Taking. If 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 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 the parties, either party shall have the right to terminate this Lease effective as of the date possession is required to be surrendered to said authority by written notice to the other party by the effective date of such taking. If all or any part of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect to the part of the Premises so taken as of the date when the possession of such part is required. 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 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 of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocation.
Appears in 1 contract
Samples: Office Lease (Spatialight Inc)
Taking. If 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 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 a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant, in the reasonable judgment of Landlord, this 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 a material termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises that Tenant's operation from 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 is not reasonably practicable as reasonably determined by to the parties, either party condition they were in immediately prior to such taking. The Base Rent and Additional Rent payable hereunder shall have the right to terminate this Lease effective as of be reduced from the date possession Tenant is required to be surrendered to said authority by written notice partially vacate the Premises in the same proportion that the rentable area taken bears to the other party by the effective date of such taking. If all or any part total rentable area of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect to the part of the Premises so taken as of the date when the possession of such part is required. 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 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 of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocation.
Appears in 1 contract
Taking. If any material portion all of the Project 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 Percentage Rent (if applicable) shall be taken for paid to that date. The term “Eminent Domain” shall include the taking or damaging of property by, through or under any public governmental or quasi-public purpose statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any lawful other person who under applicable law has the power or authority by to exercise the power of the right of appropriation, condemnation or eminent domain. If, or sold to prevent such in the reasonable judgment of Landlord, a taking to such an extent as to render untenantable the entirety of any part of the Premises or by Eminent Domain renders the remainder thereof unusable for the business of Tenant this 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 a material termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises that Tenant's operation from so taken. If this Lease is so terminated, all Base Rent, Additional Rent, and 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 is not reasonably practicable as reasonably determined by the parties, either party shall have the right to terminate this Lease effective as of the date possession is required to be surrendered to said authority by written notice to the other party 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 effective date of Premises to the same condition they were in immediately prior to such taking. If all or any part of the Premises The Base Rent payable hereunder shall be taken, and if such taking is permanent, equitably reduced based on (i) the term of this Lease shall automatically terminate with respect to the part square footage of the Premises so taken as compared to the square footage of the date when the possession of such part is required. 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 relocationentire Premises, and Tenant hereby assigns to Landlord all of Tenant's interest in, and Landlord shall be entitled to receive, (ii) the entire amount of any other award without deduction for any estate or interest of Tenant (including, without limitation, any award attributable to relative gross revenue from operations generated at such time by 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 of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 taken compared to the gross revenue from operations generated at such time by the remainder of the Premises. If this Lease is again uxxxxx by Tenant. Nothing contained in terminated pursuant to this Section 12.1 Subsection 8.2(a), Landlord shall be deemed pay Tenant the Lease Termination Fee provided that Tenant has delivered to give 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 in under this Lease. Tenant shall deliver such items to Landlord free and clear of liens, encumbrances, and defects of title, except any award made to Tenant such matters arising through Prime Landlord for the taking benefit of Tenant's personal property its Mortgagee and trade fixtures or except for Tenant's costs of relocationCasino Personal Property Additions Capital Leases then outstanding.
Appears in 1 contract
Taking. If any material portion a substantial part of the Project Premises shall be taken for any public or quasi-public purpose use under governmental law or by any lawful power or authority by exercise right of eminent domain and such taking would materially interfere with the use of the Premises by Tenant for the purposes contemplated by this Lease, then the Lease may be terminated by either Landlord or Tenant. Landlord or Tenant shall make such election by giving the other party 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 the date of appropriationnotice thereof and in the case where all or substantially all of the Premises shall be taken or when Landlord terminates this Lease, to the extent that Landlord pays to each Mortgagee any amount necessary, when added to any condemnation or eminent domainaward which Tenant is entitled to retain, or sold will be sufficient to prevent such taking pay-off the then existing outstanding principal indebtedness then owed to such an extent as to render untenantable Mortgage. If any taking materially interferes with Tenant’s use and occupation of any part of the entirety Premises, a just portion of the rent shall be abated from the date the Premises or such a material portion of lesser part are rendered unusable until the date when the Premises that Tenant's operation from (or in the remainder case of the Premises is not reasonably practicable as reasonably determined by the partiesa partial taking, either party what remains thereof) shall have the right to terminate this Lease effective as be put in proper condition for use and occupation. Tenant shall receive a permanent abatement of the date possession is required to be surrendered to said authority by written notice rent to the other party by the effective date of such taking. If extent that all or any part of the Premises shall cannot be taken, so used and if such taking is permanent, occupied for the term balance of this Lease shall automatically terminate with respect theTerm. Landlord reserves all rights to the part damages payable by reason of the Premises so taken as of the date when the possession of such part is required. 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 anything lawfully done in pursuance of any personal property public or trade fixtures other authority and, by way of confirmation, Tenant which are taken, costs of Tenant's relocation, and Tenant hereby assigns grants to Landlord all of Tenant's interest in’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 Landlord any other award the payment of which does not diminish the amount otherwise payable to Landlord. Tenant shall also be entitled to receive, share in the entire amount award proportionately to the unamortized value of any other award without deduction for any estate or interest of lease improvements constructed by Tenant (including, without limitation, any award attributable pursuant to the value of the remaining Term terms 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 of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocation.
