Common use of Taking of Leased Premises Clause in Contracts

Taking of Leased Premises. If the whole of the Leased Premises shall be taken or condemned by any competent authority for any public use or purpose under any statute or by right of eminent domain, or by a private purchase in lieu thereof under threat of such eminent domain proceedings (any such matter being hereinafter referred to as a “Taking”), then in either of such events, this Land Lease shall expire on the date Lessee is required to vacate the Leased Premises either by the condemning authority or by Operation of Law and the Rent shall be prorated as of that date (subject to all obligations of Lessee which survive the termination of the Lease). If part of the Leased Premises shall be taken or condemned and the part so taken includes or any material portions of the Leased Premises or Improvements or as a result of such partial taking, the Leased Premises are not suitable for the operation of the Lessee Business, then, and in any such event, Lessee may elect to terminate this Land Lease as of the date possession shall be taken by such condemning authority (subject to all obligations of Lessee which survive the termination of the Lease). Such notice of election to terminate shall be given in writing to Lessor within sixty (60) days of notice to Lessee of such Taking. If Lessee shall not terminate this Land Lease, or if such partial Taking does not provide Lessee with such option, the Fixed Rent for the balance of the term of this Land Lease and Lessee’s Share of Pass Through Costs shall be reduced in an equitable manner and Lessee shall be entitled to reimbursement for the costs required to restore the Leased Premises and Improvements and Equipment only from Lessee’s portion of the condemnation award as provided under Section 13.2 below; provided, however, any insufficiency of such reimbursement shall not limit or affect any of Lessee’s obligations under the Land Lease.

Taking of Leased Premises. If the whole of the Leased Premises shall be taken all or condemned by any competent authority for any public use or purpose under any statute or by right of eminent domain, or by a private purchase in lieu thereof under threat of such eminent domain proceedings (any such matter being hereinafter referred to as a “Taking”), then in either of such events, this Land Lease shall expire on the date Lessee is required to vacate the Leased Premises either by the condemning authority or by Operation of Law and the Rent shall be prorated as of that date (subject to all obligations of Lessee which survive the termination of the Lease). If part of the Leased Premises exceeding twenty-five percent (25%) of such Leased Premises are taken by means of: (i) any taking by the exercise of the power of eminent domain, whether by legal proceedings or otherwise; (ii) a voluntary sale or transfer by Landlord to any condemnor under threat of condemnation or while legal proceedings for condemnation are pending; or (iii) any taking by inverse condemnation (collectively, a “Condemnation”), either Landlord or Tenant shall be taken or condemned and have the part so taken includes option to terminate this Lease. If all or any material portions part of the Leased Premises or Improvements or as a result exceeding ten percent (10%) of such partial taking, Leased Premises are taken by Condemnation and the Leased Premises are cannot be reconstructed within ninety (90) days and thereby made reasonably suitable for Tenant’s continued occupancy for the operation of Permitted Use, then Tenant shall have the Lessee Business, then, and in any such event, Lessee may elect option to terminate this Land Lease Lease. Any such option to terminate by either Landlord or Tenant must be exercised within 15 business days after written notice from Landlord as to the estimated time required to reconstruct the Leased Premises as set forth herein, to be effective as of the date that possession shall be taken by such condemning authority (subject to all obligations of Lessee which survive the termination of the Lease). Such notice of election to terminate shall be given in writing to Lessor within sixty (60) days of notice to Lessee of such Taking. If Lessee shall not terminate this Land Lease, or if such partial Taking does not provide Lessee with such option, the Fixed Rent for the balance of the term of this Land Lease and Lessee’s Share of Pass Through Costs shall be reduced in an equitable manner and Lessee shall be entitled to reimbursement for the costs required to restore the Leased Premises and Improvements and Equipment only from Lessee’s portion of is taken by the condemnation award as provided under Section 13.2 below; provided, however, condemnor. Neither party shall have any insufficiency of such reimbursement shall not limit or affect any of Lessee’s further obligations under this Lease after such termination, except for Landlord’s obligation to return the Land LeasePrepaid Rent (if applicable) and the Security Deposit (less any permitted deductions) to Tenant.

