Taking. If all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base and Additional Rent shall be paid to the date of termination. Whenever any portion of the Premises 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 extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises 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 personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area of the Premises prior to taking.
Appears in 3 contracts
Samples: Lease Agreement (Auteo Media Inc), Lease Agreement (Helix Biomedix Inc), Lease Agreement (Helix Biomedix Inc)
Taking. If all In case the whole of the Premises are Premises, or such part thereof as shall substantially interfere with Tenant's use and occupancy thereof, shall be taken by Eminent Domainany lawful power or authority by exercise of the right of eminent domain, or sold to prevent such taking, within sixty (60) days of receipt of notice of such taking, either Tenant or Landlord may terminate this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant possession is required to vacate the be surrendered to said authority. If such portion of the Premises Building is so taken. If taken or sold so as to require, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, or which renders the Building economically unviable for its use as presently intended, this Lease is so terminatedmay be terminated by Landlord, all Base and Additional Rent shall be paid to as of the date of termination. Whenever any portion the vesting of title under such taking or sale, by written notice to Tenant within sixty (60) days following notice to Landlord of the Premises is taken by Eminent Domain and this Lease is date on which said vesting will occur. Except as provided herein, Tenant shall not terminated, because of such taking assert any claim against Landlord shall at its expense proceed with all reasonable dispatch to restore, to or the extent taking authority for any compensation because of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises to the condition they were in immediately prior to such taking, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenant. In the event the amount of property or the type of estate taken shall not substantially interfere with Tenant's use of the Premises, Landlord shall be entitled to the entire amount of the award without deduction for any estate or interest of Tenant. In such event, Landlord shall promptly proceed to restore the Premises to substantially their condition prior to such partial taking, and the rent shall be abated in proportion to the time during which, and to the part of the Premises of which, Tenant shall at its expense proceed with all reasonable dispatch be so deprived on account of such taking and restoration. Nothing contained in this Article 13 shall be deemed to restore its give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and all improvements made by it fixtures belonging to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced Tenant or for relocation or business interruption expenses recoverable from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area of the Premises prior to takingtaking authority.
Appears in 3 contracts
Samples: Office Lease (Vestin Group Inc), Office Lease (Vestin Group Inc), Office Lease (Vestin Group Inc)
Taking. If all In case the whole of the Premises are Premises, or such part thereof or of the Building Property as shall substantially interfere with Tenant’s use and occupancy thereof, shall be taken by Eminent Domain, this Lease shall terminate as any lawful power or authority by exercise of the date Tenant is required right of eminent domain, or sold to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property byprevent such taking, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant within ninety (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (3090) days after Landlord gives Tenant written receipt of notice of the such taking, and such termination shall be either Tenant or Landlord may terminate this Lease effective as of the date when Tenant possession is required to vacate the be surrendered to said authority. If such portion of the Premises Building Property is so taken. If taken or sold so as to require, in the reasonable opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, or which renders the Building Property economically inviable for its use as presently intended, or requires cancellation of substantially all tenant leases in the Building, this Lease is so terminatedmay be terminated by Landlord, all Base and Additional Rent shall be paid to as of the date of terminationthe vesting of title under such taking or sale, by written notice to Tenant within sixty (60) days following notice to Landlord of the date on which said vesting will occur. Whenever Except as provided herein, Tenant shall not because of such taking assert any claim against Landlord or the taking authority for any compensation because of such taking, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenant. Tenant shall have no claim against Landlord for the value of any unexpired portion of the Term of this Lease, other than for prepaid Rent. If the amount of property or the type of estate taken shall not substantially interfere with Tenant’s use of the Premises is taken by Eminent Domain and this Lease is has not been terminated, Landlord shall at its expense proceed with all reasonable dispatch to restore, be entitled to the extent entire amount of available proceeds the award without deduction for any estate or interest of Tenant and in such event, Landlord shall promptly proceed to restore the Premises to substantially their condition prior to such partial taking, and the Rent shall be abated in proportion to the time during which, and to the extent it is reasonably prudent to do so, the remainder part of the Premises to the condition they were in immediately prior to such takingof which, and Tenant shall at its expense proceed with be so deprived on account of such taking and restoration. Notwithstanding the foregoing, during any Rent abatement under this Lease, Tenant shall continue to be obligated to pay Landlord Additional Rent for all reasonable dispatch services and utilities provided to restore its and actually used by Tenant during the period of the Rent abatement. Nothing contained in this Article 13 shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and all improvements made by it fixtures belonging to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced Tenant or for relocation or business interruption expenses recoverable from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area of the Premises prior to takingtaking authority.
Appears in 3 contracts
Samples: Office Lease (New Century Financial Corp), Office Lease (New Century Financial Corp), Office Lease (New Century Financial Corp)
Taking. (a) In the event that the Parking Facility, or any part thereof, or access thereto, shall be taken in condemnation proceedings or by exercise of any right of eminent domain or by agreement (such as deed in lieu of an eminent domain action) between Landlord and those authorized to exercise such right (any such matters being hereinafter referred to as a “taking”), Tenant shall be deemed to have assigned to Landlord, immediately before the taking, Tenant’s rights, if any, to participate in any such condemnation proceedings.
(b) If at any time during the Term of this Lease there shall be a taking of the whole or substantially all of the Premises are taken by Eminent DomainParking Facility, this Lease shall terminate as of and expire immediately before the date Tenant is required to vacate taking and the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, apportioned and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base and Additional Rent shall be paid to the date of terminationsuch taking. Whenever For the purposes of this Article “substantially all of the Parking Facility” shall be deemed to have been taken if as a result of the taking, Tenant is unable to use for its intended purpose, in a commercially reasonable manner, any portion of the Premises is taken by Eminent Domain and Parking Facility that Tenant has a right to use under this Lease.
(c) If this Lease is not terminated, Landlord shall at its expense proceed with all reasonable dispatch to restore, to the extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises to the condition they were in immediately prior to continue after any such taking, and Tenant this Lease shall at its expense proceed with all reasonable dispatch to restore its personal property and all improvements made by it to remain unaffected except that the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Basic Rent payable hereunder shall be reduced from proportionately in accordance with the date number of Leased Spaces taken or which Tenant does not have use of in accordance with this Lease. If the Parking Facility is required only partially usable after any such taking, then the Landlord shall have the authority to partially vacate reallocate parking spaces throughout the Premises Facility, and to determine which parking spaces in the same proportion that the Rentable Area taken bears to the total Rentable Area of the Premises prior to takingFacility will be available for those purposes.
Appears in 2 contracts
Taking. If all of the Premises are taken by Eminent Domain, condemnation or right of eminent domain then this Lease shall terminate as of the date that Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging has been deprived of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other personpossession. If, in however, less than all the reasonable judgment of Landlord, a taking of any part Premises has been taken by eminent domain but there has been taken such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes of the Premises Tenant shall be taken by Eminent Domain renders the remainder thereof unusable for the business condemnation or right of Tenant (eminent domain, or the cost of restoration of if access to the Premises is materially, adversely and permanently affected by such a taking or if more than ten (10) parking spaces allocated to Tenant's use are taken by such condemnation or right of eminent domain and Landlord promptly does not commercially reasonable)provide alternative spaces to Tenant reasonably acceptable to Tenant, the Lease mayTenant, at the option of either party, be terminated by upon written notice given to the other party Landlord, shall be entitled to terminate this lease, provided that such notice is given not more later than thirty (30) days after Landlord gives the Tenant written notice has been deprived of possession. For the purposes of this Article, any deed or other transfer of title in lieu of any such taking shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the takingTenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such termination event the Tenant shall be treated as having been deprived of possession on the effective as of the date when Tenant is required to vacate the portion thereof. Should any part of the Premises be so taken. If taken or condemned, and should this Lease is not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination of the Landlord's award therein, to expend so terminatedmuch as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings, all Base and Additional Rent in restoring the Premises to an architectural unit as nearly like their condition prior to such taking as shall be paid practicable. Should the net amount so awarded to the date Landlord be insufficient to cover the cost of termination. Whenever any portion restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises is taken by Eminent Domain and this Lease is not terminatedas above provided, Landlord shall at its expense proceed with all reasonable dispatch diligence, or terminate this Lease. Where the Tenant has not already exercised any right of termination accorded to restore, to it under the extent foregoing portion of available proceeds and to the extent it is reasonably prudent to do sothis paragraph, the remainder Landlord shall notify the Tenant of the Premises to Landlord's election not later than ninety (90) days after the condition they were in immediately prior to such taking, and Tenant shall at its expense proceed with all reasonable dispatch to restore its personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area final determination of the Premises prior to takingamount of the award.
