Tenant’s Termination Right. If the part of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as to such portion of the Premises by notice to Landlord given within 60 days following the date upon which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hall, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnation.
Appears in 5 contracts
Samples: Lease Agreement (MSG Entertainment Spinco, Inc.), Lease Agreement (MSG Entertainment Spinco, Inc.), Lease (MSG Spinco, Inc.)
Tenant’s Termination Right. If This Lease contemplates that Landlord shall make reasonable good faith efforts to procure the part requisite government permits and approvals for its construction of the Buildings or Proposed Building on the Real Property so acquired or condemned contains Property, in a substantial part timely fashion, such that Tenant can begin its occupancy of the total area Proposed Building on or about June 1, 2001. Preliminarily, commencing upon execution of this Lease Landlord shall pursue its engineering studies of the portion site to determine the feasibility of the Premises located Proposed Building, and shall provide such information to Tenant. Additionally, within sixty (60) days from the date this Agreement is executed and delivered, Landlord shall provide Tenant with a commitment letter from a federal insured bank or major insurance company as to its sound interest in such Building immediately prior to such acquisition or condemnationfinancing the Proposed Building, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access subject to the Premisesusual and customary commercial terms and conditions. If Landlord can not obtain such a letter Landlord shall so notify Tenant and Tenant shall have the option to provide Landlord with options for such financing on commercially reasonable non-recourse terms; which Landlord shall entertain in good faith but which Landlord shall not be bound or required in any manner to accept. If Landlord does not deliver a third party commitment letter (or alternatively does not demonstrate an ability to fund Landlord's Build-Out with its own resources) or does not accept Tenant's financing proposals as contemplated above, then Tenant may terminate this Lease upon written notice to Landlord as contemplated below. Landlord shall file for any and all requisite permits and approvals needed for construction, use and occupancy of the Proposed Building. If despite Landlord's efforts, all requisite government permits and approvals for its construction of the Proposed Building on the Property are not procured by January 1, 2001 (and Landlord does not actually deliver the Proposed Building by June 1, 2001 if Landlord elects to proceed with and substantially complete its construction by that date if such permits and approvals have been delayed beyond January 1, 2001) then Tenant shall have the right to terminate this Lease on the following terms and conditions: (a) Tenant shall deliver a written notice to Landlord irrevocably terminating this Lease (the "Tenant's Termination Notice") at least nine (9) full months prior to the Tenant's stated date of termination, time being of the essence in the delivery of said Notice; (b) no termination shall occur and no Tenant's Termination Notice shall be delivered until the fifth (5th) Lease Year hereunder, and no termination shall be effective until the beginning of the sixth Lease Year (i.e. the 61st month under this Lease); (c) notwithstanding Tenant's rights to terminate this Lease, Tenant shall continue to abide by all Lease terms and conditions as to such the Existing Building and related Property areas, including but not limited to the payment of all Rent and other expenses due under this Lease, up to the effective date of termination; (d) Tenant shall pay Landlord for the entire unamortized portion of the Premises by notice to Landlord given within 60 days following the date upon which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion Lease commission as of the termination date, prior to vacating the Premises so affected shall be the Music Hall, then Tenant’s right of occupied by it. Tenant hereby acknowledges that its termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date rights as set forth in this Section 3.3 constitute its sole and exclusive remedy accruing on account of Landlord's inability to procure permits and approvals and to deliver the notice Proposed Building as to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationcontemplated above.
Appears in 3 contracts
Samples: Lease (Brooks Automation Inc), Lease (Brooks Automation Inc), Lease (Pri Automation Inc)
Tenant’s Termination Right. If the part of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnationare totally damaged and are thereby rendered untenantable, or if, by reason if the Building shall be so damaged that Tenant is deprived of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as and if Landlord elects to such portion of restore the Premises, or if the Premises by notice to are partially damaged and rendered partially untenantable so that undue hardship or material interference, in Tenant's judgment reasonably exercised, is caused in the conduct of Tenant's business operations in the Premises, Landlord given shall, within 60 sixty (60) days following the date upon of the damage, cause a contractor or architect selected by Landlord to give notice ("Restoration Notice") to Tenant of the date by which Tenant received notice of such acquisition contractor or condemnation; provided, however, that if architect estimates the portion restoration of the Premises so affected shall be substantially completed. If the Music Hall, then Tenant’s right of termination Restoration Notice estimates that the restoration shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall not be substantially completed on or before a date ("Landlord's Restoration Date") which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically shall be used for its intended purpose, two hundred and ten (210) days following the date upon which Tenant received notice of such acquisition or condemnationdamage, subject to extension by reason of force majeure, then Tenant may shall have the right to terminate this Lease by giving written notice ("Termination Notice") to LandlordLandlord not later than twenty (20) days following Tenant's receipt of the Restoration Notice. If Tenant so notifies Landlorddelivers to Landlord a Termination Notice, this Lease shall terminate and the Term shall end and expire upon be deemed to have terminated as of the date therefor set forth in the notice as to the portion of the Premises covered therebyTermination Notice, which date shall not be more later than 30 days the sixtieth (60th) day following delivery of the giving Termination Notice, as if such date was the Expiration Date, and Rent shall be apportioned and shall be paid or refunded, as the case may be, up to and including the date of such noticetermination. If a part Tenant shall not have given the Termination Notice pursuant to this Section 13.3, and Landlord shall fail to substantially complete the restoration of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, the provisions hereof (or the Building to the extent necessary to provide Tenant with access to the Premises) on or before Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall's Restoration Date, subject to the provisions extension by reason of any Mortgage or Superior Leaseforce majeure, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case then Tenant shall have the right to terminate this Lease by delivery to Landlord of a Termination Notice not later than twenty (20) days following Landlord's Restoration Date (as such date may be obligated to restore Tenant’s Property relating to such portion extended by reason of the Premises to the condition which existed immediately prior to such acquisition or condemnationforce majeure).
Appears in 2 contracts
Samples: Lease Agreement (Eresearchtechnology Inc), Lease Agreement (Premier Research Worldwide LTD)
Tenant’s Termination Right. If In the part event (i) that Tenant's gross sales (as defined in Section 5 of this Lease) shall be less than Six Million Six Hundred Thousand Dollars ($6,600,000.00) in either of the Buildings eighth (8th) or the Real Property so acquired or condemned contains a substantial part ninth (9th) Lease Years of the total area initial term hereof, and (ii) Tenant was open and operating for business for the Permitted Use during the Center's standard business days and hours during the eighth (8th) and ninth (9th) Lease Years (unless Tenant was not open and operating on account of casualty or condemnation), Tenant shall have the right, at Tenant's sole election, provided that Tenant is not then in default of the portion terms of this Lease beyond any applicable notice and cure periods, on or before the date (the "Last Termination Notice Date") which is thirty (30) days after the end of the Premises located in such Building immediately prior ninth (9th) Lease Year, to such acquisition or condemnation, or if, by reason send to Landlord a notice terminating this Lease as of such acquisition or condemnation, the last day of the tenth (10th) Lease Year (the "Tenant's Termination Date"). In the event that Tenant no longer has reasonable means of access to the Premises, Tenant may shall so terminate this Lease as to such portion in accordance with the provisions of the Premises by notice to Landlord given within 60 days following the date upon which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hallthis Section 50, then Tenant’s right the term of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and expire on Tenant's Termination Date with the Term shall end same force and expire upon effect as though said date was the scheduled expiration date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following term under this Lease. Notwithstanding the giving of such notice. If a part termination notice and Tenant's exercise of the Premises its termination right under this Section 50, Tenant shall be so acquired or condemned perform and observe all of Tenant's obligations under this Lease through and including the Term Tenant's Termination Date and Tenant shall not be terminated in accordance with this Section, pay to Landlord, on or before the Tenant's Termination Date, the sum of One Hundred Thousand Dollars ($100,000.00). In the event Tenant exercises the termination right provided for in this Section 50, Landlord shall have the right, upon ten (10) days prior written notice, at Landlord’s expense but without requiring Tenant's corporate headquarters, to examine Tenant's books and records relating to gross receipts at the Premises, provided such right shall expire sixty (60) days after Tenant notifies Landlord of Tenant's exercise of Tenant's election to spend more than it collects as an award, shall, subject terminate the Lease pursuant to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationthis Section 50.
Appears in 2 contracts
Samples: Lease (DSW Inc.), Lease (Retail Ventures Inc)
Tenant’s Termination Right. If Notwithstanding anything to the part contrary contained in this Lease, in the event of material casualty damage to the Premises not resulting in termination of this Lease by Landlord, Landlord shall deliver written notice to Tenant within thirty (30) days following such casualty damage or occurrence setting forth Landlord’s good faith estimate of the Buildings or the Real Property so acquired or condemned contains a substantial part time required for completion of repair and/or restoration of the total area Premises, and if such estimated time exceeds one hundred eighty (180) days from the occurrence of the portion casualty, Tenant may elect to terminate this Lease by written notice to Landlord delivered within twenty (20) days following Tenant’s receipt of such estimate notice. In addition, in the event such repair and/or restoration of the Premises located is not actually completed within two hundred forty (240) days from the occurrence of the casualty (or such longer time period as may have been estimated in such Building immediately prior notice to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the PremisesTenant), Tenant may elect to terminate this Lease as upon thirty (30) days prior written notice to Landlord, provided that if such repair and/or restoration is completed within such thirty (30) day period, such election to terminate shall be nullified and this Lease shall continue in full force and effect. In addition, and notwithstanding anything to the contrary contained in this Lease, if the Premises or the Building is wholly or partially damaged or destroyed within the final twelve (12) months of the Term of this Lease so that Tenant shall be prevented from using the Premises for thirty (30) consecutive days due to such portion of the Premises damage or destruction, then Tenant may, at its option, by notice to Landlord given within 60 sixty (60) days following after the date upon which Tenant received notice occurrence of such acquisition damage or condemnation; provideddestruction, however, that if the portion of the Premises so affected shall be the Music Hall, then Tenant’s right of termination shall apply elect to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnation.
Appears in 2 contracts
Samples: Lease Agreement (Redwood Trust Inc), Lease Agreement (Redwood Trust Inc)
Tenant’s Termination Right. If Notwithstanding anything in this Lease to the part contrary, if in connection with any damage or destruction to a Facility that results in the loss of fifty percent (50%) or less of the Buildings licensed beds at the affected Facility or the Real Property so acquired or condemned contains a substantial part that would cost less than fifty percent (50%) of the total area value of such Facility to restore, a Facility Mortgagee elects to apply the insurance proceeds, or any portion thereof, to the indebtedness secured by the Facility Mortgage such that the full amount of the portion net insurance proceeds payable as a result of the Premises located in such Building immediately prior damage or destruction are not made available to such acquisition Tenant for the repair or condemnationrestoration of the Facility, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, then Tenant may elect to terminate this Lease as to the affected Facility upon written notice of termination to Landlord, such portion termination to be effective as of the Premises by notice to Landlord given within 60 days first (1st) day of the calendar month following the later of (a) the date Tenant learns of the action of the Facility Mortgagee or (b) fifteen (15) days after the date Landlord learns of the action of the Facility Mortgagee, unless, in either case, within fifteen (15) Business Days after Landlord’s receipt of the notice from Tenant, Landlord agrees to make available to Tenant for restoration to or repair of the Facility cash funds equal to the amount of the net insurance proceeds so applied to such indebtedness secured by the Facility Mortgagee. Landlord shall disburse such funds to Tenant as provided in Section 11.2 and upon which Tenant received notice receipt of such acquisition or condemnation; providedfunds Tenant shall restore the Facility as required by Section 11.2. In the event this Lease is terminated as to a Facility pursuant to this Section 11.5, however, that if the portion of the Premises so affected Facility shall be the Music Hall, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part of the Premises shall be so acquired or condemned and removed from this Lease and the Term then current Base Rent shall not be terminated proportionally reduced as provided in accordance with Section 11.4. Notwithstanding anything in this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject Lease to the provisions contrary, Tenant shall remain liable for any uninsured portion of any Mortgage damage or Superior Leasedestruction if this Lease is so terminated as to the applicable Facility, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, except to the extent commercially practicable to do so, in which case Tenant shall such damage or destruction is caused by the gross negligence or willful misconduct of Landlord or those for whom it may at law be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationresponsible.
Appears in 2 contracts
Samples: Master Lease (Diversicare Healthcare Services, Inc.), Master Lease (Diversicare Healthcare Services, Inc.)
Tenant’s Termination Right. If the part of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises, Building Systems servicing the Premises located in such Building immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of Common Areas providing access to the PremisesPremises is damaged by Casualty such that Tenant is prevented from conducting its business in the Premises in a manner reasonably comparable to that conducted immediately before such Casualty and Landlord estimates that the damage caused thereby cannot be repaired within nine (9) months after the date of discovery of such damage (the “Repair Period”), then Tenant may terminate this Lease as by delivering written notice to Landlord of its election to terminate within thirty (30) days after Landlord delivers to Tenant a good faith estimate (the “Damage Notice”) of the time needed to repair the damage caused by such portion Casualty. If neither party elects to terminate this Lease following a Casualty pursuant to the terms of this Article 11, and if Landlord does not complete the restoration of the Premises by notice to Landlord given within 60 days the greater of (a) nine (9) months following the date upon which Tenant received notice of Casualty or (b) forty-five (45) days after the time period estimated by Landlord to repair the damage caused by such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hall, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space Casualty as specified in the Music Hall which is acquired Damage Notice, as the same may be extended by delays caused by Tenant, its agents or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnationemployees, Tenant may terminate this Lease by delivering written notice (“Damage Termination Notice”) to LandlordLandlord within ten (10) days following the expiration of such 9-month or 45-day period, as applicable (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant’s Damage Termination Notice (but not earlier than thirty (30) days nor later than ninety (90) days after the date of such notice) as if such date were the date fixed for the expiration of the Lease Term. If Tenant so notifies Landlordfails to timely give such Damage Termination Notice, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated deemed to restore Tenant’s Property relating have waived its right to such portion terminate this Lease, time being of the Premises to the condition which existed immediately prior to such acquisition or condemnationessence with respect thereto.
Appears in 2 contracts
Samples: Office Lease (Xenith Bankshares, Inc.), Office Lease (Xenith Bankshares, Inc.)
Tenant’s Termination Right. If the part of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnationare totally -------------------------- damaged and are thereby rendered wholly untenantable, or if, by reason if the Building shall be so damaged that Tenant is deprived of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as to such or Tenant's use of any portion of the Premises by notice to is materially impaired, Landlord given shall, within 60 sixty (60) days following the date upon of the damage, cause a contractor or architect selected by Landlord to give notice (the "Restoration Notice") to Tenant of the date by which Tenant received notice of such acquisition contractor or condemnation; provided, however, that if architect estimates the portion restoration of the Premises so affected or the Building, as applicable, shall be Substantially Completed. If (i) such date, as set forth the Music HallRestoration Notice, is more than twelve (12) months from the date of such damage and if Landlord has not elected to terminate this Lease pursuant to Section 13.2, then Tenant’s Tenant shall have the right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by giving notice to LandlordLandlord not later than thirty (30) days following Tenant's receipt of the Restoration Notice or (ii) Landlord elects not to terminate this Lease pursuant to Section 13.2, but fails to Substantially Complete the repair or restoration of the Premises or the Building, as applicable, within twelve (12) months from the date of damage or destruction, Tenant, upon not less than thirty (30) days' prior written notice, may elect to terminate this Lease (either such notice in (i) or (ii), a "Termination Notice"). If Tenant so notifies Landlorddelivers to Landlord a Termination Notice, unless, with respect to a Termination Notice delivered pursuant to clause (ii) of the preceding sentence, Landlord within such thirty-(30-) day period Substantially Completes such repair or restoration or delivers a letter from its general contractor indicating that such work will be Substantially Completed within (90) days of the date of such Termination Notice, this Lease shall terminate and the Term shall end and expire upon be deemed to have terminated as of the date of the giving of the Termination Notice, in the manner set forth in the notice as to the portion second sentence of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationSection 13.