Taking of Leased Premises. A. If more than twenty-five percent (25%) of the whole Floor Area of the Leased Premises (other than the Locker Room or the Exclusive Elevator Lobbies) or if more than 25% of the parking spaces provided to Tenant hereunder shall be appropriated or taken or condemned by any competent authority for any public use or purpose under any statute or by right the power of eminent domain, or by a private purchase conveyance shall be made in anticipation or in lieu thereof under threat and Landlord does not provide reasonably comparable parking (both in number of such eminent domain proceedings parking stalls and convenience (any such matter it being hereinafter referred acknowledged that if the Parking Garage is subject to as a Taking, comparably convenient parking may be located in other portions of the Project)) for Tenant’s use (“Taking”), then in either party may terminate this Lease as of the effective date of the Taking by giving Notice to the other party of such events, this Land Lease shall expire on election within thirty (30) days prior to the date Lessee of such Taking. B. If there is required to vacate a Taking of a portion of the Leased Premises either by and this Lease is not terminated pursuant to Section 12.01.A, above, then (i) as of the condemning authority or by Operation effective date of Law and the Taking, this Lease shall terminate only with respect to the portion of the Leased Premises taken; (ii) after the effective date of the Taking, the Rent shall be prorated as reduced by multiplying the same by a fraction, the numerator of that date (subject to all obligations which shall be the Floor Area not useable by Tenant after the Taking and the denominator of Lessee which survive shall be the termination of the Lease). If part Floor Area of the Leased Premises shall be taken or condemned immediately prior to the Taking; and (iii) as soon as reasonably possible after the part so taken includes or any material portions effective date of the Taking, Landlord shall, to the extent feasible, restore the remaining portion of the Leased Premises or Improvements or to a complete unit of a similar condition as a result of such partial takingexisted prior to any work performed by Tenant, the Leased Premises are not suitable for the operation of the Lessee Business, then, and in any such event, Lessee may elect to terminate this Land Lease as of the date possession shall be taken by such condemning authority (subject to all obligations of Lessee which survive the termination of the Lease). Such notice of election to terminate shall be given in writing to Lessor within sixty (60) days of notice to Lessee of such Taking. If Lessee shall not terminate this Land Lease, or if such partial Taking does not provide Lessee with such option, the Fixed Rent for the balance of the term of this Land Lease and Lessee’s Share of Pass Through Costs shall be reduced in an equitable manner and Lessee shall be entitled to reimbursement for the costs required to restore the Leased Premises and Improvements and Equipment only from Lessee’s portion of the condemnation award as provided under Section 13.2 below; provided, however, any insufficiency of such reimbursement Landlord shall not limit be required to expend more on such alteration or affect any restoration work than the condemnation award received and retained by Landlord for the Leased Premises. If the taking affects the parking Landlord will use reasonable measures to provide reasonably comparable (both in number of Lessee’s obligations under parking stalls and convenience it being acknowledged that if the Land LeaseParking Garage is subject to a Taking, comparably convenient parking may be located in other portions of the Project) to substitute for the spaces lost.

Taking of Leased Premises. A. If the whole more than twenty-five percent (25%) of the Leased Premises Floor Area of the Building shall be appropriated or taken or condemned by any competent authority for any public use or purpose under any statute or by right the power of condemnation, eminent domain, or by a private purchase conveyance shall be made in anticipation or in lieu thereof under threat of such eminent domain proceedings (any such matter being hereinafter referred to as a “Taking”), then in either Tenant may terminate this Lease as of the effective date of the Taking by giving notice to Landlord of such eventselection at any time after receipt of notice of such Taking, this Land Lease shall expire on but in all events not more than thirty (30) days after the date Lessee of such Taking. B. If there is required a Taking of a portion of the Leased Premises, Tenant shall have the right to vacate terminate the Lease at the same time and in the manner provided in Section 12.01.A if in Tenant’s reasonable judgment the portion of the Leased Premises either remaining cannot be reasonably utilized for the operation of Tenant’s business. C. If there is a Taking of a portion of the Building and this Lease shall not be terminated pursuant to Section 12.01.A or Section 12.01.B, then (i) as of the effective date of the Taking, this Lease shall terminate only with respect to the portion of the Leased Premises taken by condemnation, eminent domain or conveyance in lieu thereof; (ii) after the condemning authority or by Operation effective date of Law and the Taking, the Rent shall be prorated as reduced by multiplying the same by a fraction, the numerator of that date (subject to all obligations which shall be the Floor Area taken and the denominator of Lessee which survive shall be the termination Floor Area of the Lease). Building immediately prior to the Taking, and if such Taking is of or includes any land, the Rent shall be reasonably and equitably reduced based on the square footage of land taken and the impact of the same on the remainder of the Leased Premises; and (iii) as soon as reasonably possible after the effective date of the Taking, Tenant, at its expense and to the extent feasible, shall restore the remaining portion of the Building to a complete unit of a similar condition as existed prior to the Taking. D. If part there is a Taking of any portion of the Leased Premises shall be taken or condemned and so as to render, in Tenant’s judgment, the part so taken includes or any material portions remainder of the Leased Premises or Improvements or unsuitable for use as a result of such partial takingschool, Tenant shall have the Leased Premises are not suitable for the operation of the Lessee Business, then, and in any such event, Lessee may elect right to terminate this Land Lease as of the date possession shall be taken by such condemning authority upon thirty (subject to all obligations of Lessee which survive the termination of the Lease). Such notice of election to terminate shall be given in writing to Lessor within sixty (6030) days of days’ notice to Lessee of such Taking. If Lessee shall not terminate this Land Lease, or if such partial Taking does not provide Lessee with such option, the Fixed Rent for the balance of the term of this Land Lease and Lessee’s Share of Pass Through Costs shall be reduced in an equitable manner and Lessee shall be entitled to reimbursement for the costs required to restore the Leased Premises and Improvements and Equipment only from Lessee’s portion of the condemnation award as provided under Section 13.2 below; provided, however, any insufficiency of such reimbursement shall not limit or affect any of Lessee’s obligations under the Land LeaseLandlord.