terminate, as to and Tenant shall repair and restore the part so taken terminate as of Leased Premises and all improvements thereon at the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion expense of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4Tenant; provided, however, that Landlord shall make available pay to Tenant any condemnation proceeds it receives which are allocable to Tenant, after the Leased Premises have been repaired and restored, such portion of the Building in accordance with Award which has been specifically allocated for and has been paid to Landlord by the terms condemning authority for the repair and provisions restoration of Section 19.4the Leased Premises. Base Monthly Rental due and payable hereunder Rent shall be temporarily equitably abated during following such restoration period taking. Any Award shall be paid to and be the sole property of Landlord, but nothing herein shall preclude Tenant from claiming and recovering from the condemning authority, but not from the Landlord, such compensation as may be separately awarded or recoverable by Tenant in proportion Tenant’s own right on account of any and all damage to Tenant’s business by reason of the condemnation and for or on account of any cost or loss to which Tenant might be put in removing Tenant’s merchandise, furniture, fixtures, leasehold improvements and equipment. Notwithstanding anything herein to the degree contrary, Tenant shall have the right to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of if the date that partial taking results in there being inadequate parking for the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of Leased Premises or the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessiondrive thru facilities are taken.
Appears in 1 contract
Samples: Lease (Cobiz Inc)
Partial Taking. If a part of the Leased Premises shall be so taken, then Landlord shall give Tenant prompt written notice thereof and the part so taken shall no longer constitute part of the Leased Premises, but this Lease shall continue in force and effect as to the part not so taken; provided, however, that Tenant may elect to terminate this Lease (a) if a partial taking is more than ten percent (10%) of the Leased Premises, and if, in the good faith judgment of Tenant, the remaining portion of the Leased Premises cannot be economically and practicably used by Tenant for the conduct of its business as conducted immediately prior to the taking, or (b) if a partial taking has a material adverse effect upon the means of access to the Leased Premises, the entrances or lobbies of the Buildings or the number of parking spaces reasonably available to Tenant, unless Landlord shall have provided reasonable substitutes therefor. Tenant shall give notice of any election to terminate to Landlord not later than sixty (60) days after notice of such taking is given by Landlord to Tenant, which notice shall describe in reasonable detail the premises subject to said condemnation. Upon the date specified in Tenant's notice (which shall not be more than one hundred eighty (180) days after that notice), the term of this Lease shall terminate and, subject to a proration and apportionment of Annual Rental, additional rental and other sums due hereunder as of the Date of Taking and such termination date, as applicable, no further rent shall be due hereunder. Upon a partial taking and the term of this Lease continuing in force as to any part of the Premises is taken and Leased Premises, the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Annual Rental or any additional rental shall be reduced in proportionately based upon the same proportion that the floor area part or parts of the portion of the Building Leased Premises so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionreplaced.
Appears in 1 contract
Partial Taking. If any part of the Premises is taken for any public or quasi-public use under any statute or by right of eminent domain and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, suitable for Tenant’s continued occupancy for the purposes and uses permitted by this LeaseLease as reasonably determined by Landlord, this Lease shall, as to the part so taken taken, terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental Rent shall be reduced in the same proportion that the floor area of the portion of the Building Premises so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the BuildingPremises, as reasonably determined by Landlord or Landlord’s Architect. Further, if, as a result of a partial taking of the Premises, the remaining portion of the Premises is not suitable for Tenant to conduct its business operations in substantially the same manner such business operations were conducted prior thereto, as reasonably determined by Tenant, then Tenant shall have the option to terminate this Lease upon Notice to the other party given within thirty (30) days of the taking. Landlord shall, at its sole own cost and expense, make all necessary repairs or alterations to the Building Premises so as to make the portion of the Building Premises not taken a complete architectural unit unit. Such work shall not, however, exceed the scope of the work done by Landlord in accordance with originally constructing the terms and provisions of Section 19.4Premises. If severance damages from the condemning authority are not available to Landlord in sufficient amounts to permit such restoration, Landlord shall make available may terminate this Lease upon Notice to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4Tenant. Base Monthly Rental Rent due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which there is substantial interference with Tenant’s use of Premises is impairedthe Premises, as reasonably determined by Landlord or Landlord’s Architect. Notwithstanding Each party hereby waives the foregoing, if more than twenty-five percent (25%) provisions of Section 1265.130 of the square footage California Code of Civil Procedure and any present or future Applicable Law allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionPremises.