Appears in 2 contracts
Taking. If all In case the whole of the Premises are Premises, or such part thereof as shall substantially interfere with Tenant’s use and occupancy of the entirety thereof, shall be taken by Eminent Domain, this Lease shall terminate as any lawful power or authority by exercise of the date Tenant is required right of eminent domain, or sold to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property byprevent such taking, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant within sixty (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (3060) days after Landlord gives Tenant written delivery of notice of the such taking, and such termination shall be either Tenant or Landlord may terminate this Lease effective as of the date when Tenant possession is required to vacate the be surrendered to said authority. If such portion of the Premises Building or Project is so taken. If taken or sold in lieu thereof so as to require, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, or which renders the Building or Project economically unviable for its use as presently intended, or any Landlord’s Mortgagee requires that Landlord terminate this Lease, this Lease is so terminatedmay be terminated by Landlord, all Base and Additional Rent shall be paid to as of the date of termination. Whenever any portion the vesting of title under such taking or sale, by written notice to Tenant within sixty (60) days following notice to Landlord of the Premises is taken by Eminent Domain date on which said vesting will occur. Tenant shall not because of such taking assert any claim against Landlord or any Landlord’s Mortgagee for any compensation because of such taking, and Landlord shall be entitled to receive the amount of any award made to Landlord. In the event this Lease is not terminatedterminated pursuant to this Section 14.1, Landlord shall at its expense proceed with all reasonable dispatch restore the Building to restoresubstantially their condition prior to such partial taking, and the Base Rent and Tenant’s Pro Rata Share of Operating Expenses shall be abated in proportion to the extent of available proceeds time during which, and to the extent it is reasonably prudent to do so, the remainder part of the Premises to of which, Tenant is actually deprived on account of such taking and restoration. Notwithstanding the condition they were in immediately prior to such takingforegoing, and during any Rent abatement under this Lease, Tenant shall at its expense proceed with continue to be obligated to pay Landlord for all reasonable dispatch services and utilities provided to restore its and used by Tenant during the period of the Rent abatement. Nothing contained in this Section shall be deemed to give Landlord any interest in, or prevent Tenant from seeking a separate award against the taking authority for, the taking of personal property and all improvements made by it fixtures belonging to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced Tenant, for relocation or business interruption expenses recoverable from the date taking authority, loss of business or goodwill, for the taking of Tenant’s trade fixtures, the Tenant is required to partially vacate Improvements, Tenant’s leasehold estate, the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area cost of the Premises prior to takingrelocating Tenant and/or disruption of Tenant’s business, so long as Tenant’s award does not diminish Landlord’s award.
Appears in 2 contracts
Samples: Office Lease (YETI Holdings, Inc.), Office Lease (YETI Holdings, Inc.)
Taking. If all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base and Additional Rent shall be paid to the date of termination. Whenever any portion of the Premises 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 extent of available proceeds issued from the taking governmental authority and to the extent it is reasonably prudent to do so, the remainder of the Premises 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 personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area of the Premises prior to taking.
Appears in 2 contracts
Samples: Office Lease Agreement (F5 Networks Inc), Office Lease Agreement (F5 Networks Inc)
Taking. If all In case the whole of the Premises are Premises, or such part thereof as shall substantially interfere with Tenant’s use and occupancy thereof, shall be taken by Eminent Domainany lawful power or authority by exercise of the right of eminent domain, or sold to prevent such taking, within 60 days after receipt of notice of such taking, either Tenant or Landlord may terminate this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant possession is required to vacate the be surrendered to said authority. If such portion of the Premises Building or Property is so takentaken or sold so as to require, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, or which renders the Building or Property economically inviable for its use as presently intended, or requires cancellation of substantially all tenant leases in the Building, this Lease may be terminated by Landlord, as of the date of the vesting of title under such taking or sale, by written notice to Tenant within 60 days following notice to Landlord of the date on which said vesting will occur. Except as provided herein, Tenant shall not because of such taking assert any claim against Landlord or the taking authority for any compensation because of such taking, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenant. If this Lease is so terminatedthe amount of property or the type of estate taken shall not substantially interfere with Tenant’s use of the Premises, all Base Landlord shall be entitled to the entire amount of the award without deduction for any estate or interest of Tenant. In such event, Landlord shall promptly proceed to restore the Premises and Additional the Building to substantially their condition prior to such partial taking, and the Rent shall be paid abated in proportion to the date time during which, and to the part of terminationthe Premises of which, Tenant shall be so deprived on account of such taking and restoration. Whenever Notwithstanding the foregoing, during any Rent abatement under this Lease, Tenant shall continue to be obligated to pay Landlord for all services and utilities provided to and used by Tenant during the period of the Rent abatement. Nothing contained in this Article shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authority. Notwithstanding that the entire Premises are not condemned or taken for any public or quasi-public use or purpose, Tenant shall have the right to terminate this Lease in the event that (i) a portion of the Premises is taken by Eminent Domain and this Lease is not terminated, Landlord shall at its expense proceed with all reasonable dispatch to restore, to such that the extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder remaining portion of the Premises cannot be used for its intended purposes, as reasonably determined by Tenant; (ii) access 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 personal property and all improvements made by it Building is taken; (iii) vehicular access to the Premises Garage is taken; or (iv) the existing parking spaces leased to Tenant are taken (unless Landlord replaces the lost parking spaces with new parking spaces within reasonable proximity to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area of the Premises prior to takingBuilding).
Appears in 2 contracts
Samples: Loan Agreement (Thomas Properties Group Inc), Office Lease (Lincoln National Corp)
Taking. If all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base and Additional Rent shall be paid to the date of termination. Whenever any portion of the Premises 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 extent of available proceeds and to the extent it is reasonably prudent to do soproceeds, the remainder of the Premises to the condition they were in immediately prior to such taking, including the Landlord's Work and Xxxxxx's Work described in the Work Letter, and Tenant shall at its expense proceed with all reasonable dispatch to restore its personal property and all improvements and alterations other than the Tenant's Work made by it to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area of the Premises prior to taking.
Appears in 1 contract
Samples: Lease Agreement (Blue Nile Inc)
Taking. If all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base Rent, Additional Rent, and Additional Percentage Rent (if applicable) shall be paid to that date. The term "“Eminent Domain" ” shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other personperson who under applicable law has the power to exercise the power of condemnation or eminent domain. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), the Lease maythis Lease, at the option of either party, may be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base Rent, Additional Rent, and Additional Percentage Rent (if applicable) shall be paid to the date of termination. Whenever any portion of the Premises 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 extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises 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 personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be equitably reduced from based on (i) the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area square footage of the Premises prior so taken compared to takingthe square footage of the entire Premises, and (ii) the relative gross revenue from operations generated at such time by the portion of the Premises taken compared to the gross revenue from operations generated at such time by the remainder of the Premises. If this Lease is terminated pursuant to this Subsection 8.2(a), Landlord shall pay Tenant the Lease Termination Fee provided that Tenant has delivered to Landlord any Casino Personal Property and Casino Personal Property Additions that are not taken and all condemnation proceeds relating to the taken Casino Personal Property, the taken Casino Personal Property Additions, any Alterations to the Premises and any and all damages relating to the Casino Business and Tenant’s leasehold interest under this Lease. Tenant shall deliver such items to Landlord free and clear of liens, encumbrances, and defects of title, except any such matters arising through Prime Landlord for the benefit of its Mortgagee and except for Casino Personal Property Additions Capital Leases then outstanding.
