Common use of Relocation/Surrender of Premises Clause in Contracts

Relocation/Surrender of Premises. 1. Notwithstanding any other provision of this Agreement, the Aviation Authority shall have the right at any time during the Term of this Agreement to require Company to surrender any portion of the Premises in order to accommodate a change in the design or use of the South Terminal Complex. In such event, the Aviation Authority shall, in its sole discretion, either: a. provide Company with a substitute area which the Chief Executive Officer determines to be reasonably equivalent, though not necessarily identical in size or otherwise, to the portion of the Premises surrendered; or, x. xxxxx Company an equitable reduction in the Annual Rental Fee Portion of the Minimum Annual Concession Fee payable by Company to the Aviation Authority hereunder; provided, however, that the Aviation Authority shall not be required to grant Company a reduction in the Annual Rental Fee Portion of the Minimum Annual Concession Fee or provide it with a substitute area where the of the Premises required to be surrendered is less than ten percent (10%) of the total square feet originally included in the Premises; or, c. provide Company with a substitute area in lieu of a portion of the Premises surrendered and grant it an equitable reduction in the Annual Rental Fee Portion of the Minimum Annual Concession Fee (subject to the ten percent (10%) limitation described above) payable by Company to the Aviation Authority hereunder as compensation for the remainder of the Premises surrendered. 2. The Aviation Authority shall in no event be liable to the Company for any inconvenience or loss of business as a result of the Company being required to move or surrender any portion of the Premises. If the portion of the Premises required to be surrendered by Company is more than ten percent (10%) of the approximate square feet of space originally included in the Premises, and the Company is required, under the terms of this Article 2.D. to move or surrender a portion of its operation, all costs of the physical move shall be borne by the Aviation Authority and, at the option of the Chief Executive Officer, either: a. the substitute area that is provided to the Company in lieu of the portion of the Premises surrendered will be built out by the Aviation Authority at its own expense (or, at the option of the Chief Executive Officer, by the Company at the Aviation Authority's expense) so that such substitute area will be reasonably equivalent in quality to the portion of the Premises surrendered, provided that, in such event, title to any improvements to such substitute area shall remain with the Aviation Authority and shall not pass to the Company; or b. the Aviation Authority shall make a payment to Company ("Buy-Out Payment") in the amount of the "Net Book Value" of the Original Improvements contained in the portion of the Premises Company is required to surrender (to the extent the Chief Executive Officer determines that such Original Improvements cannot reasonably be moved to the substitute area). (The terms "Net Book Value" and "Original Improvements" shall be defined as indicated below).

Relocation/Surrender of Premises. 1. Notwithstanding any other provision of this Agreement, the Aviation Authority shall have the right at any time during the Term of this Agreement to require Company to surrender any portion of the Premises in order to accommodate a change in the design or use of the South Terminal Complex. In such event, the Aviation Authority shall, in its sole discretion, either: a. provide Company with a substitute area which the Chief Executive Officer determines to be reasonably equivalent, though not necessarily identical in size or otherwise, to the portion of the Premises surrendered; or, x. xxxxx Company an equitable reduction in the Annual Rental Fee Portion of the Minimum Annual Concession Fee payable by Company to the Aviation Authority hereunder; provided, however, that the Aviation Authority shall not be required to grant Company a reduction in the Annual Rental Fee Portion of the Minimum Annual Concession Fee or provide it with a substitute area where the portion of the Premises required to be surrendered is less than ten percent (10%) of the total square feet originally included in the Premises; or, c. provide Company with a substitute area in lieu of a portion of the Premises surrendered and grant it an equitable reduction in the Annual Rental Fee Portion of the Minimum Annual Concession Fee (subject to the ten percent (10%) limitation described above) payable by Company to the Aviation Authority hereunder as compensation for the remainder of the Premises surrendered. 2. The Aviation Authority shall in no event be liable to the Company for any inconvenience or loss of business as a result of the Company being required to move or surrender any portion of the Premises. If the portion of the Premises required to be surrendered by Company is more than ten percent (10%) of the approximate square feet of space originally included in the Premises, and the Company is required, under the terms of this Article 2.D. to move or surrender a portion of its operation, all costs of the physical move shall be borne by the Aviation Authority and, at the option of the Chief Executive Officer, either: a. the substitute area that is provided to the Company in lieu of the portion of the Premises surrendered will be built out by the Aviation Authority at its own expense (or, at the option of the Chief Executive Officer, by the Company at the Aviation Authority's expense) so that such substitute area will be reasonably equivalent in quality to the portion of the Premises surrendered, provided that, in such event, title to any improvements to such substitute area shall remain with the Aviation Authority and shall not pass to the Company; or b. the Aviation Authority shall make a payment to Company ("Buy-Out Payment") in the amount of the "Net Book Value" of the Original Improvements contained in the portion of the Premises Company is required to surrender (to the extent the Chief Executive Officer determines that such Original Improvements cannot reasonably be moved to the substitute area). (The terms "Net Book Value" and "Original Improvements" shall be defined as indicated below).

Relocation/Surrender of Premises. 1. Notwithstanding any other provision of this Agreement, the Aviation Authority shall have the right at any time during the Term of this Agreement to require Company to surrender any portion of the Premises in order to accommodate a change in the design or use of the South Terminal Complex. In such event, the Aviation Authority shall, in its sole discretion, either: a. provide Company with a substitute area which the Chief Executive Officer determines to be reasonably equivalent, though not necessarily identical in size or otherwise, to the portion of the Premises surrendered; or, x. xxxxx Company an equitable reduction in the Annual Rental Fee Portion of the Minimum Annual Concession Fee payable by Company to the Aviation Authority hereunder; provided, however, that the Aviation Authority shall not be required to grant Company a reduction in the Annual Rental Fee Portion of the Minimum Annual Concession Fee or provide it with a substitute area where the of the Premises required to be surrendered is less than ten percent (10%) of the total square feet originally included in the Premises; or, c. provide Company with a substitute area in lieu of a portion of the Premises surrendered and grant it an equitable reduction in the Annual Rental Fee Portion portion of the Minimum Annual Concession Fee (subject to the ten percent (10%) limitation described above) payable by Company to the Aviation Authority hereunder as compensation for the remainder of the Premises surrendered. 2. The Aviation Authority shall in no event be liable to the Company for any inconvenience or loss of business as a result of the Company being required to move or surrender any portion of the Premises. If the portion of the Premises required to be surrendered by Company is more than ten percent (10%) of the approximate square feet of space originally included in the Premises, and the Company is required, under the terms of this Article 2.D. to move or surrender a portion of its operation, all costs of the physical move shall be borne by the Aviation Authority and, at the option of the Chief Executive Officer, either: a. the substitute area that is provided to the Company in lieu of the portion of the Premises surrendered will be built out by the Aviation Authority at its own expense (or, at the option of the Chief Executive Officer, by the Company at the Aviation Authority's expense) so that such substitute area will be reasonably equivalent in quality to the portion of the Premises surrendered, provided that, in such event, title to any improvements to such substitute area shall remain with the Aviation Authority and shall not pass to the Company; or b. the Aviation Authority shall make a payment to Company ("Buy-Out Payment") in the amount of the "Net Book Value" of the Original Improvements contained in the portion of the Premises Company is required to surrender (to the extent the Chief Executive Officer determines that such Original Improvements cannot reasonably be moved to the substitute area). (The terms "Net Book Value" and "Original Improvements" shall be defined as indicated below).