Appears in 1 contract
Samples: Form Lease (Adept Technology Inc)
Partial Taking. If less than Substantially all of the Premises shall be so taken (a “Partial Taking”), this Lease and the Term shall continue as to the portion of the Premises remaining without diminution of any of Tenant’s obligations hereunder, but the Base Rent shall be changed (subject to increase as provided in ARTICLE XXVIII) to the Base Rent reduced by the percentage of usable area of the Premises taken. Tenant, whether or not the award or awards, if any, shall be sufficient for the purpose shall (subject to Unavoidable Delays) proceed diligently to Restore any remaining part of the Premises is not so taken so that the latter shall be a complete, operable, and self-contained architectural unit in good condition and repair in conformity with this Land. In the remaining part after Landlord makes repairs and alterations is reasonably suitableevent of any taking pursuant to this Section 17.2, as reasonably determined by the entire award shall be paid to Landlord and TenantTenant in accordance with Section 17.3, except that if such balance shall be less than the Threshold Amount, such balance shall be payable, in trust, to Tenant for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as application to the part so taken terminate as cost of Restoration of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building not so taken (less any addition thereto by reason of any reconstruction) bears taken. Subject to the original floor area of the Building. Tenant shallprovisions and limitations in this ARTICLE XVII, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord Depository shall make available to Tenant any condemnation proceeds it receives which are allocable to such as much of that portion of the Building award actually received and held by Depository, if any, less all necessary and proper expenses paid or incurred by Depository, the Leasehold Mortgagee most senior in lien, and Landlord in the condemnation proceedings, as may be necessary to pay the cost of Restoration of the part of the Premises remaining. Such Restoration shall be done in accordance with and subject to the terms and provisions of Section 19.4ARTICLE XVI. Base Monthly Rental due and payable hereunder Payments to Tenant as aforesaid shall be temporarily abated during such restoration period disbursed in proportion the manner and subject to the degree to which Tenant’s use of Premises is impairedconditions set forth in ARTICLE XVI. Notwithstanding the foregoing, if more than twenty-five percent (25%) Any balance of the square footage award held by Depository and any cash and the proceeds of any security deposited with Depository remaining after completion of the Building is taken or sold under such threat, Landlord may terminate this Lease as Restoration shall be paid to Tenant. Each of the date parties shall execute any and all documents that the condemning authority takes possession may be reasonably required in order to facilitate collection by delivery of written notice them of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionawards.
Appears in 1 contract
Samples: Ground Lease Agreement
Partial Taking. If any part portion of the Premises any Leased Property is taken and by Condemnation, this Lease shall remain in effect as to such Leased Property if the remaining part after Landlord makes repairs and alterations Facility(ies) located thereon is reasonably suitable, not thereby rendered Unsuitable For Its Primary Intended Use as reasonably determined by Landlord and TenantLandlord, for Tenant’s continued occupancy for but if the purposes and uses permitted by this LeaseFacility(ies) is/are thereby rendered Unsuitable For Its Primary Intended Use, this Lease shallshall terminate as to such Leased Property on the Date of Taking, in which event the provisions of SECTION 17.9 governing the deletion of one or more Leased Properties from this Lease upon a Condemnation shall apply. If, as a result of any such partial taking by Condemnation, this Lease is not terminated as provided above, Tenant's obligation to make payments of Rent and to pay all other charges required under this Lease shall remain unabated during the part so taken terminate as of Term notwithstanding such Condemnation, provided the date that possession of such part of the Premises is taken and the Base Monthly Rental Fixed Rent shall be reduced proportionally based on the number of Units, if any, taken in such Condemnation. In the event of any partial taking by Condemnation of any Leased Property, the entire Award shall belong to and be paid to Landlord, except that, subject to the rights of any Facility Mortgagees, Tenant shall be entitled to receive from the Award, if and to the extent such Award specifically includes such item, the following: (i) a sum specifically attributable to Tenant's Personal Property and any reasonable removal and relocation costs included in the same proportion that the floor area of the portion of the Building so taken Award; and (less any addition thereto by reason of any reconstructionii) bears a sum specifically attributable to the original floor area cost of restoring the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit Leased Property in accordance with SECTION 16.4 hereof; and (iii) a sum specifically attributable to the terms interruption of business operations, which sum, if and provisions of Section 19.4to the extent received by Landlord, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion credited against payments of Rent and other charges due from Tenant to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold Landlord under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionLease.
Appears in 1 contract
Samples: Master Lease Agreement (Brookdale Senior Living Inc.)
