Common use of Taking Clause in Contracts

Taking. If the Premises are taken by condemnation or right of eminent domain then this Lease shall terminate as of the date that Tenant has been deprived of possession. If, however, less than all the Premises has been taken by eminent domain but there has been taken such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes of the Tenant shall be taken by condemnation or right of eminent domain, or if access to the Premises is materially, adversely and permanently affected by such a taking or if more than ten (10) parking spaces allocated to Tenant's use are taken by such condemnation or right of eminent domain and Landlord promptly does not provide alternative spaces to Tenant reasonably acceptable to Tenant, Tenant, upon written notice to the Landlord, shall be entitled to terminate this lease, provided that such notice is given not later than thirty (30) days after the Tenant has been deprived of possession. For the purposes of this Article, any deed or other transfer of title in lieu of any such taking shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part of the Premises be so taken or condemned, and should this Lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings, in restoring the Premises to an architectural unit as nearly like their condition prior to such taking as shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this Lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award.

Appears in 2 contracts

Samples: Keane Inc, Keane Inc

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Taking. If (a) In the event all or any part of the Mortgaged Property shall be damaged or taken as a result of a Taking, either temporarily or permanently, Agency and Mortgagor shall assign, transfer and set over unto Mortgagee the Taking Proceeds or any claim for damages for any of the Premises are taken by condemnation or right of eminent domain then this Lease shall terminate as of damaged under the date that Tenant has been deprived of possession. If, however, less than all the Premises has been taken by eminent domain but there has been taken such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes of the Tenant shall be taken by condemnation or right power of eminent domain, or if access to the Premises is materially, adversely and permanently affected by such a taking or if more than ten (10) parking spaces allocated to Tenant's use are taken by such condemnation or right of eminent domain and Landlord promptly does not provide alternative spaces to Tenant reasonably acceptable to Tenant, Tenant, upon written notice to the Landlord, shall be entitled to terminate this lease, provided agrees that such notice is given not later than thirty (30) days after the Tenant has been deprived of possession. For the purposes of this Article, any deed or other transfer of title in lieu of any such taking shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should whole or any part of the Premises is taken by eminent domain proceedings, then all sums awarded as damages for the Taking shall be so taken applied in reduction of the indebtedness secured by this Mortgage, but without imposition of the prepayment premium to such application. Any and all costs and expenses, including, without limitation, reasonable attorneys' fees and expenses to the 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 should Agency and/or from the Taking Proceeds, payment of the entire amount of the indebtedness secured by this Lease not 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 terminated conducted, and the proceeds to be disbursed, in accordance with the foregoing provision, the Landlord covenants Mortgagee's customary construction loan practices and agrees within a reasonable time after such taking or condemnation, and the determination of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings, in restoring the Premises to an architectural unit as nearly like their condition prior to such taking as shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this Lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the awardrequirements.

Appears in 2 contracts

Samples: Mortgage and Security Agreement (Mapinfo Corp), Mortgage and Security Agreement (Mapinfo Corp)

Taking. If all of the Premises are taken by condemnation or right of eminent domain then 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 Tenant has been deprived date. The term "Eminent Domain" shall include the taking or damaging of possessionproperty 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, howeverin the reasonable judgment of Landlord, less than all a taking of any part of the Premises has been taken by eminent domain but there has been taken such portion Eminent Domain renders the remainder thereof as to render the balance (when reconstructed) unsuitable unusable for the purposes business of Tenant (or the Tenant shall be taken by condemnation or right cost of eminent domain, or if access to restoration of the Premises is materiallynot commercially reasonable), adversely and permanently affected the Lease may, at the option of either party, be terminated by such a taking or if more than ten (10) parking spaces allocated to Tenant's use are taken by such condemnation or right of eminent domain and Landlord promptly does not provide alternative spaces to Tenant reasonably acceptable to Tenant, Tenant, upon written notice given to the Landlord, shall be entitled to terminate this lease, provided that such notice is given other party not later more than thirty (30) days after Landlord gives Tenant written notice of the Tenant has been deprived of possession. For the purposes of this Articletaking, any deed or other transfer of title in lieu of any and such taking termination shall be treated effective as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in date when Tenant is required to vacate the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part portion of the Premises be so taken or condemned, and should 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 be terminated in accordance terminated, Landlord shall at its expense proceed with all reasonable dispatch to restore, to the foregoing provisionextent of available proceeds issued from the taking governmental authority and to the extent it is reasonably prudent to do so, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination remainder of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings, in restoring the Premises to an architectural unit as nearly like their the condition they were in immediately prior to such taking as taking, and Tenant shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, at its expense proceed with all reasonable diligence, or terminate this Leasedispatch 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. Where The Base and Additional Rent payable hereunder shall be reduced from the date Tenant has not already exercised any right of termination accorded is required to it under partially vacate the foregoing portion of this paragraph, Premises in the Landlord shall notify same proportion that the Tenant Rentable Area taken bears to the total Rentable Area of the Landlord's election not later than ninety (90) days after the final determination of the amount of the awardPremises prior to taking.