Appears in 1 contract
Samples: Lease Agreement
Taking. If 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 all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Lessee is required to vacate the Premises and all Rent and Additional 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 a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Lessee, in the reasonable judgment of 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 City gives Lessee written notice of the taking, and such a material termination shall be effective as of the date when Lessee is required to vacate the portion of the Premises that Tenant's operation from so taken. If this Lease is so terminated, all Rent and Additional 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, City, at its 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 is not reasonably practicable as reasonably determined by the parties, either party shall have the right to terminate this Lease effective as of the date possession is required to be surrendered to said authority by written notice to the other party by the effective date of such taking. If all or any part of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect condition they were in immediately prior to the part of the Premises so taken as of the date when the possession of such part is required. 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 and Lessee, at its expense, shall proceed with all reasonable dispatch to restore its personal property and all improvements made by it 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 Premises to the value of the remaining Term of this Lease). If neither Tenant nor Landlord so elects same condition they were in immediately prior to terminate, Landlord shallsuch taking, to the extent of proceeds received, commence award is available therefor. The Rent and Additional Charges payable hereunder shall be reduced from the date Lessee is required to restore partially vacate the Premises to substantially their in the same condition prior to such partial taking, and a proportionate abatement shall be made to Tenant for proportion that the Monthly Base Rent and Tenant's obligation for payment of Tenant's Expenses Excess corresponding Lease area taken bears to the time during which, and to the part total Lease Area of the Premises of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed prior to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocationtaking.
Appears in 1 contract
Samples: Lease Agreement
Taking. If 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 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 a material termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises that Tenant's operation from 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, the remainder of the Premises is not reasonably practicable as reasonably determined 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 parties, either party Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall have the right to terminate this Lease effective as of be reduced from the date possession Tenant is required to be surrendered to said authority by written notice partially vacate the Premises in the same proportion that the Rentable Area taken bears to the other party by the effective date of such taking. If all or any part total Rentable Area of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect to the part of the Premises so taken as of the date when the possession of such part is required. 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 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 of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocation.
Appears in 1 contract
Samples: Lease Agreement (Blue Nile Inc)
Taking. If any material portion all of the Project shall be Premises arc 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, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all rentals shall be paid to that date. The term “eminent domain” shall include the taking or sold to prevent such 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 to such an extent as to render untenantable the entirety is by government or any other person. If a taking of any part of the Premises or by eminent domain renders the remainder thereof unusable for the business of Tenant, in the reasonable judgment of Landlord, this 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 a material termination stall be effective as of the date when Tenant is required to vacate the portion of the Premises that 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's operation from . If this Lease is so terminated, all 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 condemnation or insurance proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises is not reasonably practicable as reasonably determined 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 parties, either party Premises to the same condition they were in immediately prior to such taking. The base rent payable hereunder shall have the right to terminate this Lease effective as of be reduced from the date possession Tenant is required to be surrendered to said authority by written notice partially vacate the Premises in the same proportion that the rentable area taken bears to the other party by the effective date of such taking. If all or any part total rentable area of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect to the part of the Premises so taken as of the date when the possession of such part is required. 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 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 of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocation.
Appears in 1 contract
Samples: Lease Agreement (iVOW, Inc.)
Taking. If 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 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 a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Tenant, in the reasonable judgment of Landlord, this 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 a material termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises that Tenant's operation from 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 is not reasonably practicable as reasonably determined 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 parties, either party Premises to the same condition they were in immediately prior to such taking. The Base Rent and Additional Rent payable hereunder shall have the right to terminate this Lease effective as of be reduced from the date possession Tenant is required to be surrendered to said authority by written notice partially vacate the Premises in the same proportion that the rentable area taken bears to the other party by the effective date of such taking. If all or any part total rentable area of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect to the part of the Premises so taken as of the date when the possession of such part is required. 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 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 of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocation.
Appears in 1 contract
Samples: Lease (Photoworks Inc /Wa)
Taking. If 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 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 a material termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises that Tenant's operation from 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, the remainder of the Premises is not reasonably practicable as reasonably determined 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 parties, either party Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall have the right to terminate this Lease effective as of be reduced from the date possession Tenant is required to be surrendered to said authority by written notice partially vacate the Premises in the same proportion that the Rentable Area taken bears to the other party by the effective date of such taking. If all or any part total Rentable Area of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect to the part of the Premises so taken as of the date when the possession of such part is required. 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 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 of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocation.