Appears in 2 contracts
Samples: Lease (Portal Software Inc), Lease (Portal Software Inc)
Tenant’s Termination Right. If In the part event that Tenant’s design and construction of the Buildings initial Alterations in the 4th Floor Expansion Premises (including without limitation Tenant’s obtaining any necessary building permit(s) for such Alterations) results in a building inspector from the city or county of San Francisco requiring work to be done in the Real Property so acquired or condemned contains a substantial part 4th Floor Expansion Premises in order to comply with Applicable Laws, and the cost of such work, as reasonably determined by Tenant, exceeds Fifty Thousand and No/100 Dollars ($50,000.00), then, Tenant shall provide Landlord with an itemized description of the total area cost of such work and, notwithstanding anything to the contrary contained in the Lease, Tenant shall have the right to terminate and cancel the Lease, as hereby amended, solely with respect to the 4th Floor Expansion Premises, effective as of the portion date (such date, “Tenant’s Early Termination Date”) of the Premises located in such Building immediately prior to such acquisition Landlord’s receipt (or condemnation, or if, by reason deemed receipt) of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as to such portion of the Premises by Tenant’s written notice to Landlord given within 60 days following stating that Tenant is electing to terminate the date upon which Tenant received notice of such acquisition or condemnation; providedLease, howeveras hereby amended, that if the portion of the Premises so affected shall be the Music Hall, then Tenant’s right of termination shall apply solely with respect to the whole of the 4th Floor Expansion Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as pursuant to the portion terms of this Section 3.3. Provided that Tenant terminates the Premises covered therebyLease, which date shall not be more than 30 days following as hereby amended, solely with respect to the giving of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated 4th Floor Expansion Premises, in accordance with the terms of this SectionSection 3.3 then, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (solely with respect to characterthe 4th Floor Expansion Premises, qualitythe Lease, appearance and services) to that which existed immediately prior to such acquisition or condemnationas hereby amended, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore terminate as of Tenant’s Property relating Early Termination Date with the same force and effect as if the Lease, as hereby amended, were scheduled to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationexpire in accordance with its terms on Tenant’s Early Termination Date.
Appears in 1 contract
Samples: Office Lease (Yelp! Inc)
Tenant’s Termination Right. If the part Premises and/or the Tenant’s Roof Deck Area are damaged and are thereby rendered “wholly untenantable” (as hereinafter described), or if a Building shall be so damaged that Tenant is deprived of reasonable access to the Premises and/or the Tenant’s Roof Deck Area, use of the Buildings or Premises for the Real Property so acquired or condemned contains a substantial part Permitted Use, use of the total area Tenant’s Roof Deck Area for the RDA Permitted Use and if Landlord elects or shall be obligated to restore the Premises and the Tenant’s Roof Deck Area, Landlord shall, within sixty (60) days following the date of the damage, cause a contractor or architect selected by Landlord to give notice (the “Restoration Notice”) to Tenant of the date by which such contractor or architect estimates the restoration of the Premises (excluding any Above Building Standard Installations) shall be Substantially Completed. If such date, as set forth in the Restoration Notice, is more than twelve (12) months from the date of such damage, then Tenant shall have the right to terminate this Lease by giving notice (the “Termination Notice”) to Landlord not later than thirty (30) days following delivery of the Restoration Notice to Tenant. If Tenant delivers a Termination Notice, this Lease shall be deemed to have terminated as of the date of the giving of the Termination Notice, in the manner set forth in the second sentence of Section 11.4. Notwithstanding anything to the contrary contained in this Section 11.5, in the event that the Restoration Notice set forth in Section 11.5 provides (a) for an estimated date of completion that is less than twelve (12) months from the date of the casualty and the restoration of the Premises is not Substantially Completed within twelve (12) months from the date of the casualty, or (b) for an estimated date of completion that is more than twelve (12) months from the date of the casualty and Tenant did not deliver a Termination Notice with respect thereto, but the restoration of the Premises is not Substantially Completed within sixty (60) days following the estimated date of completion in such Restoration Notice, then, in either of such events, Tenant shall have a right, upon thirty (30) days prior written notice to Landlord to give a Termination Notice as a result thereof and, unless Landlord Substantially Completes such restoration within the foregoing thirty (30) day period, the Lease shall be terminated in the manner provided in the second sentence of Section 11.4. For purposes of this Section 11.5 and 11.6, the Premises shall be deemed “wholly untenantable” if Tenant shall be precluded from using such material portion of the Premises located as Tenant reasonably determines, in such Building good faith, is required for the conduct of Tenant’s ordinary business in substantially the manner that existed immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as to such portion of the Premises by notice to Landlord given within 60 days following the date upon which Tenant received notice of such acquisition or condemnation; provided, casualty (provided however, that if the portion of Landlord believes in good faith, that Tenant’s determination that the Premises so affected are “wholly untenantable” is then unreasonable, such dispute shall be the Music Hall, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space resolved in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date accordance with arbitration as set forth in the notice as to the portion Article 34 below) provided that if more than thirty (30%) percent of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part usable square footage of the Premises shall be so acquired or condemned and this Lease and inaccessible, the Term Premises shall be deemed to be wholly untenantable which shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationdispute.
Appears in 1 contract
Samples: Lease Agreement (2U, Inc.)
Tenant’s Termination Right. If Landlord acknowledges the part of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of economic challenges to Tenant to operate the Premises located in such Building immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, accordance with the Performance Standards and other requirements under this Lease and that irreconcilable differences may arise between Landlord and Tenant no longer has reasonable means of access as to the Premises, Tenant may terminate this Lease as to such portion of the Premises by notice to Landlord given within 60 days following the date upon which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hall, then Tenant’s right of termination shall apply to the whole operation of the Premises. FurthermoreIt is critically important to Tenant that Tenant, if by virtue of as well as Landlord, have the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect right to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease at the Tenant’s sole and absolute discretion if the business on the Premises is not economically feasible or if irreconcilable differences arise between Landlord and Xxxxxx Accordingly, Xxxxxx may, at anytime after sixty (60) months following the Opening Date, elect to terminate this Lease, which termination shall not be effective until the last to occur of:
(a) the effective date specified in a notice delivered by notice Tenant to Landlord which shall not be sooner than sixty (60) days after delivery of such notice;
(b) Xxxxxx’s assignment to Landlord, in form reasonably satisfactory to Landlord, of all subleases and service contracts relating to the business on the Premises, and Tenant’s delivery to Landlord of all other records relating to the operation of the business on the Premises sufficient for Landlord to assume an orderly transition of the operation of the market activities on the Premises and
(c) Tenant’s payment to Landlord of the termination payment specified below. During such period prior to the effective date of Tenant’s termination, Tenant will meet with and cooperate with Landlord to determine if the economic conditions or irreconcilable differences can be reconciled and, if not, to cooperate in an orderly delivery to the Landlord of all subleases, service contracts and records of the business operation of the Premises. If Tenant so notifies exercises its termination right under this paragraph, neither Tenant nor any Subtenant which has been granted a non-disturbance agreement or which Xxxxxxxx has otherwise directed may remain as a direct tenant of Landlord shall remove from the Premises any furniture, fixtures or equipment without the express written permission of the Landlord and Tenant shall pay to Landlord a termination payment equal to 100% of the Operating Expenses for the three (3) months immediately preceding the effective date of such termination. Upon the effective date of such termination, Tenant and Landlord shall be released and relieved of all obligations to each other under this Lease. If requested by Landlord, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice Tenant shall, at no cost to Landlord, continue to perform such management functions as to the portion of Premises as the Premises covered thereby, which Landlord may reasonably require for a period not to exceed ninety (90) days after the effective date shall not be more than 30 days following the giving of such notice. If a part termination in order to facilitate an orderly transition of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationmanagement.
Appears in 1 contract
Samples: Master Lease
Tenant’s Termination Right. If (i) the part of the Buildings or the Real Property -------------------------- Premises so acquired or condemned contains a substantial part more than twenty-five percent (25%) of the total area of the portion Building or more than twenty-five percent (25%) of the Premises located in such Building total parking spaces (unless other parking reasonably satisfactory to Tenant is arranged by Landlord) immediately prior to such acquisition or condemnationcondemnation and such condemnation lasts for a period of 120 days, or (ii) if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the PremisesPremises (including the Building and the Parking Garage) for more than 120 consecutive days, then Tenant may terminate this Lease as to such portion of the Premises by notice to Landlord given within 60 thirty (30) days following the date upon which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hall, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days thirtieth (30/th/) day following the giving of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Section 14.1 Landlord, at Landlord’s expense 's expense, but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion that part of the Premises not so acquired or condemned to a self-contained rental unit as substantially equivalent as reasonably possible (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to excluding Tenant's Property and/or Specialty Alterations and Fixed Rent shall be equitably reduced for the extent commercially practicable to do sobalance of the Term. Notwithstanding the foregoing, in which case Tenant shall be obligated to restore Tenant’s Property relating to such the event that the portion of the Premises to be restored or reconstructed exceeds twenty-five percent (25%) of the condition which existed immediately prior total rentable square feet of the Building, Landlord shall not be obligated to restore or reconstruct the Premises following condemnation unless Tenant so requests and (i) Landlord is able to finance the cost of such acquisition restoration or condemnationreconstruction upon commercially reasonable terms and within one hundred eight (180) days after Landlord initiates (and thereafter diligently pursues) its attempt to secure such financing, including obtaining a commitment therefor, and (ii) if the balance of the Term then remaining is less than ten (10) years, Tenant, simultaneously with such request, agrees to extend the Term of the Lease for the next unexercised Extension Period or, if the Term is then in the last Extension Period, for an additional period as will provide a term of ten (10) years from the date of such request.
Appears in 1 contract
Samples: Deed of Lease (Verisign Inc/Ca)
Tenant’s Termination Right. If the part Effective as of first anniversary of the Buildings or the Real Property First Extension Commencement Date and not before, and so acquired or condemned contains a substantial part of the total area of the portion of the Premises located long as all Work has been completed and paid for in such Building immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnationfull, Tenant no longer has reasonable means shall have the right to terminate the Term of access to the Premises, Tenant may terminate this Lease as to such portion of the Premises by upon ninety days (90) days’ advance written notice to Landlord given within 60 days following Landlord, if and only if: (i) the date upon which Chicago Board of Education (“Board”) terminates Tenant’s charter authorizing Tenant received notice to provide the Use to Tenant Group (“Loss of such acquisition Charter Termination”); or condemnation(ii) student enrollment for Tenant’s educational Use exceeds drops below one hundred seventy (170) students (“Termination Benchmark”) (collectively the Loss of Charter Termination and Termination Benchmark is hereinafter referred to as “Tenant’s Termination Right”); provided, however, that Tenant’s Termination Right shall be subject to the following terms and conditions: (i) Tenant must not be in Default at the time Tenant provides written notice to Landlord as required herein or upon the effective date of such termination; (ii) Tenant must pay all Rent and any other charges due and payable to Landlord under this Lease in a timely manner through the effective termination date of Tenant’s Termination Right; (iii) Tenant must deliver the Premises to Landlord on or before such effective termination date in accordance with the terms and conditions of this Lease the same as if such termination date were the portion original Expiration Date of the Premises so affected shall Term; (iv) Tenant’s Termination Right is personal to the Tenant herein named (“Camelot Alt Ed-Illinois, LLC”) and may not be transferred by sublease, assignment, merger or any other means; (v) if Tenant is asserting the Music HallLoss of Charter Termination as the reason for termination, then Tenant must provide Landlord with a copy of the Board’s termination notice respecting the Board’s termination of the charter with Tenant simultaneously with its written notice electing to exercise Tenant’s right Termination Right; (vi) if Tenant is asserting the Termination Benchmark as the reason for termination, then Tenant must provide Landlord with its written registration records which confirm the Termination Benchmark at the time Tenant delivers its notice to exercise Tenant’s Termination Right; and (vii) in the event Tenant exercises Tenant’s Termination Right, then as part of the consideration for Landlord entering into this Lease, Tenant covenants and agrees that for the period beginning on the effective termination date of Tenant’s Termination Right and ending on the original Expiration Date of the Term hereof, Tenant shall apply to not directly or indirectly lease, use, operate or occupy any new facility for the whole Use within five (5) miles of the Premises, unless Tenant leases such facility or space from Landlord or an affiliate of Landlord. FurthermoreTenant acknowledges and agrees that the Landlord will suffer irreparable harm if Tenant breaches its obligations hereunder and that monetary damages shall be inadequate to compensate Landlord for any breach hereof. Accordingly, if Xxxxxx agrees that Landlord, in addition to any other rights or remedies it might have, shall have the right to obtain an injunction to enforce the terms of this Section. If any one or more provisions of this Section are held by virtue a court of the nature of the space competent jurisdiction to be invalid or unenforceable, such provision or portion thereof shall be severed from this Lease (or in the Music Hall which is acquired or condemnedcourt’s discretion, be revised to impose a less restrictive condition upon Tenant) and the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice balance of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated remain intact in accordance with this Sectionits terms and conditions. In the event Tenant chooses not to renew its charter, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationTermination Right shall not apply.”
Appears in 1 contract
Samples: Lease Agreement
Tenant’s Termination Right. If (A) Landlord, within forty-five (45) days after the part earlier to occur of (x) the date that Tenant gives Landlord notice of the Buildings occurrence of a fire or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnationother casualty as contemplated by Section 15.1 hereof, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as to such portion of the Premises by notice to Landlord given within 60 days following and (y) the date upon which Tenant received that Landlord otherwise has actual notice of such acquisition fire or condemnationother casualty, shall give to Tenant a statement prepared by a reputable and independent contractor setting forth such contractor’s estimate in good faith as to the time required for Landlord to Substantially Complete the restoration described in Section 15.2 hereof (such statement that Landlord gives to Tenant being referred to herein as the “Casualty Statement”); provided, however, that Landlord shall not be required to give Tenant a Casualty Statement if Landlord has theretofore exercised Landlord’s right to terminate this Lease under Section 15.4 hereof. If the portion estimated time period as set forth in the Casualty Statement exceeds one (1) year from the date of the Premises so affected shall be the Music Hallapplicable fire or other casualty, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may elect to terminate this Lease by giving notice to Landlord not later than the thirtieth (30th) day after the date that Landlord gives the Casualty Statement to Tenant. If Tenant makes such election to so terminate this Lease, then the Term shall expire on the thirtieth (30th) day after Tenant gives such notice to Landlord. If Tenant so notifies Landlord, this .
(B) This Lease shall terminate and if (i) a fire or other casualty occurs, and, by reason thereof, Landlord has an obligation to perform a restoration as contemplated by Section 15.2 hereof, (ii) Tenant does not exercise Tenant’s right to terminate this Lease under Section 15.5(A) hereof in connection with such fire or other casualty (or Tenant does not have the Term shall end and expire upon right to terminate this Lease under Section 15.5(A) hereof in connection with such fire or other casualty), (iii) Landlord fails to Substantially Complete the performance of the restoration work that Landlord is required to perform on or prior to the later to occur of (I) one (1) year after the date of the applicable fire or other casualty, and (II) the date that is ninety (90) days after the last day of the estimated time period set forth in the Casualty Statement (the later of the dates described in clause (I) and clause (II) above being referred to herein as the “Second Bite Date”), (iv) Tenant gives Landlord notice as no earlier than the Second Bite Date to the effect that this Lease will terminate under this Section 15.5(B) if Landlord fails to Substantially Complete the restoration within ninety (90) days after the Second Bite Date, and (v) Landlord fails to Substantially Complete the restoration within ninety (90) days after the Second Bite Date.
(C) If the Term terminates as provided in this Section 15.5, then (I) Tenant shall vacate the Premises and surrender the Premises to Landlord on the date of such termination “as is” and otherwise in accordance with the terms of this Lease that govern Tenant’s obligations upon the expiration or earlier termination of the Term, (II) any Rental due hereunder shall be apportioned as of the date of such termination, and (III) any portion of the Premises covered thereby, which Rental that is then prepaid by Tenant and relates to the period after the date shall not be more than 30 days following that the giving abatement of such notice. If a part of the Premises Rental as described in Section 15.3 hereof becomes effective shall be so acquired or condemned and this Lease and promptly refunded by Landlord to Tenant (with the Term shall not be terminated in accordance with this Section, Landlord, at understanding that Landlord’s expense but without requiring Landlord obligation to spend more than it collects as an award, shall, subject to the provisions make any such refund shall survive such termination of any Mortgage or Superior this Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnation).
Appears in 1 contract
Samples: Lease (Riverbed Technology, Inc.)
