Common use of Condemnation of Premises Clause in Contracts

Condemnation of Premises. Section 13.01. If the entire Premises, or such portion thereof as will make the remainder unsuitable for the use permitted by this Lease, is condemned by any legally constituted authority, or if a conveyance or other acquisition in lieu of such condemnation is made, then this Lease shall terminate as of the date possession is required by the condemnor. If a portion of the Premises is condemned but the remainder is still suitable for the use permitted by this Lease, this Lease shall not terminate but a portion of the rent for the rest of the term shall be abated in proportion to the amount of the Premises taken. Each party shall be entitled to such compensation for condemnation as he may negotiate or be awarded by a court of law.