CONDEMNATION OR EMINENT DOMAIN. (A) If the whole of the Leased Premises are taken by any public authority under the power of eminent domain, or by private purchase in lieu thereof, then this Lease shall automatically terminate upon the date possession is surrendered, and Rent shall be paid up to that day. If any part of the Leased Premises shall be so taken as to render the remainder thereof materially unusable in the opinion of a licensed third party arbitrator reasonably approved by Lessor and Lessee, for the purposes for which the Leased Premises were leased, then Lessor and Lessee shall each have the right to terminate this Lease on thirty (30) days notice to the other given within ninety (90) days after the date of such taking. In the event that this Lease shall terminate or be terminated, the Rent shall, if and as necessary, be paid up to the day that possession was surrendered.
(B) If any part of the Leased Premises shall be so taken such that it does not materially interfere with the business of Lessee, then Lessee shall, with the use of the condemnation proceeds to be made available by Lessor, but otherwise at Lessee's own cost and expense, restore the remaining portion of the Leased Premises to the extent necessary to render it reasonably suitable for the purposes for which it was leased. Lessee shall make all repairs to the building in which the Leased Premises is located to the extent necessary to constitute the building a complete architectural unit. Provided, however, that such work shall not exceed the scope of the work required to be done by Lessee in originally constructing such building unless Lessee shall demonstrate to Lessor's reasonable satisfaction the availability of funds to complete such work. Provided, further, the cost thereof to Lessor shall not exceed the proceeds of its condemnation award, all to be done without any adjustments in Rent to be paid by Lessee. This lease shall be deemed amended to reflect the taking in the legal description of the Leased Premises.
(C) All compensation awarded or paid upon such total or partial taking of the Leased Premises shall belong to and be the property of Lessor without any participation by Lessee, whether such damages shall be awarded as compensation for diminution in value to the leasehold or to the fee of the premises herein leased. Nothing contained herein shall be construed to preclude Lessee from prosecuting any claim directly against the condemning authority in such proceedings for: Loss of business; damage to or ...
CONDEMNATION OR EMINENT DOMAIN. In the event prior to the Closing Date that Seller receives any actual written notice from any applicable Governmental Entity (a “Condemnation Notice”) in connection with the initiation of any condemnation or eminent domain proceeding for the purpose of taking or encumbering all or any part of the Land, Seller shall provide Buyer with a copy of the written notice of such proposed taking within three (3) days after receipt of the Condemnation Notice, and if such taking, in Buyer’s reasonable judgment, would materially and adversely affect the commercial feasibility of the Property or the financial return anticipated therefrom, then Buyer shall have the option, exercisable by written notice to Seller within fifteen (15) days after receipt of the Condemnation Notice (the “Condemnation Termination Period”), to either:
(i) terminate this Agreement, and thereupon this Agreement shall be of no further force and effect and the parties shall be relieved of all further obligation hereunder, except as may be specifically set forth herein to survive termination of this Agreement; or
(ii) conclude the Closing on the Closing Date, without set-off against the Purchase Price, in which event Buyer will be entitled to all rights to any condemnation or eminent domain award. In the event that Buyer fails to provide written notice to Seller of its election in connection with the foregoing options within the Condemnation Termination Period, it shall be conclusively presumed that Buyer has elected to proceed to the Closing of this Agreement.
CONDEMNATION OR EMINENT DOMAIN. A. If the whole of the Leased Premises are taken by any public authority, ("Condemnor") under the power of eminent domain, or by private purchase in lieu thereof ("Condemnation"), then this Lease shall automatically terminate upon the date possession is surrendered, and Rent shall be paid up to that day. Lessee shall have the right to elect to terminate the Lease if a Condemnor by Condemnation acquires any of the following: any material portion of the restaurant building, in excess of fifteen percent (15%) of the parking spaces within the Leased Premises, or
CONDEMNATION OR EMINENT DOMAIN. In the event eminent domain proceedings are instituted against the premises or the land on which the premises is situated, or if the premises or land, or any part thereof, is sold to the condemning authority under threat of such proceedings, then this lease shall terminate upon the sale or condemnation of the premises in these circumstances. Tenant shall make no claim for, nor be entitled to any compensation for any remaining balance of the term of this lease or any portion of the proceeds from the forced sale or condemnation.
CONDEMNATION OR EMINENT DOMAIN. If, at any time during the term of this Lease, title to a substantial portion of the Premises (meaning thereby so much as shall render the Premises substantially unusable by the Tenant for the purposes referred to in Section 5.2) shall be taken by exercise of the right of condemnation or eminent domain, or by agreement between the Landlord and those authorized to exercise such right (all such proceedings being collectively referred to as a "Taking"), this Lease shall terminate and expire on the date of such taking and accrued Base Rent and Additional Rent shall be apportioned and paid to the date of the Taking. If title to less than a "substantial portion" of the Premises shall be the subject of the Taking, so that the business conducted in the Premises can be continued without material diminution, this Lease shall continue in full force and effect. The Landlord and Tenant shall each be entitled to claim damage awards from the authority prosecuting the Taking in Condemnation based upon the respective interests in the Premises each of them would have had but for the Taking.