Tenant’s Termination Right. (a) If the part of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnationare totally damaged and are thereby rendered wholly untenantable, or if, by reason if the Building shall be so damaged that Tenant is deprived of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as and if Landlord elects to such portion of restore the Premises by notice to Premises, Landlord given shall, within 60 sixty (60) days following the date upon of the damage, cause a contractor or architect selected by Landlord to give notice (the “Restoration Notice”) to Tenant of the date by which Tenant received notice of such acquisition contractor or condemnation; provided, however, that if architect estimates the portion restoration of the Premises so affected (excluding any Above Building Standard Installations) shall be Substantially Completed. If such date, as set forth in the Music HallRestoration Notice, is more than twelve (12) months from the date of such damage, then Tenant’s Tenant shall have the right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by giving notice (the “Termination Notice”) to LandlordLandlord not later than thirty (30) days following Tenant’s receipt of the Restoration Notice (with time of the essence). If Tenant so notifies delivers a Termination Notice to Landlord, this Lease shall terminate and the Term shall end and expire upon be deemed to have terminated as of the date of the giving of the Termination Notice, in the manner set forth in the notice second sentence of Section 14.2.
(b) If (1) Landlord shall cause to be given a Restoration Notice as to set forth in Section 14.3(a) stating that restoration shall be Substantially Completed by a date not more than twelve (12) months from the portion date of the Premises covered therebydamage (the date twelve (12) months after the date of the damage is hereinafter referred to as the “Restoration Outside Date”) and (2) for any reason other than Tenant Delay or other Unavoidable Delay such restoration is not Substantially Completed on or before the Restoration Outside Date, which then Tenant, by notice given to Landlord not later than the date shall not be more than 30 twenty (20) days following after the giving Restoration Outside Date (with time of such noticethe essence) may give notice to Landlord (the “Tenant’s Restoration Outside Date Termination Notice”) of Tenant’s election to terminate this Lease. If a part of such restoration is Substantially Completed on or before the Premises date thirty (30) days after the Restoration Outside Date, then Tenant’s Restoration Outside Date Termination Notice shall be so acquired of no force or condemned effect, and this Lease shall continue in full force and effect; and if such restoration is not Substantially Completed on or before the date thirty (30) days after the Restoration Outside Date, then on the thirty first (31st) day after the Restoration Outside Date this Lease shall automatically terminate in the manner set forth in the second sentence of Section 14.2, except that the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore expire on such portion of thirty-first (31st) day and Tenant shall vacate the Premises not so acquired or condemned and surrender the same to a selfLandlord no later than such thirty-contained unit substantially equivalent first (with respect to character, quality, appearance and services31st) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case day. If Tenant shall be obligated fail or omit in a timely manner to restore give Tenant’s Property relating Restoration Outside Date Termination Notice, Tenant shall have waived its right to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationterminate this Lease as provided in this Section 14.3(b).
Appears in 1 contract
Samples: Lease Agreement (Pzena Investment Management, Inc.)
Tenant’s Termination Right. If In the part event that Tenant's gross receipts from the demised premises, as calculated by Tenant in accordance with generally accepted accounting principles consistently applied, shall be less than Eight Million One Hundred Thousand Dollars ($8,100,00.00) in either of the Buildings eighth (8th) or the Real Property so acquired or condemned contains a substantial part ninth (9th) lease years of the total area initial term hereof, Tenant shall have the right, at Tenant's sole election, provided that Tenant is not then in default of the portion terms of this Lease beyond any applicable notice and cure periods, on or before the date (the "Last Termination Notice Date") which is thirty (30) days after the end of the Premises located in such Building immediately prior ninth (9th) lease year, to such acquisition or condemnation, or if, by reason send to Landlord a notice terminating this Lease as of such acquisition or condemnation, the last day of the tenth (10th) lease year (the "Tenant's Termination Date"). In the event that Tenant no longer has reasonable means of access to the Premises, Tenant may shall so terminate this Lease as to such portion in accordance with the provisions of the Premises by notice to Landlord given within 60 days following the date upon which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hallthis Section 51, then Tenant’s right the term of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and expire on Tenant's Termination Date with the Term shall end same force and expire upon effect as though said date was the scheduled expiration date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following term under this Lease. Notwithstanding the giving of such notice. If a part termination notice and Tenant's exercise of the Premises its termination right under this Section 51, Tenant shall be so acquired or condemned perform and observe all of Tenant's obligations under this Lease through and including the Term Tenant's Termination Date. In the event Tenant exercises the termination right provided for in this Section 51, Landlord shall not be terminated in accordance with this Sectionhave the right, Landlordupon ten (10) days prior written notice, at Landlord’s expense but without requiring Tenant's corporate headquarters, to examine Tenant's books and records relating to gross receipts at the demised premises, provided such right shall expire sixty (60) days after Tenant notifies Landlord of Tenant's exercise of Tenant's election to spend more than it collects as an award, shall, subject terminate the Lease pursuant to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationthis Section 51.
Appears in 1 contract
Samples: Lease (Retail Ventures Inc)
Tenant’s Termination Right. If (A) Landlord, within forty-five (45) days after the part earlier to occur of (x) the date that Tenant gives Landlord notice of the Buildings occurrence of a fire or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnationother casualty as contemplated by Section 15.1 hereof, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as to such portion of the Premises by notice to Landlord given within 60 days following and (y) the date upon which Tenant received that Landlord otherwise has actual notice of such acquisition fire or condemnationother casualty, shall give to Tenant a statement prepared by a reputable and independent contractor setting forth such contractor’s estimate in good faith as to the time required for Landlord to Substantially Complete the restoration described in Section 15.2 hereof (such statement that Landlord gives to Tenant being referred to herein as the “Casualty Statement”); provided, however, that Landlord shall not be required to give Tenant a Casualty Statement if Landlord has theretofore exercised Landlord’s right to terminate this Lease under Section 15.4 hereof. If the portion estimated time period as set forth in the Casualty Statement exceeds twelve (12) months from the date of the Premises so affected shall be the Music Hallapplicable fire or other casualty, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may elect to terminate this Lease by giving notice to Landlord not later than the thirtieth (30th) day after the date that Landlord gives the Casualty Statement to Tenant. If Tenant makes such election to so terminate this Lease, then the Term shall expire on the thirtieth (30th) day after Tenant gives such notice to Landlord. If Tenant so notifies Landlord, this .
(B) This Lease shall terminate and if (i) a fire or other casualty occurs, and, by reason thereof, Landlord has an obligation to perform a restoration as contemplated by Section 15.2 hereof, (ii) Tenant does not exercise Tenant’s right to terminate this Lease under Section 15.5(A) hereof in connection with such fire or other casualty (or Tenant does not have the Term shall end and expire upon right to terminate this Lease under Section 15.5(A) hereof in connection with such fire or other casualty), (iii) Landlord fails to Substantially Complete the performance of the restoration work that Landlord is required to perform on or prior to the date that is thirty (30) days after the last day of the estimated time period set forth in the Casualty Statement (the date described in this clause (iii) being referred to herein as the “Second Bite Date”), (iv) Tenant gives Landlord notice as no earlier than the Second Bite Date to the effect that this Lease will terminate under this Section 15.5(B) if Landlord fails to Substantially Complete the restoration within thirty (30) days after the Second Bite Date, and (v) Landlord fails to Substantially Complete the restoration within thirty (30) days after the Second Bite Date.
(C) If the Term terminates as provided in this Section 15.5, then (I) Tenant shall vacate the Premises and surrender the Premises to Landlord on the date of such termination “as is” and otherwise in accordance with the terms of this Lease that govern Tenant’s obligations upon the expiration or earlier termination of the Term, (II) any Rental due hereunder shall be apportioned as of the date of such termination, and (III) any portion of the Premises covered thereby, which Rental that is then prepaid by Tenant and relates to the period after the date shall not be more than 30 days following that the giving abatement of such notice. If a part of the Premises Rental as described in Section 15.3 hereof becomes effective shall be so acquired or condemned and this Lease and promptly refunded by Landlord to Tenant (with the Term shall not be terminated in accordance with this Section, Landlord, at understanding that Landlord’s expense but without requiring Landlord obligation to spend more than it collects as an award, shall, subject to the provisions make any such refund shall survive such termination of any Mortgage or Superior this Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnation).
Appears in 1 contract
Tenant’s Termination Right. If the part of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnationare totally damaged and are thereby rendered wholly untenantable, or if, by reason if the Building shall be so damaged that Tenant is deprived of such acquisition reasonable use of or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as and if Landlord elects to such portion of restore the Premises by notice to Premises, Landlord given shall, within 60 ninety (90) days following the date upon which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion discovery of the Premises so affected shall be damage, give notice (the Music Hall, then Tenant’s right of termination shall apply “Restoration Notice”) to the whole Tenant of the Premises. Furthermore, if date by virtue of which Landlord estimates the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part restoration of the Premises shall be so acquired or condemned and substantially completed. If such date, as set forth in the Restoration Notice, is more than eighteen (18) months from the date of discovery of such damage, then Tenant shall have the right to terminate this Lease by giving notice (the “Termination Notice”) to Landlord not later than thirty (30) days following delivery of the Restoration Notice to Tenant. If Tenant does not exercise its right to terminate this Lease as provided in the immediately preceding sentence, Landlord shall proceed with reasonable promptness to restore the portions of the Premises for which Landlord is responsible hereunder, subject to reasonable delays for insurance adjustments, delays caused by Force Majeure and the Term also subject to Legal Requirements then in effect. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease (except as hereinafter provided), if such repairs and restoration are not in fact completed within the estimated time period provided by Landlord in the Restoration Notice. However, if such repairs and restoration are not completed by a date (the “Outside Date”) which is three (3) months after the later of: (a) the expiration of the estimated time period provided by Landlord in the Restoration Notice; or (b) the date which is eighteen (18) months from the date of discovery of such damage; which Outside Date shall be extended (as to Tenant’s ability to terminate the Lease only) by all periods of delay attributable to Force Majeure or the acts or omissions of Tenant, or Tenant’s agents, employees or contractors, then Tenant shall have the right to terminate this Lease by giving a Termination Notice to Landlord not later than thirty (30) days following the Outside Date. If Tenant delivers a Termination Notice, this Lease shall be deemed to have terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, manner set forth in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationParagraph 17.4 below.
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Tenant’s Termination Right. If the part of Premises and/or the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior (as applicable) are materially damaged, and if Landlord elects to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to repair and restore the Premises, Tenant may terminate this Lease as to such portion of the Premises by notice to Landlord given shall, within 60 sixty (60) days following the date upon of the damage, cause a contractor or architect selected by Landlord to deliver a notice (the “Restoration Notice”) to Tenant of the date by which Tenant received notice such contractor or architect estimates the restoration by Landlord will be substantially completed (the “Estimated Restoration Date”). If such Estimated Restoration Date, as set forth in the Restoration Notice, is more than fifteen (15) months from the date of such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Halldamage, then Tenant’s Tenant shall have the right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by giving notice (the “Casualty Termination Notice”) to Landlord not later than thirty (30) days following delivery of the Restoration Notice to Tenant (time being of the essence of the delivery of said Casualty Termination Notice). If Tenant delivers a Casualty Termination Notice within said thirty (30) day period, (a) then this Lease shall be terminated as of the date of the giving of the Casualty Termination Notice, as if such date was the expiration date of the Term of this Lease, (b) Tenant shall vacate the Premises and surrender the same to Landlord, (c) Tenant’s liability for Rent shall cease as of the date of delivery of the Casualty Termination Notice, and (d) any prepaid Rent for any period after such termination shall be returned to Tenant. In addition, if (i) neither Landlord nor Tenant have terminated this Lease pursuant to the provisions of this Article 11, and (ii) the restoration of the Building or the Premises (as applicable) has not been substantially completed by the Estimated Restoration Date, then Tenant shall have the right to terminate this Lease within thirty (30) days after the Estimated Restoration Date by delivering a Casualty Termination Notice to Landlord. If Unless, within thirty (30) days after receipt of the Casualty Termination Notice the restoration of the Building or the Premises (as applicable) is substantially completed (in which event the termination by Tenant so notifies Landlord, pursuant to this paragraph shall be null and void and this Lease shall terminate remain in full force and the Term effect), then this Lease shall end and expire upon be deemed to have terminated as of the date of the giving of the Casualty Termination Notice in the manner set forth in the notice as to the portion second sentence of Section 11.5. Time is of the Premises covered thereby, which date shall not be more than 30 days following the giving essence of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationSection 11.5.
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Tenant’s Termination Right. If (A) Landlord, within forty-five (45) days after the part earlier to occur of (x) the date that Tenant gives Landlord notice of the Buildings occurrence of a fire or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnationother casualty as contemplated by Section 15.1 hereof, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as to such portion of the Premises by notice to Landlord given within 60 days following and (y) the date upon which Tenant received that Landlord otherwise has actual notice of such acquisition fire or condemnationother casualty, shall give to Tenant a statement prepared by a reputable and independent contractor setting forth such contractor's reasonable estimate as to the time required for Landlord to Substantially Complete the restoration described in Section 15.2 hereof (such statement that Landlord gives to Tenant being referred to herein as the "Casualty Statement"); provided, however, that Landlord shall not be required to give Tenant a Casualty Statement if Landlord has theretofore exercised Landlord's right to terminate this Lease under Section 15.5 hereof. Tenant shall be deemed to have accepted conclusively the portion reasonableness of the Premises so affected Casualty Statement unless Tenant objects thereto by giving notice thereof to Landlord on or prior to the thirtieth (30th) day after the date that Landlord gives the Casualty Statement to Tenant. Either party shall be have the Music Hallright to submit to an Expedited Arbitration Proceeding a dispute between the parties regarding the reasonableness of the Casualty Statement after Tenant objects thereto as aforesaid. If the estimated time period (as finally determined) exceeds twelve (12) months from the date of the applicable fire or other casualty, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may elect to terminate this Lease by giving notice thereof to Landlord not later than the thirtieth (30th) day after the date that Landlord gives the Casualty Statement to Tenant, or the date that the estimated time period is finally determined, as the case may be. If Tenant makes such election to so terminate this Lease, then the Term shall expire on the thirtieth (30th) day after Tenant gives such notice to Landlord. If Tenant so notifies Landlord, this .
(B) This Lease shall terminate and if (i) a fire or other casualty occurs, and, by reason thereof, Landlord has an obligation to perform a restoration as contemplated by Section 15.2 hereof, (ii) Tenant does not exercise Tenant's right to terminate this Lease under Section 15.6(A) hereof in connection with such fire or other casualty (or Tenant does not have the Term shall end and expire upon right to terminate this Lease under Section 15.6(A) hereof in connection with such fire or other casualty), (iii) Landlord fails to Substantially Complete the performance of the restoration work that Landlord is required to perform on or prior to the later to occur of (1) twelve (12) months after the date of such fire or other casualty and (2) the date that is the last day of the estimated time period set forth in the Casualty Statement (the date that is the later to occur of (1) twelve (12) months after the date of such fire or other casualty and (2) the date that is the last day of the estimated time period set forth in the Casualty Statement being referred to herein as the "Second Bite Date"), (iv) Tenant gives Landlord notice as no earlier than the Second Bite Date to the effect that this Lease will terminate under this Section 15.6(B) if Landlord fails to Substantially Complete the restoration within thirty (30) days after the Second Bite Date, and (v) Landlord fails to Substantially Complete the restoration within thirty (30) days after the Second Bite Date.
(C) If the Term terminates as provided in this Section 15.6, then (I) Tenant shall vacate the Premises and surrender the Premises to Landlord on the date of such termination "as is" and otherwise in accordance with the terms of this Lease that govern Tenant's obligations upon the expiration or earlier termination of the Term, (II) any Rental due hereunder shall be apportioned as of the date of such termination, and (III) any portion of the Premises covered thereby, which Rental that is then prepaid by Tenant and relates to the period after the date shall not be more than 30 days following that the giving abatement of such notice. If a part of the Premises Rental as described in Section 15.4 hereof becomes effective shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring promptly refunded by Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent Tenant (with respect the understanding that Landlord's obligation to character, quality, appearance and services) to that which existed immediately prior to make any such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant refund shall be obligated to restore Tenant’s Property relating to survive such portion termination of the Premises to the condition which existed immediately prior to such acquisition or condemnationthis Lease).
Appears in 1 contract
Samples: Lease (Clear Secure, Inc.)
