NYC 9/11 Public Portal Document
ARTICLE 14
CONDEMNATION
If the whole of the Demised Premises shall be taken in condemnation, this Lease shall
terminate upon the vesting of title in the condemnor and all rent and other charges paid or payable
by Tenant shall be apportioned as of the date of vesting of title in such condemnation proceeding.
If less than all but more than 30% of the useable area of the Demised Premises shall be
so taken in condemnation, then Tenant may either terminate this Lease as to the remainder of the
premises on ten (10) days written notice to Landlord or remain in possession of the remaining
portion of the premises under all of the terms, conditions and covenants of this Lease, except that
the rent thereafter shall be apportioned and reduced from the date of each such partial taking to
the amount equal to the product of the dollar amount of rent payable on such date and the number
of square feet in the part remaining. The proceeds of any award for partial taking shall be applied
by Landlord to the repair, restoration or replacement of the remaining premises, and if there be
any deficiency, it shall be made up by Landlord, but if there be any surplus, it shall belong to the
Landlord. Said repairs, restoration or replacement of the remaining premises shall be completed
within nine (9) months of the aforesaid taking in condemnation, pursuant to plans and
specifications approved by the Tenant. In the event said repairs, restoration or replacement are
not completed within said nine (9) month period. Tenant, in addition to any other remedy it may
have, may terminate this Lease or perform said repairs, restoration and replacement and deduct
the cost thereof from any rent which may be due and payable under this Lease.
Landlord shall be entitled to receive the entire award in any proceeding with respect to
any taking provided for in this Article without deduction therefrom for any estate vested in Tenant
F:\CR\LHC\ 4219.1016\NEWLSE.4 49
NYC-WTC_000170114
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