Partial Taking. If any only a part of the Leased Premises is or the Common Areas shall be so taken or condemned, and as a result thereof the remaining part after Landlord makes repairs and alterations is reasonably suitable, balance of the Leased Premises can practicably be used by Tenant for the same purpose as expressed in Article II (as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease), this Lease shall, as to shall not terminate and Landlord shall repair and restore the part so taken terminate as of the date that possession of such part of the Premises is taken Leased Premises. Landlord shall promptly and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as diligently proceed to make the portion of the Building not taken a complete architectural unit in accordance with of the terms and provisions remainder of Section 19.4the Leased Premises. For such purpose, Landlord shall receive the amount of the award relating to the Leased Premises which shall be applied to the cost of said repairing and/or restoration. Any portion of such award as may not have to be expended for such repairing and/or restoration shall be retained by Landlord. If Landlord does not make available a complete architectural unit of the remainder of the improvements within a reasonable period after such taking or condemnation, not to exceed one hundred eighty (180) days after such taking, then Tenant shall have the right, as its sole and exclusive remedy hereunder, exercisable upon written notice to Landlord to terminate this Lease effective no earlier than thirty (30) days after receipt by Landlord of such notice, unless prior to such effective date such repair and/or restoration shall have been substantially completed (in which case any condemnation proceeds it receives which are allocable exercise of such termination right shall be deemed nullified). Rent shall xxxxx as to those portions of the Leased Premises as are, from time to time, untenantable, in Tenant’s reasonable determination, as a result of such taking until Landlord shall have completed the repairs and restorations required of Landlord hereunder and tendered possession of the Leased Premises to Tenant. In addition, there shall be an equitable reduction of Rent as a result of such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Leased Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionpermanently taken.
Appears in 1 contract
Samples: Lease (Tpi Composites, Inc)
Partial Taking. If any part less than substantially all of the Premises is shall be taken for public or quasi-public purposes, Tenant will promptly, at its sole cost and expense, restore, repair, replace or rebuild the remaining part after Landlord makes repairs and alterations is reasonably suitable, improvements so taken in conformity with the requirements of paragraph 9 as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, nearly as practicable to the part so taken terminate as condition, size, quality of workmanship and market value thereof immediately prior to such taking, without regard to the date that possession adequacy of any condemnation award for such part purpose. There shall be no abatement of Rent during such period of restoration. In performing its obligations, Tenant shall be entitled to all condemnation proceeds available to Landlord for restoration or repair of the Premises is taken and the Base Monthly Rental shall be reduced in under the same proportion that the floor area of the portion of the Building so taken (less any addition thereto terms and conditions for disbursement set forth for casualty proceeds in paragraph 10 hereof, including such proceeds being made available by reason of any reconstruction) bears to the original floor area of the BuildingMortgagee. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to negotiate and, if necessary, litigate, the Building so as to make the portion amount of the Building not taken a complete architectural unit award, and Landlord shall have the right to participate in accordance with the terms such process, and provisions of Section 19.4if Tenant fails to diligently prosecute such efforts, Landlord shall make may take control of the process. Any condemnation proceeds in excess of the amounts as are made available to Tenant any condemnation proceeds it receives which are allocable to such portion for restoration or repair of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder Premises, shall be temporarily abated during such restoration period the sole and exclusive property of Landlord. Tenant shall have the right to participate in proportion condemnation proceedings with Landlord, and shall be entitled to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that receive any award made by the condemning authority takes possession by delivery in respect of written notice of such election within twenty (20) days after Landlord has been notified of the taking business loss or, if available, business relocation and any other claim permitted by law which does not, in the absence thereofany such case, within twenty (20) days after the condemning authority shall have taken possessiondiminish Landlord’s recovery.