Tenant’s Termination Right. If the part (i) If, as a result of the Buildings a Casualty or the Real Property so acquired Taking, all or condemned contains a substantial part of the total area of the any portion of the Premises located shall be made untenantable, Landlord shall, with reasonable promptness but not to exceed sixty (60) days, cause Landlord’s architect or general contractor to prepare and provide to Landlord and Tenant a written estimate (“Restoration Estimate”) of the amount of time required to substantially complete the repair and restoration of the Premises and make the Premises tenantable again, using customary and reasonable working methods. If the Restoration Estimate indicates that such damage cannot, in the ordinary course, reasonably be expected to be repaired within (x) one (1) year from the date on which Landlord would receive all required permits for such restoration if more than fifty percent (50%) of the Building immediately prior to is damaged by such acquisition or condemnationCasualty, or if(y) one hundred eighty (180) days after Landlord would receive all required permits for such restoration if less than fifty percent (50%) of the Building is damaged by such Casualty, then Tenant may, at its election, terminate this Lease by reason notice given to Landlord within sixty (60) days after Landlord’s delivery of the Restoration Estimate to Tenant, which termination shall be effective as of the date which is thirty (30) days following the date of such acquisition notice by Tenant.
(ii) If this Lease is not terminated pursuant to Sections 14.2(a) or condemnation14.2(b)(i) above, and Landlord is so required but fails to complete restoration of the Premises within the time frames set forth in Section 14.2(b)(i) above, as such time frames may be extended by up to one hundred twenty (120) days due to the rights of the holders of any mortgages, the lessors under any ground leases or the Air Rights Lease, Tenant no longer has reasonable means Delays, Legal Requirements then in existence and to delays for adjustment of access to insurance proceeds or Taking awards, as the Premisescase may be, and instances of Force Majeure, then Tenant may terminate this Lease as to such portion of the Premises by upon thirty (30) days’ written notice to Landlord given within 60 days following the date upon which Tenant received notice of such acquisition or condemnationLandlord; provided, however, that if Landlord substantially completes such restoration within thirty (30) days after receipt of any such termination notice, such termination notice shall be null and void and this Lease shall continue in full force and effect.
(iii) If the portion estimated cost of repairing the damage exceeds the amount of the Premises so affected shall be Net insurance proceeds actually received by Landlord (provided that Landlord has maintained at least the Music Hallamount of insurance required under Section 13.7), and Landlord exercises the option not to expend more than the amount of Net insurance proceeds actually received by it to repair such damage, then as soon as reasonably possible after the determination that such Net insurance proceeds are insufficient to restore the damage, Landlord shall give notice (a “Casualty Proceeds Deficiency Notice”) thereof to Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, event Tenant may elect to terminate this Lease by giving notice of such termination to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and Landlord by not later than thirty (30) days after the Term shall end and expire upon giving of the date Casualty Proceeds Deficiency Notice.
(iv) The remedies set forth in this Section 14.2(b) and in Section 14.2(c) below are Tenant’s sole and exclusive rights and remedies based upon Landlord’s failure to complete the notice as to the portion restoration of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationset forth herein.
Appears in 1 contract
Samples: Lease Agreement (CarGurus, Inc.)
Tenant’s Termination Right. If a Casualty causes damage to the part of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnationTenant Space, or ifelsewhere such that Tenant is prevented from using or accessing the Tenant Space, by reason of such acquisition or condemnationthen, in each event, Tenant no longer has reasonable means of access shall not have the right to the Premises, Tenant may terminate this Lease and/or xxxxx Rent in any manner except as expressly contemplated in this Section 9.1.3. In that regard, and notwithstanding the balance of this Section 9.1.1, if Landlord elects not to such portion perform the Landlord Rebuild because it did not receive sufficient insurance proceeds as set forth above in Section 9.1.1 (it being agreed that Landlord may or may not pay for the Landlord Rebuild shortfall in Landlord’s sole, absolute and unfettered discretion), Tenant shall have the right to elect within ninety (90) days after receipt of Landlord’s election not to perform the Landlord Rebuild to either: (a) agree to pay the shortfall in its entirety and so long as Landlord receives said funding in a timely manner, require Landlord to perform the Landlord Rebuild; or (b) so long as the denial and/or shortfall of insurance proceeds is not the result of a claim being uninsured due to the actions and/or omissions of Tenant and/or any other member of the Premises by Tenant Group, to terminate this Lease upon ninety (90) days prior written notice to Landlord given Landlord. Additionally, notwithstanding Section 9.1.1, if thirty percent (30%) or more of the at or above grade Rentable Area of the Building is damaged or destroyed and said Casualty cannot be repaired or replaced in all material respects within 60 three hundred and sixty (360) days thereafter and such Casualty occurs during the last three (3) years of the Term and/or the last five (5) years of any Extension Term, then Tenant shall have the right to terminate this Lease on account of said Casualty (the “Termination Option”) subject to each of the following terms and conditions: (c) Tenant has not previously exercised the ensuing Extension Option; (d) Tenant shall only then have the right to exercise the Termination Option within a period of ninety (90) days following the date upon which Tenant received notice of such acquisition or condemnationCasualty; provided(e) if Tenant exercises the Termination Option, howeverTenant shall pay all Landlord insurance deductibles and to the extent required in Section 9.1.4 below, that if assign to Landlord all of its right, title and interest in all insurance proceeds attributable to the portion Phase I Work (as defined in Exhibit E hereto); (f) Tenant shall deliver vacant possession of the Premises so affected Property free and clear of any Transferees, liens, claims and/or encumbrances and the Property shall be the Music Hall, then Tenant’s right thereupon vest in Landlord and in each case in accordance with applicable provisions of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, Lease; (g) this Lease shall terminate and the Term shall end and expire upon be deemed to be terminated on the date set forth in Tenant’s notice exercising the notice as to the portion of the Premises covered therebyTermination Option, which date shall be not be more than 30 ninety (90) days following the giving delivery of such notice. If a part of Tenant’s notice exercising the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this SectionTermination Option, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to provided that the provisions of any Mortgage this Section shall have been complied with, on or Superior Leasebefore such date, restore such portion by Tenant; and (h) prior to termination, Tenant shall pay to Landlord all Rent due and payable to the effective date of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationTermination Option.
Appears in 1 contract
Samples: Lease Agreement (Equinix Inc)
Tenant’s Termination Right. (a) If the part of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnationare totally damaged and are thereby rendered wholly untenantable, or if, by reason if the Building shall be so damaged that Tenant is deprived of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as and if Landlord elects to such portion of restore the Premises by notice to Premises, Landlord given shall, within 60 days following the date upon of the damage, cause a contractor or architect selected by Landlord to give notice (the “Restoration Notice”) to Tenant of the date by which Tenant received notice of such acquisition contractor or condemnation; provided, however, that if architect estimates the portion restoration of the Premises so affected shall be Substantially Completed. If such date, as set forth the Music HallRestoration Notice, is more than 12 months from the date of such damage, then Tenant shall have the right to terminate this Lease by giving notice (the “Termination Notice”) to Landlord not later than 30 days following Tenant’s right of termination shall apply to the whole receipt of the PremisesRestoration Notice. FurthermoreIf Tenant delivers to Landlord a Termination Notice, if by virtue this Lease shall be deemed to have terminated as of the nature date of the space giving of the Termination Notice, in the Music Hall which is acquired or condemned, the space remaining manner set forth in the Music Hall second sentence of Section 13.2.
(b) If Tenant shall not have elected to, or was not entitled to, terminate this Lease in accordance with Section 13.3(a) and Landlord shall fail to Substantially Complete its restoration work on or before the later to occur of 12 months after giving effect to the date of such acquisition damage or condemnation cannot economically be used for its intended purpose, following 60 days after the date upon which Tenant received notice of Landlord’s contractor estimated such acquisition or condemnationrestoration would be completed, in either case, subject to extension for delays due to Unavoidable Delays, Tenant may elect, as its sole remedy, to terminate this Lease by upon 30 days notice to Landlord. If Landlord given not earlier than the last day of the period specified above, and if Tenant so notifies Landlord, shall give such a notice this Lease shall terminate and on the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days 30th day following the giving of such noticenotice unless Landlord shall have Substantially Completed its reconstruction work by such 30th day. If a part Landlord shall have Substantially Completed its restoration work, Tenant’s notice of the Premises termination shall be so acquired or condemned null and void and this Lease shall remain in full force and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationeffect.
Appears in 1 contract
Samples: Lease Agreement (Greenhill & Co Inc)
Tenant’s Termination Right. If (A) Landlord, within forty five days after the part earlier to occur of (x) the date that Tenant gives Landlord notice of the Buildings occurrence of a fire or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnationother casualty as contemplated by Section 15.1 hereof, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as to such portion of the Premises by notice to Landlord given within 60 days following and (y) the date upon which Tenant received that Landlord otherwise has actual notice of such acquisition fire or condemnation; providedother casualty, however, shall give to Tenant a statement prepared by a reputable and independent contractor setting forth such contractor’s estimate in good faith as to the time required for Landlord to Substantially Complete the restoration described in Section 15.2 hereof (such statement that if Landlord gives to Tenant being referred to herein as the portion “Casualty Statement”). If the estimated time period exceeds nine (9) months from the date of the Premises so affected shall be the Music Hallapplicable fire or other casualty, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may elect to terminate this Lease by giving notice to Landlord. If Tenant so notifies Landlord, this Landlord not later than the thirtieth (30th) day after the date that Landlord gives the Casualty Statement to Tenant.
(B) This Lease shall terminate and if (i) a fire or other casualty occurs, and, by reason thereof, Landlord has an obligation to perform a restoration as contemplated by Section 15.2 hereof, (ii) Tenant does not exercise Tenant’s right to terminate this Lease under Section 15.5(A) hereof in connection with such fire or other casualty (or Tenant does not have the Term shall end and expire upon right to terminate this Lease under Section 15.5(A) hereof in connection with such fire or other casualty), (iii) Landlord fails to Substantially Complete the performance of the restoration work that Landlord is required to perform on or prior to the later to occur of (I) twelve (12) months after the date of the applicable fire or other casualty, and (II) the date that is sixty (60) days after the last day of the estimated time period set forth in the Casualty Statement (the later of the dates described in clause (I) and clause (II) above being referred to herein as the “Second Bite Date”), (iv) Tenant gives Landlord notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part of the Premises shall be so acquired or condemned and effect that this Lease will terminate under this Section 15.5(B) if Landlord fails to Substantially Complete the restoration within sixty (60) days after the Second Bite Date (such notice given by Tenant to Landlord being referred to herein as the “Second Bite Notice”), and (v) Landlord fails to Substantially Complete the restoration within sixty (60) days after the Second Bite Date.
(C) If Tenant makes any such election to terminate this Lease pursuant to this Section 15.5, then (I) the Term shall not be terminated expire on the thirtieth (30th) day after notice of such election is given by Tenant, and Tenant shall vacate the Premises and surrender the Premises to Landlord on such date “as is” (without any restoration obligation) and otherwise in accordance with the terms of this Section, Landlord, at LandlordLease that govern Tenant’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to obligations upon the provisions of any Mortgage expiration or Superior Lease, restore such portion earlier termination of the Premises not so acquired or condemned to a self-contained unit substantially equivalent Term, (with respect to character, quality, appearance and servicesII) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant any Rental due hereunder shall be obligated to restore Tenant’s Property relating to such portion apportioned as of the Premises to the condition which existed immediately prior to date of such acquisition or condemnation.casualty, and
Appears in 1 contract
Samples: Lease (dELiAs, Inc.)
Tenant’s Termination Right. If In the part event (x) that Tenant’s gross sales (as defined in Section 6 of this Lease) shall be less than Eight Million Five Hundred Thousand Dollars ($8,500,000.00) in either of the Buildings eighth (8th) or the Real Property so acquired or condemned contains a substantial part ninth (9th) lease years of the total area initial term hereof, and (y) Tenant was open and operating for business for the Permitted Use during the Shopping Center’s standard business days and hours during the eighth (8th) and ninth (9th) lease years (unless Tenant was not open and operating on account of casualty or condemnation), Tenant shall have the right, at Tenant’s sole election, provided that Tenant is not then in default of the portion terms of this Lease beyond any applicable notice and cure periods, on or before the date (the “Last Termination Notice Date”) which is thirty (30) days after the end of the Premises located in such Building immediately prior ninth (9th) lease year, to such acquisition or condemnation, or if, by reason send to Landlord a notice terminating this Lease as of such acquisition or condemnation, the last day of the tenth (10th) lease year (the “Tenant’s Termination Date”). In the event that Tenant no longer has reasonable means of access to the Premises, Tenant may shall so terminate this Lease as to such portion in accordance with the provisions of the Premises by notice to Landlord given within 60 days following the date upon which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hallthis Section 51, then Tenant’s right the term of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and expire on Tenant’s Termination Date with the Term shall end same force and expire upon effect as though said date was the scheduled expiration date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following term under this Lease. Notwithstanding the giving of such notice. If a part termination notice and Tenant’s exercise of the Premises its termination right under this Section 51, Tenant shall be so acquired or condemned perform and observe all of Tenant’s obligations under this Lease through and including the Term Tenant’s Termination Date and Tenant shall not be terminated in accordance with this Section, pay to Landlord, on or before the Tenant’s Termination Date, the sum of One Hundred Thousand Dollars ($100,000.00). In the event Tenant exercises the termination right provided for in this Section 51, Landlord shall have the right, upon ten (10) days prior written notice, at LandlordTenant’s expense but without requiring corporate headquarters, to examine Tenant’s books and records relating to gross sales at the demised premises, provided such right shall expire sixty (60) days after Tenant notifies Landlord of Tenant’s exercise of Tenant’s election to spend more than it collects as an award, shall, subject terminate the Lease pursuant to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationthis Section 51.
Appears in 1 contract
Tenant’s Termination Right. If Tenant shall have an option to cancel the part remainder of the Buildings or the Real Property so acquired or condemned contains a substantial part initial Lease Term effective as of the total area last day of the portion thirty-sixth (36th) full calendar month following the Commencement Date (the "Early Termination Date"). To exercise this option, Tenant must (a) deliver written notice of the Premises located in such Building immediately exercise thereof to Landlord at least nine (9) months prior to such acquisition or condemnationthe Early Termination Date (the "Termination Option Exercise Date"), or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as to such portion of the Premises by notice to Landlord given within 60 days following the date upon which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hall, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following (b) concurrently with the giving of such notice, pay to Landlord a termination fee equal to the sum of (i) six (6) months of Base Rent (approximately $131,626.00), plus (ii) all unamortized leasing commissions paid to Tenant's broker in connection with this Lease (approximately $26,325.00) (with each such figure determined based on the final square footage of Rentable Area under Section 3 of the Schedule). Tenant must also not be in default beyond any applicable notice and cure period under this Lease at the time Tenant delivers such notice. If a part Tenant fails to deliver such items on or before the Termination Option Exercise Date, the option to terminate shall be deemed waived for all purposes and shall no longer be available to Tenant. Upon Tenant's delivery of the Premises notice and termination fee described above, the Lease Term shall be so acquired or condemned and this Lease and the Term shall not be terminated deemed adjusted in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage this Section 31. If Tenant timely gives notice of its exercise of this option, then the parties shall promptly execute an amendment to this Lease or Superior Lease, restore such portion a lease termination agreement prepared by Landlord to confirm the change of the Premises not so acquired Lease Term, which amendment or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant agreement shall be obligated reasonably acceptable to restore each of Landlord and Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnation.
Appears in 1 contract
Samples: Lease Agreement (Orthologic Corp)
Tenant’s Termination Right. If the part of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnationare totally damaged and are thereby rendered wholly untenantable, or if, by reason if the Building shall be so damaged that Tenant is deprived of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as and if Landlord elects to such portion of restore the Premises by notice to Premises, Landlord given shall, within 60 sixty (60) days following the date upon of the damage, cause a contractor or architect selected by Landlord to give notice (the “Restoration Notice”) to Tenant of the date by which Tenant received notice such contractor or architect estimates the restoration of the Premises (excluding any Above Building Standard Installations) shall be Substantially Completed. If such date, as set forth in the Restoration Notice, is more than nine (9) months from the date of such acquisition or condemnationdamage, then Tenant shall have the right to terminate this Lease by giving notice (the “Termination Notice”) to Landlord not later than thirty (30) days following delivery of the Restoration Notice to Tenant; provided, however, that if the portion of Restoration Notice estimated that the Premises so affected shall (excluding any Above Building Standard Installations) would be the Music Hall, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall Substantially Completed within nine (9) months after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition damage and Landlord does not Substantially Complete the repairs within nine (9) months after the date of such damage for any reason other than a Tenant delay or condemnationan Unavoidable Delay, Tenant may shall have the right to terminate this Lease by delivering a thirty (30) day prior written notice to LandlordLandlord after the end of such nine (9) month period (the “Damage Termination Notice”) and thereafter during the first five (5) Business Days after each calendar month following the end of such period until such time as the repairs are Substantially Completed; provided, further, however, that if Landlord Substantially Completes the repairs within the thirty (30) day period after Tenant delivers the Damage Termination Notice, Tenant’s Damage Termination Notice shall be deemed null and void. If Tenant so notifies Landlorddelivers a Termination Notice or a Damage Termination Notice, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice be deemed to have terminated as to the portion of the Premises covered thereby, which date shall not be more than 30 days following sixtieth (60th) day after the giving of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion the manner set forth in the second sentence of the Premises to the condition which existed immediately prior to such acquisition or condemnationSection 11.4.