Appears in 2 contracts

Samples: Office Lease Agreement (F5 Networks Inc), Office Lease Agreement (F5 Networks Inc)

Taking. If there shall be a total taking of the Premises are taken Building in condemnation proceedings or by condemnation or any right of eminent domain then domain, this Lease and the Term and estate hereby granted shall terminate as of the date of taking of possession by the condemning authority and all Base Rent and Additional Rent under Article 4 shall be prorated and paid as of such termination date. If there shall be a taking of (x) at least forty percent (40%) of the Building or (y) any material (in Landlord’s reasonable judgment) portion of the Land or the Building, including at least forty percent (40%) of the Premises, then in either such case Landlord may terminate this Lease and the Term and estate granted hereby by giving notice to Tenant within sixty (60) days after the date of taking of possession by the condemning authority, provided that Tenant has been deprived Landlord shall concurrently terminate the leases covering at least 75% of possessionthe rentable area of the Building (including the Premises). If, however, If there shall be a taking of the Premises of such scope (but in no event less than all forty percent (40%) of the Premises) that the untaken part of the Premises has been 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 sixty (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 notice and all Base Rent and Additional Rent under Article 4 shall be prorated and paid as of such termination date. In the event of a taking of the Premises which does not result in the termination of this Lease (i) the Term and estate hereby granted with respect to the taken part of the Premises shall terminate as of the date of taking of possession by eminent domain but there has been taken such portion thereof as to render the balance (when reconstructed) unsuitable condemning authority and all Base Rent and Additional Rent under Article 4 shall be appropriately abated for the purposes period from such date to the Expiration Date and (ii) Landlord shall perform the work required to be performed by Landlord pursuant to Section 23.04 of the Tenant this Lease. “Condemnation” shall be taken by mean a total or partial taking in condemnation or by right of eminent domain, or if access to the Premises is materially, adversely and permanently affected by such a taking or if more than ten (10) parking spaces allocated to Tenant's use are taken by such condemnation or right of eminent domain and Landlord promptly does not provide alternative spaces to Tenant reasonably acceptable to Tenant, Tenant, upon written notice to the Landlord, shall be entitled to terminate this lease, provided that such notice is given not later than thirty (30) days after the Tenant has been deprived of possession. For the purposes of this Article, any deed or other transfer of title in lieu of any such taking shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part of the Premises be so taken or condemned, and should this Lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings, in restoring the Premises to an architectural unit as nearly like their condition prior to such taking as shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this Lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award.

