2Partial Condemnation Clause Samples
2Partial Condemnation. (a) If, by right of eminent domain or any other similar action of any public authority:
(i) any material part of the Buildings shall be appropriated; or
(ii) a part of the parking areas with respect to the Premises which Tenant is entitled to use as part of the Premises or in accordance with a reciprocal or cross-easement agreement with other parties is appropriated and if as a result thereof (and all previous takings with respect to the Premises during the Term), the number of parking spaces on Premises shall be reduced by fifteen percent (15%) or more from the number existing as of the Effective Date; or
(iii) there shall cease to be reasonable access for: (A) pedestrians and motor vehicles between the Premises and adjoining streets; (B) pedestrians between the parking areas and the Buildings with respect to the Premises; or (C) trucks to and from the receiving area for the Premises (unless substitute access, loading docks or truck areas can reasonably be constructed at the Premises); or
(iv) any material part of the Premises shall be appropriated during the last two (2) years of the Term, as the same may have been extended; then Tenant may, if Tenant so elects, terminate this Lease with respect to the Premises by giving Landlord notice of the exercise of such election within sixty (60) days after the receipt by Tenant of notice of the appropriation.
(b) In the event of a termination pursuant to this Section 18.2, such termination shall be effective as of the time physical possession of the Premises (or parking, access or other areas described in Section 18.2 above) is taken. If this Lease with respect to the Premises is not terminated as provided in this Section, then the Term shall continue, the net proceeds of the award that is payable on account of such condemnation shall be paid to Tenant, Tenant shall promptly restore what may remain of the unappropriated Premises to substantially the same condition they were in immediately prior to the taking, taking into consideration the reduction in size, and, regardless of whether such net proceeds are sufficient to do so, and all Annual Rent and additional rent shall continue unabated. If the estimated cost of the repair or restoration equals or exceeds the Turnover Amount, the entire net proceeds of the award relating to the condemnation or taking, less the Turnover Amount, shall be deposited into escrow with Landlord’s mortgagee, or if there is no mortgage holder, then with a bank mutually agreeable to Land...
2Partial Condemnation. If any portion of the Premises or the Building is Condemned and such partial condemnation materially impairs Tenant’s ability to use the Premises for Tenant’s business as reasonably determined by the parties, Landlord shall have the option of either (i) relocating Tenant to comparable space within the Project or (ii) terminating this Lease as of the earlier of the date title vests in the condemning authority or as of (he date an order of immediate possession is issued and Rent shall be adjusted to the date of termination. If such partial condemnation does not materially impair ▇▇▇▇▇▇’s ability to use the Premises for the business of Tenant, Landlord shall promptly restore the Premises to the extent of any condemnation proceeds recovered by Landlord, excluding the portion thereof lost In such condemnation, and this Lease shall continue in full force and effect except that after the date of such title vesting or order of immediate possession Rent shall be adjusted as reasonably determined by Landlord. However if the Premises are partially condemned to such an extent that Tenant cannot reasonably conduct its business in a substantial way, Tenant may terminate this Agreement.
2Partial Condemnation. 11.2. 1In the event of a Condemnation occurring during the Term involving less than a Substantial Portion of the Stadium, or should neither Party elect to terminate this Agreement pursuant to Section 11.1, this Agreement shall remain in full force and effect, subject to the provisions of Section 11.2.2, and the City shall Restore the Stadium. Any such Restoration shall be performed in accordance with the provisions of Section 10. Except as provided in Section 11.1.2, any award with respect to such Condemnation shall be paid to the City. In the event the Condemnation award is insufficient to cover the cost of the Restoration by more than the amount specified in Section 10.2.1, then either (i) the City may elect to advance the deficiency; or (ii) the City may terminate this Agreement and cease use of the Stadium as a Spectator Facility. If the City notifies BPCLB of its election to trigger option (ii), BPCLB may instead pay the deficiency, in which event this Agreement shall remain in effect. In the event of a Condemnation occurring during the Term involving less than a Substantial Portion of the Stadium, BPCLB may elect to terminate this Agreement if (i) the City does not diligently pursue the Restoration of the Stadium (where it has the obligation to do so), after the date upon which the City has determined the extent and cost of the work needed to Restore the Stadium, or (ii) if the period extending from the time BPCLB’s use of the Stadium is first affected by the Condemnation through the completion of the Restoration would extend more than twelve (12) months or would result in the need for the Teams to play their Regular Season Games in an alternate site than the Stadium for more than one season.
2Partial Condemnation. 12.2. 1In the event of a Condemnation occurring during the Term involving less than a Substantial Portion of the Stadium, or, in the event of a Substantial Condemnation, should neither Party elect to terminate this Agreement pursuant to Section 12.1, this Agreement shall remain in full force and effect, subject to the provisions of Section 12.2.2, and the City shall Restore the Stadium, to the extent practicable, to a condition, character, and nature substantially equivalent to those existing immediately prior to such Condemnation. Any such Restoration shall be performed in accordance with the provisions of Section 11.3. Any award with respect to such Condemnation shall be paid to the City. If any portion of the Condemnation award is remaining upon completion of the Restoration, such portion shall be paid to the City. In the event the Condemnation award is insufficient to cover the cost of the Restoration, then either (i) the City may elect to advance the deficiency; or (ii) the City may terminate this Agreement. If the City notifies BPB of its election to trigger option (ii), BPB may instead advance the deficiency, in which event this Agreement shall remain in effect.
12.2. 2During the period of Restoration under Section 12.2.1, all amounts required by this Agreement to be paid by BPB to the City shall be reasonably reduced or abated based upon the impact of the Restoration on BPB’s gross revenues and operating expenses.