Appears in 1 contract
Samples: Lease Agreement (Aar Corp)
Partial Taking. If any part less than substantially all of the Premises is shall be taken for public or quasi-public purposes, Tenant will promptly, at its sole cost and expense, restore, repair, replace or rebuild the remaining part after Landlord makes repairs and alterations is reasonably suitable, improvements so taken in conformity with the requirements of paragraph 9 as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, nearly as practicable to the part so taken terminate as condition, size, quality of workmanship and market value thereof immediately prior to such taking, without regard to the date that possession adequacy of any condemnation award for such part of the Premises is taken and the Base Monthly Rental purpose. There shall be reduced in no abatement of Rent during such period of restoration. In performing its obligations, Tenant shall be entitled to all condemnation proceeds available to Landlord under the same proportion that the floor area of the portion of the Building so taken (less any addition thereto terms and conditions for disbursement set forth for Casualty proceeds in paragraph 10 hereof, including such proceeds being made available by reason of any reconstruction) bears to the original floor area of the BuildingMortgagee. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to negotiate and, if necessary, litigate, the Building so as to make the portion amount of the Building not taken a complete architectural unit award, and Landlord shall have the right to participate in accordance with the terms such process, and provisions if Tenant fails to diligently prosecute such efforts or if an Event of Section 19.4Default exists, Landlord shall make may take control of the process. Any condemnation proceeds in excess of the amounts as are made available to Tenant any condemnation proceeds it receives which are allocable to such portion for restoration or repair of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder Premises, shall be temporarily abated during such restoration period the sole and exclusive property of Landlord. So long as no Event of Default exists, Tenant shall have the right to participate in proportion condemnation proceedings with Landlord, and shall be entitled to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that receive any award made by the condemning authority takes possession by delivery in respect of written notice of such election within twenty (20) days after Landlord has been notified of the taking business loss or, if available, business relocation and any other claim permitted by law, which does not, in the absence thereofany such case, within twenty (20) days after the condemning authority shall have taken possessiondiminish Landlord’s recovery.
Appears in 1 contract
Samples: Lease Agreement (Quantum Corp /De/)
Partial Taking. If any part In the case of the Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitablea Taking other than a -------------- Total Taking, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, (a) this Lease shall, shall remain in effect only as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken Property remaining immediately after such Taking, (less b) from and after the Date of Taking, Basic Rent, Additional Rent and any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and other sum payable hereunder under this Lease shall be temporarily abated during such restoration period reduced in proportion to the degree to which Tenant’s 's use of Premises the Property is impaired. Notwithstanding impaired by such Partial Taking, and (c) Tenant shall receive from the foregoing, if more than twenty-five percent (25%) Award the portions of the square footage Award attributable to Tenant's Equipment and the unamortized value of all alterations, additions or improvements to the Property paid for by Tenant (other than from the Improvement Allowance, as defined in the Improvement Agreement) and located in the part of the Building is Property taken or sold under such threat, by the Partial Taking (but not any amount attributable to the value of Tenant's leasehold estate) and Landlord may terminate this Lease as shall receive from the Award those portions thereof applicable to the Parcels and the unamortized value of the date that Improvements and other improvements paid for by Landlord (including, without limitation, from the condemning authority takes possession by delivery of written notice of Improvement Allowance) (with all such election within twenty (20) days after Landlord has been notified unamortized values to be determined based on the useful life of the particular improvement), and (d) Landlord, whether or not the Awards shall be sufficient for the purpose, at its expense will promptly commence and diligently prosecute to completion Restoration of the Property (including, without limitation, restoration of the Improvements to an architecturally whole unit, to the extent practicable), except for any reduction in area of the Property caused by such Taking; provided, however, that in case of Taking for temporary use ("temporary use" being defined for all purposes herein as any taking or, in the absence thereof, within twenty (20for less than nine consecutive months) days after the condemning authority Landlord shall have taken possessionnot be required to effect any Restoration until such Taking is terminated.
Appears in 1 contract
Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)
Partial Taking. If any part there shall be a partial taking or condemnation of the Premises is taken and Property (including any taking of parking on the remaining part after Landlord makes repairs and alterations is reasonably suitableProperty), as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for which shall not substantially prevent the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impairedthe Property for purposes of its business, and if the then applicable zoning and other laws permit restoration of the untaken part of the Property, the award or proceeds of the taking or condemnation shall be used for such restoration, and this Lease shall thereafter continue as to the untaken part. Notwithstanding In such an instance the foregoingBase Rent shall remain unchanged, if more than twenty-five percent (25%) unless the partial taking has resulted in a reduction in the building area leased to Tenant, in which case Tenant shall be entitled to a reduction in the Base Rent in an amount which bears the same ratio to the Base Rent payable immediately prior to such condemnation pursuant to this Lease as the untaken square footage of the Building bears to the square footage of the Building immediately before the taking. If such laws shall not permit restoration and/or if such award or proceeds shall be insufficient for purposes of restoration of the Property, or in the event Tenant can reasonably demonstrate that it is taken unable reasonably to operate its business due to a partial taking of the Building or sold under such threatpartial taking of parking on the Property, Landlord may then Tenant shall have the right to terminate this Lease as upon written notice to Landlord given within ninety (90) days of the taking, which notice shall specify a date that the condemning authority takes possession by delivery for expiration of written notice of such election within twenty this Lease not more than sixty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (2060) days after the condemning authority giving of such notice. Upon such date specified, this Lease and the Term shall have taken possessionbe terminated.