Appears in 1 contract
Samples: Deed of Lease (Carlyle Group L.P.)
Tenant’s Termination Right. If Provided that Tenant is not in monetary default under this Lease beyond any applicable notice or grace period on the part of date that the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnationTermination Notice (as defined below) is given, Tenant no longer has reasonable means of access shall have a one-time option ("Tenant's Termination Option") to the Premises, Tenant may terminate this Lease as of the last day of the calendar month in which shall occur the tenth (10th) anniversary of the day preceding the Rent Commencement Date of the last to such portion be delivered of the Base Premises (the "Early Termination Date") with respect to all portions of the Premises then leased by Tenant other than each Accepted Offer Space leased pursuant to Article 26 the Scheduled Offer Space Delivery Date of which was later than the day five (5) years prior to the Early Termination Date (such excluded portions of the Premises being herein called the "Continuing Premises")), provided that Tenant shall
(i) give irrevocable notice (the "Termination Notice") to Landlord of such termination at least eighteen (18) months prior to the Early Termination Date, and
(ii) pay to Landlord on or before the date thirty (30) days prior to the Early Termination Date an amount equal to nine (9) times the excess of (a) the monthly Fixed Rent then payable under this Lease with respect to the Early Termination Premises (as defined below) over (b) the Landlord's 109 121 Monthly Payment then payable under this Lease with respect to the Early Termination Premises (the "Termination Fee"). Notwithstanding the foregoing, if Tenant shall fail to pay the Termination Fee on or before the date that is thirty (30) days prior to the Early Termination Date or if on the date thirty (30) days prior to the Early Termination Date Tenant is otherwise in monetary default under this Lease beyond any applicable notice or grace period then, at the option of Landlord to be exercised by notice to Landlord Tenant given within 60 days following on or before the date upon which twenty (20) days prior to the Early Termination Date, the Termination Notice shall be ineffective and Tenant's option to terminate this Lease under this Article 38 shall thereupon forever terminate. Subject to the preceding paragraph, if Tenant received notice shall timely exercise Tenant's Termination Option and timely pay the Termination Fee then the term of such acquisition or condemnation; provided, however, that if the portion this Lease with respect to all portions of the Premises so affected other than the Continuing Premises (the "Early Termination Premises") shall end on the Early Termination Date with the same force and effect as if such Early Termination Date were the Expiration Date (and, with respect to the Early Termination Premises, the parties shall have the same rights and obligations as they would have had with respect to the Premises upon expiration of this Lease on the Expiration Date). No such termination shall affect the Continuing Premises and this Lease shall continue with respect to the Continuing Premises as if Tenant had not exercised Tenant's Termination Option. Tenant's failure to comply with the notice provision above shall be the Music Hall, then deemed a waiver of all of Tenant’s right of termination shall apply 's rights under this Article 38 and Tenant's option to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant Early Termination Premises shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationthereupon forever terminate.
Appears in 1 contract
Tenant’s Termination Right. If the part of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises, Building Systems servicing the Premises located in such Building immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of Common Areas providing access to the PremisesPremises is damaged by Casualty such that Tenant is prevented from conducting its business in the Premises in a manner reasonably comparable to that conducted immediately before such Casualty and Landlord estimates that the damage caused thereby cannot be repaired within twelve (12) months after the date of discovery of such damage (the “Repair Period“), or if the repairs are not reasonably likely to be completed until the last nine (9) months of the Lease Term have commenced, then Tenant may terminate this Lease as by delivering written notice to Landlord of its election to terminate within thirty (30) days after Landlord delivers to Tenant a good faith estimate (the “Damage Notice”) of the time needed to repair the damage caused by such portion Casualty. If neither party elects to terminate this Lease following a Casualty pursuant to the terms of this Article 11, and if Landlord does not complete the restoration of the Premises by notice to Landlord given within 60 days the greater of (a) twelve (12) months following the date upon which Tenant received notice of Casualty or (b) sixty (60) days after the time period estimated by Landlord to repair the damage caused by such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hall, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space Casualty as specified in the Music Hall which is acquired Damage Notice, as the same may be extended by delays caused by Tenant, its agents or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnationemployees, Tenant may terminate this Lease by delivering written notice (“Damage Termination Notice”) to LandlordLandlord within ten (10) days following the expiration of such twelve (12) month or 60-day period, as applicable (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant’s Damage Termination Notice (but not earlier than thirty (30) days nor later than ninety (90) days after the date of such notice) as if such date were the date fixed for the expiration of the Lease Term. If Tenant so notifies Landlordfails to timely give such Damage Termination Notice, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated deemed to restore Tenant’s Property relating have waived its right to such portion terminate this Lease, time being of the Premises to the condition which existed immediately prior to such acquisition or condemnationessence with respect thereto.
Appears in 1 contract
Samples: Office Lease (Oxigene Inc)
Tenant’s Termination Right. If Except as otherwise set forth herein, if a Facility is substantially damaged or destroyed or rendered Unsuitable For Its Primary Intended Use by a Casualty at any time during the part last two (2) Lease Years of the Buildings Initial Term or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premisesany Extended Term, Tenant may elect to terminate this Lease as with respect to the Leased Property on which such portion of the Premises Facility is located by providing written notice to Landlord given within 60 ninety (90) days following of the date upon which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion notifies Landlord of the Premises so affected Casualty, which termination shall be the Music Hall, then Tenant’s right of termination shall apply to the whole effective as of the Premises. Furthermore, if by virtue date of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving 's receipt of such notice. If a part Tenant elects to terminate, then Landlord shall receive any and all of the Premises insurance proceeds payable by reason of the Casualty (the "CASUALTY INSURANCE PROCEEDS") and Tenant shall immediately pay to Landlord an amount equal to the sum of (a) any uninsured deductible plus (b) the positive difference, if any, between the (i)Minimum Option Price minus (ii) the sum of (x) the Casualty Insurance Proceeds and (y) any uninsured deductible, and as of the date of such termination, the applicable Leased Property shall be so acquired or condemned and deleted from this Lease and the Term provisions of SECTION 17.9 governing a deletion of a Leased Property after Casualty shall be applicable. If Tenant does not be terminated elect to terminate, then, subject to Landlord's rights to terminate in SECTIONS 15.3 below, Tenant shall promptly rebuild and restore the Leased Property in accordance with this SectionSECTION 15.5 below and Landlord shall make the Casualty Insurance Proceeds available to Tenant for such restoration only pursuant to, Landlordand in accordance with, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnation.SECTION 15.4
Appears in 1 contract
Samples: Master Lease Agreement (Brookdale Senior Living Inc.)
Tenant’s Termination Right. If the part of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnationare totally damaged and are thereby rendered wholly untenantable, or if, by reason if the Building shall be so damaged that Tenant is deprived of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as and if Landlord elects to such portion of restore the Premises by notice to Premises, Landlord given shall, within 60 days following the date upon of the damage, cause a contractor or architect selected by Landlord to give notice (the “Restoration Notice”) to Tenant of the date by which Tenant received notice of such acquisition contractor or condemnation; provided, however, that if architect estimates the portion restoration of the Premises so affected (excluding any Above Building Standard Installations) shall be Substantially Completed. If such date, as set forth in the Music HallRestoration Notice, is more than 9 months from the date of such damage (the period from the date of damage through the estimated date for restoration of the Premises being referred to herein as the “Restoration Period”), then Tenant’s Tenant shall have the right of termination shall apply to terminate this Lease by giving notice (the whole “Damage Termination Notice”) to Landlord not later than 30 days following delivery of the PremisesRestoration Notice to Tenant, in which event this Lease shall be deemed to have terminated as of the date of the giving of the Damage Termination Notice. Furthermore, if by virtue neither Landlord nor Tenant has terminated this Lease, and if the restoration of the nature Premises is not actually Substantially Completed within the Restoration Period, then Tenant shall have the right, exercisable by written notice to Landlord (the “Restoration Termination Notice”), delivered within 5 Business Days following the end of the space in Restoration Period, or thereafter delivered during the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, first 5 Business Days of any calendar month following the date upon which Tenant received notice end of the Restoration Period until such acquisition or condemnationtime as the restoration of the Premises is Substantially Complete, Tenant may to terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the effective as of a date set forth in the notice as to Restoration Termination Notice (the portion of the Premises covered thereby“Damage Termination Date”), which date Damage Termination Date shall not be more less than 30 days following Landlord’s receipt of the giving Restoration Termination Notice. Notwithstanding the foregoing, if Tenant delivers a Restoration Termination Notice to Landlord, then Landlord shall have the right to suspend the occurrence of the Damage Termination Date for a period ending 30 days after the Damage Termination Date set forth in the Restoration Termination Notice by delivering to Tenant, within 5 Business Days of Landlord’s receipt of the Restoration Termination Notice, a certificate of Landlord’s contractor responsible for the restoration of the Premises certifying that it is such noticecontractor’s good faith judgment that such restoration shall be Substantially Completed on or before the date that is 30 days after the Damage Termination Date (the “Extended Damage Termination Date”). If a part the restoration of the Premises shall be so acquired Substantially Completed on or condemned and this Lease and before the Term Extended Damage Termination Date, then the Restoration Termination Notice shall be of no further force or effect, but if such restoration shall not be Substantially Completed on or before the Extended Damage Termination Date, then this Lease shall terminate on the Extended Damage Termination Date. If this Lease is terminated pursuant to this Section 11.5, then the Lease shall terminate in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions manner set forth in the second sentence of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationSection 11.4.
Appears in 1 contract
Samples: Lease Agreement (E2open Inc)
Tenant’s Termination Right. If the part repairs cannot be completed within twelve (12) months after the date of the Buildings or the Real Property so acquired or condemned contains damage (which twelve (12) month period shall not be extended in excess of six (6) months as a substantial part result of the total area any event of the portion of the Premises located “Force Majeure,” as that term is defined in such Building immediately prior to such acquisition or condemnationSection 29.17, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premisesbelow), Tenant may terminate this Lease as to such portion elect, no earlier than sixty (60) days after the date of the Premises by notice to Landlord given within 60 damage and not later than the ninety (90) days following after the date upon which Tenant received notice of such acquisition or condemnation; provideddamage, however, that if the portion of the Premises so affected shall be the Music Hall, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by written notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon Landlord effective as of the date set forth specified in the notice as to the portion of the Premises covered therebynotice, which date shall not be less than thirty (30) days nor more than 30 sixty (60) days following after the giving of date such noticenotice is given by Tenant. If Furthermore, if Landlord has advised Tenant that repairs can be completed within a part of the Premises shall be so acquired or condemned twelve (12) month period, and Tenant has not terminated this Lease Lease, and the Term repairs are not actually completed within such twelve (12) months’ period (which twelve (12) month period shall not be terminated extended in accordance with excess of six (6) months as a result of any event of Force Majeure), Tenant shall have the right to terminate this SectionLease during the first five (5) business days of each calendar month following the end of such period until such time as the repairs are complete, by notice to Landlord (the “Damage Termination Notice”), effective as of a date set forth in the Damage Termination Notice (the “Damage Termination Date”), which Damage Termination Date shall not be earlier than the end of each such month. Tenant may at any time prior to any Damage Termination Date void any previously delivered Damage Termination Notice. Notwithstanding the foregoing, if Tenant delivers a Damage Termination Notice to Landlord, at then Landlord shall have the right to suspend the occurrence of the Damage Termination Date for a period ending thirty (30) days after the Damage Termination Date set forth in the Damage Termination Notice by delivering to Tenant, within five (5) business days of Landlord’s expense but without requiring Landlord to spend more than receipt of the Damage Termination Notice, a certificate of Landlord’s contractor responsible for the repair of the damage certifying that it collects as an award, shall, subject is such contractor’s good faith judgment that the repairs shall be substantially completed within thirty (30) days after the Damage Termination Date. If repairs shall be substantially completed prior to the provisions expiration of such thirty-day period, then the Damage Termination Notice shall be of no force or effect, but if the repairs shall not be substantially completed within such thirty-day period, then this Lease shall terminate upon the expiration of such thirty-day period. At any Mortgage or Superior Leasetime, restore such portion from time to time, after the date occurring sixty (60) days after the date of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to characterdamage, quality, appearance Tenant may request that Landlord inform Tenant of Landlord’s reasonable opinion of the date of completion of the repairs and services) to that which existed immediately prior Landlord shall respond to such acquisition or condemnation, request within five (5) business days. If Tenant terminates this Lease pursuant to the extent commercially practicable to do soterms of this Section 11.2, in which case Tenant shall be obligated receive, and Landlord shall assign to restore Tenant’s Property relating , insurance proceeds equal to such portion the Unamortized Value as of the Premises Tenant Termination Date of the Tenant Costs (as calculated pursuant to Section 3.4.2 above), provided that Landlord has not exercised the condition which existed immediately prior Reimbursement Right pursuant to such acquisition or condemnationSection 3.4, above.
Appears in 1 contract
Tenant’s Termination Right. If the part of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises, Building Systems servicing the Premises located in such Building immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of Common Areas providing access to the PremisesPremises is damaged by Casualty such that Tenant is prevented from conducting its business in the Premises in a manner reasonably comparable to that conducted immediately before such Casualty and Landlord reasonably estimates that the damage caused thereby cannot be repaired within one (1) year after the delivery of the Damage Notice, then Tenant may terminate this Lease as by delivering written notice to such portion Landlord of its election to terminate within thirty (30) days after Landlord delivers the Damage Notice. If neither party elects to terminate this Lease following a Casualty pursuant to the terms of this Article 11, and if Landlord does not complete the restoration of the Premises by notice to Landlord given within 60 days the greater of (i) eighteen (18) months following the date upon which Tenant received notice of Casualty, or (ii) sixty (60) days after the Repair Period estimated by Landlord to repair the damage caused by such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hall, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space Casualty as specified in the Music Hall which is acquired Damage Notice, as the same may be extended by delays caused by Tenant, its agents or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnationemployees, Tenant may terminate this Lease by delivering written notice (“Damage Termination Notice”) to LandlordLandlord within ten (10) business days following the expiration of such 18-month or 60-day period, as applicable (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant’s Damage Termination Notice (but not earlier than thirty (30) days nor later than ninety (90) days after the date of such notice) as if such date were the date fixed for the expiration of the Lease Term. If Tenant so notifies Landlordfails to timely give such Damage Termination Notice, Tenant shall be deemed to have waived its right to terminate this Lease shall terminate and Lease, time being of the Term shall end and expire essence with respect thereto. Notwithstanding the foregoing, if upon the date set forth in receipt of Tenant’s Damage Termination Notice, Landlord reasonably believes it can complete the notice as to the portion restoration of the Premises covered thereby, which date shall not be more than 30 within thirty (30) days following the giving receipt of such notice. If a part of the Premises Damage Termination Notice, Landlord may, in its sole discretion, elect to proceed with such restoration and, provided Landlord substantially completes such restoration within such thirty (30) day period, Tenant’s election to terminate shall be so acquired or condemned null and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationvoid.
Appears in 1 contract
Samples: Office Lease (Atlassian Corp PLC)
Tenant’s Termination Right. (a) If the part of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnationare totally damaged and are thereby rendered wholly untenantable, or if, by reason if the Building shall be so damaged that Tenant is deprived of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as and if Landlord elects to such portion of restore the Premises by notice to Premises, Landlord given shall, within 60 days following the date upon of the damage, cause a contractor or architect selected by Landlord to give notice (the "Restoration Notice") to Tenant of the date by which Tenant received notice of such acquisition contractor or condemnation; provided, however, that if architect estimates the portion restoration of the Premises so affected shall be Substantially Completed. If such date, as set forth the Music HallRestoration Notice, is more than 15 months from the date of such damage, then Tenant shall have the right to terminate this Lease by giving notice (the "Termination Notice") to Landlord not later than 30 days following Tenant’s right of termination shall apply to the whole 's receipt of the PremisesRestoration Notice. FurthermoreIf Tenant delivers to Landlord a Termination Notice, if by virtue this Lease shall be deemed to have terminated as of the nature date of the space giving of the Termination Notice, in the Music Hall which is acquired or condemned, the space remaining manner set forth in the Music Hall second sentence of Section 13.2.
