Common use of Condemnation or Taking Clause in Contracts

Condemnation or Taking. In the event of the taking or condemnation of the entire leased premises or a substantial part thereof by any governmental authority, federal, state, parish, city, or other authority ("Governmental Authority") for public use, or under any statute or by right of eminent domain for a period in excess of one hundred twenty (120) days, this lease shall terminate as of the date of the taking of possession of the leased premises by such authority as though such date were the date otherwise fixed for the termination hereof, and any rent owing to such date shall be paid in frill. If the entire leased premises are taken or condemned by a Governmental Authority as aforesaid for a period of less than one hundred twenty (120) days, or if any part of the leased premises less than a substantial part is taken or condemned, Lessor shall have the option but not the obligation, to terminate this lease by notice to Lessee given within thirty (30) days after the date of such taking or condemnation, and, in such event, this lease shall come to an end on the date of the taking of possession by the condemnor as though such date were the date otherwise fixed for termination hereof, and any rent owing to such date shall be paid in full. If Lessor does not exercise its option to terminate this lease as aforesaid, then this lease shall remain in full force and effect. Lessee shall be entitled to a remission of rent for any period during which the leased premises are wholly unfit for occupancy as a result of such taking or condemnation, and, in the event of a partial taking for a period in excess of one hundred twenty (120) days, Lessee's rent shall be reduced in the proportion that the area taken or condemned bears to the total square footage of the leased premises prior to such taking. In the event of any taking or condemnation whatsoever, Lessee shall not be entitled to any part of any award that may be made for such taking or for any damages arising therefrom, and Lessee shall have no claim whatsoever against Lessor or the Governmental Authority for Lessee's leasehold interest or otherwise arising or resulting in any way from such taking. All compensation awarded upon or by reason of such taking or condemnation shall belong and be paid to Lessor, and Lessee hereby irrevocably assigns and transfers to Lessor any and all right to compensation or damages to which Lessee may be or become entitled during the term of this Lease by reason of the taking or condemnation of all or any part of the leased premises.

Condemnation or Taking. If, prior to the Closing, the Property or any part thereof shall be condemned or taken, or if any proceedings that shall relate to the proposed taking of all or any portion of the Property by condemnation or eminent domain are instituted or commenced, and such condemnation or proceedings does not constitute a Material Taking, Closing on the Property shall occur pursuant to this Section 13.2 and the other terms and conditions of this Agreement. If, prior to the Closing, the Property or any part thereof shall be condemned or taken, or if any proceedings that shall relate to the proposed taking of all or any portion of the Property by condemnation or eminent domain are instituted or commenced, and such condemnation or proceedings does constitute a Material Taking, Purchaser may (a) terminate this Agreement, or (b) complete the transactions contemplated by this Agreement notwithstanding such condemnation. If Purchaser elects to complete the transactions contemplated hereby, Purchaser shall accept the Property in the condition in which it is left following such condemnation or other taking. In the event Purchaser does not so elect to terminate or is not permitted to terminate, as above provided, then all awards (but only with respect to the Property and not any Retained Lots) arising out of the taking or condemnation of the entire leased premises or a substantial part thereof by any governmental authority, federal, state, parish, city, or other authority ("Governmental Authority") for public use, or under any statute or by right of eminent domain for a period in excess of one hundred twenty (120) days, this lease such proceedings shall terminate be assigned to Purchaser as of the date of the taking of possession of the leased premises Closing or credited to Purchaser if previously received by such authority as though such date were the date otherwise fixed for the termination hereofSeller, and Seller hereby agrees to execute any rent owing separate assignment agreement, as Purchaser may reasonably request, to evidence or effectuate the assignment of such date shall be paid in frillawards. If the entire leased premises are taken or condemned by a Governmental Authority as aforesaid for a period of less than one hundred twenty (120) days, or if any part of the leased premises less than a substantial part is taken or condemned, Lessor shall have the option but not the obligation, Purchaser elects to terminate this lease by Agreement, then upon written notice to Lessee given within thirty (30) days after Seller and without further action of the date of such taking or condemnation, and, in such eventparties, this lease Agreement shall come be terminated, the Initial Non-Refundable Portion shall be delivered to an end on Seller together with the date Initial Adjournment Deposit and Second Adjournment Deposit, if any, and the balance of the taking of possession by the