Appears in 1 contract

Samples: Lease (KCG Holdings, 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 of the Premises are taken or such a material portion of the Premises that Tenant's operation from the remainder of the Premises is not reasonably practicable as reasonably determined by condemnation or the parties, either party shall have the right of eminent domain then to terminate this Lease shall terminate effective as of the date that Tenant has been deprived of possession. If, however, less than all the Premises has been taken possession is required to be surrendered to said authority by eminent domain but there has been taken such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes of the Tenant shall be taken by condemnation or right of eminent domain, or if access to the Premises is materially, adversely and permanently affected by such a taking or if more than ten (10) parking spaces allocated to Tenant's use are taken by such condemnation or right of eminent domain and Landlord promptly does not provide alternative spaces to Tenant reasonably acceptable to Tenant, Tenant, upon written notice to the Landlord, shall be entitled to terminate this lease, provided that such notice is given not later than thirty (30) days after the Tenant has been deprived of possession. For the purposes of this Article, any deed or other transfer of title in lieu of any such taking shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on party by the effective date thereofof such taking. Should 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 condemnedthe 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 should this Lease not Tenant hereby assigns to Landlord all of Tenant's interest in, and Landlord shall be terminated in accordance with the foregoing provisionentitled to receive, the Landlord covenants and agrees within a reasonable time after such taking entire amount of any other award without deduction for any estate or condemnationinterest of Tenant (including, and without limitation, any award attributable to the determination value of the Landlord's award thereinremaining Term of this Lease). If neither Tenant nor Landlord so elects to terminate, Landlord shall, to expend so much as may be necessary the extent of the net amount which may be awarded proceeds received, commence to the Landlord in such condemnation proceedings, in restoring restore the Premises to an architectural unit as nearly like substantially their same condition prior to such taking as partial taking, and a proportionate abatement shall be practicable. Should made to Tenant for the net amount so awarded Monthly Base Rent and Tenant's obligation for payment of Tenant's Expenses Excess corresponding to the Landlord time during which, and to the part of the Premises of which, Tenant shall be insufficient to cover so deprived on account of such taking and restoration; provided that if during the cost progress of restoring the Premises, as estimated by the Landlord's architect, restoration work the Landlord may, but shall not be obligated to, supply the amount balance of such insufficiency and restore the Premises as above providedcannot reasonably be used by Tenant for the operation of its business, with all reasonable diligence, or terminate this Lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing 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 paragraph, Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the Landlord shall notify the Tenant taking of the LandlordTenant's election not later than ninety (90) days after the final determination personal property and trade fixtures or for Tenant's costs of the amount of the awardrelocation.

Appears in 1 contract

Samples: Office Lease (Spatialight Inc)

Taking. If In case the Premises are taken by condemnation or right of eminent domain then this Lease shall terminate as whole of the date that Tenant has been deprived of possession. IfSubleased Premises, however, less than all the Premises has been taken by eminent domain but there has been taken or such portion part thereof as to render the balance (when reconstructed) unsuitable for the purposes or of the Tenant Building Property as shall substantially interfere with Subtenant’s use and occupancy thereof, shall be taken by condemnation any lawful power or authority by exercise of the right of eminent domain, or sold to prevent such taking, and if access the Prime Lease is terminated pursuant to its terms or the terms of the Prime Landlord’s Consent with respect to the portion of the Prime Lease Premises is materiallythat includes the Subleased Premises, adversely then this Sublease shall thereupon terminate. Except as expressly permitted by the terms of this Sublease or the Prime Landlord’s Consent, (i) Subtenant shall not because of such taking assert any claim against Sublandlord, Prime Landlord or the taking authority for any compensation because of such taking, and permanently affected by such a taking (ii) Sublandlord or if more than ten (10) parking spaces allocated to Tenant's use are taken by such condemnation or right of eminent domain and Landlord promptly does not provide alternative spaces to Tenant reasonably acceptable to TenantPrime Landlord, Tenant, upon written notice to in accordance with the LandlordPrime Lease, shall be entitled to terminate this lease, provided that such notice is given not later than thirty (30) days after receive the Tenant has been deprived entire amount of possessionany award without deduction for any estate or interest of Subtenant. For Subtenant shall have no claim against Sublandlord or Prime Landlord for the purposes value of any unexpired portion of the Term of this ArticleSublease, any deed other than for prepaid Rent. If the amount of property or other transfer the type of title in lieu of any such taking estate taken shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking not substantially interfere with Subtenant’s use of the Tenant's entire leasehold interest hereunder in Subleased Premises and neither this Sublease or the Premises (Prime Lease is terminated, Sublandlord or assignment or termination in lieu thereof) shall be treated as a taking of the entire PremisesPrime Landlord, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part of the Premises be so taken or condemned, and should this Lease not be terminated in accordance with the foregoing provisionPrime Lease, shall be entitled to the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination entire amount of the Landlord's award therein, to expend so much as may be necessary without deduction for any estate or interest of the net amount which may be awarded to the Landlord Subtenant and in such condemnation proceedingsevent, Sublandlord or Prime Landlord, in restoring accordance with the Prime Lease and Prime Landlord’s Consent, shall promptly proceed to restore the Subleased Premises to an architectural unit as nearly like substantially their condition prior to such taking as partial taking, and the Rent shall be practicable. Should the net amount so awarded abated in proportion to the time during which, and to the part of the Subleased Premises of which, Subtenant shall be so deprived on account of such taking and restoration. Nothing contained in this Article 13 shall be deemed to give Sublandlord or Prime Landlord be insufficient to cover any interest in, or prevent Subtenant from seeking any award against the cost of restoring the Premises, as estimated by the Landlord's architecttaking authority for, the Landlord may, but shall not be obligated to, supply taking of personal property and fixtures belonging to Subtenant or for relocation or business interruption expenses recoverable from the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this Lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the awardtaking authority.

