EFFECT OF A TAKING Clause Samples

EFFECT OF A TAKING. If the Demised Premises, or such portion thereof as to render the balance (when reconstructed) unsuitable for the use set forth in Section 5.1 hereof, shall be taken by condemnation or right of eminent domain or conveyed by Landlord in lieu of condemnation, either party, upon written notice to the other, shall be entitled to terminate this Lease, provided that such notice is given within sixty (60) days after Tenant has been deprived of possession. Should any part of the Demised Premises be so taken or condemned, and should this Lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees promptly after such taking or condemnation, and the determination of Landlord's award therefor, to expend so much as may be necessary of the net amount which may be awarded to it in such condemnation proceedings in restoring the Demised Premises to an architectural unit as nearly like their condition prior to such taking as shall be practicable. Should the net amount so awarded to Landlord be insufficient to cover the cost of restoring the Demised Premises, as estimated by Landlord's architect, Landlord may, but shall not be obligated to supply the amount of such insufficiency and restore said Demised Premises as above provided, with all reasonable diligence, or Landlord may terminate this Lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this Section 15.1, Landlord shall notify, Tenant of Landlord's election not later than ninety (90) days after the final determination of the amount of the award.