Common use of Destruction or Condemnation Clause in Contracts

Destruction or Condemnation. If the Premises or Lessee Facilities are damaged, destroyed, condemned or transferred in lieu of condemnation (due to no cause or fault of its own), Lessee may elect to terminate this Agreement as of the date of the damage, destruction, condemnation or transfer in lieu of condemnation by giving notice to Lessor no more than forty-five (45) days following the date of such damage, destruction, condemnation or transfer in lieu of condemnation. If Lessee chooses not to terminate this Agreement, Rent shall be reduced or abated in proportion to the actual reduction or abatement of use of the Premises.

Appears in 3 contracts

Samples: Communications Site Lease Agreement, Communications Site Lease Agreement, Communications Site Lease Agreement

AutoNDA by SimpleDocs

Destruction or Condemnation. If the Premises or Lessee Facilities are damaged, destroyed, condemned or transferred in lieu of condemnation (due to no cause or fault of its own)condemnation, Lessee may elect to terminate this Agreement as of the date of the damage, destruction, condemnation or transfer in lieu of condemnation by giving notice to Lessor no more than forty-five (45) days following the date of such damage, destruction, condemnation or transfer in lieu of condemnation. If Lessee chooses not to terminate this Agreement, Rent shall be reduced or abated in proportion to the actual reduction or abatement of use of the Premises.

Appears in 2 contracts

Samples: Communications Site Lease Agreement (Ground) (Summit Life Corp), Communications Site Lease Agreement (FNB Bancorp/Ca/)

AutoNDA by SimpleDocs

Destruction or Condemnation. If the Premises or Lessee Lessee's Facilities are ---------------------------- damaged, destroyed, condemned or transferred in lieu of condemnation (due to no cause or fault of its own)condemnation, Lessee may elect to terminate this Agreement the affected Site Lease as of the date of the damage, destruction, condemnation or transfer in lieu of condemnation by giving notice to Lessor no more than forty-five (45) days following the date of such damage, destruction, condemnation or transfer in lieu of condemnation. If Lessee chooses not to terminate this Agreement, Rent shall be reduced or abated in proportion to the actual reduction or abatement of use of the Premises.

Appears in 2 contracts

Samples: Build to Suit Agreement (Ipcs Equipment Inc), Build to Suit Agreement (Ipcs Equipment Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!