Appears in 1 contract
Samples: Lease Agreement (American Realty Capital Trust, Inc.)
Partial Taking. If a part of the Leased Premises, shall be so taken, then Landlord shall give Tenant prompt written notice thereof and the part so taken shall no longer constitute part of the Leased Premises, but this Lease shall continue in force and effect as to the part not so taken; provided, however, that Tenant may elect to terminate this Lease (a) if a partial taking is more than ten percent (10%) of the Leased Premises, and if, in the good faith judgment of Tenant, the remaining portion of the Leased Premises cannot be economically and practicably used by Tenant for the conduct of its business as conducted immediately prior to the taking, or (b) if a partial taking has a material adverse effect upon the means of access to the Leased Premises, the entrances or lobbies of the Buildings or the number of parking spaces reasonably available to Tenant, unless Landlord shall have provided reasonable substitutes therefore. Tenant shall give notice of any election to terminate to Landlord not later than sixty (60) days after notice of such taking is given by Landlord to Tenant, which notice shall describe in reasonable detail the premises subject to said condemnation. Upon the date specified in Tenant's notice (which shall not be more than one hundred eighty (180) days after that notice), the term of this Lease shall terminate and, subject to a proration and apportionment of Annual Rental, additional rental and other sums due hereunder as of the Date of Taking and such termination date, as applicable no further rent shall be due hereunder. Upon a partial taking and the term of this Lease continuing in force as to any part of the Premises is taken and Leased Premises, the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Annual Rental or any additional rental shall be reduced in proportionately based upon the same proportion that the floor area part or parts of the portion of the Building Leased Premises so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionreplaced.
Appears in 1 contract
Partial Taking. If less than substantially all of any part Site shall be taken for public or quasi-public purposes, Tenant will promptly, at its sole cost and expense, restore, repair, replace or rebuild the improvements so taken in conformity with the requirements of the Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitable, paragraph 9 as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, nearly as practicable to the part so taken terminate as condition, size, quality of workmanship and market value thereof immediately prior to such taking, without regard to the date that possession adequacy of any condemnation award for such part of the Premises is taken and the Base Monthly Rental purpose. There shall be reduced in no abatement of Rent during such period of restoration. In performing its obligations, Tenant shall be entitled to all condemnation proceeds available to Landlord under the same proportion that the floor area of the portion of the Building so taken (less any addition thereto terms and conditions for disbursement set forth for casualty proceeds in paragraph 10 hereof, including such proceeds being made available by reason of any reconstruction) bears to the original floor area of the BuildingMortgagee. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to negotiate and, if necessary, litigate, the Building so as to make the portion amount of the Building not taken a complete architectural unit award, and Landlord shall have the right to participate in accordance with the terms such process, and provisions of Section 19.4if Tenant fails to diligently prosecute such efforts, Landlord shall make may take control of the process. Any condemnation proceeds in excess of the amounts as are made available to Tenant any condemnation proceeds it receives which are allocable to such portion for restoration or repair of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder Premises, shall be temporarily abated during such restoration period the sole and exclusive property of Landlord. Tenant shall have the right to participate in proportion condemnation proceedings with Landlord, and shall be entitled to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that receive any award made by the condemning authority takes possession by delivery in respect of written notice of such election within twenty (20) days after Landlord has been notified of the taking business loss or, if available, business relocation and any other claim permitted by law which does not, in the absence thereofany such case, within twenty (20) days after the condemning authority shall have taken possessiondiminish Landlord's recovery.
Appears in 1 contract
Partial Taking. If any part of the Premises Property is taken and Landlord and Tenant reasonably determine that the remaining part after Landlord makes repairs and alterations is portion of the Property will be reasonably suitable, as reasonably determined by Landlord and Tenant, suitable for Tenant’s 's continued occupancy for the purposes and uses permitted by this LeaseLease after Landlord makes repairs and alterations, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises Property is taken and the Base Monthly Annual Rental shall be reduced in the same proportion that the floor area of the portion of the Building Premises so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the BuildingPremises. Tenant Landlord shall, at its sole cost and expense, make all necessary repairs or alterations to the Building Property so as to make the portion of the Building Property not taken a complete architectural unit in accordance with unit. Such work shall not, however, exceed the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion scope of the Building work done by Landlord in accordance with originally constructing the terms and provisions of Section 19.4Property. Base Monthly Annual Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion based on the percentage of the Property that Tenant is unable to the degree to which Tenant’s use of Premises is impairedand actually does not use. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building Premises is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possession.