Appears in 1 contract
Taking. If all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "“Eminent Domain" ” shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base and Additional Rent shall be paid to the date of termination. Whenever any portion of the Premises 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 extent of available proceeds and to the extent it is reasonably prudent to do soproceeds, the remainder of the Premises to the condition they were in immediately prior to such taking, including the Landlord’s Work and Tenant’s Work described in the Work Letter, and Tenant shall at its expense proceed with all reasonable dispatch to restore its personal property and all improvements and alterations other than the Tenant’s Work made by it to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area of the Premises prior to taking.
Appears in 1 contract
Samples: Commercial Lease (Blue Nile Inc)
Taking. If all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant Lessee is required to vacate the Premises and all Base Rent and Additional Rent Charges shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, If a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or Lessee, in the cost reasonable judgment of restoration of the Premises is not commercially reasonable)City, the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord City gives Tenant Lessee written notice of the taking, and such termination shall be effective as of the date when Tenant Lessee is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base Rent and Additional Rent Charges shall be paid to the date of termination. Whenever any portion of the Premises is taken by Eminent Domain and this Lease is not terminated, Landlord shall City, at its expense expense, shall proceed with all reasonable dispatch to restore, to the extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises to the condition they were in immediately prior to such taking, and Tenant shall Lessee, at its expense expense, shall proceed with all reasonable dispatch to restore its personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking, to the extent award is available therefor. The Base Rent and Additional Rent Charges payable hereunder shall be reduced from the date Tenant Lessee is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area of the Premises prior to taking.
Appears in 1 contract
Samples: Lease Agreement
Taking. If all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of the either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base Monthly Rent and Additional Rent shall be paid to the date of termination. Whenever any portion of the Premises 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 extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises 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 personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. The Base Monthly Rent and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area rentable area taken bears to the total Rentable Area rentable area of the Premises prior to taking.
Appears in 1 contract
Taking. If all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, If a taking of any part of the Premises by Eminent Domain renders the remainder thereof reasonably unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base Monthly Rent and Additional Rent shall be paid to the date of termination. Whenever any portion of the Premises 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 extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises 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 personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. Notwithstanding the foregoing, if the Premises has been rendered unusable by Eminent Domain and Landlord elects for any reason not to restore the same to a reasonably usable condition, Tenant shall be entitled to terminate this Lease. The Base Monthly Rent and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area rentable area taken bears to the total Rentable Area rentable area of the Premises prior to taking.
Appears in 1 contract
Taking. If all a material portion of the Premises are taken is taken, either permanently or temporarily, by Eminent Domaineminent domain or condemnation and as a result of such taking the Tenant can no longer reasonably use the Premises for its intended purpose, this Lease shall automatically terminate as of the date title vests in the condemning authority, and Tenant is required to vacate the Premises and shall pay all Base Rent, Additional Rent, and Additional Rent shall be paid other payments up to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of If any part of the Premises is permanently taken, or if access to the by Eminent Domain renders Tenant is, by virtue of a taking, permanently denied, by eminent domain or condemnation, then Landlord or Tenant shall have the remainder thereof unusable for the business of Tenant right (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, to be terminated exercised by written notice given to the other party not more than thirty within sixty (3060) days after Landlord gives Tenant written receipt of notice of the said taking, and such termination shall be effective as of ) to terminate this Lease from the date when Tenant possession is required taken thereunder pursuant to vacate such proceeding or purchase. If neither party elects to terminate this Lease, as aforesaid, then Landlord shall within a reasonable time after title vests in the condemning authority, repair and restore, at Landlord’s expense, the portion of the Premises not taken so taken. If this Lease is so terminated, all Base and Additional Rent shall be paid as to render same into an architectural whole to the date of termination. Whenever fullest extent reasonably possible, and, if any portion of the Premises is taken by Eminent Domain and this Lease is not terminatedtaken, Landlord thereafter the Base Rent shall at its expense proceed with all reasonable dispatch to restore, be reduced (on a per square foot basis) in proportion to the extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder portion of the Premises taken. If there is a temporary taking involving the Premises or Building, if a taking of other portions of the Building or Common Areas does not deny Tenant access to the condition they were in immediately prior to such takingBuilding and Premises, then this Lease shall not terminate, and Tenant Landlord shall repair and restore, at its expense proceed with all reasonable dispatch own expense, the portion not taken so as to restore its personal property and all improvements made by it render same into an architectural whole to the fullest extent reasonably possible, and, if any portion of the Premises to was taken, thereafter the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises (on a per square foot basis) in the same proportion that the Rentable Area taken bears to the total Rentable Area portion of the Premises prior to takingtaken.
Appears in 1 contract
Taking. If all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant there is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking by condemnation or similar proceedings or actions of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant is required to vacate the only a portion of the Premises so taken. If this Lease Owned Real Property which is so terminated, all Base and Additional Rent shall be paid not material to the date use of termination. Whenever any portion of the Premises 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 extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises Owned Real Property (as mutually determined by Seller and Buyer in their reasonable discretion), this Agreement will remain in full force and effect, and Seller must pay or assign to Buyer at Closing Seller’s interest in and to any condemnation awards or proceeds from any such proceedings or actions in lieu thereof to the condition they were extent such awards or proceeds relate to the Owned Real Property. If there is a taking by condemnation or similar proceedings or actions of all of the Property or a portion of the Owned Real Property which is material to the use of the remainder of the Owned Real Property (as mutually determined by Seller and Buyer in immediately prior their reasonable discretion or in any event if more than thirty percent (30%) of the square footage of the Owned Real Property), Buyer will have the option to terminate this Agreement upon written notice to Seller within 10 days of such takingcondemnation, but in no event later than the Closing Date, in which event neither Buyer nor Seller will have any further rights or obligations hereunder except for obligations of the parties contained herein that survive the Closing pursuant to Section 8.01. If Buyer does not exercise its option to terminate this Agreement, then this Agreement will remain in full force and Tenant shall effect and Seller must pay or assign to Buyer at its expense proceed with all reasonable dispatch Closing Seller's interest in and to restore its personal property any and all improvements made by it condemnation awards or proceeds from such proceedings or actions in lieu thereof or to the Premises extent such awards or proceeds relate to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area of the Premises prior to takingOwned Real Property.
Appears in 1 contract
Samples: Asset Purchase Agreement (Bassett Furniture Industries Inc)
Taking. If (a) In the event all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders Mortgaged Property shall be damaged or taken as a result of a Taking, either temporarily or permanently, Agency and Mortgagor shall assign, transfer and set over unto Mortgagee the remainder thereof unusable Taking Proceeds or any claim for the business of Tenant (or the cost of restoration damages for any of the Premises is not commercially reasonable), taken or damaged under the Lease may, at the option power of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the takingeminent domain, and such termination shall be effective as of agrees that in the date when Tenant is required to vacate event the portion of the Premises so taken. If this Lease is so terminated, all Base and Additional Rent shall be paid to the date of termination. Whenever whole or any portion part of the Premises is taken by Eminent Domain eminent domain proceedings, then all sums awarded as damages for the Taking shall be applied in reduction of the indebtedness secured by this Mortgage, but without imposition of the prepayment premium to such application. Any and this Lease is all costs and expenses, including, without limitation, reasonable attorneys' fees and expenses to the fullest extent not terminatedthen prohibited by applicable law, Landlord incurred by Mortgagee by reason of any condemnation, threatened condemnation or proceedings thereunder shall be secured hereby and Mortgagor shall reimburse Mortgagee therefor immediately, or Mortgagee shall have the right, at its expense proceed with all reasonable dispatch to restoreoption, to deduct such costs and expenses from any Taking Proceeds paid to Mortgagee hereunder. In the extent event that the Premises is wholly condemned, Mortgagee shall receive from Mortgagor and Agency and/or from the Taking Proceeds, payment of available proceeds and the entire amount of the indebtedness secured by this Mortgage. Notwithstanding anything in the foregoing to the extent it contrary, if there is reasonably prudent to do sono Event of Default, the remainder Mortgagor may repair or replace the Mortgaged Property with the replacement or repair to be conducted, and the proceeds to be disbursed, in accordance with the Mortgagee's customary construction loan practices and requirements.
