Common use of Condemnation of Premises Clause in Contracts

Condemnation of Premises. It is agreed that if the Premises, or any part thereof, or the whole or any part of the Building of which they are a part, shall be taken for any street or other public use by right of eminent domain so as to be thereof unfit for use, then the rent due, or a proportionate share thereof (according to the nature and extent of the damage sustained by the Premises) shall be abated until the Premises shall have been fully repaired or restored by the Landlord. In the event of such taking, the Tenant may, however, elect to terminate this lease in its entirety if the Landlord is unable or unwilling to repair or to restore the Premises in a tenantable condition for the use of the Tenant within sixty (60) days of the date of such taking. If the taking be partial, then the Tenant’s rental shall be reduced in the portion which the net rentable space taken bears to the net rentable space originally leased. In such condemnation proceedings Tenant may claim compensation for the taking of any removable installation which by the terms of this Lease Tenant would have been permitted to remove at expiration of the Lease, but Tenant shall be entitled to no additional award it being agreed that all damages allocable to full fee simple ownership of Premises shall in any event to be payable to Landlord. Tenant hereby waives any right it may have to such proceeds and agrees to execute such instruments as may be requested by Landlord to effectuate this paragraph.