Appears in 1 contract
Samples: Lease Agreement (Cel Sci Corp)
Partial Taking. If part of the Building, the Unit or the Premises is taken by Eminent Domain (but not substantially all of the Premises), this Lease shall be unaffected by such taking, except that: (a0 if more than 75% of the gross floor area of the Building or more than 25% of the Unit Area shall be taken, whether or not any portion of the Premises shall be affected thereby, or if so much of the Unit, the Common Elements or the Building shall be taken that the Board of Managers determines that the Unit or the Common Elements cannot be restored, reconstructed or replaced in a suitable manner so that the Unit may continue to be used for the purposes intended or that it would be economically or operationally impractical to operate the portion of the Building remaining after the taking, Landlord may, at its option, terminate this Lease by giving Tenant notice to that effect within 10 days after the Date of the Taking, and (b0 if 25% or more of the Premises Area of the Premises (prior to the taking) shall be so taken and the Premises Area of the Premises remaining after such taking shall not be reasonably sufficient for Tenant to continue the operation of its business at the Premises, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may, at its option, terminate this Lease by giving Landlord notice to that effect within 10 days after the Date of the Taking. This Lease shall terminate no later than the Date of the Taking, and the Rents shall be prorated and adjusted as of such termination date. Upon a partial taking, where this Lease continues in force as to any part of the Premises is taken and Premises, (i) the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined Base Rent shall be reduced by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as an amount equal to the part so taken terminate as of Base Rent attributable to the date that possession of such part portion of the Premises is taken and the Base Monthly Rental Tenant's Share shall be reduced in adjusted to equal the same proportion percentage that the floor area Rentable Area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) Premises left to Tenant bears to the original floor area Unit Area after the taking, and (ii) Landlord shall, or shall use reasonable efforts to cause the Board of Managers to, repair or restore the remaining portions of the Premises, the Unit or the Building. Tenant shall, at its sole cost and expenseas the case may be, make with reasonable dispatch after collection of substantially all necessary repairs or alterations of the award attributable to the Building so taking by Eminent Domain; provided, however, that neither Landlord nor the Board of Managers, as the case may be, shall be required to make the portion expend on such repair or restoration amounts in excess of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion total awards (net of the Building in accordance with the terms and provisions costs of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%collection) collected by it on account of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessiontaking.
Appears in 1 contract
Partial Taking. If part of the Premises or the Project is taken by eminent domain, Landlord shall have the right to terminate this Lease as of a date specified by Landlord by giving written notice thereof to Tenant within sixty (60) days after the date of taking. If Landlord does not elect to terminate this Lease, then Landlord shall, at its sole expense, proceed with reasonable diligence, subject to Force Majeure delays, to rebuild or repair the Premises (inclusive of Improvements made or paid for by Tenant, the loss of which is covered by condemnation proceeds received by Landlord, but excluding Tenant’s Personal Property and Improvements that Tenant is required to remove pursuant to Section 11.F. above), the Building or other improvements within the Project to as near the condition in which they existed immediately prior to the date of taking as reasonably possible. If part of the Premises is rendered untenantable following any part taking, then the Rent payable under this Lease shall be abated in proportion to the areas of the Premises rendered untenantable (as reasonably and equitably determined by Landlord) effective as of the date of taking. If at least twenty percent (20%) of the Premises is taken and the remaining part after Landlord makes repairs and alterations Tenant is unable to reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of operate its business in the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. then Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of delivering written notice of such election thereof to Landlord within twenty sixty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (2060) days after the condemning authority shall have taken possessiondate of the taking.