(b) Subject to paragraph (a) of this Section, Agency and Mortgagor will immediately notify Mortgagee of the Premises actual or threatened commencement of any Taking proceedings affecting all or any part of the Premises, including any easement therein or appurtenance thereof, including severance and consequential damage and change in grade of streets, and will deliver to Mortgagee copies of any and all papers served in connection with any such proceedings. Agency and Mortgagor further covenant and agree to make, execute and deliver to Mortgagee, from time to time upon request, free, clear and discharged of any encumbrances of any kind whatsoever, any and all further assignments or other instruments deemed necessary by Mortgagee for the purpose of validly and sufficiently assigning the Taking Proceeds and all other awards and compensation heretofore and hereafter to be made to Agency and Mortgagor, including the assignment of any award from the United States Government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof, for any Taking, either permanent or temporary, under any such proceedings. In the event of a Taking, Mortgagee shall not be limited 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 personal property and all improvements made rate of interest paid on the award by it to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder condemning authority but shall be reduced from entitled to receive out of the date Tenant Taking Proceeds interest on the entire unpaid principal sum under the Note and the other Loan Documents at the applicable rate(s) provided therein. Agency and Mortgagor hereby assigns to Mortgagee so much of the balance of the Taking Proceeds payable by the condemning authority as is required to partially vacate the Premises pay such interest.
(c) Notwithstanding anything in the same proportion that the Rentable Area taken bears foregoing to the total Rentable Area contrary, if there is no Event of Default and provided that Mortgagor provides evidence satisfactory to Mortgagee showing that Mortgagor and the Mortgaged Property will be financially viable following repair or replacement, the Mortgagor may repair or replace the Mortgaged Property with the replacement or repair to be conducted, and the proceeds of the Premises prior insurance to takingbe disbursed, in accordance with the Mortgagee's customary construction loan practices and requirements.
Appears in 1 contract
Taking. If all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant Lessee is required to vacate the Premises and all Base Rent and Additional Rent Charges shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, If a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or Lessee, in the cost reasonable judgment of restoration of the Premises is not commercially reasonable)City, the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord City gives Tenant Lessee written notice of the taking, and such termination shall be effective as of the date when Tenant Lessee is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base Rent and Additional Rent Charges shall be paid to the date of termination. Whenever any portion of the Premises is taken by Eminent Domain and this Lease is not terminated, Landlord shall City, at its expense expense, shall proceed with all reasonable dispatch to restore, to the extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises to the condition they were in immediately prior to such taking, and Tenant shall Lessee, at its expense expense, shall proceed with all reasonable dispatch to restore its personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking, to the extent award is available therefor. The Base Rent and Additional Rent Charges payable hereunder shall be reduced from the date Tenant Lessee is required to partially vacate the Premises in the same proportion that the Rentable Area Lease area taken bears to the total Rentable Lease Area of the Premises prior to taking.
Appears in 1 contract
Samples: Lease Agreement
Taking. If (a) In the event all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders Mortgaged Property shall be damaged or taken as a result of a Taking, either temporarily or permanently, Agency and Mortgagor shall assign, transfer and set over unto Mortgagee the remainder thereof unusable Taking Proceeds or any claim for the business of Tenant (or the cost of restoration damages for any of the Premises is not commercially reasonable), taken or damaged under the Lease may, at the option power of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the takingeminent domain, and such termination shall be effective as of agrees that in the date when Tenant is required to vacate event the portion of the Premises so taken. If this Lease is so terminated, all Base and Additional Rent shall be paid to the date of termination. Whenever whole or any portion part of the Premises is taken by Eminent Domain eminent domain proceedings, then all sums awarded as damages for the Taking shall be applied in reduction of the indebtedness secured by this Mortgage, but without imposition of the prepayment premium to such application. Any and this Lease is all costs and expenses, including, without limitation, reasonable attorneys' fees and expenses to the fullest extent not terminatedthen prohibited by applicable law, Landlord incurred by Mortgagee by reason of any condemnation, threatened condemnation or proceedings thereunder shall be secured hereby and Mortgagor shall reimburse Mortgagee therefor immediately, or Mortgagee shall have the right, at its expense proceed with all reasonable dispatch to restoreoption, to deduct such costs and expenses from any Taking Proceeds paid to Mortgagee hereunder. In the extent event that the Premises is wholly condemned, Mortgagee shall receive from Mortgagor and Agency and/or from the Taking Proceeds, payment of available proceeds and the entire amount of the indebtedness secured by this Mortgage. Notwithstanding anything in the foregoing to the extent it contrary, if there is reasonably prudent to do sono Event of Default, the remainder Mortgagor may repair or replace the Mortgaged Property with the replacement or repair to be conducted, and the proceeds to be disbursed, in accordance with the Mortgagee's customary construction loan practices and requirements.
(b) Subject to paragraph (a) of this Section, Agency and Mortgagor will immediately notify Mortgagee of the Premises actual or threatened commencement of any Taking proceedings affecting all or any part of the Premises, including any easement therein or appurtenance thereof, including severance and consequential damage and change in grade of streets, and will deliver to Mortgagee copies of any and all papers served in connection with any such proceedings. Agency and Mortgagor further covenant and agree to make, execute and deliver to Mortgagee, from time to time upon request, free, clear and discharged of any encumbrances of any kind whatsoever, any and all further assignments or other instruments deemed necessary by Mortgagee for the purpose of validly and sufficiently assigning the Taking Proceeds and all other awards and compensation heretofore and hereafter to be made to Agency and Mortgagor, including the assignment of any award from the United States Government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof, for any Taking, either permanent or temporary, under any such proceedings. In the event of a Taking, Mortgagee shall not be limited 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 personal property and all improvements made rate of interest paid on the award by it to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder condemning authority but shall be reduced from entitled to receive out of the date Tenant Taking Proceeds interest on the entire unpaid principal sum under the Note and the other Construction Loan Documents at the applicable rate(s) provided therein. Agency and Mortgagor hereby assigns to Mortgagee so much of the balance of the Taking Proceeds payable by the condemning authority as is required to partially vacate the Premises pay such interest.
(c) Notwithstanding anything in the same proportion that the Rentable Area taken bears foregoing to the total Rentable Area contrary, if there is no Event of Default and provided that Mortgagor provides evidence satisfactory to Mortgagee showing that Mortgagor and the Mortgaged Property will be financially viable following repair or replacement, the Mortgagor may repair or replace the Mortgaged Property with the replacement or repair to be conducted, and the proceeds of the Premises prior insurance to takingbe disbursed, in accordance with the Mortgagee's customary construction loan practices and requirements.