Appears in 1 contract
Samples: Commercial Lease (Blue Nile Inc)
Taking. (a) If any material portion all or part of the Project shall Leased Premises is proposed to be taken for as a result of any public action or quasi-public purpose 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 be taken in condemnation proceedings by any lawful power a Governmental Entity or authority by private party under the exercise of the right of appropriation, condemnation or eminent domain, or sold to prevent such taking to such an extent as to should a partial Taking render untenantable the entirety of the Premises or such a material remaining portion of the Leased Premises unsuitable for Tenant’s use (in Tenant’s reasonable discretion), then this Lease shall terminate 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's operation from Tenant elects or is required not to remove, and (c) the remainder loss of use of the Leased Premises is not reasonably practicable as reasonably determined by the partiesTenant; and Landlord shall have no right, either party title or interest in or to any separate award made therefor. Tenant shall have the right to terminate this Lease effective as of the date possession is required to be surrendered to said authority by written notice to the other party by the effective date of such taking. If all or participate in any part of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect to the part of the Premises so taken as of the date when the possession of such part is required. 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 insettlement proceedings, and Landlord shall be entitled to receive, not enter into any binding settlement agreement without 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 written consent of Tenant's Expenses Excess corresponding to the time during which, and to the part of the Premises of whichwhich consent shall not be unreasonably withheld, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures conditioned or for Tenant's costs of relocationdelayed.
Appears in 1 contract
Taking. If the Premises or any material portion thereof shall be condemned or taken by any public authority or by any other person or entity with the power of condemnation, by eminent domain or by purchase in lieu thereof, and such condemnation or taking renders the Premises unsuitable for Tenant's business operation therein, then Tenant may terminate this Lease by giving notice thereof to Landlord, such termination being effective as of the Project date specified in such notice. If Tenant so terminates this Lease, Minimum Annual Rent and Additional Rent shall be taken 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 public or quasi-public purpose by any lawful power or authority by exercise period after the effective date of termination. If this Lease is not so terminated, this Lease and the Term thereof shall continue, except that if Tenant is deprived of the right use of appropriation, condemnation or eminent domain, or sold to prevent such taking to such an extent as to render untenantable the entirety any portion of the Premises or any rights under this Lease as a result of such a material portion 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 deprived of the use or benefit of the Premises that or any rights under this Lease. Whether or not this Lease is terminated by Tenant as a result of any condemnation or taking, all damages awarded as a result of the condemnation or taking for the value of Tenant's operation from leasehold interest, for the remainder cost of any leasehold improvements paid for by Tenant and for the Premises is not reasonably practicable as reasonably determined by cost of Tenant's equipment, machinery, furniture, fixtures and other personal property shall belong to Tenant. All other damages awarded shall belong to the partiesLandlord. In addition, either party Tenant shall have the right to terminate this Lease effective as claim, prove, collect and retain any other damages awarded and any other damages compensable under the applicable laws of the date possession is required to be surrendered to said authority by written notice to jurisdiction in which the other party by the effective date Premises are located as a result of such condemnation or taking. If all or any part of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect to the part of the Premises so taken as of the date when the possession of such part is required. 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 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 of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocation.
Appears in 1 contract
Taking. If any material portion of a. In 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 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 the parties, either party shall have the right to terminate this Lease effective as of the date possession is required to be surrendered to said authority by written notice to the other party by the effective date of such taking. If event all or any part of the Premises Mortgaged Property shall be takendamaged or taken as a result of a Taking, either temporarily or permanently, Mortgagor shall assign, transfer and set over unto Mortgagee the Taking Proceeds or any claim for damages for any of the Premises taken or damaged under the power of eminent domain, and if such taking is permanent, agrees that in the term of this Lease shall automatically terminate with respect to event the whole or any part of the Premises so is taken by eminent domain proceedings, then all sums awarded as damages for the Taking shall be applied in reduction of the date when indebtedness secured by this Mortgage, but without imposition of the possession of prepayment premium to such part is requiredapplication. Tenant shall not assert any claim against Landlord or the taking authority for any compensation because of such takingAny and all costs and expenses, 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 reasonable attorneys’ fees and expenses to the value fullest extent not then prohibited by applicable law, 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 option, to deduct such costs and expenses from any Taking Proceeds paid to Mortgagee hereunder. In the event that the Premises is wholly condemned, Mortgagee shall receive from Mortgagor and/or from the Taking Proceeds payment of the remaining Term entire amount of the indebtedness secured by this Mortgage.
b. Subject to paragraph (a) of this Lease). If neither Tenant nor Landlord so elects to terminateSection, Landlord shallMortgagor will immediately notify Mortgagee of the actual or threatened commencement of any Taking proceedings affecting all or any part of the Premises, to the extent including any easement therein or appurtenance thereof, including severance and consequential damage and change in grade of proceeds received, commence to restore the Premises to substantially their same condition prior to such partial takingstreets, and a proportionate abatement shall 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 Tenant for Mortgagor, including the Monthly Base Rent 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 Tenant's obligation the issuance of the warrant for payment thereof, for any Taking, either permanent or temporary, under any such proceedings. In the event of Tenant's Expenses Excess corresponding a Taking, Mortgagee shall not be limited to the time during which, and rate of interest paid on the award by the condemning authority but shall be entitled to the part 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 which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of Landlord's restoration work the balance of the Premises cannot reasonably be used Taking Proceeds payable by Tenant for the operation condemning authority as is required to pay such interest.