(b) If Tenant shall not have elected to, or was not entitled to, terminate this Lease in accordance with Section 13.3(a) and Landlord shall fail to Substantially Complete its restoration work on or before the later to occur of 15 months after giving effect to the date of such acquisition damage or condemnation cannot economically be used for its intended purpose, following 60 days after the date upon which Tenant received notice of Landlord's contractor estimated such acquisition or condemnationrestoration would be Substantially Completed, in either case, subject to extension (not to exceed 90 days in the aggregate) for delays due to Unavoidable Delays, Tenant may elect, as its sole remedy, to terminate this Lease by upon 30 days notice to Landlord. If Landlord given not earlier than the last day of the period specified above, and if Tenant so notifies Landlord, shall give such a notice this Lease shall terminate and on the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days 30th day following the giving of such noticenotice unless Landlord shall have Substantially Completed its reconstruction work by such 30th day. If a part Landlord shall have Substantially Completed its restoration work within such 30-day period, Tenant's notice of the Premises termination shall be so acquired or condemned null and void and this Lease shall remain in full force and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationeffect.
Appears in 1 contract
Samples: Lease (Advent Software Inc /De/)
Tenant’s Termination Right. If In the part event that Tenant's gross receipts from the demised premises, as calculated by Tenant in accordance with generally accepted accounting principles consistently applied, shall be less than Five Million Six Hundred Twenty-five Thousand Dollars ($5,625,000.00) in either of the Buildings eighth (8th) or the Real Property so acquired or condemned contains a substantial part ninth (9th) lease years of the total area initial term hereof, Tenant shall have the right, at Tenant's sole election, provided that Tenant is not then in default of the portion terms of this Lease beyond any applicable notice and cure periods, on or before the date (the "Last Termination Notice Date") which is thirty (30) days after the end of the Premises located in such Building immediately prior ninth (9th) lease year, to such acquisition or condemnation, or if, by reason send to Landlord a notice terminating this Lease as of such acquisition or condemnation, the last day of the tenth (10th) lease year (the "Tenant's Termination Date"). In the event that Tenant no longer has reasonable means of access to the Premises, Tenant may shall so terminate this Lease as to such portion in accordance with the provisions of the Premises by notice to Landlord given within 60 days following the date upon which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hallthis Section 51, then Tenant’s right the term of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and expire on Tenant's Termination Date with the Term shall end same force and expire upon effect as though said date was the scheduled expiration date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following term under this Lease. Notwithstanding the giving of such notice. If a part termination notice and Tenant's exercise of the Premises its termination right under this Section 51, Tenant shall be so acquired or condemned perform and observe all of Tenant's obligations under this Lease through and including the Term Tenant's Termination Date and Tenant shall not be terminated in accordance with this Section, pay to Landlord, on or before the Tenant's Termination Date, the sum of One Hundred Thousand Dollars ($100,000.00). In the event Tenant exercises the termination right provided for in this Section 51, Landlord shall have the right, upon ten (10) days prior written notice, at Landlord’s expense but without requiring Tenant's corporate headquarters, to examine Tenant's books and records relating to gross receipts at the demised premises, provided such right shall expire sixty (60) days after Tenant notifies Landlord of Tenant's exercise of Tenant's election to spend more than it collects as an award, shall, subject terminate the Lease pursuant to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationthis Section 51.
Appears in 1 contract
Samples: Lease (Retail Ventures Inc)
Tenant’s Termination Right. If In the part event (i) that Tenant’s gross sales (as defined in Section 5 of this Lease) shall be less than Four Million Seven Hundred Fifty-one Thousand Eight Hundred Dollars ($4,751,800.00) in either of the Buildings eighth or the Real Property so acquired or condemned contains a substantial part ninth Lease Years of the total area initial term hereof, and (ii) Tenant was open and operating for business for the Permitted Use during the Center’s standard business days and hours during the eighth and ninth Lease Years (unless Tenant was not open and operating on account of casualty or condemnation), Tenant shall have the right, at Tenant’s sole election, provided that Tenant is not then in default of the portion terms of this Lease beyond any applicable notice and cure periods, on or before the date (the “Last Termination Notice Date”) which is thirty (30) days after the end of the Premises located in such Building immediately prior ninth Lease Year, to such acquisition or condemnation, or if, by reason send to Landlord a notice terminating this Lease (“Termination Notice”) as of such acquisition or condemnation, the last day of the tenth Lease Year (the “Tenant’s Termination Date”). In the event that Tenant no longer has reasonable means of access to the Premises, Tenant may shall so terminate this Lease as to such portion in accordance with the provisions of the Premises by notice to Landlord given within 60 days following the date upon which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hallthis Section 50, then Tenant’s right the term of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and expire on Tenant’s Termination Date with the Term shall end same force and expire upon effect as though said date was the scheduled expiration date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following term under this Lease. Notwithstanding the giving of such notice. If a part Termination Notice and Tenant’s exercise of its termination right under this Section 50, Tenant shall perform and observe all of Tenant’s obligations under this Lease through and including the Tenant’s Termination Date and Tenant shall pay to Landlord, simultaneous with the delivery of the Premises Termination Notice, the sum of One Hundred Thousand Dollars ($100,000.00). In the event Tenant exercises the termination right provided for in this Section 50, Landlord shall be so acquired or condemned and this Lease and have the Term shall not be terminated in accordance with this Sectionright, Landlordupon ten (10) days prior written notice, at LandlordTenant’s expense but without requiring corporate headquarters, to examine Tenant’s books and records relating to gross receipts at the Premises, provided such right shall expire sixty (60) days after Tenant notifies Landlord of Tenant’s exercise of Tenant’s election to spend more than it collects as an award, shall, subject terminate the Lease pursuant to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationthis Section 50.
Appears in 1 contract
Samples: Lease (DSW Inc.)
Tenant’s Termination Right. If the part Premises are damaged by fire or other casualty, or if the Building shall be so damaged that Tenant is deprived of reasonable access to or use of the Buildings or Premises, Landlord shall, within sixty (60) days following the Real Property so acquired or condemned contains a substantial part date of the total area damage, cause a reputable independent contractor or architect reasonably selected by Landlord to give notice (the “Restoration Notice”) to Tenant of the portion date by which such contractor or architect estimates the restoration of the Premises located (excluding any Above Building Standard Installations) or if applicable, Building, shall be Substantially Completed. If such date, as set forth in the Restoration Notice, is more than fourteen (14) months from the date of such Building immediately prior damage, then Tenant shall have the right to terminate this Lease by giving notice (the “Termination Notice”) to Landlord not later than thirty (30) days following delivery of the Restoration Notice to Tenant. If Tenant delivers a Termination Notice, this Lease shall be deemed to have terminated as of the date of the giving of the Termination Notice, in the manner set forth in the second sentence of Section 11.4. In addition to the foregoing, if Landlord undertakes restoration of the Premises and fails to substantially complete said restoration within thirty (30) days beyond the time period estimated by Landlord within its Restoration Notice, and the cause of such acquisition or condemnation, or if, delay was not occasioned by reason of any act or omission of Tenant or any Unavoidable Delay (not to exceed ninety (90) days in the aggregate of Unavoidable Delay), then and in such acquisition or condemnation, event Tenant no longer has reasonable means of access shall have the option to the Premises, Tenant may terminate this Lease upon written notice to Landlord at anytime following expiration of said thirty (30) day period, which termination shall be effective as to of the sixtieth (60th) day following the receipt by Landlord of such portion notice unless Landlord has substantially completed the restoration of the Premises by notice to Landlord given within 60 days following the date upon said sixtieth (60th) day (in which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hall, then case Tenant’s right of termination shall apply election to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part of the Premises shall be so acquired or condemned null and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationvoid.
Appears in 1 contract
Samples: Deed of Lease (FBR & Co.)
Tenant’s Termination Right. (a) If the part of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnationare totally damaged and are thereby rendered wholly untenantable, or if, by reason if the Building shall be so damaged that Tenant is deprived of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as and if Landlord elects to such portion of restore the Premises by notice to Premises, Landlord given shall, within 60 days following the date upon of the damage, cause a contractor or architect selected by Landlord to give notice (the “Restoration Notice”) to Tenant of the date by which Tenant received notice of such acquisition contractor or condemnation; provided, however, that if architect estimates the portion restoration of the Premises so affected (excluding any Above Building Standard Installations) shall be Substantially Completed. If such date, as set forth in the Music HallRestoration Notice, is more than 15 months from the date of such damage, then Tenant’s Tenant shall have the right of termination shall apply to terminate this Lease by giving notice (the whole “Termination Notice”) to Landlord not later than 30 days following delivery of the PremisesRestoration Notice to Tenant. FurthermoreIf Tenant delivers a Termination Notice, if by virtue this Lease shall be deemed to have terminated as of the nature date of the space giving of the Termination Notice, in the Music Hall which is acquired or condemned, the space remaining manner set forth in the Music Hall second sentence of Section 11.4.
(b) If Tenant shall not have elected to, or was not entitled to, terminate this Lease in accordance with Section 11.5(a) and Landlord shall fail to Substantially Complete its restoration work on or before the later to occur of 15 months after giving effect to the date of such acquisition damage or condemnation cannot economically be used for its intended purpose, following 60 days after the date upon which Tenant received notice of Landlord’s contractor estimated such acquisition or condemnationrestoration would be completed, in either case, subject to extension for delays due to Unavoidable Delays, Tenant may elect, as its sole remedy, to terminate this Lease by upon 30 days notice to Landlord. If Landlord given not earlier than the last day of the period specified above, and if Tenant so notifies Landlord, shall give such a notice this Lease shall terminate and on the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days 30th day following the giving of such noticenotice unless Landlord shall have Substantially Completed its reconstruction work by such 30th day. If a part Landlord shall have Substantially Completed its restoration work, Tenant’s notice of the Premises termination shall be so acquired or condemned null and void and this Lease shall remain in full force and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationeffect.
Appears in 1 contract
Tenant’s Termination Right. If either the part of the Buildings Lower Level or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Office Premises located in such Building immediately prior to such acquisition or condemnationare totally damaged and are thereby rendered wholly untenantable, or if, by reason if the Building shall be so damaged that Tenant is deprived of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Office Premises or Lower Level Premises, Tenant may terminate this Lease as and if Landlord elects to such portion of restore the Premises by notice to Premises, Landlord given shall, within 60 days following the date upon of the damage, cause a contractor or architect selected by Landlord to give notice (the “Restoration Notice”) to Tenant of the date by which Tenant received notice of such acquisition contractor or condemnation; provided, however, that if architect estimates the portion restoration of the Premises so affected (excluding any Above Building Standard Installations) shall be Substantially Completed. If such date, as set forth in the Music HallRestoration Notice, is more than 12 months from the date of such damage (the “Restoration Period”), then Tenant’s Tenant shall have the right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by giving notice (the “Termination Notice”) to Landlord not later than the 30th day following delivery of the Restoration Notice to Tenant. In the event that Landlord does not deliver the Premises to Tenant with the restoration Substantially Completed within the Restoration Period, then Tenant shall have the right to terminate this Lease, by delivering a Termination Notice to Landlord, not later than the 10th day after the expiration of the Restoration Period, unless prior to such termination effective date, Landlord delivers the Premises to Tenant with the restoration Substantially Completed. If Tenant so notifies Landlorddelivers a Termination Notice, this Lease shall terminate and the Term shall end and expire upon be deemed to have terminated as of the date of the giving of the Termination Notice, in the manner set forth in the notice as to the portion second sentence of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationSection 11.4.
Appears in 1 contract
Samples: Lease Agreement (BTHC VII Inc)
Tenant’s Termination Right. If the part Premises are totally damaged (or a material portion thereof is damaged) and are thereby rendered wholly untenantable, or if the Building shall be so damaged that Tenant is deprived of reasonable access to the Buildings Premises or the Real Property so acquired or condemned contains a substantial part of the total area of the portion use of the Premises located in such Building immediately prior for the conduct of Tenant’s business operations, and if Landlord elects to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to restore the Premises, Tenant may terminate this Lease as to such portion of the Premises by notice to Landlord given shall, within 60 days following the date upon of the damage, cause a contractor or architect selected by Landlord to give notice (the “Restoration Notice”) to Tenant of the date by which Tenant received notice of such acquisition contractor or condemnation; provided, however, that if architect estimates the portion restoration of the Premises so affected (excluding any Above Building Standard Installations installed by or on behalf of Tenant) shall be Substantially Completed. If such date, as set forth in the Music HallRestoration Notice, is more than 15 months from the date of such damage, then Tenant’s Tenant shall have the right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by giving notice (the “Termination Notice”) to LandlordLandlord not later than 30 days following delivery of the Restoration Notice to Tenant. If Tenant so notifies Landlorddelivers a Termination Notice, this Lease shall terminate and the Term shall end and expire upon be deemed to have terminated as of the date of the giving of the Termination Notice, in the manner set forth in the notice as to second sentence of Section 11.4. If Landlord has not substantially completed the portion reconstruction of the Premises covered therebywithin ninety (90) days after the expiration of the time period for such completion set forth in the Restoration Notice, which time period shall be extended for force majeure and for periods of delay attributable to the wrongful acts or omissions of Tenant and Tenant’s agents, employees or contractors, then Tenant may, as its sole and exclusive remedy, terminate this Lease effective as of the date shall not be more than 30 days following the giving of notice of such notice. If a part election, by giving written notice to Landlord within ten (10) days after the end of such ninety (90) day period, time being of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationessence.
Appears in 1 contract
Tenant’s Termination Right. If the part of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises, Building Systems servicing the Premises located in such Building immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of Common Areas providing access to the PremisesPremises is damaged by Casualty such that Tenant is prevented from conducting its business in the Premises in a manner reasonably comparable to that conducted immediately before such Casualty and Landlord estimates that the damage caused thereby cannot be repaired within twelve (12) months after the date of discovery of such damage (the “Repair Period”), then Tenant may terminate this Lease as by delivering written notice to Landlord of its election to terminate within thirty (30) days after Landlord delivers to Tenant a good faith estimate (the “Damage Notice”) of the time needed to repair the damage caused by such portion Casualty. If neither party elects to terminate this Lease following a Casualty pursuant to the terms of this Article 11, and if Landlord does not complete the restoration of the Premises by notice to Landlord given within 60 days the greater of (a) twelve (12) months following the date upon which Tenant received notice of Casualty or (b) sixty (60) days after the time period estimated by Landlord to repair the damage caused by such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hall, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space Casualty as specified in the Music Hall which is acquired Damage Notice, as the same may be extended by delays caused by Tenant, its agents or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnationemployees, Tenant may terminate this Lease by delivering written notice (“Damage Termination Notice”) to LandlordLandlord within ten (10) days following the expiration of such 12-month or 60-day period, as applicable (as the same may be extended as set forth above) and prior to the date upon which Landlord substantially completes such restoration. Such termination shall be effective as of the date specified in Tenant’s Damage Termination Notice (but not earlier than thirty (30) days nor later than ninety (90) days after the date of such notice) as if such date were the date fixed for the expiration of the Lease Term. If Tenant so notifies Landlordfails to timely give such Damage Termination Notice, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated deemed to restore Tenant’s Property relating have waived its right to such portion terminate this Lease, time being of the Premises to the condition which existed immediately prior to such acquisition or condemnationessence with respect thereto.
Appears in 1 contract
Tenant’s Termination Right. If the part Premises are materially damaged or if the Building shall be so damaged that Tenant is deprived of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as and if Landlord elects to such portion of restore the Premises by notice to Premises, Landlord given shall, within 60 days following the date upon which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Halldamage, then Tenant’s right of termination shall apply cause a contractor or architect selected by Landlord to the whole give notice ("Restoration Notice") to Tenant of the Premises. Furthermore, if date by virtue of which such contractor or architect estimates the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part restoration of the Premises shall be so acquired or condemned and this Lease and substantially completed. If the Term Restoration Notice estimates that the restoration shall not be substantially completed on or before a date ("Landlord's Restoration Date") which shall be the later of (i) 12 months following the date of such damage, or (ii) nine months following the delivery by Tenant to Landlord of Tenant's Restoration Payment or the Restoration Security, unless Tenant has expressly waived Landlord's obligations to restore the Above Building Standard Installations in which event Landlord's Restoration Date shall be 12 months following the date of such damage, then Tenant shall have the right to terminate this Lease by giving written notice ("Termination Notice") to Landlord not later than 30 days following Tenant's receipt of the Restoration Notice. If Tenant delivers to Landlord a Termination Notice, this Lease shall be deemed to have terminated in accordance with as of the date of the giving of the Termination Notice as if such date were the Expiration Date, and Rent shall be apportioned and shall be paid or refunded, as the case may be, up to and including the date of such damage. If Tenant shall not have given the Termination Notice pursuant to this SectionSection 13.3, and Landlord shall fail to substantially complete the restoration of the Premises on or before Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall's Restoration Date, subject to Unavoidable Delays (which may not exceed an additional three months in the provisions of any Mortgage or Superior Leaseaggregate), restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case then Tenant shall be obligated have the right to restore Tenant’s Property relating terminate this Lease by delivery to Landlord of a Termination Notice not later than 30 days following such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationdate.