Appears in 1 contract
Partial Taking. If any part more than fifteen percent (15%) of the Rentable Area of the Leased Premises is taken and or appropriated by the remaining part after Landlord makes repairs and alterations is reasonably suitablepower of eminent domain, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shallat the option of either party, as may be terminated by written notice given to the part so taken terminate other party not more than Thirty (30) days after Landlord and Tenant receive written notice of the taking or appropriation, and such termination shall be effective as of the date that possession Tenant is required to vacate the portion of the Leased Premises so taken. If more than ten percent (10%) of the Common Area of the Bank of America Building is taken by the power of eminent domain, then Landlord, at its option, may terminate this Lease by written notice given to Tenant within sixty (60) days of the date of such part taking. If this Lease is so terminated, all Rent, Additional Rent and Other Charges due hereunder shall be paid to the date of termination. Whenever any portion of the Leased Premises or Common Area is taken by the power of eminent domain and this Lease is not te1minated, Landlord, at its expense, shall proceed with reasonable dispatch to restore, to the Base Monthly Rental extent that it is reasonably prudent, the remainder of the Leased Premises and Common Area to their condition immediately prior to such taking, and Tenant, at its sole expense, shall proceed with reasonable dispatch to restore the fixtures and improvements installed by Tenant and Tenant’s furniture, furnishings, and equipment to the same condition they were in immediately prior to such taking. From the date Tenant is required to vacate that portion of the Leased Premises so taken, the Rent and Additional Rent payable hereunder shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area Rentable Area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations Leased Premises prior to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessiontaking.
Appears in 1 contract
Partial Taking. If any part title to less than the whole or substantially all of the Premises Land is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined or condemned by Landlord and Tenant, any competent authority for Tenant’s continued occupancy for the purposes and uses permitted by this Leaseany public or quasi-public use, this Lease shallwill not terminate, and the Rent and the other obligations payable and performable by Lessee as to provided in this Lease for the part so taken terminate remainder of the Term will be reasonably and proportionately reduced by Lessor as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impairednext Lease Anniversary. Notwithstanding the foregoing, if more than twenty-five percent (25%) the Partial Taking prevents the continued business of Lessee in the remainder of the square footage of Land in such a manner that Lessee, in Lessee’s reasonable opinion, cannot earn a fair and reasonable net return from the Building is taken or sold under such threatcontinued business, Landlord may Lessee will have the option to surrender and terminate this Lease as of the date that the condemning authority takes possession by delivery of giving written notice of such the election to Lessor within twenty fifteen (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (2015) days after the date of vesting of title in the condemnation action. If Lessee exercises the option of Lessee to surrender and terminate this Lease in accordance with this Section, the parties will estimate the balance of Rent and other obligations payable or to be performed by Lessee to facilitate the calculation of the condemnation award. As damages for a partial taking, Lessor shall be entitled to claim the full market value of the taken portion of the Land, the value of Lessor's rights under this Lease, and any rights reserved to Lessor under this Lease that are taken or condemned; and Lessee shall be entitled to claim damages equal to the injury caused to the leasehold estate by the partial taking. Lessor and Lessee shall pursue their various claims separately and solely against the condemning authority shall have taken possessionauthority.
Appears in 1 contract
Samples: Form of Lease
Partial Taking. If any part a portion of the Premises is shall be taken for any public or quasi-public use under any governmental law, ordinance or regulation, or by right of eminent domain or by purchase in lieu thereof, and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shallis not terminated as provided in Section 8.1 above, as Landlord shall restore and reconstruct, to the part so taken terminate extent of condemnation proceeds (excluding any proceeds for land) actually received after the exercise by any mortgagee of the Property of an option to apply such proceeds against Landlord’s debt to such mortgagee, the Property and other improvements on the Premises to the extent necessary to make it reasonably tenantable. Effective as of the date that possession of such part taking, the rent payable under this Lease during the unexpired portion of the Premises is taken and the Base Monthly Rental term shall be reduced in (and any pre-paid rent returned or credited to Tenant, as applicable) to an amount determined by multiplying the same proportion Base Rent that would otherwise be payable but for this provision by the floor area of ratio that the portion of the Building so taken (less any addition thereto by reason of any reconstruction) Premises not rendered untenantable due to such taking bears to the original floor total area of the BuildingPremises prior to the taking. If Landlord fails to substantially complete such restoration and reconstruction within one hundred eighty (180) days of the date of physical possession by the condemning authority, Tenant shall, may at its sole cost option terminate this Lease by delivering written notice of termination to Landlord, whereupon all rights and expenseobligations of this Lease shall cease to exist. However, make all necessary repairs or alterations to the Building so as to make if the portion of the Building not taken a complete architectural unit in accordance with Premises remaining after the terms and provisions of taking contemplated by this Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion renders the remainder of the Building Premises unsuitable, in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use reasonable business judgment, for the conduct of Premises is impaired. Notwithstanding the foregoingTenant’s business, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord Tenant may terminate this Lease by written notice to Landlord within fifteen (15) days after the date possession is taken by the condemning authority, and rent shall be abated (and any pre-paid rent returned or credited to Tenant, as applicable), for the remaining term of this Lease effective as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessiontaking.
