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Common use of Substantial Taking Clause in Contracts

Substantial Taking. If all or a substantial part of the Premises are taken or condemned for any public or quasi‑public use under any Law or by right of eminent domain, or by a conveyance in lieu thereof (all of the foregoing being referred to herein as a “Taking”), and the Taking results in a greater than twenty percent (20%) reduction in the rent payable under the Approved Sublease, results in a greater than twenty percent (20%) reduction in rentable square footage of the Premises, or otherwise substantially impairs operations at the Premises (a “Substantial Taking”), then this Lease may be terminated by Master Tenant by thirty (30) days written notice from Master Tenant to Landlord, and upon such termination all obligations of Master Tenant hereunder shall terminate. In the event of a Substantial Taking, Landlord shall be entitled to (i) all awards paid or payable with respect to such Taking, and (ii) recover from the condemning authority any compensation as may be separately awarded on account of moving and relocation expenses and depreciation to and removal of Landlord’s (or its assignee’s or sublessee’s, including the Approved Subtenant) physical property and all other interests and properties for which Landlord (or its assignee or sublessee, including the Approved Subtenant) is entitled to compensation from such condemning authority under common law and applicable statutes, subject to any conflicting provisions of the Approved Sublease. Landlord will assign any such compensation to the Approved Subtenant, if required by the Approved Sublease. If such an event occurs, Landlord waives all claims against the Master Tenant for any damages suffered by such condemnation, damage, destruction, or lease termination.

Appears in 7 contracts

Samples: Master Lease Agreement (Capview Residential Income Fund VII, LP), Master Lease Agreement (Capview Residential Income Fund VII, LP), Master Lease Agreement (Capview Residential Income Fund VII, LP)

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Substantial Taking. If all If, at any time during the term of this Lease, the whole or Substantially All Of the Demised Premises and/or the Common Elements shall be the subject of a substantial part Taking, by any lawful power or authority by the exercise of the Premises are taken right of condemnation or condemned for any public or quasi‑public use under any Law eminent domain or by right of eminent domain, or by a conveyance in lieu thereof (all of the foregoing being referred to herein as a “Taking”), and the Taking results in a greater than twenty percent (20%) reduction in the rent payable under the Approved Sublease, results in a greater than twenty percent (20%) reduction in rentable square footage of the Premises, or otherwise substantially impairs operations at the Premises (a “Substantial Taking”), then this Lease may be terminated by Master Tenant by thirty (30) days written notice from Master Tenant to agreement among Landlord, Tenant and upon those authorized to exercise such termination all obligations of Master Tenant hereunder shall terminate. In the event of a Substantial Takingright then, Landlord shall be entitled to (i) all awards paid if such taking occurs after the tenth anniversary of the Delivery Date, Tenant may exercise the Purchase Option pursuant to the provisions of Article V hereof (and thereupon relinquish forever its right to be subject to the DUO and receive the correlative benefits thereof), or payable with respect to such Taking, and (ii) recover from if Tenant does not so exercise the condemning authority any compensation as may Purchase Option or if the same is not then exercisable by Tenant hereunder, this Lease and the term of this Lease shall terminate and expire on the date of such Taking. The term “Substantially All Of” shall be separately awarded on account of moving and relocation expenses and depreciation deemed to and removal of Landlord’s (or its assignee’s or sublessee’s, including the Approved Subtenant) physical property and all other interests and properties for which Landlord (or its assignee or sublessee, including the Approved Subtenant) is entitled to compensation from mean such condemning authority under common law and applicable statutes, subject to any conflicting provisions portion of the Approved Sublease. Landlord will assign any such compensation Demised Premises and/or the Common Elements as, when so taken, in Tenant’s reasonable judgment, would leave remaining a balance of the Demised Premises and/or the Common Elements which, due either to the Approved Subtenantarea so taken or the location of the part so taken in relation to the part not so taken, if would not under economic conditions, applicable zoning laws or building regulations then existing or prevailing, and after performance by Tenant of all covenants, agreements, terms and provisions contained herein or by Legal Requirements required to be observed or performed by Tenant, readily accommodate premises of a nature similar to the Approved Sublease. If such an event occursDemised Premises and capable of producing a proportionately (i.e., Landlord waives all claims against proportional to the Master Tenant for any damages suffered by such condemnation, damage, destruction, Rentable Square Feet not so taken) fair and reasonable net annual income or lease terminationcapable of supporting substantially similar activities as the Demised Premises.