CONDEMNATION OR EMINENT DOMAIN. If after execution of this Agreement but prior to Closing, a notice of condemnation or eminent domain shall be issued with respect to the Premises, Seller shall notify the Buyer and, if the taking does not materially affect the value or utility of the Premises, Buyer shall consummate this transaction without any abatement of the Purchase Price whatsoever, and at the Closing, the proceeds of any award or payment in respect of any such taking shall belong (and to the extent received by Seller, shall be paid) to Buyer or, if such proceeds have not then been received by Seller, such proceeds and all of Seller's rights thereto shall be assigned by Seller to Buyer. If the taking materially affects the value or utility of the Premises, Buyer shall have the right to cancel this Agreement upon notice to Seller within twenty (20) days after notification of the taking. Failure of Buyer to cancel shall be deemed an election to proceed to Closing as in the first sentence of this Paragraph 9.
CONDEMNATION OR EMINENT DOMAIN. In the event any part of the common areas and community facilities is made the subject matter of any condemnation or eminent domain proceeding, or is otherwise sought to be acquired by any condemning authority, then the Board of Directors of the Association shall give prompt written notice of any such proceeding or proposed acquisition to the holders of all first mortgages of record on the lots. No provision of this Declaration or the By-Laws of the Association shall entitle any Member to any priority over the holder of any first mortgage of record on his lot with respect to the distribution to such Member of the proceeds of any condemnation or settlement relating to a taking of any of the common areas and community facilities.
CONDEMNATION OR EMINENT DOMAIN. In event of any condemnation or eminent domain proceedings for any public or quasi-public purpose at any time prior to Closing resulting in a taking of any material part of all of the Property, Buyer may at its election, either: (a) cancel this Agreement by written notice to Seller, in which event Seller shall return the Deposit to Buyer, whereupon both parties shall be released from all further obligations under this Agreement, except as otherwise expressly set forth in this Agreement, or (b) close the transaction contemplated by this Agreement, in which event the Purchase Price shall not be reduced, provided, however, that Seller shall assign any condemnation or eminent domain award pertaining to the Property to Buyer.
CONDEMNATION OR EMINENT DOMAIN. If, prior to the Closing, (a) any portion of the Property having a value of greater than twenty percent (20%) of the Purchase Price, or (b) that portion of the Property that provides deep water, highway or rail access is taken by condemnation or eminent domain, or if proceedings are commenced for such a taking or a demand for conveyance or offer to purchase in lieu of condemnation is made by any governmental authority, utility or other person authorized by statute to condemn, then Buyer will have the right either: (i) by written notice to Seller given within five (5) business days after Buyer receives written notification from Seller of such taking, the commencement of such proceedings or demand for conveyance or offer to purchase, to terminate this Agreement, in which event the Deposit (and any interest earned thereon) will be refunded to Buyer; or (ii) by failure to give such written notice to Seller within such five (5) business day period, to perform its obligations under this Agreement (including payment of the full Price) and to receive from Seller an assignment and delivery of Seller's rights in and to the award, payment and/or damages for such taking.
CONDEMNATION OR EMINENT DOMAIN. (a) Total or Partial Taking. In the event of exercise of the power of eminent domain whereby:
(1) such portion of the Property is taken that access to the Demised Premises is permanently impaired thereby and reasonable alternate access is not provided by Landlord within a time period which is reasonable under the circumstances; or
(2) all or substantially all of the Demised Premises or the Property is taken; or
(3) less than substantially all of the Property is taken but Landlord, acting in good faith, determines that it is economically unfeasible to continue to operate the uncondemned portion of the Property as a commercial facility; or
(4) ten per cent (10%) or more of the actual office building and distribution center is taken, but Tenant, acting in good faith, determines that because of such taking it is economically unfeasible to continue to conduct its business in the uncondemned portion of the Demised Premises, then in the case of (1) or (2), either party, and in the case of (3), Landlord, and in the case of (4), Tenant, shall have the right to terminate this Lease as of the date when possession of that part which was taken is required to be delivered or surrendered to the condemning authority; and in such case all Basic Rent and other charges shall be adjusted to the date of termination. A "taking" as such term is used in this Section 20 shall include a transfer of title or of any interest in the Property by deed or other instrument in settlement of or in lieu of transfer by operation of law incident to condemnation proceedings.