Appears in 1 contract
Samples: Lease (Kasper a S L LTD)
Tenant’s Termination Right. If Tenant has given written notice exercising its right to extend the part Term of the Buildings or Lease for such Extended Term, and the Real Property so acquired or condemned contains a substantial part FMRV for such Extended Term is subsequently determined, either by agreement of the total area parties or by arbitration, and if Tenant is not satisfied with such FMRV, then Tenant shall have the right to terminate the term of the portion Lease by giving written notice (“Termination Notice”) to Landlord on or before the date fifteen (15) days after such FMRV has been determined. In such event:
(i) Tenant shall reimburse Landlord for any costs which Landlord has incurred in the arbitration proceeding determining such FMRV, (ii) the term of the Premises located in such Building immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as to such portion of the Premises by notice to Landlord given within 60 days following the date upon which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hall, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate as of the date (“FMRV Effective Termination Date”) eighteen (18) months after Landlord receives such Termination Notice, (iii) the Annual Fixed Rent and other charges payable by Tenant during any period of time between the date the then current term would have expired but for the exercise by Tenant of its extension option and the FMRV Effective Termination Date shall be equal to the greater of 95% of such FMRV or the Prior Rent, and (iv) if such FMRV has not been determined prior to the commencement of the Extended Term in question, then Tenant shall end pay Annual Fixed Rent and expire other charges due under the Lease in respect of the Extended Term in question based upon Prior Rent until either the date set forth in agreement of the notice parties as to the portion Fair Market Rental Value, or the decision of the Premises covered therebyarbitrators, which date shall not be more than 30 days following as the giving of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlordcase may be, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case time Tenant shall be obligated pay any underpayment of rent and other charges to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationLandlord.
Appears in 1 contract
Samples: Lease Agreement (Havas)
Tenant’s Termination Right. If the part of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnationare totally damaged and are thereby rendered wholly untenantable, or if, by reason if the Building shall be so damaged that Tenant is deprived of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as and if Landlord elects to such portion of restore the Premises by notice to Premises, Landlord given shall, within 60 sixty (60) days following the date upon of the damage, cause a contractor or architect selected by Landlord to give notice (the “Restoration Notice”) to Tenant of the date by which Tenant received notice of such acquisition contractor or condemnation; provided, however, that if architect estimates the portion restoration of the Premises so affected (excluding any Above Building Standard Installations) shall be Substantially Completed. If such date, as set forth in the Music HallRestoration Notice, is more than twelve (12) months from the date of such damage, which twelve (12) month period may be extended in the event of Force Majeure, provided such Force Majeure extension shall not exceed ninety (90) days, then Tenant’s Tenant shall have the right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by giving notice (the “Termination Notice”) to LandlordLandlord not later than forty-five (45) days following Tenant’s receipt of the Restoration Notice. If Tenant so notifies delivers a Termination Notice to Landlord, this Lease shall terminate and the Term shall end and expire upon be deemed to have terminated as of the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving of the Termination Notice. Tenant agrees that Landlord’s obligation to restore, and the abatement of Rent provided herein, shall be Tenant’s sole recourse in the event of such notice. If a part damage, and waives any other rights Tenant may have under any applicable Law to terminate the Lease by reason of damage to the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated Building except as provided in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationSection 19.03.
Appears in 1 contract
Samples: Lease (MF Global Ltd.)
Tenant’s Termination Right. If the part Provided that Tenant is not in default under this Lease beyond any applicable notice and cure period as of the Buildings or the Real Property so acquired or condemned contains a substantial part date of Tenant’s delivery of the total area “Termination Notice,” as that term is defined below, Tenant shall have the one-time right to terminate and cancel this Lease, effective as of March 31, 2013 (the “Early Termination Date”), provided that (i) Landlord receives written notice (the “Termination Notice”) from Tenant on or before the date which is twelve (12) months prior to the Early Termination Date stating that Tenant is electing to terminate this Lease pursuant to the terms and conditions of this Section 2.3, and (ii) concurrently with Landlord’s receipt of the portion Termination Notice, Landlord receives from Tenant the “Termination Fee,” as that term is defined below, as consideration for and as a condition precedent to such early termination. The “Termination Fee” shall be equal to the sum of the Premises located in such Building immediately prior to such acquisition or condemnation, or if, following:
(a) The unamortized amount as of the Early Termination Date of leasing commissions incurred by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to Landlord for the Premises, plus
(b) The unamortized amount as of the Early Termination Date of the Tenant Improvement Allowance, plus
(c) The unamortized amount as of the Early Termination Date of any costs expended by Landlord for the Landlord Work, plus
(d) The unamortized amount as of the Early Termination Date of any costs expended by Landlord for the 9th Floor Tenant Improvements, including without limitation, (a) payment of the fees of any architect, space planner, and/or engineer, (b) payment of the fees incurred by, and the cost of documents and materials supplied by, Landlord and Landlord’s consultants in connection with the preparation and review of the “Approved Working Drawings,” as such term is defined in the Tenant Work Letter, and (c) the cost of construction of the 9th Floor Tenant Improvements, including, without limitation, testing and inspection costs, trash removal costs, after-hours utilities usage, and contractors’ fees and general conditions, plus
(e) The unamortized amount as of the Early Termination Date of any costs expended by Landlord for the 10th Floor Tenant Improvements, including without limitation, (a) payment of the fees of any architect, space planner, and/or engineer, (b) payment of the fees incurred by, and the cost of documents and materials supplied by, Landlord and Landlord’s consultants in connection with the preparation and review of the “Approved Working Drawings,” as such term is defined in the Tenant Work Letter, and (c) the cost of construction of the 10th Floor Tenant Improvements, including, without limitation, testing and inspection costs, trash removal costs, after-hours utilities usage, and contractors’ fees and general conditions. The unamortized amounts set forth in the foregoing Sections 2.3(a) through 2.3(e) shall be calculated on a straight-line basis over the applicable lease term (i.e., for such costs which are applicable to the Original Premises, the amortization shall be on a straight-line basis over the Lease Term, and for such costs which are applicable to any Expansion Premises, the amortization shall be on a straight-line basis over the lease term for such Expansion Premises), with interest at the rate of seven percent (7%) per annum. The termination right contained in this Section 2.3 shall be personal to the Original Tenant or a Permitted Transferee, and may terminate only be exercised by the Original Tenant or a Permitted Transferee (but not any other assignee, sublessee or other transferee of the Original Tenant’s interest in this Lease). Provided that Tenant terminates this Lease as to such portion in accordance with the terms of the Premises by notice to Landlord given within 60 days following the date upon which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hallthis Section 2.3, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following Early Termination Date with the giving of such notice. If a part of the Premises shall be so acquired or condemned same force and effect as if this Lease and the Term shall not be terminated were scheduled to expire in accordance with this Sectionits terms on the Early Termination Date, Landlordand, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to limiting the provisions of any Mortgage or Superior Lease, restore such portion generality of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to characterforegoing, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion surrender possession of the Premises to Landlord on the Early Termination Date in the condition which existed immediately prior required pursuant to such acquisition or condemnationthe terms of this Lease.
Appears in 1 contract
Samples: Office Lease (Yelp! Inc)
Tenant’s Termination Right. If the part of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnationare totally damaged and are thereby rendered wholly untenantable, or if, by reason if the Building shall be so damaged that Tenant is deprived of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, and if Landlord elects to restore the Premises, Landlord shall, within forty-five (45) days following the date of the damage, cause a contractor or architect selected by Landlord to give notice (the “Restoration Notice”) to Tenant may of the date by which such contractor or architect estimates the restoration of the Premises (excluding any Above Building Standard Installations) shall be Substantially Completed. If such date, as set forth in the Restoration Notice, is more than nine (9) months from the date of such damage, then Tenant shall have the right to terminate this Lease as by giving notice (the “Termination Notice”) to such portion Landlord not later than thirty (30) days following delivery of the Restoration Notice to Tenant. If Tenant delivers a Termination Notice, this Lease shall be deemed to have terminated as of the date of the giving of the Termination Notice, in the manner set forth in the second sentence of Section 11.4. If Landlord had previously indicated to Tenant that the Premises (excluding any Above Building Standard Installations) would be Substantially Completed within 9 months after the date of such damage and Landlord does not actually Substantially Complete the repairs within 9 months after the date of such damage for any reason other than a Tenant Delay or an Unavoidable Delay, Tenant shall have the right to terminate this Lease within five (5) Business Days after the end of such 9 month period and thereafter during the first five (5) Business Days after each calendar month following the end of such period until such time as the repairs are Substantially Completed, by notice to Landlord given within 60 days (the “Damage Termination Notice”), effective as of five (5) Business Days following the date upon which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion Landlord’s receipt of the Premises so affected shall be the Music Hall, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationDamage Termination Notice.
Appears in 1 contract
Tenant’s Termination Right. If Notwithstanding anything to the part of contrary herein contained, if due to (i) Landlord’s failure to make any repairs, alterations or improvements required to be made by Landlord under the Buildings Lease, or the Real Property so acquired or condemned contains a substantial part of the total area of the (ii) any interruption in essential services which Landlord is required to provide to Tenant hereunder, any material portion of the Premises located becomes untenantable for a period (“Untenantability Period”) of five (5) consecutive months (which five (5) month period shall be extended by the period of time, which shall not exceed an additional two (2) months, that Landlord is delayed in curing such Building immediately prior condition as the result of causes beyond Landlord’s reasonable control) after Xxxxxxxx’s receipt of written notice of such condition from Tenant, then, provided that Tenant ceases to use the affected portion of the Premises during the entire period of such acquisition untenantability, such untenantability and Landlord’s inability to cure such condition is not caused by a cause beyond Landlord’s reasonable control or condemnationthe fault or neglect of Tenant, or ifTenant’s agents, by reason of such acquisition employees or condemnationcontractors, Tenant no longer has reasonable means of access to the Premises, then Tenant may terminate this Lease as to such the entire Premises, or the affected portion of the Premises, by giving Landlord written notice as follows:
(a) Said notice shall be given after the expiration of the Untenantability Period.
(b) Said notice shall set forth an effective date which is not earlier than thirty (30) days after Xxxxxxxx receives said notice.
(c) If said condition is remedied on or before said effective date, said notice shall have no further force and effect.
(d) If said condition is not remedied on or before said effective date for any reason other then Tenant’s fault, as aforesaid, the Lease shall terminate as of said effective date, as to the affected portion of the Premises by notice to Landlord given within 60 days following or the date upon which Tenant received notice of such acquisition or condemnation; providedentire Premises, howeveras applicable, that if and the portion of Annual Fixed Rent and Additional Rent due under the Premises so affected Lease shall be the Music Hall, then Tenant’s right apportioned as of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationsaid effective date.
Appears in 1 contract
Samples: Lease Agreement (Havas)
Tenant’s Termination Right. If Notwithstanding anything to the part of contrary contained herein, if a Casualty Event causes damage to: (a) the Buildings or Tenant Space; (b) any critical electrical and/or mechanical infrastructure comprising the Real Property so acquired or condemned contains a substantial part of Base Building Systems and serving the total area of the Tenant Space and/or (c) any other portion of the Premises located in such Building immediately prior Property outside of the Tenant Space the result of which is material impairment to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to and/or use of the PremisesTenant Space, then Tenant may shall have the right to terminate this Lease as by, and effective upon, written notice to Landlord if: (1) the Repair Period-Estimated exceeds [*****] (in which case Tenant must provide written notice to Landlord of such termination within [*****] after Tenant's receipt of the Casualty Repair Notice), or (2) the Repair Period-Actual exceeds [*****] (in which case Tenant must provide written notice to Landlord of such termination prior to the [*****] of the Repair Period-Actual). Further notwithstanding anything to the contrary contained herein, in the event an: (x) Insurable Casualty Event damages and/or destroys: (i) any portion of the Premises Infrastructure for a particular Tenant Space, the result of which is material impairment of Tenant's use of such Tenant Space for the Permitted Use, and such damage and/or destruction cannot reasonably be fully repaired and/or restored within [*****] after the occurrence of such damage and/or destruction; or (ii) a Tenant Space during the last year of the Datacenter Period for such Tenant Space and the cost of repair and/or restoration work to the Infrastructure that would be required to be performed by Tenant as a result of such damage and/or destruction is reasonably estimated to exceed [*****] of the replacement cost of all Infrastructure for the damaged Tenant Space; or (y) Uninsurable Casualty Event damages and/or destroys a particular Tenant Space and the cost of repair and/or restoration work to the Infrastructure that would be required to be performed by Tenant as a result of such damage and/or destruction is reasonably estimated to exceed [*****] of the replacement cost of all Infrastructure for the damaged Tenant Space, then Tenant shall have the right to terminate this Lease with respect to such Tenant Space by, and effective upon, written notice to Landlord given within 60 days following [*****] after the date upon which Tenant received notice of such acquisition damage or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hall, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationdestruction.
Appears in 1 contract
Tenant’s Termination Right. If In the part event that Tenant's gross receipts from the demised premises, as calculated by Tenant in accordance with generally accepted accounting principles consistently applied, shall be less than Four Million Seven Hundred Thousand Dollars ($4,700,000.00) in either of the Buildings eighth (8th) or the Real Property so acquired or condemned contains a substantial part ninth (9th) lease years of the total area initial term hereof, Tenant shall have the right, at Tenant's sole election, provided that Tenant is not then in default of the portion terms of this Lease beyond any applicable notice and cure periods, on or before the date (the "Last Termination Notice Date") which is thirty (30) days after the end of the Premises located in such Building immediately prior ninth (9th) lease year, to such acquisition or condemnation, or if, by reason send to Landlord a notice terminating this Lease as of such acquisition or condemnation, the last day of the tenth (10th) lease year (the "Tenant's Termination Date"). In the event that Tenant no longer has reasonable means of access to the Premises, Tenant may shall so terminate this Lease as to such portion in accordance with the provisions of the Premises by notice to Landlord given within 60 days following the date upon which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hallthis Section 51, then Tenant’s right the term of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and expire on Tenant's Termination Date with the Term shall end same force and expire upon effect as though said date was the scheduled expiration date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following term under this Lease. Notwithstanding the giving of such notice. If a part termination notice and Tenant's exercise of the Premises its termination right under this Section 51, Tenant shall be so acquired or condemned perform and observe all of Tenant's obligations under this Lease through and including the Term Tenant's Termination Date. In the event Tenant exercises the termination right provided for in this Section 51, Landlord shall not be terminated in accordance with this Sectionhave the right, Landlordupon ten (10) days prior written notice, at Landlord’s expense but without requiring Tenant's corporate headquarters, to examine Tenant's books and records relating to gross receipts at the demised premises, provided such right shall expire sixty (60) days after Tenant notifies Landlord of Tenant's exercise of Tenant's election to spend more than it collects as an award, shall, subject terminate the Lease pursuant to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationthis Section 51.
