Common use of Effect of Various Takings Clause in Contracts

Effect of Various Takings. (a) If the entire Leased Premises is taken, Tenant's obligations under this Lease shall terminate as of the date title vests in the condemning authority. (b) In case of a substantial taking, Tenant shall have the option to terminate this Lease if, In Tenant's opinion, the business cannot reasonably be operated in the portion of the Leased Premises not condemned. Tenant shall give notice to Landlord of Tenant's election to terminate or continue this Lease within sixty (60) days after receipt of notice of the condemnation. If this Lease is not so terminated, the Annual Fixed Rent shall be reduced by an amount to be determined by multiplying the then current Annual Fixed Rent by a fraction, the numerator of which is the square footage of the Leased Premises after the taking and the denominator of which is the square footage of the Leased Premises prior to the taking.

Effect of Various Takings. (a) If the entire Leased Premises is taken, Tenant's obligations under this Lease shall terminate as of the date title vests in the condemning authority. (b) In case of a substantial taking, Tenant shall have the option to terminate this Lease if, In Tenant's opinion, the business cannot reasonably be operated in the portion of the Leased Premises not condemned. Tenant shall give notice to Landlord of Tenant's election to terminate or continue this Lease within sixty (60) days after receipt of notice of the condemnation. If this Lease is not so terminated, the Annual Fixed Rent shall be reduced by an amount to be determined by multiplying the then current Annual Fixed Rent by a fraction, the numerator of which is the square footage of the Leased Premises after the taking and the denominator of which is the square footage of the Leased Premises prior to the taking.,