Condemnation or Taking. If, prior to Closing, any Property or ---------------------- any part thereof shall be condemned or taken and such condemnation or taking materially interferes with the existing business use of the Property, the Company and the Partnership may (i) terminate this Agreement either as to all the Properties or solely as to such Property, in the discretion of the Partnership and the Company, or (ii) complete the transactions contemplated by this Agreement notwithstanding such condemnation. If the Company and the Partnership elect to complete the transactions contemplated hereby, the Partnership shall be entitled to receive the condemnation proceeds and the appropriate Seller shall, at Closing and thereafter, execute and deliver to the Partnership and the Company all required assignments of claims and other similar items. If the Partnership and the Company elect to terminate this Agreement, then upon written notice to the Sellers and without further action of the parties, this Agreement shall become null and void and no party shall have any rights or obligations under this Agreement. If the Partnership and the Company elect to terminate this Agreement solely with respect to the affected Property, the Aggregate Purchase Price shall be reduced by the Purchase Price of such Property.
Condemnation or Taking. In the event of the taking or condemnation of the entire leased premises or a substantial part thereof by any governmental authority, federal, state, parish, city, or other authority ("Governmental Authority") for public use, or under any statute or by right of eminent domain for a period in excess of one hundred twenty (120) days, this lease shall terminate as of the date of the taking of possession of the leased premises by such authority as though such date were the date otherwise fixed for the termination hereof, and any rent owing to such date shall be paid in frill. If the entire leased premises are taken or condemned by a Governmental Authority as aforesaid for a period of less than one hundred twenty (120) days, or if any part of the leased premises less than a substantial part is taken or condemned, Lessor shall have the option but not the obligation, to terminate this lease by notice to Lessee given within thirty (30) days after the date of such taking or condemnation, and, in such event, this lease shall come to an end on the date of the taking of possession by the condemnor as though such date were the date otherwise fixed for termination hereof, and any rent owing to such date shall be paid in full. If Lessor does not exercise its option to terminate this lease as aforesaid, then this lease shall remain in full force and effect. Lessee shall be entitled to a remission of rent for any period during which the leased premises are wholly unfit for occupancy as a result of such taking or condemnation, and, in the event of a partial taking for a period in excess of one hundred twenty (120) days, Lessee's rent shall be reduced in the proportion that the area taken or condemned bears to the total square footage of the leased premises prior to such taking. In the event of any taking or condemnation whatsoever, Lessee shall not be entitled to any part of any award that may be made for such taking or for any damages arising therefrom, and Lessee shall have no claim whatsoever against Lessor or the Governmental Authority for Lessee's leasehold interest or otherwise arising or resulting in any way from such taking. All compensation awarded upon or by reason of such taking or condemnation shall belong and be paid to Lessor, and Lessee hereby irrevocably assigns and transfers to Lessor any and all right to compensation or damages to which Lessee may be or become entitled during the term of this Lease by reason of the taking or condemnation of all or any part...
Condemnation or Taking. If there shall be a taking of all or a material portion of the Leased Property or the reasonable access thereto by federal, state, county, city or other authority for public use, or under any statute, or by right of eminent domain (a “Taking”), then this Lease shall terminate as of the date of the Taking and the rent shall be adjusted as of the date of such termination of this Lease. A Taking of a material portion of the Leased Property shall be deemed to mean a taking of such scope that the untaken portion of the Leased Property is insufficient to permit the restoration of the then existing improvements thereof so as to constitute a complete operating facility of sufficient size to permit Tenant to conduct its business in substantially the same manner as prior to the Taking.
Condemnation or Taking. If, prior to the Closing, the Property or any part thereof shall be condemned or taken and such condemnation or taking materially interferes with the existing business use of the Property, the Company may (a) terminate this Agreement, or (b) complete the transactions contemplated by this Agreement notwithstanding such condemnation. If the Company elects to complete the transactions contemplated hereby, the Company shall be entitled to receive the condemnation proceeds and Owner shall, at the Closing and thereafter, execute and deliver to the Company all required assignments of claims and other similar items. If the Company elects to terminate this Agreement, then upon written notice to Owner and without further action of the parties, this Agreement shall become null and void and no party shall have any rights or obligations under this Agreement.
Condemnation or Taking. In the event that the whole of the Demised 5 Premises shall be condemned or taken in any manner for any public or quasi-public use, this Lease 6 and the term and estate hereby granted shall forthwith cease and terminate as of the date of vesting of
Condemnation or Taking. The condemnation, taking, seizure, involuntary conversion or acquisition of title to or use of the Redevelopment Area, or any material portion or part thereof, by the action of any federal, state or local government or governmental agency or authority;
Condemnation or Taking. If, prior to Closing, any Property ---------------------- or any part thereof shall be condemned or taken and such condemnation or taking materially interferes with the existing business use of the Property, the Company and the Partnership may (i) terminate this
Condemnation or Taking. If, prior to the Closing, any Property or any part thereof shall be condemned or taken and such condemnation or taking materially interferes with the existing business use of the Properties, the Partnership may (a) terminate this Agreement either as to all the Properties or solely as to such Property, in the discretion of the Partnership, or (b) complete the transactions contemplated by this Agreement notwithstanding such condemnation, in which event the condemnation shall be deemed to have occurred during the term of the CARMAX Lease and the condemnation proceeds shall be allocated and disbursed in accordance with the CARMAX Lease. If the Partnership elects to complete the transactions contemplated hereby, the Partnership shall be entitled to receive the condemnation proceeds in accordance with the CARMAX Lease and Owner shall, at the Closing and thereafter, execute and deliver to the Partnership all required assignments of claims and other similar items. If the Partnership elects to terminate this Agreement, then upon written notice to Owner and without further action of the parties, this Agreement shall become null and void and no party shall have any rights or obligations under this Agreement. If the Partnership elects to terminate this Agreement solely with respect to the affected Property, the Aggregate Purchase Price shall be reduced by the Purchase Price of such Property.
Condemnation or Taking. Landlord and Tenant shall cooperate with each other to maximize the amount of any Award. Landlord shall contribute the entire amount of the Award to the cost of restoration. The proceeds of any Award shall be held and distributed in the same manner as provided by Section 15.1 for insurance proceeds. Any remaining balance of such proceeds after such restoration is completed shall be retained by or paid to Landlord.
Condemnation or Taking. If, prior to the Closing, the Property or any part thereof shall be condemned or taken and such condemnation or taking materially interferes with the existing business use of the Property, the Company (a) may terminate this Agreement, or (b) complete the transactions contemplated by this Agreement notwithstanding such condemnation, and the Company shall be entitled to receive the condemnation proceeds and Owner shall, at the Closing and thereafter, execute and deliver to the Company all required assignments of claims and other similar items. If Company elects to terminate this Agreement, then upon written notice to Owner, and without further action of the parties, this Agreement shall become null and void and no party shall have any rights or obligations under this Agreement except as otherwise expressly provided in Section 12.2, and Articles 14, 16 and 18.