Appears in 1 contract
Samples: Lease (Retail Ventures Inc)
Tenant’s Termination Right. If In the part event (i) that Tenant’s gross sales (as defined in Section 5 of this Lease) shall be less than Eight Million Three Hundred Sixty Thousand Dollars ($8,360,000.00) in either of the Buildings eighth (8th) or the Real Property so acquired or condemned contains a substantial part ninth (9th) Lease Years of the total area initial term hereof, and (ii) Tenant was open and operating for business for the Permitted Use during the Center’s standard business days and hours during the eighth (8th) and ninth (9th) Lease Years (unless Tenant was not open and operating on account of casualty or condemnation), Tenant shall have the right, at Tenant’s sole election, provided that Tenant is not then in default of the portion terms of this Lease beyond any applicable notice and cure periods, on or before the date (the “Last Termination Notice Date”) which is thirty (30) days after the end of the Premises located in such Building immediately prior ninth (9th) Lease Year, to such acquisition or condemnation, or if, by reason send to Landlord a notice terminating this Lease as of such acquisition or condemnation, the last day of the tenth (10th) Lease Year (the “Tenant’s Termination Date”). In the event that Tenant no longer has reasonable means of access to the Premises, Tenant may shall so terminate this Lease as to such portion in accordance with the provisions of the Premises by notice to Landlord given within 60 days following the date upon which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hallthis Section 50, then Tenant’s right the term of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and expire on Tenant’s Termination Date with the Term shall end same force and expire upon effect as though said date was the scheduled expiration date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following term under this Lease. Notwithstanding the giving of such notice. If a part termination notice and Tenant’s exercise of the Premises its termination right under this Section 50, Tenant shall be so acquired or condemned perform and observe all of Tenant’s obligations under this Lease through and including the Term Tenant’s Termination Date and Tenant shall not be terminated in accordance with this Section, pay to Landlord, on or before the Tenant’s Termination Date, the sum of One Hundred Thousand Dollars ($100,000.00). In the event Tenant exercises the termination right provided for in this Section 50, Landlord shall have the right, upon ten (10) days prior written notice, at LandlordTenant’s expense but without requiring corporate headquarters, to examine Tenant’s books and records relating to gross receipts at the Premises, provided such right shall expire sixty (60) days after Tenant notifies Landlord of Tenant’s exercise of Tenant’s election to spend more than it collects as an award, shall, subject terminate the Lease pursuant to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationthis Section 50.
Appears in 1 contract
Samples: Lease (Retail Ventures Inc)
Tenant’s Termination Right. If (A) Landlord, within forty-five (45) days after the part earlier to occur of (x) the date that Tenant gives Landlord notice of the Buildings occurrence of a fire or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnationother casualty as contemplated by Section 15.1 hereof, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as to such portion of the Premises by notice to Landlord given within 60 days following and (y) the date upon which Tenant received that Landlord otherwise has actual notice of such acquisition fire or condemnationother casualty, shall give to Tenant a statement prepared by a reputable and independent contractor setting forth such contractor’s estimate in good faith as to the time required for Landlord to Substantially Complete the restoration described in Section 15.2 hereof (such statement that Landlord gives to Tenant being referred to herein as the “Casualty Statement”); provided, however, that Landlord shall not be required to give Tenant a Casualty Statement if Landlord has theretofore exercised Landlord’s right to terminate this Lease under Section 15.4 hereof. If the portion estimated time period as set forth in the Casualty Statement exceeds one (1) year from the date of the Premises so affected shall be the Music Hallapplicable fire or other casualty, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may elect to terminate this Lease by giving notice to Landlord not later than the thirtieth (30th) day after the date that Landlord gives the Casualty Statement to Tenant. If Tenant makes such election to so terminate this Lease, then the Term shall expire on the thirtieth (30th) day after Tenant gives such notice to Landlord. If Tenant so notifies Landlord, this .
(B) This Lease shall terminate and if (i) a fire or other casualty occurs, and, by reason thereof, Landlord has an obligation to perform a restoration as contemplated by Section 15.2 hereof, (ii) Tenant does not exercise Tenant’s right to terminate this Lease under Section 15.5(A) hereof in connection with such fire or other casualty (or Tenant does not have the Term shall end and expire upon right to terminate this Lease under Section 15.5(A) hereof in connection with such fire or other casualty), (iii) Landlord fails to Substantially Complete the performance of the restoration work that Landlord is required to perform on or prior to the date that is sixty (60) days after the last day of the estimated time period set forth in the Casualty Statement (the date described in this clause (iii) being referred to herein as the “Second Bite Date”), (iv) Tenant gives Landlord notice as no earlier than the Second Bite Date to the effect that this Lease will terminate under this Section 15.5(B) if Landlord fails to Substantially Complete the restoration within thirty (30) days after the Second Bite Date, and (v) Landlord fails to Substantially Complete the restoration within thirty (30) days after the Second Bite Date.
(C) If the Term terminates as provided in this Section 15.5, then (I) Tenant shall vacate the Premises and surrender the Premises to Landlord on the date of such termination “as is” and otherwise in accordance with the terms of this Lease that govern Tenant’s obligations upon the expiration or earlier termination of the Term, (II) any Rental due hereunder shall be apportioned as of the date of such termination, and (III) any portion of the Premises covered thereby, which Rental that is then prepaid by Tenant and relates to the period after the date shall not be more than 30 days following that the giving abatement of such notice. If a part of the Premises Rental as described in Section 15.3 hereof becomes effective shall be so acquired or condemned and this Lease and promptly refunded by Landlord to Tenant (with the Term shall not be terminated in accordance with this Section, Landlord, at understanding that Landlord’s expense but without requiring Landlord obligation to spend more than it collects as an award, shall, subject to the provisions make any such refund shall survive such termination of any Mortgage or Superior this Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnation).
Appears in 1 contract
Samples: Lease Agreement (fuboTV Inc. /FL)
Tenant’s Termination Right. If the part As long as any Mortgage or -------------------------- Superior Lease shall exist and Tenant has been provided notice of the Buildings same, Tenant shall not seek to exercise any termination or the Real Property so acquired other right it may have under this Lease, at law, in equity or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnationotherwise, or ifif any, by reason of such acquisition any act or condemnation, omission of Landlord (a) until Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as to such portion of the Premises by notice to Landlord shall have given within 60 days following the date upon which Tenant received notice of such acquisition act or condemnation; providedomission to all such Mortgagees or Lessors, however, that if the portion of the Premises so affected and (b) until thirty (30) days shall be the Music Hall, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days have elapsed following the giving of notice of such noticedefault and the expiration of any applicable notice or grace periods applicable to Landlord under this Lease (unless such act or omission is not capable of being remedied within such period, such Mortgagee or Lessor has, within such thirty (30) day period, notified Tenant that it intends to remedy such circumstance and has thereafter commenced and is diligently pursuing with continuity a remedy but in no event more than one hundred fifty (150) days after the expiration of the aforesaid thirty (30) day period), during which period such Mortgagees or Lessors shall have the right, but not the obligation, to remedy such act or omission and thereafter diligently proceed to so remedy such act or obligation. If a part any Mortgagee or Lessor so elects to remedy such act or omission of the Premises shall be so acquired or condemned and this Lease and the Term Landlord, Tenant shall not be terminated in accordance with to exercise any termination or other right it may have under this Section, LandlordLease, at Landlord’s expense but without requiring law, in equity or otherwise, if any, by reason of any act or omission of Landlord so long as such Mortgagee or Lessor is proceeding with reasonable diligence to spend more than it collects as an award, shall, subject to the effect such remedy. The provisions of this Section 10.3 are not intended in any Mortgage or Superior Lease, restore such portion way to affect any of the Premises not so acquired or condemned to a Tenant's self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationhelp rights under this Lease.
Appears in 1 contract
Samples: Deed of Lease (Verisign Inc/Ca)
Tenant’s Termination Right. If (A) Landlord, within forty-five (45) days after the part earlier to occur of (x) the date that Tenant gives Landlord notice of the Buildings occurrence of a fire or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnationother casualty as contemplated by Section 16.1 hereof, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as to such portion of the Premises by notice to Landlord given within 60 days following and (y) the date upon which Tenant received that Landlord otherwise has actual notice of such acquisition fire or condemnation; providedother casualty, however, shall give to Tenant a statement prepared by a reputable and independent contractor setting forth such contractor’s estimate in good faith as to the time required for Landlord to Substantially Complete the restoration described in Section 16.2 hereof (such statement that if Landlord gives to Tenant being referred to herein as the portion “Casualty Statement”). If the estimated time period exceeds eighteen (18) months from the date of the Premises so affected shall be the Music Hall applicable fire or other casualty, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may elect to terminate this Lease by giving notice to Landlord. Landlord not later than the thirtieth (30th) day after the date that Landlord gives the Casualty Statement to Tenant.
(B) If Tenant so notifies Landlord, makes any such election to terminate this Lease shall terminate and pursuant to this Section 16.6, then (I) the Term shall end expire on the thirtieth (30th) day after notice of such election is given by Tenant, and expire Tenant shall vacate the Premises and surrender the Premises to Landlord on such date “as is” and otherwise in accordance with the terms of this Lease that govern Tenant’s obligations upon the expiration or earlier termination of the Term, (II) any Rental due hereunder shall be apportioned as of the date set forth in the notice as to the of such termination, and (III) any portion of the Premises covered thereby, which date shall not be more than 30 days following Rental that is then prepaid by Tenant and relates to the giving of such notice. If a part of period after the Premises Expiration Date shall be so acquired or condemned and this Lease and promptly refunded by Landlord to Tenant (with the Term shall not be terminated in accordance with this Section, Landlord, at understanding that Landlord’s expense but without requiring Landlord obligation to spend more than it collects as an award, shall, subject to the provisions make any such refund shall survive such termination of any Mortgage or Superior this Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnation).
Appears in 1 contract
Samples: Loan Agreement (Alexanders Inc)
Tenant’s Termination Right. If (a) a Casualty Event causes damage to the part of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnationTenant Space, or if(b) a Casualty Event causes damage to the Building such that Tenant is prevented from accessing the Tenant Space, by reason of such acquisition or condemnationthen, in each event, Tenant no longer has reasonable means of access shall have the right to the Premises, Tenant may terminate this Lease as to such portion of the Premises by by, and effective upon, written notice to Landlord given within 60 if the Repair Period-Estimated (Landlord) exceeds ninety (90) days following the date upon (in which case Tenant received must provide written notice to Landlord of such acquisition or condemnation; provided, however, that if the portion termination within twenty (20) days after Tenant’s receipt of the Premises so affected shall be Casualty Repair Notice (Landlord). If (a) the Music HallRepair Period – Estimated (Landlord) was ninety (90) days or less, then but the Repair Period-Actual (Landlord) exceeds ninety (90) days, or (b) the Repair Period-Estimated (Landlord) was more than ninety (90) days and Tenant did not exercise its termination right, but the Repair Period-Actual (Landlord) exceeds the Repair Period-Estimated (Landlord), then, in each event, Tenant shall, until such time as the Casualty Restoration Standard-Landlord has been completed (except for minor punch list items which do not materially interfere with Tenant’s right of termination shall apply to the whole use of the Premises. FurthermoreTenant Space), if by virtue of have the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect right to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlordgiving Landlord at least ten (10) business days written notice, this Lease in which event, such termination shall terminate and the Term shall end and expire upon be effective on the date set forth in such notice unless Landlord has and continues to diligently pursue completion and actually completes the notice as Casualty Restoration Standard-Landlord (except for minor punch list items which do not materially interfere with Tenant’s use of the Tenant Space) prior to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving end of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self10-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationbusiness day period.
Appears in 1 contract
Samples: Lease Agreement (Equinix Inc)
Tenant’s Termination Right. If Notwithstanding anything in this Lease to the part contrary, if in connection with any damage or destruction to a Facility that results in the loss of fifty percent (50%) or less of the Buildings licensed beds at the affected Facility or the Real Property so acquired or condemned contains a substantial part that would cost less than fifty percent (50%) of the total area value of such Facility to restore, a Facility Mortgagee elects to apply the insurance proceeds, or any portion thereof, to the indebtedness secured by the Facility Mortgage such that the full amount of the portion net insurance proceeds payable as a result of the Premises located in such Building immediately prior damage or destruction are not made available to such acquisition Tenant for the repair or condemnationrestoration of the Facility, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, then Tenant may elect to terminate this Lease as to the affected Facility upon written notice of termination to Landlord, such portion termination to be effective as of the Premises by notice to Landlord given within 60 days first (1st) day of the calendar month following the later of (a) the date Tenant learns of the action of the Facility Mortgagee or (b) fifteen (15) days after the date Landlord learns of the action of the Facility Mortgagee, unless, in either case, within fifteen (15) Business Days after Landlord’s receipt of the notice from Tenant, Landlord agrees to make available to Tenant for restoration to or repair of the Facility cash funds equal to the amount of the net insurance proceeds so applied to such indebtedness secured by the Facility Mortgagee. Landlord shall disburse such funds to Tenant as provided in Section 11.2 and upon which Tenant received notice receipt of such acquisition or condemnation; providedfunds Tenant shall restore the Facility as required by Section 11.2. In the event this Lease is terminated as to a Facility pursuant to this Section 11.5, however, that if the portion of the Premises so affected Facility shall be the Music Hall, then Tenant’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part of the Premises shall be so acquired or condemned and removed from this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant then current Base Rent shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationproportionally reduced as provided in Section 11.
Appears in 1 contract
Samples: Master Lease
Tenant’s Termination Right. If In the part event (x) that Tenant's gross sales (as defined in Section 6 of this Lease) shall be less than Four Million Five Hundred Thousand Dollars ($4,500,000.00) in either of the Buildings eighth (8th) or the Real Property so acquired or condemned contains a substantial part ninth (9th) lease years of the total area initial term hereof, and (y) Tenant was open and operating for business for the Permitted Use during the Shopping Center's standard business days and hours during the eighth (8th) and ninth (9th) lease years (unless Tenant was not open and operating on account of casualty or condemnation), Tenant shall have the right, at Tenant's sole election, provided that Tenant is not then in default of the portion terms of this Lease beyond any applicable notice and cure periods, on or before the date (the "Last Termination Notice Date") which is thirty (30) days after the end of the Premises located in such Building immediately prior ninth (9th) lease year, to such acquisition or condemnation, or if, by reason send to Landlord a notice terminating this Lease as of such acquisition or condemnation, the last day of the tenth (10th) lease year (the "Tenant's Termination Date"). In the event that Tenant no longer has reasonable means of access to the Premises, Tenant may shall so terminate this Lease as to such portion in accordance with the provisions of the Premises by notice to Landlord given within 60 days following the date upon which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hallthis Section 51, then Tenant’s right the term of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and expire on Tenant's Termination Date with the Term shall end same force and expire upon effect as though said date was the scheduled expiration date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following term under this Lease. Notwithstanding the giving of such notice. If a part termination notice and Tenant's exercise of the Premises its termination right under this Section 51, Tenant shall be so acquired or condemned perform and observe all of Tenant's obligations under this Lease through and including the Term Tenant's Termination Date and Tenant shall not be terminated in accordance with this Section, pay to Landlord, on or before the Tenant's Termination Date, the sum of One Hundred Thousand Dollars ($100,000.00). In the event Tenant exercises the termination right provided for in this Section 51, Landlord shall have the right, upon ten (10) days prior written notice, at Landlord’s expense but without requiring Tenant's corporate headquarters, to examine Tenant's books and records relating to gross sales at the demised premises, provided such right shall expire sixty (60) days after Tenant notifies Landlord of Tenant's exercise of Tenant's election to spend more than it collects as an award, shall, subject terminate the Lease pursuant to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnationthis Section 51.
Appears in 1 contract
Samples: Lease (Retail Ventures Inc)
Tenant’s Termination Right. If the part of the Buildings or the Real Property so acquired or condemned contains a substantial part of the total area of the portion of the Premises located in such Building immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant may terminate this Lease as to such portion of the Premises by notice to Landlord given within 60 days following the date upon which Tenant received notice of such acquisition or condemnation; provided, however, that if the portion of the Premises so affected shall be the Music Hall, then TenantXxxxxx’s right of termination shall apply to the whole of the Premises. Furthermore, if by virtue of the nature of the space in the Music Hall which is acquired or condemned, the space remaining in the Music Hall after giving effect to such acquisition or condemnation cannot economically be used for its intended purpose, following the date upon which Tenant Xxxxxx received notice of such acquisition or condemnation, Tenant may terminate this Lease by notice to Landlord. If Tenant so notifies Landlord, this Lease shall terminate and the Term shall end and expire upon the date set forth in the notice as to the portion of the Premises covered thereby, which date shall not be more than 30 days following the giving of such notice. If a part of the Premises shall be so acquired or condemned and this Lease and the Term shall not be terminated in accordance with this Section, Landlord, at Landlord’s expense but without requiring Landlord to spend more than it collects as an award, shall, subject to the provisions of any Mortgage or Superior Lease, restore such portion of the Premises not so acquired or condemned to a self-contained unit substantially equivalent (with respect to character, quality, appearance and services) to that which existed immediately prior to such acquisition or condemnation, to the extent commercially practicable to do so, in which case Tenant shall be obligated to restore Tenant’s Property relating to such portion of the Premises to the condition which existed immediately prior to such acquisition or condemnation.
Appears in 1 contract
Samples: Lease (MSGE Spinco, Inc.)