Appears in 2 contracts

Samples: Sublease Agreement (New York Times Co), Sublease Agreement (New York Times Co)

Substantial Taking. If all the whole or a substantial part substantially the whole of the Premises are should be taken or condemned for any public or quasi‑public use under any Law or quasi-public use, by right of eminent domain, domain or by a conveyance otherwise or should be sold in lieu thereof (all of the foregoing being referred to herein as a “Taking”), and the Taking results in a greater than twenty percent (20%) reduction in the rent payable under the Approved Sublease, results in a greater than twenty percent (20%) reduction in rentable square footage of the Premises, or otherwise substantially impairs operations at the Premises (a “Substantial Taking”)condemnation, then this Lease shall terminate as of the date when physical possession of the Premises is taken by the condemning authority. If less than the whole or substantially the whole of the Premises is thus taken or sold such that the Premises are unusable as a result of a condemnation and Tenant will be prevented from carrying on its normal business operations for a period of 60 days or more, either party may be terminated terminate this Lease by Master Tenant by thirty (30) days providing written notice from Master to the other party. Upon such termination, the obligations of the parties hereunder, including the obligation of the Tenant to pay rent, shall cease as of the day the Premises became unusable as a result of such condemnation or taking. If this Lease is not so terminated upon any such partial taking or sale, the rent payable hereunder shall be diminished by an equitable amount based on the portion of the Premises taken, if any, and Landlord shall, to the extent Landlord deems feasible, restore the Premises to substantially their former condition, provided, however, Landlord shall not be required to spend for such work an amount in excess of the amount received by Landlord as compensation for such damage. All amounts awarded upon a taking of any part or all of the Premises shall belong to Landlord, and upon such termination all obligations of Master Tenant hereunder shall terminate. In the event of a Substantial Taking, Landlord shall not be entitled to (i) and expressly waives all awards paid or payable with respect claim to any such Taking, and (ii) recover from the condemning authority any compensation as may be separately awarded on account of moving and relocation expenses and depreciation to and removal of Landlord’s (or its assignee’s or sublessee’scompensation, including any award or ascertainment for the Approved Subtenant) physical property and all other interests and properties for value of Tenant's leasehold estate, which Landlord (or its assignee or sublessee, including the Approved Subtenant) is entitled to compensation from such condemning authority under common law and applicable statutes, subject to any conflicting provisions of the Approved Sublease. Landlord will assign any such compensation value in hereby assigned to the Approved Subtenant, if required by the Approved Sublease. If such an event occurs, Landlord waives all claims against the Master Tenant for any damages suffered by such condemnation, damage, destruction, or lease terminationLandlord.

Appears in 1 contract

Samples: Asset Purchase Agreement (Intergraph Corp)

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Substantial Taking. If all the whole or a substantial part substantially the whole of the Premises are or such portion thereof which renders the Premises unusable by Tenant should be taken or condemned for any public or quasi‑public use under any Law or quasi-public use, by right of eminent domain, domain or by a conveyance otherwise or should be sold in lieu thereof (all of the foregoing being referred to herein as a “Taking”), and the Taking results in a greater than twenty percent (20%) reduction in the rent payable under the Approved Sublease, results in a greater than twenty percent (20%) reduction in rentable square footage of the Premises, or otherwise substantially impairs operations at the Premises (a “Substantial Taking”)condemnation, then this Lease shall terminate as of the date when physical possession of the Premises is taken by the condemning authority. If less than the whole or substantially the whole of the Premises is thus taken or sold such that the Premises are unusable as a result of a condemnation and Tenant will be prevented from carrying on its normal business operations for a period of 60 days or more, either party may be terminated terminate this Lease by Master Tenant by thirty (30) days providing written notice from Master to the other party. Upon such termination, the obligations of the parties hereunder, including the obligation of the Tenant to pay rent, shall cease as of the day the Premises became unusable as a result of such condemnation or taking. If this Lease is not so terminated upon any such partial taking or sale, the rent payable hereunder shall be diminished by an equitable amount based on the portion of the Premises taken, if any, and Landlord shall, to the extent Landlord deems feasible, restore the Premises to substantially their former condition, provided, however, Landlord shall not be required to spend for such work an amount in excess of the amount received by Landlord as compensation for such damage. All amounts awarded upon a taking of any part or all of the Premises shall belong to Landlord, and upon such termination all obligations of Master Tenant hereunder shall terminate. In the event of a Substantial Taking, Landlord shall not be entitled to (i) and expressly waives all awards paid or payable with respect claim to any such Taking, and (ii) recover from the condemning authority any compensation as may be separately awarded on account of moving and relocation expenses and depreciation to and removal of Landlord’s (or its assignee’s or sublessee’scompensation, including any award or ascertainment for the Approved Subtenant) physical property and all other interests and properties for value of Tenant's leasehold estate, which Landlord (or its assignee or sublessee, including the Approved Subtenant) value is entitled to compensation from such condemning authority under common law and applicable statutes, subject to any conflicting provisions of the Approved Sublease. Landlord will assign any such compensation hereby assigned to the Approved Subtenant, if required by the Approved Sublease. If such an event occurs, Landlord waives all claims against the Master Tenant for any damages suffered by such condemnation, damage, destruction, or lease terminationLandlord.

Appears in 1 contract

Samples: Asset Purchase Agreement (Intergraph Corp)

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