c. Subject to paragraph (a) of this Section, Mortgagor hereby irrevocably authorizes and appoints Mortgagee its businessattorney-in-fact, then Monthly Base Rent coupled with an interest, to collect and Tenant's Expenses Excess shall abate until that remaining portion receive any such Taking Proceeds from the authorities making the same, to appear in any proceeding therefor, to give receipts and acquittances therefor, and to apply the same to payment on account of the Premises is again uxxxxx by Tenantindebtedness secured hereby whether then matured or not. Nothing contained in this Section 12.1 Mortgagor shall be deemed execute and deliver to give Landlord any interest in any award made to Tenant Mortgagee on demand such assignments and other instruments as Mortgagee may require for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocationsuch purposes.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Document Security Systems Inc)
Taking. If any material portion of (a) In 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 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 the parties, either party shall have the right to terminate this Lease effective as of the date possession is required to be surrendered to said authority by written notice to the other party by the effective date of such taking. If event all or any part of the Premises Mortgaged Property shall be takendamaged or taken as a result of a Taking, either temporarily or permanently, Agency and Mortgagor shall assign, transfer and set over unto Mortgagee the Taking Proceeds or any claim for damages for any of the Premises taken or damaged under the power of eminent domain, and if such taking is permanent, agrees that in the term of this Lease shall automatically terminate with respect to event the whole or any part of the Premises so is taken by eminent domain proceedings, then all sums awarded as damages for the Taking shall be applied in reduction of the date when indebtedness secured by this Mortgage, but without imposition of the possession of prepayment premium to such part is requiredapplication. Tenant shall not assert any claim against Landlord or the taking authority for any compensation because of such takingAny and all costs and expenses, 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 reasonable attorneys' fees and expenses to the value fullest extent not then prohibited by applicable law, 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 option, to deduct such costs and expenses from any Taking Proceeds paid to Mortgagee hereunder. In the event that the Premises is wholly condemned, Mortgagee shall receive from Mortgagor and Agency and/or from the Taking Proceeds, payment of the remaining Term entire amount of the indebtedness secured by this Mortgage. Notwithstanding anything in the foregoing to the contrary, if there is no Event of Default, the 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 Lease). If neither Tenant nor Landlord so elects to terminateSection, Landlord shallAgency and Mortgagor will immediately notify Mortgagee of the actual or threatened commencement of any Taking proceedings affecting all or any part of the Premises, to the extent including any easement therein or appurtenance thereof, including severance and consequential damage and change in grade of proceeds received, commence to restore the Premises to substantially their same condition prior to such partial takingstreets, and a proportionate abatement shall 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 Tenant for Agency and Mortgagor, including the Monthly Base Rent 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 Tenant's obligation the issuance of the warrant for payment thereof, for any Taking, either permanent or temporary, under any such proceedings. In the event of Tenant's Expenses Excess corresponding a Taking, Mortgagee shall not be limited to the time during which, and rate of interest paid on the award by the condemning authority but shall be entitled to the part 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. Agency and Mortgagor hereby assigns to Mortgagee so much of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of Landlord's restoration work the balance of the Premises cannot reasonably Taking Proceeds payable by the condemning authority as is required to pay such interest.
(c) Notwithstanding anything in the foregoing to the 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 used by Tenant for financially viable following repair or replacement, the operation of its businessMortgagor may repair or replace the Mortgaged Property with the replacement or repair to be conducted, then Monthly Base Rent and Tenant's Expenses Excess shall abate until that remaining portion the proceeds of the Premises is again uxxxxx by Tenant. Nothing contained insurance to be disbursed, in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for accordance with the taking of TenantMortgagee's personal property customary construction loan practices and trade fixtures or for Tenant's costs of relocationrequirements.
Appears in 1 contract
Taking. If any material portion there shall be a total taking of the Project shall be taken for any public Building in condemnation proceedings 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 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 the parties, either party shall have the right to terminate this Lease effective and the Term and estate hereby granted shall terminate as of the date of taking of possession is required to by the condemning authority and all Base Rent and Additional Rent under Article 4 shall be surrendered to said authority prorated and paid as of such termination date. If there shall 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 written 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 other party date of taking of possession by the effective 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 giving notice to Landlord within 60 days after the date of taking of possession by the condemning authority. If either Landlord or Tenant shall give a termination notice as aforesaid, then this Lease and the Term and estate granted hereby shall terminate as of the date of such takingnotice and all Base Rent and Additional Rent under Article 4 shall be prorated and paid as of such termination date. If all or any In the event of a taking of the Premises which does not result in the termination of this Lease (a) the Term and estate hereby granted with respect to the taken part of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect to the part of the Premises so taken as of the date when of taking of possession by the possession of condemning authority and all Base Rent and Additional Rent under Article 4 shall be appropriately abated for the period from such part is required. 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 date to the value of any personal property or trade fixtures of Tenant which are taken, costs of Tenant's relocation, Expiration Date and Tenant hereby assigns to Landlord all of Tenant's interest in, and (b) Landlord shall perform the work required to be entitled performed by Landlord pursuant 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 Section 23.04 of this Lease). If neither Tenant nor Landlord so elects to terminate, Landlord shall, to the extent “Condemnation” means a total or partial taking in condemnation or by right 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 of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocationeminent domain.
Appears in 1 contract
Taking. If 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 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 the parties, either party shall have the right to terminate this Lease effective as of the date possession is required to be surrendered to said authority by written notice to the other party by the effective date of such taking. If all or any part of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect to the part of the Premises so taken as of the date when the possession of such part is required. 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 remaining Lease 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 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 part of the Premises of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocation.