condemnor as though such date were the date otherwise fixed for termination hereofDeposit shall be returned to Purchaser, and any rent owing to such date shall be paid in full. If Lessor does not exercise its option to terminate this lease as aforesaid, then this lease shall remain in full force and effect. Lessee shall be entitled to a remission of rent for any period during which the leased premises are wholly unfit for occupancy as a result of such taking or condemnation, and, in the event of a partial taking for a period in excess of one hundred twenty (120) days, Lessee's rent shall be reduced in the proportion that the area taken or condemned bears to the total square footage of the leased premises prior to such taking. In the event of any taking or condemnation whatsoever, Lessee shall not be entitled to any part of any award that may be made for such taking or for any damages arising therefrom, and Lessee no party shall have no claim whatsoever against Lessor any further rights or obligations under this Agreement except for the Governmental Authority for Lessee's leasehold interest or otherwise arising or resulting in any way from such taking. All compensation awarded upon or by reason of such taking or condemnation shall belong and be paid to Lessor, and Lessee hereby irrevocably assigns and transfers to Lessor any and all right to compensation or damages to which Lessee may be or become entitled during the term of this Lease by reason of the taking or condemnation of all or any part of the leased premisesSurviving Obligations.

Condemnation or Taking. In the event that the whole of the taking Premises shall be condemned or condemnation of the entire leased premises taken in any manner for any public or a substantial part thereof by any governmental authority, federal, state, parish, city, or other authority ("Governmental Authority") for quasi-public use, or under any statute or by right of eminent domain for a period in excess of one hundred twenty (120) days, this lease Lease and the term and estate hereby granted shall forthwith cease and terminate as of the date of vesting of title. In the taking of possession of the leased premises by such authority as though such date were the date otherwise fixed for the termination hereof, and any rent owing to such date shall be paid in frill. If the entire leased premises are taken or condemned by event that only a Governmental Authority as aforesaid for a period of less than one hundred twenty (120) days, or if any part of the leased premises less than Premises shall be so condemned or taken, then, effective as of the date of vesting of title, the Fixed Rent and any additional rent hereunder for such part shall be equitably abated and this Lease shall continue as to such part not so taken. In the event that only a part of the Building shall be so condemned or taken, then (a) if, in Landlord's reasonable opinion, substantial part is taken structural alteration or condemned, Lessor reconstruction of the Building shall have the option but be necessary or appropriate as a result of such condemnation or taking (whether or not the obligationPremises be affected), to Landlord may terminate this lease Lease and the term and estate hereby granted as of the date of such vesting of title by notice delivering Notice to Lessee given Tenant of such termination within thirty (30) days after following the date on which Landlord shall have received notification of such taking vesting of title or condemnation, and, in such event, this lease shall come to an end on the date of the taking of possession by the condemnor as though such date were the date otherwise fixed for termination hereof, and any rent owing to such date shall be paid in full. If Lessor (b) if Landlord does not exercise its option elect to terminate this lease Lease, as aforesaid, then this lease shall remain in full force and effect. Lessee Lease shall be entitled to a remission of rent for any period during which and remain unaffected by such condemnation or taking, except that the leased premises are wholly unfit for occupancy as a result of such taking or condemnation, and, in the event of a partial taking for a period in excess of one hundred twenty (120) days, Lessee's rent shall be reduced in the proportion that the area taken or condemned bears abated to the total square footage of the leased premises prior to such takingextent, if any, hereinbefore provided. In the event of any taking or condemnation whatsoever, Lessee shall not be entitled to any part of any award that may be made for such taking or for any damages arising therefrom, and Lessee shall have no claim whatsoever against Lessor or the Governmental Authority for Lessee's leasehold interest or otherwise arising or resulting in any way from such taking. All compensation awarded upon or by reason of such taking or condemnation shall belong and be paid to Lessor, and Lessee hereby irrevocably assigns and transfers to Lessor any and all right to compensation or damages to which Lessee may be or become entitled during the term of this Lease by reason of the taking or condemnation of all or any only a part of the leased premisesPremises shall be so condemned or taken and this Lease and the terms and estate hereby granted are not terminated as hereinbefore provided, Landlord will, at its expense, restore with reasonable diligence the remaining structural portions of the Premises as nearly as practicable to the same condition as it was in prior to such condemnation or taking.