Appears in 1 contract

Samples: Place Sublease (New Century Financial Corp)

Taking. If In case the whole of the Premises, or such part of the Premises are taken by condemnation or right of eminent domain then this Lease the Building as shall terminate as substantially interfere with Tenant’s use and occupancy of the date that Tenant has been deprived of possession. IfPremises, however, less than all the Premises has been taken by eminent domain but there has been taken such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes of the Tenant shall be taken (whether permanent or temporarily for a period that exceeds 30 days) by condemnation any lawful power or authority by exercise of the right of eminent domain, or if access sold to prevent such taking, within sixty (60) days after receipt of notice of such taking, either Tenant or Landlord may terminate this Lease effective as of the Premises date possession is materiallyrequired to be surrendered to said authority. If a portion of the Building or Property is so taken or sold in lieu thereof, adversely and permanently affected 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 a taking or if more than ten (10) parking spaces allocated to Tenant's use are taken sale, by such condemnation or right of eminent domain and Landlord promptly does not provide alternative spaces to Tenant reasonably acceptable to Tenant, Tenant, upon written notice to Tenant within sixty (60) days following notice to Landlord of the date on which said vesting will occur. Tenant shall not because of such taking assert any claim against Landlord, any Landlord’s Mortgagee or the taking authority for any compensation because of such taking, and Landlord shall be entitled to terminate this lease, provided that such notice is given not later than thirty (30) days after receive the Tenant has been deprived of possession. For the purposes of this Article, any deed or other transfer of title in lieu entire amount of any such taking award without deduction for any estate or interest of Tenant. In the event this Lease is not terminated pursuant to this Section 14.1, Landlord shall be treated as such a taking. Moreover, for restore the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part of the Premises be so taken or condemned, and should this Lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, Building and the determination of the Landlord's award therein, Property to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings, in restoring the Premises to an architectural unit as nearly like substantially their condition prior to such taking as partial taking, and the Rent shall be practicable. Should the net amount so awarded abated in proportion to the Landlord be insufficient time during which, and to cover the cost part of restoring the Premises, the Common Area and/or the Parking Facility of which, Tenant is actually deprived of normal and customary use on account of such taking and restoration in substantially the same manner as estimated 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 to and used by Tenant, if any, during the Landlord's architectperiod of the Rent abatement. Nothing contained in this Section shall be deemed to give Landlord any interest in, or prevent Tenant from seeking a separate award against the taking authority for, the Landlord may, but shall not be obligated to, supply taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this Lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the awardtaking authority.

Appears in 1 contract

Samples: Office Lease (BigCommerce Holdings, Inc.)