Appears in 1 contract
Taking. If 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 all of the Premises or such a material portion are taken by Eminent Domain, this Lease shall terminate as of the date Lessee is required to vacate the Premises and all Rent and Additional Charges shall be paid to that Tenant's operation from 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 a taking of any part of the Building or the Premises by Eminent Domain renders the remainder of the Premises is unusable for the Permitted Use of Lessee, the Lease may, at the option of either party, be terminated by written notice given to the other party not reasonably practicable as reasonably determined by more than thirty (30) days after City gives Lessee written notice of the partiestaking, either party and such termination shall have the right to terminate this Lease be effective as of the date possession when Lessee is required to be surrendered to said authority by written notice to vacate the other party by the effective date of such taking. If all or any part of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect to the part portion of the Premises so taken as taken. If this Lease is so terminated, all Rent and Additional Charges shall be paid to the date of the date when the possession of such part is requiredtaking. Tenant shall not assert Whenever 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 portion of the remaining Term of Premises is taken by Eminent Domain and this Lease). If neither Tenant nor Landlord so elects Lease is not terminated, City, at its expense, shall proceed with all reasonable dispatch to terminate, Landlord shallrestore, to the extent of available proceeds receivedand to the extent it is reasonably prudent to do so, commence to restore the remainder of the Premises to substantially their same the condition they were in immediately prior to such partial taking, and a proportionate abatement Lessee, at its 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 Rent and Additional Charges payable hereunder shall be made reduced from the date Lessee is required to Tenant for partially vacate the Monthly Base Rent and Tenant's obligation for payment of Tenant's Expenses Excess corresponding Premises in the same proportion that the Rentable Area taken bears to the time during which, and to the part total Rentable Area of the Premises of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed prior to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocationtaking.
Appears in 1 contract
Samples: Lease Agreement
Taking. If 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 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 a material termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises that Tenant's operation from 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 is not reasonably practicable as reasonably determined 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 parties, either party Premises to the same condition they were in immediately prior to such taking. The Base Monthly Rent and Additional Rent payable hereunder shall have the right to terminate this Lease effective as of be reduced from the date possession Tenant is required to be surrendered to said authority by written notice partially vacate the Premises in the same proportion that the rentable area taken bears to the other party by the effective date of such taking. If all or any part total rentable area of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect to the part of the Premises so taken as of the date when the possession of such part is required. 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 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 of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocation.
Appears in 1 contract
Taking. If 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 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 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 a material termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises that Tenant's operation from 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 is not reasonably practicable as reasonably determined by the parties, either party shall have the right to terminate this Lease effective as of the date possession is required to be surrendered to said authority by written notice to the other party 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 effective date of Premises to the same condition they were in immediately prior to such taking. If all or any part of Notwithstanding the foregoing, if the Premises shall be taken, has been rendered unusable by Eminent Domain and if such taking is permanent, the term of this Lease shall automatically terminate with respect to the part of the Premises so taken as of the date when the possession of such part is required. Tenant shall not assert any claim against Landlord or the taking authority elects for any compensation because of such takingreason not to restore the same to a reasonably usable condition, 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, terminate this Lease. The Base Monthly Rent and Additional Rent payable hereunder shall be reduced from the entire amount of any other award without deduction for any estate or interest of date Tenant (including, without limitation, any award attributable is required to partially vacate the Premises in the same proportion that the rentable area taken bears 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 total rentable area of the Premises of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed prior to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocationtaking.
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Taking. (i) If prior to the Closing Date 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 appropriationMaterial Taking occurs, condemnation or eminent domain, or sold to prevent such taking to such an extent as to render untenantable the entirety of the Premises 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 the parties, either party shall have the right to then Purchaser may terminate this Lease effective as of the date possession is required to be surrendered to said authority Agreement by written notice given to Seller within twenty (20) days after Seller has given Purchaser the notice of the Material Taking (and the Closing Date shall be 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 Purchase Price, but Seller shall assign to Purchaser at the 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 other party amount of the Purchase Price payable by Purchaser the effective date 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 taking. If all Non-Material Taking; and (z) any amounts which are reasonably allocated to lost earnings or any part of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect other damages or losses (other than unrepaired property damages) reasonably allocated or attributed to the part period of the Premises so taken as of the date when the possession of such part is required. 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 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 time prior to such partial takingClosing. For purposes of Section 12.2 hereof, estimates of costs and a proportionate abatement time required for restoration or repair shall be made by an architect or engineer, as appropriate, designated by Seller and reasonably acceptable to Tenant for the Monthly Base Rent and Tenant's obligation for payment Purchaser. The provisions of Tenant's Expenses Excess corresponding Section 12.2 hereof constitute an express agreement to the time during which, and contrary of Section 5-1311 of the New York General Obligations Law. All risk of loss or damage to the part of 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 Premises of which, Tenant Closing Date shall be so deprived on account of such taking and restoration; provided that if during the progress of Landlord's restoration work the balance of the Premises cannot reasonably be used borne solely 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocationPurchaser.