Appears in 1 contract
Taking. If a. In the event all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders Mortgaged Property shall be damaged or taken as a result of a Taking, either temporarily or permanently, Mortgagor shall assign, transfer and set over unto Mortgagee the remainder thereof unusable Taking Proceeds or any claim for the business of Tenant (or the cost of restoration damages for any of the Premises is not commercially reasonable), taken or damaged under the Lease may, at the option power of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the takingeminent domain, and such termination shall be effective as of agrees that in the date when Tenant is required to vacate event the portion of the Premises so taken. If this Lease is so terminated, all Base and Additional Rent shall be paid to the date of termination. Whenever whole or any portion part of the Premises is taken by Eminent Domain eminent domain proceedings, then all sums awarded as damages for the Taking shall be applied in reduction of the indebtedness secured by this Mortgage, but without imposition of the prepayment premium to such application. Any and this Lease is all costs and expenses, including, without limitation, reasonable attorneys’ fees and expenses to the fullest extent not terminatedthen prohibited by applicable law, Landlord incurred by Mortgagee by reason of any condemnation, threatened condemnation or proceedings thereunder shall be secured hereby and Mortgagor shall reimburse Mortgagee therefor immediately, or Mortgagee shall have the right, at its expense proceed with all reasonable dispatch to restoreoption, to deduct such costs and expenses from any Taking Proceeds paid to Mortgagee hereunder. In the extent event that the Premises is wholly condemned, Mortgagee shall receive from Mortgagor and/or from the Taking Proceeds payment of available proceeds the entire amount of the indebtedness secured by this Mortgage.
b. Subject to paragraph (a) of this Section, Mortgagor will immediately notify Mortgagee of the actual or threatened commencement of any Taking proceedings affecting all or any part of the Premises, including any easement therein or appurtenance thereof, including severance and consequential damage and change in grade of streets, and will deliver to Mortgagee copies of any and all papers served in connection with any such proceedings. Mortgagor further covenants and agrees to make, execute and deliver to Mortgagee, from time to time upon request, free, clear and discharged of any encumbrances of any kind whatsoever, any and all further assignments or other instruments deemed necessary by Mortgagee for the purpose of validly and sufficiently assigning the Taking Proceeds and all other awards and compensation heretofore and hereafter to be made to Mortgagor, including the assignment of any award from the United States Government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof, for any Taking, either permanent or temporary, under any such proceedings. In the event of a Taking, Mortgagee shall not be limited to the extent it is reasonably prudent rate of interest paid on the award by the condemning authority but shall be entitled to do so, the remainder receive out of the Premises Taking Proceeds interest on the entire unpaid principal sum under the Note and the other Loan Documents at the applicable rate(s) provided therein. Mortgagor hereby assigns to Mortgagee so much of the condition they were in immediately prior to such taking, and Tenant shall at its expense proceed with all reasonable dispatch to restore its personal property and all improvements made balance of the Taking Proceeds payable by it to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced from the date Tenant condemning authority as is required to partially vacate pay such interest.
c. Subject to paragraph (a) of this Section, Mortgagor hereby irrevocably authorizes and appoints Mortgagee its attorney-in-fact, coupled with an interest, to collect and receive any such Taking Proceeds from the Premises authorities making the same, to appear in any proceeding therefor, to give receipts and acquittances therefor, and to apply the same proportion that the Rentable Area taken bears to the total Rentable Area payment on account of the Premises prior indebtedness secured hereby whether then matured or not. Mortgagor shall execute and deliver to takingMortgagee on demand such assignments and other instruments as Mortgagee may require for such purposes.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Document Security Systems Inc)
Taking. If all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant Lessee is required to vacate the Premises and all Base Rent and Additional Rent Charges shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, If a taking of any part of the Building or the Premises by Eminent Domain renders the remainder thereof of the Premises unusable for the business Permitted Use of Tenant (or the cost of restoration of the Premises is not commercially reasonable)Lessee, the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord City gives Tenant Lessee written notice of the taking, and such termination shall be effective as of the date when Tenant Lessee is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base Rent and Additional Rent Charges shall be paid to the date of terminationthe taking. Whenever any portion of the Premises is taken by Eminent Domain and this Lease is not terminated, Landlord shall City, at its expense expense, shall proceed with all reasonable dispatch to restore, to the extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises to the condition they were in immediately prior to such taking, and Tenant shall Lessee, at its expense expense, shall proceed with all reasonable dispatch to restore its personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking, to the extent award is available therefor. The Base Rent and Additional Rent Charges payable hereunder shall be reduced from the date Tenant Lessee is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area of the Premises prior to taking.
Appears in 1 contract
Samples: Lease Agreement
Taking. If all of In the Premises are taken by Eminent Domain, this Lease shall terminate as of event the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking whole or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises Parking Area shall be taken by Eminent Domain renders the remainder thereof unusable for the business right of Tenant eminent domain or any similar authority of law (or the cost of restoration of the Premises is not commercially reasonablea “Taking”), the Lease entire award for the value of the land and improvements so taken shall belong to the fee title owner of the subject property or portion thereof so taken or to such fee title owner’s mortgagees or tenants, as their interest may appear, and no other Owner shall have a right to claim any portion of such award by virtue of any interest created by this Agreement. Any Owner who is not the fee title owner of the property which is the subject of a Taking may, at however, file a collateral claim with the option condemning authority over and above the value of either party, be terminated by written notice given the land and improvements being so taken to the other party not more than thirty (30) days after Landlord gives Tenant written notice extent of any damage suffered by such Owner resulting from the severance of the takingland or improvements so taken if such claim shall not operate to reduce the award allocable to the property taken. Notwithstanding the foregoing, and such termination shall be effective as in the event of the date when Tenant is required to vacate the a Taking of a portion of the Premises so taken. If this Lease Parking Area and such portion is so terminatednot required for reasonable access to and use of the remaining Parking Area, all Base the Manager shall restore the improvements located on the Parking Area as nearly as possible to the condition existing prior to the Taking and Additional Rent any portion of any condemnation award necessary therefor shall be paid to the date Manager and held in trust and applied for such purpose, and the balance, if any, shall be paid to the Owner; provided, however, that the Manager shall in no event be obligated to undertake any restoration except to the extent that funding for such restoration is readily available from the proceeds of terminationany condemnation award. Whenever any In the event of a Taking of all or a portion of the Premises Parking Area and such portion is taken by Eminent Domain and this Lease is not terminated, Landlord shall at its expense proceed with all required for the reasonable dispatch to restore, to the extent use of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises Parking Area or such portion is required for reasonable access to the condition they were in immediately prior to such takingParking Area, and Tenant then this Agreement shall at its expense proceed with terminate effective as of the day possession of all reasonable dispatch to restore its personal property and all improvements made by it to or a portion of the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder Parking Area shall be reduced from taken by the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area of the Premises prior to takingcondemning authority.
Appears in 1 contract
Samples: Parking Easement Agreement
Taking. If all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base Minimum and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base Minimum and Additional Rent shall be paid to the date of termination. Whenever any portion of the Premises 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 extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises 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 personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. The Base Minimum and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area of the Premises prior to taking.
Appears in 1 contract
Samples: Lease Agreement (Sonosight Inc)
Taking. If all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base and Additional Rent shall be paid to the date of termination. Whenever any portion of the Premises 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 extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises 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 personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area of the Premises prior to taking.,
Appears in 1 contract
Taking. (i) If all of prior to the Premises are taken by Eminent DomainClosing Date any Material Taking occurs, then Purchaser may terminate this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated Agreement by written notice given to the other party not more than thirty Seller within twenty (3020) days after Landlord gives Tenant written Seller has given Purchaser the notice of the taking, Material Taking (and such termination the Closing Date shall be effective so extended as applicable), in which case the parties shall have no further obligations to each other hereunder except as specifically provided herein.
