Condemnation of the Premises. In the event that title to all or any material part of the Premises shall be taken for any public or quasi-public use under any statute or right of eminent domain, or by private purchase in lieu thereof, either party may terminate this Lease on the date of transfer of such title.
Condemnation of the Premises. If more than twenty-five percent (25%) of the Premises is lawfully condemned or taken in any manner for any public or quasi-public use, or if any portion of the Building is condemned or taken in such a manner that Tenant is reasonably prevented from obtaining access to the Building or the Premises, this Lease may, within ten (10) business days of such taking, be terminated at the option of either Landlord or Tenant by one party giving the other thirty (30) days written notice of its intent to do so. If either Landlord or Tenant provide the other party written notice of termination, the Term and estate hereby granted shall forthwith cease and terminate as of the earlier of the date of vesting of title in such condemnation or taking or the date of taking of possession by the condemning authority. If less than twenty-five percent (25%) of the Premises is so condemned or taken, then the term and estate hereby granted with respect to such part shall forthwith cease and terminate as of the earlier of the date of vesting of title in such condemnation or taking or the date of taking of possession by the condemning authority, and the Fixed Monthly Rent payable hereunder (and Additional Rent payable pursuant to Articles 3 or 4) shall be abated on a prorated basis, by dividing the total number of usable square feet so taken by the total number of usable square feet contained in the Premises, then multiplying said percentage on a monthly basis, continuing from the date of such vesting of title to the date specified in this Lease for the expiration of the Term hereof.
Condemnation of the Premises. In the event that the whole or a substantial part of the Building or the Premises shall be condemned or taken in any manner for any public or quasi-public use (or sold under threat of such taking), and as a result thereof, the remainder of the Premises cannot be used for the same purpose as prior to such taking, the Lease shall terminate as of the date possession is taken.
Condemnation of the Premises. In the event that the whole or a substantial part of the Premises shall be condemned or taken in any manner for any public or quasi-public use (or sold under threat of such taking), and as a result thereof, the remainder of the Premises cannot be used for the same purpose as prior to such taking, the Lease shall terminate as of the date possession is taken; provided, however, if Landlord elects to make comparable space in the Building available to Tenant under the same Rent and terms as herein provided, Tenant shall accept such space and this Lease shall then apply to such space.
Condemnation of the Premises. If any portion of the Premises is acquired or condemned by right of eminent domain or conveyed in lieu of condemnation, then either Landlord or Tenant will have the right to terminate this Lease by written notice to the other within thirty (30) days following Xxxxxxxx’s notice to Tenant of such taking or conveyance. If this Lease is terminated under this Section, such termination will be effective as of the date Tenant is required to deliver possession of the Premises or the applicable portion thereof. If this Lease is not terminated, within a reasonable time after possession is physically taken the Premises will be restored by Landlord and Tenant in accordance with their respective obligations to perform work as set forth in Section 12.01(c) of this Lease. If this Lease is not terminated as provided above, and if Landlord fails to restore the Premises as provided above within twelve (12) months following the taking or conveyance (or such longer period if the work is not capable of being performed by such date provided Landlord is diligently working to complete the same), Tenant will have the right to terminate this Lease by written notice to Landlord within thirty (30) days following the end of the above twelve (12) month period, and in such event this Lease will terminate thirty (30) days following Xxxxxxxx’s receipt of such notice.
Condemnation of the Premises. If the entire Premises, or a substantial portion thereof, is acquired or condemned by right of eminent domain or conveyed in lieu of condemnation, then either Landlord or Tenant will have the right to terminate this Lease by written notice to the other within thirty (30) days following Xxxxxxxx’s notice to Tenant of such taking or conveyance. If this Lease is terminated under this Section, this Lease will terminate effective as of the date Tenant is required to deliver possession of the Premises or the applicable portion thereof or the date of taking, if earlier. If this Lease is not terminated, within a reasonable time after possession is physically taken, the Premises shall be restored by Landlord utilizing funds obtained from the condemnation. Thereafter, the Minimum Annual Rent will be adjusted in proportion to the reduction in the floor area of the Premises. If the remaining portion of the Premises are no longer suitable for Tenant’s business operations, Tenant may terminate this Lease upon written notice to Landlord.
