Major Taking. If there is a taking of ten percent (10%) or more of the Premises and if the remaining portion of the Premises is of such size or configuration that Tenant is unable to conduct its business in the Premises, then the Term shall terminate as of the date of taking.
Major Taking. If any such Condemnation Proceeding would result in the condemnation of all of the Land and/or the Improvements or so much of the Land and/or the Improvements so as to render the balance of the Land and/or the Improvements not so condemned to be unusable as a hotel as presently operated (a “Major Taking”), then either Buyer or Seller (or both) shall have the right to terminate this Agreement by written notice to the other within fifteen (15) days after Buyer’s receipt of Seller’s Condemnation Notice, whereupon such election to terminate by either Buyer or Seller (or both), Seller shall return the Deposit to Buyer and thereafter no party hereto shall have any further rights, obligations or liabilities hereunder except to the extent that any right, obligation or liability set forth herein expressly survives termination of this Agreement. If neither Buyer nor Seller shall elect to so terminate this Agreement, Buyer and Seller shall be obligated to close the purchase and sale contemplated hereby as scheduled less the portion of the Land and/or the Improvements so taken or subject to the Condemnation Proceeding without adjustment of the Purchase Price and Seller shall pay to Buyer at Closing any award paid to Seller prior to Closing on account of the Condemnation Proceeding. Seller shall not have any obligation to repair or restore the Land and/or the Improvements not so taken by the Condemnation Proceeding.
Major Taking. If all or any portion of the Leased Premises is taken by eminent domain so as to materially impair Lessee's operation of the Leased Premises or the results of operations therefrom, either party may terminate this Archon Lease. If either party so elects to terminate this Archon Lease, that party shall notify the other party of the same within thirty (30) days after the nature and extent of the taking have been finally determined. Such notice shall specify the date of termination of this Archon Lease, which date shall not be earlier than thirty (30) days nor later than sixty (60) days after the date on which the termination notice is given.
Major Taking. If more than thirty percent (30%) of the floor area of the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this Lease shall, unless Landlord and Tenant agree otherwise in writing, terminate and the Rent shall be abated during the unexpired portion of the Lease Term, effective on the date physical possession is taken by the condemning authority.
Major Taking. In the event of any actual or threatened taking or condemnation of all or any portion of the Premises by any governmental or quasi-governmental authority for any public or quasi-public use or purpose (a “Taking”), and (a) which is a Taking of all or a material portion of the Premises or (b) which Tenant concludes renders the Premises unsuitable for continued use and occupancy by Tenant (either of the foregoing (a) or (b), a “Major Taking”), then Tenant may, not later than sixty (60) days after notice that a Major Taking is to take place, deliver to Landlord notice (“Termination Notice”) of its intention to terminate this Lease on a date (the “Taking Termination Date”) that is no later than the effective date of such Major Taking, which termination shall be subject to Section 9.2 below.
Major Taking. If there is a taking of ten percent (10%) or more of the Building and the parking, and if the remaining portion of the Premises is of such size or configuration that Tenant in Tenant’s reasonable judgment is unable to conduct its business in the Premises, then the Term shall terminate as of the date of taking.
Major Taking. In the event of a “Major” taking of the Land and/or the Improvements by the power of eminent domain, Purchaser may terminate this Agreement by written notice to Seller and Escrow Agent, in which event the Xxxxxxx Money shall be returned to Purchaser, and Purchaser and Seller shall each pay one-half (1/2) of all escrow and title cancellation charges. If Purchaser does not elect to terminate this Agreement within ten (10) days after Seller sends Purchaser written notice of the occurrence of such Major taking, then Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall pay over and assign to Purchaser at Closing all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any condemnation awards relating to the Land and/or the Improvements and Purchaser shall pay Seller the Purchase Price at the Closing without abatement or reduction.
Major Taking. If (a) more than ten percent (10%) of the Property; or (b) such lesser portion of the Property as will render the balance remaining after such taking unsuitable for the conduct of Tenant’s business; or (c) so much of the parking lot that Tenant’s business cannot meet parking requirements should be taken for any public or quasi-public use under any governmental law, ordinance, or regulation or by right of eminent domain or by purchase under threat thereof, then Tenant may terminate this Lease by providing written notice of termination within sixty (60) days after the taking, and the Rent shall be abated during the unexpired portion of this Lease, effective on the date physical possession is taken by the condemning authority.
Major Taking. In the event of a condemnation or taking by eminent domain of all or any portion of the Real Property, Buyer may elect to terminate this Agreement upon written notice to Sellers, unless it is a "Minor Taking" (as hereinafter defined) in which case the provisions of Section 11.2 shall apply.
Major Taking. If all or any portion of the Hotel is taken by eminent domain so as to materially impair Lessee’s operation of the Hotel or the results of operations therefrom, either party may terminate this Lease. If either party so elects to terminate this Lease, that party shall notify the other party of the same within thirty (30) days after the nature and extent of the taking have been finally determined. Such notice shall specify the date of termination of this Lease, which date shall not be earlier than thirty (30) days nor later than sixty (60) days after the date on which the termination notice is given.