Appears in 1 contract
Samples: Lease (Targacept Inc)
Partial Taking. If any part Should a portion of the Premises is be taken and by any Governmental Authority, corporation, or other entity under the remaining part after Landlord makes repairs and alterations is reasonably suitableright of eminent domain, as reasonably determined by Landlord and Tenantcondemnation, for Tenant’s continued occupancy for the purposes and uses permitted by this Leaseor similar right, this Lease shall, shall nevertheless continue in effect as to the part remainder of the Premises unless, in Tenant’s reasonable judgment, so much of the Premises shall be so taken as to make it economically unsound to use the remainder for the uses and purposes contemplated hereby, whereupon this Lease shall terminate as of the date that of taking of possession of such part by the condemning authority in the same manner as if the whole of the Premises is taken had thus been taken, and the Base Monthly Rental award therefor shall be reduced distributed as provided in Section 8.4. In the event of a partial taking where this Lease is not terminated, all awards payable in respect thereof shall be payable to Landlord and Tenant, to the extent of their interests in the same proportion that Premises, as the floor area applicable condemning authority shall determine taking into account certain factors including, without limitation, the term of the portion leasehold estate of the Building so taken (less any addition thereto by reason Tenant and the ownership interest of any reconstruction) bears Landlord. Tenant shall restore and repair the Premises to the original floor area extent of the Buildingaward actually received by Tenant and there shall be no abatement or reduction in any rental because of such taking or condemnation. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations Subject to the Building so as foregoing, Tenant shall promptly and diligently proceed to make the portion of the Building not taken a complete architectural unit of the remainder of the Improvements, complying with the procedure set forth in Section 8.2 (a). For such purpose, and provided that a Default does not then exist, the amount of the awards to Tenant and Landlord relating to the Improvements, shall be deposited with the Depositary which shall disburse the awards towards the cost of said repairing or restoration in accordance with the terms procedure set forth in Section 8.2. If Tenant does not make a complete architectural unit of the remainder of the Improvements within a reasonable period after such taking or condemnation, not to exceed two hundred seventy days after Tenant is required to vacate the Premises and provisions the applicable awards have been made and deposited with the Depositary, then, in addition to whatever other remedies Landlord may have either under this Lease, at law or in equity, the money received by and then remaining in the custody of Section 19.4the Depositary shall, at Landlord’s election, be paid to Landlord, and the remaining portion which was deposited by Tenant with the Depositary shall be held by Landlord as security for the continued performance and observance by Tenant of Tenant’s covenants and agreements hereunder; provided, that Landlord shall make available be obligated to Tenant any condemnation proceeds it receives which are allocable to such portion of disburse the Building amounts received by Landlord from the Depositary in accordance with the terms and foregoing provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to as if Landlord were the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionDepositary.
Appears in 1 contract
Partial Taking. If any part of the Premises Premises, or the parking and access rights granted hereby not being sufficient for Tenant's use, or Common Area, is taken for any public or quasi-public use under any statute or by right of eminent domain and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, suitable for Tenant’s 's continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken taken, terminate as of the date that possession of such part of the Premises or Common Area is taken and the Base Monthly Rental Rent and Additional Rent shall be reduced reduce in the same proportion that the floor area of the portion of the Building Premises so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the BuildingPremises, as reasonably determined by Landlord or Landlord's Architect. Tenant Landlord shall, at its sole own cost and expense, make all necessary repairs or alterations alternations to the Building Premises so as to make the portion of the Building Premises not taken a complete architectural unit unit. Such work shall not, however, exceed the scope of the work done by Landlord in accordance with originally constructing the terms and provisions of Section 19.4, Landlord shall make Premises including Tenant Improvements under this Lease. If severance damages from the condemning authority are not available to Tenant any condemnation proceeds it receives which are allocable Landlord in sufficient amounts to permit such portion of the Building in accordance with the terms restoration, landlord may terminate this Lease upon Notice to Tenant. Monthly Rent and provisions of Section 19.4. Base Monthly Rental Additional Rent due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which there is substantial interference with Tenant’s 's use of Premises is impairedthe Premises, as reasonably determined by Landlord or Landlord's Architect. Notwithstanding Each party hereby waives the foregoing, if more than twenty-five percent (25%) provisions of Section 1265.130 of the square footage California Code of Civil Procedure and any present or future law allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possessionPremises.
Appears in 1 contract
Samples: Cardima Inc