Condemnation of the Premises. In the event that the whole Premises shall be condemned or taken in any manner for any public or quasi-public use (or sold under threat of such taking), then the Lease shall terminate as of the date possession is taken. In the event that (a) fifteen percent (15%) or more of the Premises shall be condemned or taken in any manner for any public or quasi-public use (or sold under threat of such taking) and as a result thereof in Tenant’s reasonable business judgement, the remainder of the Premises cannot be used for the same purpose as prior to such taking, or (b) a portion of the Building shall be condemned or taken in any manner for any public or quasi-public use (or sold under threat of such taking), and as a result thereof, such fifteen percent (15%) or more of the Premises are rendered inaccessible, then in either event of subclauses (a) or (b), Tenant may elect to cancel this Lease provided such notice of election is given by Tenant to Landlord not later than forty-five (45) days after the date when title shall vest in the condemning authority. Upon the giving of such notice, this Lease shall terminate on the thirtieth (30th) day following the date of such notice and Rent shall be apportioned as of such termination date.
Condemnation of the Premises. In the event that all or any substantial portion of the Premises shall be taken by condemnation or under the right of eminent domain before the closing date, Buyer may, at its option, either terminate this Agreement by delivering written notice to Seller and receive an immediate refund of the Deposit whereupon this Agreement shall be null and void and of no further force or effect or proceed to close the transaction in accordance with the terms hereof in which event Buyer shall at closing receive a credit to the Purchase Price for any condemnation proceeds received by Seller and an assignment of all condemnation awards and/or payments in connection therewith not yet received by Seller which shall become the sole property of Buyer.
Condemnation of the Premises. If all or substantially all of the Premises shall be condemned or taken in any manner for any public or quasi-public use, this Lease shall cease and terminate as of the date of actual taking and Base Pent and additional rent payable hereunder shall be prorated to the date of such taking. For the purposes of this Paragraph 10 "substantially all" of the Premises shall be deemed to have been taken if such condemnation or taking shall, in the reasonable deternnination of Tenant, render the Premises unusable for the Purposes set forth in Section 5 of this Lease.
Condemnation of the Premises. It is further stipulated and agreed that if at any time during the term of this lease a portion (which portion does not materially affect Lessee's ability to utilize the premises for its contemplated purpose) of the Premises or the improvements or buildings thereon located, or any portion thereof, be taken, appropriated, or condemned by reason of eminent domain, that there shall be such division of the proceeds and awards in such condemnation proceedings, and such abatement of rent and other adjustments made as shall be just and equitable under the circumstances. If the Lessor and the Lessee are unable to agree upon what division, total abatement of rent and other adjustments are just and equitable within 30 days after such award has been made, then the matters in dispute shall, by appropriate proceedings, be submitted through a court then having jurisdiction of the subject matter in Guilford County, North Carolina, for its decision and the determination of the matters in dispute. Further, upon the condemnation of a portion (which portion does not materially affect Lessee's ability to utilize the Premises for its contemplated purpose) of the Premises, the then-applicable price of the Option to Purchase contained in this lease shall be reduced by the amount received by Lessor from the condemning authority. If a portion of the Premises, which portion materially affects Lessee's ability to utilize the Premises for its contemplated purpose, shall be taken by the exercise of the power of eminent domain, then this lease shall immediately terminate and the proceeds obtained by Lessor from the condemning authority shall be distributed as set forth above. In the event only a portion of the premises is taken in a manner which does not materially affect Lessee's ability to utilize the Premises for its contemplated purpose, this lease shall not terminate and the Lessor shall promptly reconstruct and restore the remainder of the building and other improvements on the leased property so that the remainder of the building and other improvements, when complete, shall be substantially the same in character as prior to such partial taking. The proceeds from the condemnation proceeding of such partial taking shall be paid to the Lessor in the amount equal to that which is required to restore the remainder of the building and other improvements such that, when complete, they shall be substantially the same in character as prior to such partial taking, and in an additional amo...
