NYC 9/11 Public Portal Document
ARTICT.E 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 50% 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
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NYC-WTC_000170350
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