(ii) If prior to Closing, any Non-Material Taking occurs, then the Closing shall take place without abatement of the date when Tenant is required Purchase Price, but Seller shall assign to vacate Purchaser at the portion Closing all of Seller’s interest in any condemnation award which may be payable to Seller on account of any such Non-Material Taking and at Closing, Seller shall credit to the amount of the Premises so takenPurchase Price payable by Purchaser the amount, if any, of condemnation proceeds received by Seller between the Effective Date and the Closing less (x) any amounts reasonably expended by Seller in collecting such sums; (y) any amounts reasonably expended by Seller to repair the Property as a result of such Non-Material Taking; and (z) any amounts which are reasonably allocated to lost earnings or other damages or losses (other than unrepaired property damages) reasonably allocated or attributed to the period of time prior to Closing. If this Lease is so terminatedFor purposes of Section 12.2 hereof, all Base estimates of costs and Additional Rent time required for restoration or repair shall be paid made by an architect or engineer, as appropriate, designated by Seller and reasonably acceptable to Purchaser. The provisions of Section 12.2 hereof constitute an express agreement to the date contrary of termination. Whenever any portion Section 5-1311 of the Premises is taken by Eminent Domain and this Lease is not terminated, Landlord shall at its expense proceed with all reasonable dispatch to restore, New York General Obligations Law. All risk of loss or damage to the extent of available proceeds Property, including loss or damage resulting from casualty, condemnation, eminent domain and any business interruption resulting therefrom, attributable to any acts or occurrences on or after the extent it is reasonably prudent to do so, the remainder of the Premises 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 personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder Closing Date shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area of the Premises prior to takingborne solely by Purchaser.
Appears in 1 contract
Samples: Asset Purchase and Sale Agreement (Marriott International Inc /Md/)
Taking. If all there shall be a total taking of the Premises are taken Building in condemnation proceedings or by Eminent Domainany right of eminent domain, this Lease and the Term and estate hereby granted shall terminate as of the date Tenant is required to vacate of taking of possession by the Premises condemning authority and all Base Rent and Additional Rent under Article 4 shall be prorated and paid to that as of such termination date. The term "Eminent Domain" If there shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, be a taking of any material (in Landlord’s reasonable judgment) portion of the Land or the Building (whether or not the Premises are affected by such taking), then Landlord may terminate this Lease and the Term and estate granted hereby by giving notice to Tenant within 60 days after the date of taking of possession by the condemning authority. If there shall be a taking of the Premises of such scope (but in no event less than 25% of the Premises) that the untaken part of the Premises would in Tenant’s reasonable judgment be uneconomic to operate, then Tenant may terminate this Lease and the Term and estate granted hereby by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated by written giving notice given to the other party not more than thirty (30) Landlord within 60 days after the date of taking of possession by the condemning authority. If either Landlord gives or Tenant written shall give a termination notice of as aforesaid, then this Lease and the taking, Term and such termination estate granted hereby shall be effective terminate as of the date when Tenant is required to vacate of such notice and all Base Rent and Additional Rent under Article 4 shall be prorated and paid as of such termination date. In the portion event of a taking of the Premises so taken. If which does not result in the termination of this Lease is so terminated, (a) the Term and estate hereby granted with respect to the taken part of the Premises shall terminate as of the date of taking of possession by the condemning authority and all Base Rent and Additional Rent under Article 4 shall be paid appropriately abated for the period from such date to the date of termination. Whenever any portion of the Premises is taken by Eminent Domain Expiration Date and this Lease is not terminated, (b) Landlord shall at its expense proceed with all reasonable dispatch to restore, to perform the extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises 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 personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced from the date Tenant is work required to partially vacate the Premises be performed by Landlord pursuant to Section 23.04 of this Lease. “Condemnation” means a total or partial taking in the same proportion that the Rentable Area taken bears to the total Rentable Area condemnation or by right of the Premises prior to takingeminent domain.
Appears in 1 contract
Taking. If all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of LandlordXxxxxxxx, a taking of any part of the Premises by Eminent Domain Domain, or a taking of part or all of the parking for the Project, renders the Premises or any remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises or the parking is not commercially reasonable), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base and Additional Rent shall be paid to the date of termination. Whenever any portion of the Premises 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 extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises 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 personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate Vacate the Premises in the same proportion that the Rentable Area Square Footage taken bears to the total Rentable Area Square Footage of the Premises prior to taking.
Appears in 1 contract
Samples: Master Lease (Tripath Imaging Inc)
Taking. (a) If all or part of the Leased Premises is proposed to be taken as a result of any action or proceeding in eminent domain or is proposed to be transferred in lieu of condemnation to any authority entitled to exercise the power of eminent domain (collectively, a “Taking”), Landlord shall provide Tenant with reasonable advance notice of any and all impending proceedings or meetings related to such Taking, and Leasehold Mortgagee shall have the right to participate in any such meetings and proceedings. Should title or possession of all of the Leased Premises are be taken in condemnation proceedings by Eminent Domaina Governmental Entity or private party under the exercise of the right of eminent domain, or should a partial Taking render the remaining portion of the Leased Premises unsuitable for Tenant’s use (in Tenant’s reasonable discretion), then this Lease shall terminate as upon such vesting of title or taking of possession.
(b) All payments made on account of any Taking by eminent domain shall be deposited with Leasehold Mortgagee and such payments shall first be allocated to either restore the Leased Premises in accordance with the Leasehold Mortgagee’s loan documents or to the Leasehold Mortgagee in the amount equal to the outstanding indebtedness secured by the Leasehold Mortgage and, thereafter, such payments shall be made to the Parties in accordance with their respective interests hereunder (and, for avoidance of doubt, any allocation to the Leased Premises, the Rolling Mill and any other improvements or fixtures thereon or therein shall be allocated exclusively to Tenant), and Tenant, at its sole discretion, shall be entitled seek a separate award for any damages allowable by law, including those damages for (a) the removal and relocation Tenant’s business, (b) the loss or damage to any property that Tenant elects or is required not to remove, and (c) the loss of use of the date Leased Premises by Tenant; and Landlord shall have no right, title or interest in or to any separate award made therefor. Tenant is required shall have the right to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under participate in any governmental or statutory authoritysettlement proceedings, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base and Additional Rent shall be paid to the date of termination. Whenever any portion of the Premises is taken by Eminent Domain and this Lease is not terminated, Landlord shall at its expense proceed with all reasonable dispatch to restorenot enter into any binding settlement agreement without the prior written consent of Tenant, to the extent of available proceeds and to the extent it is reasonably prudent to do sowhich consent shall not be unreasonably withheld, the remainder of the Premises 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 personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area of the Premises prior to takingconditioned or delayed.
Appears in 1 contract
Taking. If all of the Premises are or any portion thereof shall be condemned or taken by Eminent Domainany public authority or by any other person or entity with the power of condemnation, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking by eminent domain or damaging of property by, through or under any governmental or statutory authority, and any by purchase or acquisition in lieu thereof, whether the damaging and such condemnation or taking is renders the Premises unsuitable for Tenant's business operation therein, then Tenant may terminate this Lease by government or any other person. If, in the reasonable judgment of giving notice thereof to Landlord, a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be being effective as of the date when Tenant is required to vacate the portion of the Premises so takenspecified in such notice. If Tenant so terminates this Lease is so terminatedLease, all Base Minimum Annual Rent and Additional Rent shall be paid to the effective date of such termination, and Tenant shall be entitled to an appropriate refund of any Minimum Annual Rent and Additional Rent and any other amounts paid by Tenant hereunder for any period after the effective date of termination. Whenever If this Lease is not so terminated, this Lease and the Term thereof shall continue, except that if Tenant is deprived of the use of any portion of the Premises or any rights under this Lease as a result of such condemnation or taking, Minimum Annual Rent, Additional Rent and any other amounts payable by Tenant hereunder shall be abated or reduced according to the extent to which Tenant is taken by Eminent Domain and deprived of the use or benefit of the Premises or any rights under this Lease. Whether or not this Lease is not terminatedterminated by Tenant as a result of any condemnation or taking, Landlord all damages awarded as a result of the condemnation or taking for the value of Tenant's leasehold interest, for the cost of any leasehold improvements paid for by Tenant and for the cost of Tenant's equipment, machinery, furniture, fixtures and other personal property shall at its expense proceed with all reasonable dispatch belong to restore, Tenant. All other damages awarded shall belong to the extent of available proceeds Landlord. In addition, Tenant shall have the right to claim, prove, collect and to retain any other damages awarded and any other damages compensable under the extent it is reasonably prudent to do so, the remainder applicable laws of the Premises to the condition they were jurisdiction in immediately prior to such taking, and Tenant shall at its expense proceed with all reasonable dispatch to restore its personal property and all improvements made by it to which the Premises to the same condition they were in immediately prior to are located as a result of such taking. The Base and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area of the Premises prior to condemnation or taking.
