1Total Condemnation Sample Clauses
The 'Total Condemnation' clause defines the rights and obligations of parties when an entire property is taken by a governmental authority through eminent domain or similar legal action. In practice, this clause typically stipulates that if the whole property is condemned, the lease or agreement terminates automatically, and any compensation awarded is distributed according to the terms set out in the contract. Its core function is to provide a clear process for handling the complete loss of the property, ensuring both parties understand their rights and financial entitlements in such an event.
1Total Condemnation. If at any time during the Term, all or substantially all of the Premises shall be appropriated by eminent domain, this Lease shall terminate. To the extent the taking authority has a right to rent or payment for use and occupancy during that period, Tenant shall pay that amount to the taking authority and the balance of the Annual Rent and other amounts payable hereunder shall be paid to Landlord.
1Total Condemnation. If at any time during the Term, all or substantially all of any Site shall be appropriated by eminent domain, the Term with respect to such Site shall cease as of the time of such appropriation and, upon such cessation, Annual Rent shall be reduced by an amount equal to the product of (i) the Applicable Rent Reduction Percentage for such Site, and (ii) the Annual Rent in effect at the time of such cessation. Tenant shall have the option, at its election, to continue to occupy the Premises relating to such Site, to the extent permitted by Applicable Legal Requirements, for the period between the date of appropriation and the time when physical possession of such Site is taken. To the extent the taking authority has a right to rent or payment for use and occupancy during that period, Tenant shall pay that amount to the taking authority and the balance of the Annual Rent and other amounts payable hereunder shall be paid to Landlord. Notwithstanding any termination of this Lease with respect to the Condemned Property, this Lease shall continue in full force and effect with respect to the remaining Premises.
1Total Condemnation. If all of the Premises is condemned by eminent domain, Inversely condemned or sold under threat of condemnation for any public or quasi-public use or purpose (“Condemned’’), this Lease shall terminate as of the earlier of the date the condemning authority takes title to or possession of the Premises, and Rent shall be adjusted to the date of termination.
1Total Condemnation. In the event of a total Condemnation, the Condemnation proceeds, after payment of the costs of the Condemnation proceedings for County, ▇▇▇▇▇▇, and Leasehold Mortgagee, shall be allocated as follows:
20.3.1. 1First, County shall receive the fair market value the land constituting the Premises, considered as unimproved.
20.3.1. 2Second, the Leasehold Mortgage shall receive the amount of the portion of the proceeds attributable to ▇▇▇▇▇▇’s interest in the Lease and Leasehold Estate required to be paid to the Leasehold Mortgagee under the terms of the Leasehold Mortgage.
20.3.1. 3Third, Lessee shall receive the value of ▇▇▇▇▇▇’s interest in the Lease and the Leasehold Estate (inclusive of the value of the Improvements), minus the amount paid to the Leasehold Mortgagee under Section 20.3.1.5 (“Lessee’s Share”).
20.3.1. 4Fourth, a sum equal to County’s Remainder Share. Any remainder shall belong to the Lessee.