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Taking. If there shall be a total taking of the Premises are taken Building in condemnation proceedings or by condemnation or any right of eminent domain then domain, this Lease and the Term and estate hereby granted shall terminate as of the date that of taking of possession by the condemning authority and all Base Rent and Additional Rent under Article 4 shall be 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 such taking), then Landlord may terminate this Lease and the Term and estate granted hereby by giving notice to Tenant has been deprived within 60 days after the date of possessiontaking of possession by the condemning authority. If, however, If there shall be a taking of the Premises of such scope (but in no event less than all 25% of the Above-Grade Premises) that the untaken part of the Premises has been 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 notice and all Base Rent and Additional Rent under Article 4 shall be prorated and paid as of such termination date. 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 terminate as of the date of taking of possession by eminent domain but there has been taken such portion thereof as to render the balance (when reconstructed) unsuitable condemning authority and all Base Rent and Additional Rent under Article 4 shall be appropriately abated for the purposes period from such date to the Expiration Date and (b) Landlord shall perform the work required to be performed by Landlord pursuant to Section 23.04 of the Tenant this Lease. “Condemnation” shall be taken by mean a total or partial taking in condemnation or by right of eminent domain, or if access to the Premises is materially, adversely and permanently affected by such a taking or if more than ten (10) parking spaces allocated to Tenant's use are taken by such condemnation or right of eminent domain and Landlord promptly does not provide alternative spaces to Tenant reasonably acceptable to Tenant, Tenant, upon written notice to the Landlord, shall be entitled to terminate this lease, provided that such notice is given not later than thirty (30) days after the Tenant has been deprived of possession. For the purposes of this Article, any deed or other transfer of title in lieu of any such taking shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part of the Premises be so taken or condemned, and should this Lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings, in restoring the Premises to an architectural unit as nearly like their condition prior to such taking as shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this Lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award.122

Appears in 1 contract

Samples: Agreement (Bank of New York Mellon Corp)

Taking. If the Premises are taken by condemnation or right of eminent domain then this Lease shall terminate as Seller has knowledge of the date that Tenant has been deprived actual or threatened taking of possession. If, however, less than all the Premises has been taken by eminent domain but there has been taken such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes or any part of the Tenant shall be taken Real Property and/or Parking Easement Property by condemnation or exercise of right of eminent domain, Seller will give Purchaser prompt written notice (a “Condemnation Notice”) of such event. If, on or if access before the Closing Date, all of the Real Property and/or Parking Easement Property shall be taken or threatened to the Premises is materially, adversely and permanently affected by such a taking or if more than ten (10) parking spaces allocated to Tenant's use are be taken by such condemnation exercise of right or right of eminent domain and Landlord promptly does not provide alternative spaces to Tenant reasonably acceptable to Tenantdomain, Tenant, upon written notice to the Landlord, or there shall be entitled taken or threatened to be taken so material a part thereof that, in the reasonable judgment of Purchaser, the taking does or, in the case of a threatened taking, will, materially interfere with the use of the Hotel, then Purchaser may elect to terminate this lease, provided that Agreement by giving Seller Notice to such notice is given not later than thirty effect by the earlier to occur of (30a) the Closing Date or (b) 15 days after Seller has given Purchaser the Tenant has been deprived Condemnation Notice. If Purchaser elects to terminate this Agreement pursuant to this Section 13.2, this Agreement shall be deemed null and void (except for those obligations which expressly survive termination), the parties hereto shall have no further obligations to or recourse against each other except as otherwise expressly set forth herein, and the Deposit shall be returned to Purchaser. If Purchaser does not timely elect to terminate this Agreement or if Purchaser is obligated to close because the condemnation does not materially interfere with the use of possessionthe Hotel, then the Closing shall take place as herein provided without any abatement of the Purchase Price, and Seller shall, by written instrument at the Closing, assign to Purchaser all of Seller’s and/or the Parking Easement Property owner’s right, title and interest in and to any condemnation award. For the purposes of this Article, any deed or other transfer of title in lieu of any such taking shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part of the Premises be so taken or condemned, and should this Lease not be terminated in accordance with the foregoing provisionSection 13.2, the Landlord covenants and agrees term “taking” shall include temporary takings in excess of 15 days within a reasonable time after such taking or condemnation, and the determination of the Landlord's award therein, to expend so much 365-day period as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings, in restoring the Premises to an architectural unit well as nearly like their condition prior to such taking as shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this Lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the awardpermanent takings.