Condemnation or Taking. In the event that the whole of the taking Premises shall be condemned or condemnation of the entire leased premises taken in any manner for any public or a substantial part thereof by any governmental authority, federal, state, parish, city, or other authority ("Governmental Authority") for quasi-public use, or under any statute or by right of eminent domain for a period in excess of one hundred twenty (120) days, this lease Lease and the term and estate hereby granted shall forthwith cease and terminate as of the date of vesting of title. In the taking of possession of the leased premises by such authority as though such date were the date otherwise fixed for the termination hereof, and any rent owing to such date shall be paid in frill. If the entire leased premises are taken or condemned by event that only a Governmental Authority as aforesaid for a period of less than one hundred twenty (120) days, or if any part of the leased premises less than Premises shall be so condemned or taken, then, effective as of the date of vesting of title, the Fixed Rent and any additional rent hereunder for such part shall be equitably abated and this Lease shall continue as to such part not so taken. In the event that only a part of the Building shall be so condemned or taken, then (a) if, in Landlord’s reasonable opinion, substantial part is taken structural alteration or condemned, Lessor reconstruction of the Building shall have the option but be necessary or appropriate as a result of such condemnation or taking (whether or not the obligationPremises be affected), to Landlord may terminate this lease Lease and the term and estate hereby granted as of the date of such vesting of title by notice delivering Notice to Lessee given Tenant of such termination within thirty (30) days after following the date on which Landlord shall have received notification of such taking vesting of title or condemnation, and, in such event, this lease shall come to an end on the date of the taking of possession by the condemnor as though such date were the date otherwise fixed for termination hereof, and any rent owing to such date shall be paid in full. If Lessor (b) if Landlord does not exercise its option elect to terminate this lease Lease, as aforesaid, then this lease shall remain in full force and effect. Lessee Lease shall be entitled to a remission of rent for any period during which and remain unaffected by such condemnation or taking, except that the leased premises are wholly unfit for occupancy as a result of such taking or condemnation, and, in the event of a partial taking for a period in excess of one hundred twenty (120) days, Lessee's rent shall be reduced in the proportion that the area taken or condemned bears abated to the total square footage of the leased premises prior to such takingextent, if any, hereinbefore provided. In the event of any taking or condemnation whatsoever, Lessee shall not be entitled to any part of any award that may be made for such taking or for any damages arising therefrom, and Lessee shall have no claim whatsoever against Lessor or the Governmental Authority for Lessee's leasehold interest or otherwise arising or resulting in any way from such taking. All compensation awarded upon or by reason of such taking or condemnation shall belong and be paid to Lessor, and Lessee hereby irrevocably assigns and transfers to Lessor any and all right to compensation or damages to which Lessee may be or become entitled during the term of this Lease by reason of the taking or condemnation of all or any only a part of the leased premisesPremises shall be so condemned or taken and this Lease and the terms and estate hereby granted are not terminated as hereinbefore provided, Landlord will, at its expense, restore with reasonable diligence the remaining structural portions of the Premises as nearly as practicable to the same condition as it was in prior to such condemnation or taking.