Appears in 1 contract
Samples: Asset Purchase and Sale Agreement (Marriott International Inc /Md/)
Taking. If any material portion of (a) In 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 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 the parties, either party shall have the right to terminate this Lease effective as of the date possession is required to be surrendered to said authority by written notice to the other party by the effective date of such taking. If event all or any part of the Premises Mortgaged Property shall be takendamaged or taken as a result of a Taking, either temporarily or permanently, Agency and Mortgagor shall assign, transfer and set over unto Mortgagee the Taking Proceeds or any claim for damages for any of the Premises taken or damaged under the power of eminent domain, and if such taking is permanent, agrees that in the term of this Lease shall automatically terminate with respect to event the whole or any part of the Premises so is taken by eminent domain proceedings, then all sums awarded as damages for the Taking shall be applied in reduction of the date when indebtedness secured by this Mortgage, but without imposition of the possession of prepayment premium to such part is requiredapplication. Tenant shall not assert any claim against Landlord or the taking authority for any compensation because of such takingAny and all costs and expenses, 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 reasonable attorneys' fees and expenses to the value fullest extent not then prohibited by applicable law, 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 option, to deduct such costs and expenses from any Taking Proceeds paid to Mortgagee hereunder. In the event that the Premises is wholly condemned, Mortgagee shall receive from Mortgagor and Agency and/or from the Taking Proceeds, payment of the remaining Term entire amount of the indebtedness secured by this Mortgage. Notwithstanding anything in the foregoing to the contrary, if there is no Event of Default, the 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 Lease). If neither Tenant nor Landlord so elects to terminateSection, Landlord shallAgency and Mortgagor will immediately notify Mortgagee of the actual or threatened commencement of any Taking proceedings affecting all or any part of the Premises, to the extent including any easement therein or appurtenance thereof, including severance and consequential damage and change in grade of proceeds received, commence to restore the Premises to substantially their same condition prior to such partial takingstreets, and a proportionate abatement shall 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 Tenant for Agency and Mortgagor, including the Monthly Base Rent 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 Tenant's obligation the issuance of the warrant for payment thereof, for any Taking, either permanent or temporary, under any such proceedings. In the event of Tenant's Expenses Excess corresponding a Taking, Mortgagee shall not be limited to the time during which, and rate of interest paid on the award by the condemning authority but shall be entitled to the part receive out of the Premises 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 which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of Landlord's restoration work the balance of the Premises cannot reasonably Taking Proceeds payable by the condemning authority as is required to pay such interest.
(c) Notwithstanding anything in the foregoing to the 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 used by Tenant for financially viable following repair or replacement, the operation of its businessMortgagor may repair or replace the Mortgaged Property with the replacement or repair to be conducted, then Monthly Base Rent and Tenant's Expenses Excess shall abate until that remaining portion the proceeds of the Premises is again uxxxxx by Tenant. Nothing contained insurance to be disbursed, in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for accordance with the taking of TenantMortgagee's personal property customary construction loan practices and trade fixtures or for Tenant's costs of relocationrequirements.
Appears in 1 contract
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 material 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 Project 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 Lessee 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 taken for any public or quasi-public purpose by any lawful power or authority by exercise 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 appropriation, condemnation Lessee’s personal property or eminent domain, fixtures as long as such claim or sold the payment thereof does not reduce the award which Lessor would otherwise be entitled to prevent receive. In the event of any such taking to such an extent as to render untenantable the entirety or condemnation of part of the Premises or such a material portion Demised Premises, the Basic Rent shall be proportionately reduced from the date that possession of the Demised Premises that Tenant's operation from the remainder of the Premises is not reasonably practicable as reasonably determined by the parties, either party shall have the right to terminate this Lease effective as of the date possession is required to be surrendered to said authority by written notice to the other party by the effective date of such taking. condemnor or taking authority.
(b) If less than all or any part substantially all of the Demised Premises shall be takenand Improvements is taken or transferred as described in Section 9.1, and if such 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 Demised Premises and Improvements taken or transferred as of the date title to 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 and Improvements not taken or transferred. From and after the date of taking is permanentor transfer, the term rental required to be paid by Lessee to Lessor shall be reduced during the unexpired portion of this Lease shall automatically terminate with respect to by that proportion of the annual rent that the value of the part of the Demised Premises so and Improvements taken as of the date when the possession of such part is required. 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 transferred bears to the value of the remaining Term of this Lease)total Demised Premises and Improvements. 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 These values 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 determined as of the Premises date immediately before any actual taking. The proceeds of which, Tenant the condemnation shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained payable as set forth in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocation9.2(a).
Appears in 1 contract
Samples: Lease Agreement (LIVE VENTURES Inc)
Taking. If 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 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 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 a material termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises that Tenant's operation from 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 is not reasonably practicable as reasonably determined 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 parties, either party Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall have the right to terminate this Lease effective as of be reduced from the date possession Tenant is required to be surrendered to said authority by written notice partially vacate the Premises in the same proportion that the Rentable Area taken bears to the other party by the effective date of such taking. If all or any part total Rentable Area of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect to the part of the Premises so taken as of the date when the possession of such part is required. 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 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 of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocation.