Appears in 1 contract

Samples: Purchase and Sale Agreement (DiamondRock Hospitality Co)

Taking. If all of the Premises are taken by condemnation or right of eminent domain then Eminent Domain, this Lease shall terminate as of the date that Tenant has been deprived of possession. If, however, less than all Lessee is required to vacate the Premises has been taken 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 eminent domain but there has been taken such portion government or any other person. If a taking of any part of the Premises by Eminent Domain renders the remainder thereof as to render the balance (when reconstructed) unsuitable unusable for the purposes business of Lessee, in the Tenant shall reasonable judgment of City, the Lease may, at the option of either party, be taken terminated by condemnation or right of eminent domain, or if access written notice given to the Premises is materially, adversely and permanently affected by such a taking or if other party not more than ten (10) parking spaces allocated to Tenant's use are taken by such condemnation or right of eminent domain and Landlord promptly does not provide alternative spaces to Tenant reasonably acceptable to Tenant, Tenant, upon written notice to the Landlord, shall be entitled to terminate this lease, provided that such notice is given not later than thirty (30) days after City gives Lessee written notice of the Tenant has been deprived of possession. For the purposes of this Articletaking, any deed or other transfer of title in lieu of any and such taking termination shall be treated effective as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in date when Lessee is required to vacate the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part portion of the Premises be so taken or condemned, and should 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 be terminated in accordance terminated, City, at its expense, shall proceed with all reasonable dispatch to restore, to the foregoing provisionextent of available proceeds and to the extent it is reasonably prudent to do so, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination remainder of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings, in restoring the Premises to an architectural unit as nearly like their the condition they were in immediately prior to such taking as taking, and Lessee, at its expense, shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, proceed with all reasonable diligencedispatch 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, or terminate this Leaseto the extent award is available therefor. Where The Rent and Additional Charges payable hereunder shall be reduced from the Tenant has not already exercised any right of termination accorded date Lessee is required to it under partially vacate the foregoing portion of this paragraph, Premises in the Landlord shall notify same proportion that the Tenant Rentable Area taken bears to the total Rentable Area of the Landlord's election not later than ninety (90) days after the final determination of the amount of the awardPremises prior to taking.

Appears in 1 contract

Samples: Pitch and Putt Lease Agreement

Taking. If a. In the event all or any part of the Mortgaged Property shall be damaged or taken as a result of a Taking, either temporarily or permanently, Mortgagor shall assign, transfer and set over unto Mortgagee the Taking Proceeds or any claim for damages for any of the Premises are taken by condemnation or right of eminent domain then this Lease shall terminate as of damaged under the date that Tenant has been deprived of possession. If, however, less than all the Premises has been taken by eminent domain but there has been taken such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes of the Tenant shall be taken by condemnation or right power of eminent domain, or if access to the Premises is materially, adversely and permanently affected by such a taking or if more than ten (10) parking spaces allocated to Tenant's use are taken by such condemnation or right of eminent domain and Landlord promptly does not provide alternative spaces to Tenant reasonably acceptable to Tenant, Tenant, upon written notice to the Landlord, shall be entitled to terminate this lease, provided agrees that such notice is given not later than thirty (30) days after the Tenant has been deprived of possession. For the purposes of this Article, any deed or other transfer of title in lieu of any such taking shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should whole or any part of the Premises is taken by eminent domain proceedings, then all sums awarded as damages for the Taking shall be so taken applied in reduction of the indebtedness secured by this Mortgage, but without imposition of the prepayment premium to such application. Any and all costs and expenses, including, without limitation, reasonable attorneys’ fees and expenses to the 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, and should this Lease not be terminated in accordance with Mortgagee shall receive from Mortgagor and/or from the foregoing provision, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination Taking Proceeds payment of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings, in restoring the Premises to an architectural unit as nearly like their condition prior to such taking as shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this Lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the entire amount of the awardindebtedness secured by this Mortgage.

Appears in 1 contract

Samples: Mortgage and Security Agreement (Document Security Systems Inc)

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