Appears in 1 contract
Taking. If all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base Rent and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, If a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or Tenant, in the cost reasonable judgment of restoration of the Premises is not commercially reasonable)Landlord, the Lease maythis Lease, at the option of either party, may be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base Rent and Additional Rent shall be paid to the date of termination. Whenever any portion of the Premises 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 extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises 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 personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. The Base Rent and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area rentable area taken bears to the total Rentable Area rentable area of the Premises prior to taking.
Appears in 1 contract
Samples: Lease (Photoworks Inc /Wa)
Taking. If all any material portion of the Project shall be taken for any public or quasi-public purpose by any lawful power or authority by exercise of the right of appropriation, condemnation or eminent domain, or sold to prevent such taking to such an extent as to render untenantable the entirety of the Premises are taken or such a material portion of the Premises that Tenant's operation from the remainder of the Premises is not reasonably practicable as reasonably determined by Eminent Domainthe parties, either party shall have the right to terminate this Lease shall terminate effective as of the date Tenant possession is required to vacate be surrendered to said authority by written notice to the Premises and other party by the effective date of such taking. If all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders shall be taken, and if such taking is permanent, the remainder thereof unusable for term of this Lease shall automatically terminate with respect to the business of Tenant (or the cost of restoration part of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective so taken as of the date when the possession of such part is required. Tenant is required shall not assert any claim against Landlord or the taking authority for any compensation because of such taking, other than a claim for any separate award attributable to vacate the portion value of any personal property or trade fixtures of Tenant which are taken, costs of Tenant's relocation, and Tenant hereby assigns to Landlord all of Tenant's interest in, and Landlord shall be entitled to receive, the entire amount of any other award without deduction for any estate or interest of Tenant (including, without limitation, any award attributable to the value of the remaining Term of this Lease). If neither Tenant nor Landlord so elects to terminate, Landlord shall, to the extent of proceeds received, commence to restore the Premises to substantially their same condition prior to such partial taking, and a proportionate abatement shall be made to Tenant for the Monthly Base Rent and Tenant's obligation for payment of Tenant's Expenses Excess corresponding to the time during which, and to the part of the Premises so taken. If this Lease is so terminatedof which, all Base and Additional Rent Tenant shall be paid to so deprived on account of such taking and restoration; provided that if during the date progress of termination. Whenever any Landlord's restoration work the balance of the Premises cannot reasonably be used by Tenant for the operation of its business, then Monthly Base Rent and Tenant's Expenses Excess shall abate until that remaining portion of the Premises is taken again uxxxxx by Eminent Domain and Tenant. Nothing contained in this Lease is not terminated, Section 12.1 shall be deemed to give Landlord shall at its expense proceed with all reasonable dispatch any interest in any award made to restore, to Tenant for the extent taking of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises 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 Tenant's personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area trade fixtures or for Tenant's costs of the Premises prior to takingrelocation.
Appears in 1 contract
Samples: Office Lease (Spatialight Inc)
Taking. If all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any substantial part of the Premises shall be taken for any public or quasi-public use under governmental law or by Eminent Domain renders right of eminent domain and such taking would materially interfere with the remainder thereof unusable for the business of Tenant (or the cost of restoration use of the Premises is not commercially reasonable)by Tenant for the purposes contemplated by this Lease, then the Lease may, at the option of either party, may be terminated by written notice given to either Landlord or Tenant. Landlord or Tenant shall make such election by giving the other party not more than written notice within sixty (60) days after the event giving rise to a right to terminate. Any such termination shall be effective thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant is required to vacate of notice thereof and in the portion case where all or substantially all of the Premises so taken. If this Lease is so terminated, all Base and Additional Rent shall be paid to the date of termination. Whenever any portion of the Premises is taken by Eminent Domain and or when Landlord terminates this Lease is not terminated, Landlord shall at its expense proceed with all reasonable dispatch to restoreLease, to the extent that Landlord pays to each Mortgagee any amount necessary, when added to any condemnation award which Tenant is entitled to retain, will be sufficient to pay-off the then existing outstanding principal indebtedness then owed to such Mortgage. If any taking materially interferes with Tenant’s use and occupation of available proceeds any part of the Premises, a just portion of the rent shall be abated from the date the Premises or such lesser part are rendered unusable until the date when the Premises (or in the case of a partial taking, what remains thereof) shall be put in proper condition for use and occupation. Tenant shall receive a permanent abatement of rent to the extent it is reasonably prudent to do so, the remainder that all or any part of the Premises cannot be so used and occupied for the balance of theTerm. Landlord reserves all rights to damages payable by reason of anything lawfully done in pursuance of any public or other authority and, by way of confirmation, Tenant grants to Landlord all of Tenant’s rights to such damages and agrees to execute and deliver such further instruments of assignment thereof as Landlord may from time to time request, provided, however, that Tenant reserves for itself any award specifically reimbursing Tenant for moving or relocation expenses and any other award the payment of which does not diminish the amount otherwise payable to Landlord. Tenant shall also be entitled to share in the award proportionately to the condition they were in immediately prior to such taking, and unamortized value of any lease improvements constructed by Tenant shall at its expense proceed with all reasonable dispatch to restore its personal property and all improvements made by it pursuant to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area terms of the Premises prior to takingthis Lease.
Appears in 1 contract
Samples: Lease Agreement
Taking. If all of the Premises are arc taken by Eminent Domaineminent domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent rentals shall be paid to that date. The term "Eminent Domain" “eminent domain” shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, If a taking of any part of the Premises by Eminent Domain eminent domain renders the remainder thereof unusable for the business of Tenant (or Tenant, in the cost reasonable judgment of restoration of the Premises is not commercially reasonable)Landlord, the Lease maythis Lease, at the option of either party, may be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall stall be effective as of the date when Tenant is required to vacate the portion of the Premises so taken. If the whole or any material part of the Building shall be taken by eminent domain, Landlord, at its option, may terminate this Lease by written notice to Tenant. If this Lease is so terminated, all Base and Additional Rent rent shall be paid to the date of termination. Whenever any portion of the Premises is taken by Eminent Domain eminent domain and this Lease is not terminated, Landlord shall at its expense proceed with all reasonable dispatch to restore, to the extent of available condemnation or insurance proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises 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 personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent base rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area rentable area taken bears to the total Rentable Area rentable area of the Premises prior to taking.
Appears in 1 contract
Samples: Lease Agreement (iVOW, Inc.)
Taking. If all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, If a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base and Additional Rent shall be paid to the date of termination. Whenever any portion of the Premises 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 extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises 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 personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area of the Premises prior to taking.
Appears in 1 contract
Taking. If all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "“Eminent Domain" ” shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base and Additional Rent shall be paid to the date of termination. Whenever any portion of the Premises 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 extent of available proceeds issued from the taking governmental authority and to the extent it is reasonably prudent to do so, the remainder of the Premises 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 personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area of the Premises prior to taking.