Appears in 1 contract
Taking. If any material portion there shall be a total taking of the Project shall be taken for any public Building in condemnation proceedings 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 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 the parties, either party shall have the right to terminate this Lease effective and the Term and estate hereby granted shall terminate as of the date of taking of possession is required to by the condemning authority and all Base Rent and Additional Rent under Article 4 shall be surrendered to said authority prorated and paid as of such termination date. If there shall 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 written 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 other party date of taking of possession by the effective condemning authority. If there shall be a taking of the Premises of such scope (but in no event less than 25% of the Above-Grade 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 giving notice to Landlord within 60 days after the date of taking of possession by the condemning authority. If either Landlord or Tenant shall give a termination notice as aforesaid, then this Lease and the Term and estate granted hereby shall terminate as of the date of such takingnotice and all Base Rent and Additional Rent under Article 4 shall be prorated and paid as of such termination date. If all or any In the event of a taking of the Premises which does not result in the termination of this Lease (a) the Term and estate hereby granted with respect to the taken part of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect to the part of the Premises so taken as of the date when of taking of possession by the possession of condemning authority and all Base Rent and Additional Rent under Article 4 shall be appropriately abated for the period from such part is required. 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 date to the value of any personal property or trade fixtures of Tenant which are taken, costs of Tenant's relocation, Expiration Date and Tenant hereby assigns to Landlord all of Tenant's interest in, and (b) Landlord shall perform the work required to be entitled performed by Landlord pursuant 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 Section 23.04 of this Lease). If neither Tenant nor Landlord so elects to terminate, Landlord shall, to the extent “Condemnation” shall mean a total or partial taking in condemnation or by right 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 of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocationeminent domain.
Appears in 1 contract
Taking. If 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 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 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 a material termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises that Tenant's operation from so taken. If this Lease is so terminated, all 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 is not reasonably practicable as reasonably determined 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 parties, either party Premises to the same condition they were in immediately prior to such taking. The Minimum and Additional Rent payable hereunder shall have the right to terminate this Lease effective as of be reduced from the date possession Tenant is required to be surrendered to said authority by written notice partially vacate the Premises in the same proportion that the Rentable Area taken bears to the other party by the effective date of such taking. If all or any part total Rentable Area of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect to the part of the Premises so taken as of the date when the possession of such part is required. 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 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 of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocation.
Appears in 1 contract
Samples: Lease Agreement (Sonosight Inc)
Taking. If 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 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 a material termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises that Tenant's operation 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 is not reasonably practicable as reasonably determined 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 parties, either party Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall have the right to terminate this Lease effective as of be reduced from the date possession Tenant is required to be surrendered to said authority by written notice partially vacate the Premises in the same proportion that the Rentable Area taken bears to the other party by the effective date of such taking. If all or any part total Rentable Area of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect to the part of the Premises so taken as of the date when the possession of such part is required. 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 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 of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocation.
Appears in 1 contract
Taking. If any material portion In case the whole of the Project 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 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 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 the parties, either party shall have the right to terminate this Lease effective as of the date possession is required to be surrendered to said authority by written notice to the other party by the effective date of such taking. If all or any part of the Premises shall be taken, and if such taking the Prime Lease is permanent, terminated pursuant to its terms or the term terms of this Lease shall automatically terminate the Prime Landlord’s Consent with respect to the part portion of the Prime Lease Premises so taken that includes the Subleased Premises, then this Sublease shall thereupon terminate. Except as expressly permitted by the terms of this Sublease or the date when the possession Prime Landlord’s Consent, (i) Subtenant shall not because of such part is required. Tenant shall not taking assert any claim against Sublandlord, Prime Landlord or the taking authority for any compensation because of such taking, other than a claim for any separate award attributable to and (ii) Sublandlord or Prime Landlord, in accordance with the value of any personal property or trade fixtures of Tenant which are takenPrime Lease, costs of Tenant's relocation, and Tenant hereby assigns to Landlord all of Tenant's interest in, and Landlord shall be entitled to receive, receive the entire amount of any other award without deduction for any estate or interest of Tenant (including, without limitation, any award attributable to Subtenant. Subtenant shall have no claim against Sublandlord or Prime Landlord for the value of any unexpired portion of the remaining Term of this Lease)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 Tenant nor Landlord so elects to terminatethis Sublease or the Prime Lease is terminated, Landlord shallSublandlord or Prime Landlord, in accordance with the Prime Lease, shall be entitled to the extent entire amount of proceeds receivedthe award without deduction for any estate or interest of Subtenant and in such event, commence Sublandlord or Prime Landlord, in accordance with the Prime Lease and Prime Landlord’s Consent, shall promptly proceed to restore the Subleased Premises to substantially their same condition prior to such partial taking, and a proportionate abatement the Rent shall be made to Tenant for the Monthly Base Rent and Tenant's obligation for payment of Tenant's Expenses Excess corresponding abated in proportion to the time during which, and to the part of the Subleased Premises of which, Tenant Subtenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 Article 13 shall be deemed to give Sublandlord or Prime Landlord any interest in in, or prevent Subtenant from seeking any award made to Tenant for against the taking authority for, the taking of Tenant's personal property and trade fixtures belonging to Subtenant or for Tenant's costs of relocationrelocation or business interruption expenses recoverable from the taking authority.
Appears in 1 contract
Taking. If 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 all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Lessee is required to vacate the Premises and all Rent and Additional 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 a taking of any part of the Premises by Eminent Domain renders the remainder thereof unusable for the business of Lessee, in the reasonable judgment of 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 City gives Lessee written notice of the taking, and such a material termination shall be effective as of the date when Lessee is required to vacate the portion of the Premises that Tenant's operation from so taken. If this Lease is so terminated, all Rent and Additional 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, City, at its 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 is not reasonably practicable as reasonably determined by the parties, either party shall have the right to terminate this Lease effective as of the date possession is required to be surrendered to said authority by written notice to the other party by the effective date of such taking. If all or any part of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect condition they were in immediately prior to the part of the Premises so taken as of the date when the possession of such part is required. 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 and Lessee, at its expense, shall proceed with all reasonable dispatch to restore its personal property and all improvements made by it 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 Premises to the value of the remaining Term of this Lease). If neither Tenant nor Landlord so elects same condition they were in immediately prior to terminate, Landlord shallsuch taking, to the extent of proceeds received, commence award is available therefor. The Rent and Additional Charges payable hereunder shall be reduced from the date Lessee is required to restore partially vacate the Premises to substantially their in the same condition prior to such partial taking, and a proportionate abatement shall be made to Tenant for proportion that the Monthly Base Rent and Tenant's obligation for payment of Tenant's Expenses Excess corresponding Rentable Area taken bears to the time during which, and to the part total Rentable Area of the Premises of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed prior to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocationtaking.
Appears in 1 contract
Samples: Lease Agreement
Taking. If any material portion all of the Project 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 taken for paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any public governmental or quasi-public purpose statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any lawful power or authority by exercise other person. If, in the reasonable judgment of Xxxxxxxx, a taking of any part of the right of appropriation, condemnation or eminent domainPremises by Eminent Domain, or sold to prevent such a taking to such an extent as to render untenantable of part or all of the entirety 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 a material termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises that Tenant's operation from 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 is not reasonably practicable as reasonably determined 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 parties, either party Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall have the right to terminate this Lease effective as of be reduced from the date possession Tenant is required to be surrendered to said authority by written notice partially Vacate the Premises in the same proportion that the Rentable Square Footage taken bears to the other party by the effective date of such taking. If all or any part total Rentable Square Footage of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect to the part of the Premises so taken as of the date when the possession of such part is required. 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 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 of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of 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 again uxxxxx by Tenant. Nothing contained in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocation.
Appears in 1 contract
Samples: Master Lease (Tripath Imaging Inc)
Taking. If any material portion In case the whole of the Project Premises, or such part of the Premises or the Building as shall substantially interfere with Tenant’s use and occupancy of the Premises, shall be taken (whether permanent or temporarily for any public or quasi-public purpose a period that exceeds 30 days) by any lawful power or authority by exercise of the right of appropriation, condemnation or eminent domain, or sold to prevent such taking to taking, within sixty (60) days after receipt of notice of such an extent as to render untenantable the entirety of the Premises 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 the partiestaking, either party shall have the right to Tenant or Landlord may terminate this Lease effective as of the date possession is required to be surrendered to said authority authority. If a portion of the Building or Property is so taken or sold in lieu thereof, which renders the Building or Property economically unviable for its use as presently intended, or requires cancellation of substantially all tenant leases in the Building, or any Landlord’s Mortgagee requires that Landlord terminate this Lease, 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 the other party by the effective date of such taking. If all or any part of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect Tenant within sixty (60) days following notice to the part of the Premises so taken as Landlord of the date when the possession of such part is requiredon which said vesting will occur. Tenant shall not because of such taking assert any claim against Landlord Landlord, any Landlord’s Mortgagee 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, receive the entire amount of any other award without deduction for any estate or interest of Tenant (including, without limitation, any award attributable Tenant. In the event this Lease is not terminated pursuant to the value of the remaining Term of this Lease). If neither Tenant nor Landlord so elects to terminateSection 14.1, Landlord shall, to the extent of proceeds received, commence to shall restore the Premises Premises, the Building and the Property to substantially their same condition prior to such partial taking, and a proportionate abatement the Rent shall be made to Tenant for the Monthly Base Rent and Tenant's obligation for payment of Tenant's Expenses Excess corresponding abated in proportion to the time during which, and to the part of the Premises Premises, the Common Area and/or the Parking Facility of which, Tenant shall be so is actually deprived of normal and customary use on account of such taking and restoration in substantially the same manner as before the taking and restoration; . 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 that to and used by Tenant, if any, during the progress of Landlord's restoration work the balance period 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 again uxxxxx by Tenantabatement. Nothing contained in this Section 12.1 shall be deemed to give Landlord any interest in any in, or prevent Tenant from seeking a separate award made to Tenant for against the taking authority for, the taking of Tenant's personal property and trade fixtures belonging to Tenant or for Tenant's costs of relocationrelocation or business interruption expenses recoverable from the taking authority.
Appears in 1 contract