Appears in 1 contract
Taking. If all any material portion of the Project shall be taken for any public or quasi-public purpose by any lawful power or authority by exercise of the right of appropriation, condemnation or eminent domain, or sold to prevent such taking to such an extent as to render untenantable the entirety of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, such a taking of any part material portion of the Premises by Eminent Domain renders that Tenant's operation from the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable)reasonably practicable as reasonably determined by the parties, either party shall have the right to terminate this Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant possession is required to vacate be surrendered to said authority by written notice to the portion other party by the effective date of such taking. Tenant shall not assert any claim against Landlord or the taking authority for any compensation because of such taking, other than a claim for any separate award attributable to the value of any personal property or trade fixtures of Tenant which are taken, costs of Tenant's relocation, and Tenant hereby assigns to Landlord all of Tenant's interest in, and Landlord shall be entitled to receive, the entire amount of any other award without deduction for any estate or interest of Tenant (including, without limitation, any award attributable to the value of the Premises so takenremaining Lease Term of this Lease). If this Lease is neither Tenant nor Landlord so terminated, all Base and Additional Rent shall be paid elects to the date of termination. Whenever any portion of the Premises is taken by Eminent Domain and this Lease is not terminatedterminate, Landlord shall at its expense proceed with all reasonable dispatch to restoreshall, to the extent of available proceeds received, commence to restore the Premises to substantially their same condition prior to such partial taking, and a proportionate allowance shall be made to Tenant for the Monthly Base Rent and Tenant's obligation for payment of Tenant's Expenses Excess corresponding to the time during which, and to the extent it is reasonably prudent to do so, the remainder part of the Premises to the condition they were in immediately prior to such takingof which, and Tenant shall at its expense proceed with all reasonable dispatch be so deprived on account of such taking and restoration. Nothing contained in this Section 12.1 shall be deemed to restore its give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area trade fixtures or for Tenant's costs of the Premises prior to takingrelocation.
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Taking. (a) If all or substantially all of the Demised Premises and Improvements are taken or transferred as described in Section 9.1, this Lease and all of the rights, title and interest under this Lease shall cease on the date title to the Demised Premises and Improvements vests in the condemning authority, and the proceeds of the condemnation shall be paid to Lessor. In the event of any such taking or condemnation, of all or any part of the Demised Premises or the Improvements, Lessee shall have no claim against Lessor and shall not have any claim or right to any portion of the amount that may be awarded as damages or paid as a result of such taking or condemnation; and all rights of Lessee to damages therefore are hereby assigned by Eminent DomainLessee to Lessor, and Lessee shall have no claim against Lessor or the condemnor for the value of the unexpired Term of this Lease. However, the foregoing provisions of this section shall not be construed to deprive Lessee of the right to claim and receive payment from the condemnor or taking authority for moving and related expenses or for the taking of Lessee’s personal property or fixtures as long as such claim or the payment thereof does not reduce the award which Lessor would otherwise be entitled to receive. In the event of any such taking or condemnation of part of the Demised Premises, the Basic Rent shall be proportionately reduced from the date that possession of the Demised Premises is required to be surrendered to the condemnor or taking authority.
(b) If less than all or substantially all of the Demised Premises and Improvements is taken or transferred as described in Section 9.1, and if in Lessee’s opinion the remainder of the Demised Premises and Improvements is in a location, or in a form, shape, or reduced size that Lessee is in its commercially reasonable opinion unable to effectively and practicably operate Lessee’s business on the remaining Demised Premises and Improvements, then this Lease shall terminate on the date title to the portion of the Demised Premises and Improvements taken or transferred vests in the condemning authority. The proceeds of the condemnation shall be payable as set forth in Section 9.2(a).
(c) If less than all or substantially all of the Demised Premises and Improvements is taken or transferred as described in Section 9.1, and if in Lessee’s opinion the remainder of the Demised Premises and Improvements is in a location and a form, shape, or size that makes it possible for Lessee to effectively and practicably operate Lessee’s business on the remaining Demised Premises and Improvements, this Lease shall terminate as to the portion of the date Tenant is required to vacate the Demised Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking Improvements taken or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective transferred as of the date when Tenant is required title to vacate the portion vests in the condemning authority. However, this Lease shall continue in full force and effect as to that portion of the Demised Premises so takenand Improvements not taken or transferred. If this Lease is so terminated, all Base From and Additional Rent shall be paid to after the date of termination. Whenever any taking or transfer, the rental required to be paid by Lessee to Lessor shall be reduced during the unexpired portion of the Premises is taken by Eminent Domain and this Lease is not terminated, Landlord shall at its expense proceed with all reasonable dispatch to restore, by that proportion of the annual rent that the value of the part of the Demised Premises and Improvements taken or transferred bears to the extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder value of the total Demised Premises to and Improvements. These values shall be determined as of the condition they were in date immediately prior to such taking, and Tenant shall at its expense proceed with all reasonable dispatch to restore its personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such before any actual taking. The Base and Additional Rent payable hereunder proceeds of the condemnation shall be reduced from the date Tenant is required to partially vacate the Premises payable as set forth in the same proportion that the Rentable Area taken bears to the total Rentable Area of the Premises prior to takingthis Section 9.2(a).
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Samples: Lease Agreement (LIVE VENTURES Inc)
Taking. If all In case the whole of the Premises are Subleased Premises, or such part thereof or of the Building Property as shall substantially interfere with Subtenant’s use and occupancy thereof, shall be taken by Eminent Domain, this Lease shall terminate as any lawful power or authority by exercise of the date Tenant is required right of eminent domain, or sold to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the prevent such taking, and such termination shall be effective as if the Prime Lease is terminated pursuant to its terms or the terms of the date when Tenant is required Prime Landlord’s Consent with respect to vacate the portion of the Prime Lease Premises so takenthat includes the Subleased Premises, then this Sublease shall thereupon terminate. If Except as expressly permitted by the terms of this Lease is so terminatedSublease or the Prime Landlord’s Consent, all Base and Additional Rent (i) Subtenant shall be paid to not because of such taking assert any claim against Sublandlord, Prime Landlord or the date taking authority for any compensation because of termination. Whenever any portion of the Premises 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 extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises to the condition they were in immediately prior to such taking, and Tenant (ii) Sublandlord or Prime Landlord, in accordance with the Prime Lease, shall at its expense be entitled to receive the entire amount of any award without deduction for any estate or interest of Subtenant. Subtenant shall have no claim against Sublandlord or Prime Landlord for the value of any unexpired portion of the Term of this Sublease, other than for prepaid Rent. If the amount of property or the type of estate taken shall not substantially interfere with Subtenant’s use of the Subleased Premises and neither this Sublease or the Prime Lease is terminated, Sublandlord or Prime Landlord, in accordance with the Prime Lease, shall be entitled to the entire amount of the award without deduction for any estate or interest of Subtenant and in such event, Sublandlord or Prime Landlord, in accordance with the Prime Lease and Prime Landlord’s Consent, shall promptly proceed with all reasonable dispatch to restore its the Subleased Premises to substantially their condition prior to such partial taking, and the Rent shall be abated in proportion to the time during which, and to the part of the Subleased Premises of which, Subtenant shall be so deprived on account of such taking and restoration. Nothing contained in this Article 13 shall be deemed to give Sublandlord or Prime Landlord any interest in, or prevent Subtenant from seeking any award against the taking authority for, the taking of personal property and all improvements made by it fixtures belonging to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced Subtenant or for relocation or business interruption expenses recoverable from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the total Rentable Area of the Premises prior to takingtaking authority.
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Taking. If all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base Rent and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, If a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or Tenant, in the cost reasonable judgment of restoration of the Premises is not commercially reasonable)Landlord, the Lease maythis Lease, at the option of either party, may be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base Rent and Additional Rent shall be paid to the date of termination. Whenever any portion of the Premises 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 extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises 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 personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. The Base Rent and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area rentable area taken bears to the total Rentable Area rentable area of the Premises prior to taking.
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