Common use of Material Taking Clause in Contracts

Material Taking. If any portion of the Premises shall be taken or condemned for a public or quasi-public use or purpose by any competent authority (hereinafter called a “Taking”) and as a result thereof, it shall be economically unfeasible or illegal for Tenant or the Subtenants to use and occupy the balance of the Premises for their intended purposes, then at the option of Tenant in such event, this Lease shall terminate upon delivery of possession of the applicable portion of the Premises to the condemning authority. Landlord and Tenant shall share in any condemnation award or any judgment for damages caused by such Taking (hereinafter called the “Award”), with Landlord being allocated the fair market value of its fee simple interest in the Premises “subject to” the Lease, including its interest as landlord under this Lease and reversionary interest in MOB B and the other improvements located on the Premises (the “Landlord’s Interest”), and Tenant being allocated the fair market value of its leasehold estate and its interest in MOB B and any improvements to the Premises paid for by Tenant, subject to Landlord’s reversionary interest therein (the “Tenant’s Interest”).

Material Taking. If any portion of the Premises shall be taken or condemned for a public or quasi-public use or purpose by any competent authority (hereinafter called a “Taking”) and as a result thereof, it shall be economically unfeasible or illegal for Tenant or the Subtenants to use and occupy the balance of the Premises for their intended purposes, then at the option of Tenant in such event, this Lease shall terminate upon delivery of possession of the applicable portion of the Premises to the condemning authority. Landlord and Tenant shall share in any condemnation award or any judgment for damages caused by such Taking (hereinafter called the “Award”), with Landlord being allocated the fair market value of its fee simple interest in the Premises “subject to” the Lease, including its interest as landlord under this Lease and reversionary interest in the MOB B and the other improvements located on the Premises (the “Landlord’s Interest”), and Tenant being allocated the fair market value of its leasehold estate and its interest in the MOB B and any improvements to the Premises paid for by Tenant, subject to Landlord’s reversionary interest therein (the “Tenant’s Interest”).

Material Taking. If any portion of the Premises shall be taken or condemned for a public or quasi-public use or purpose by any competent authority (hereinafter called a “Taking”) and ), and, as a result thereof, it shall be economically unfeasible or illegal for the Tenant or the Subtenants to use and occupy the balance of the Premises for their intended purposes, then then, at the option of the Tenant in such event, this Lease shall terminate upon delivery of possession of the applicable portion of the Premises to the condemning authority. The Landlord and the Tenant shall share in any condemnation award or any judgment for damages caused by such Taking (hereinafter called the “Award”), with the Landlord being allocated the fair market value of its fee simple interest in the Premises “subject to” to the Lease, including its interest as landlord Landlord under this Lease and reversionary interest in MOB B and the other improvements Improvements located on the Premises (the “Landlord’s Interest”), and the Tenant being allocated the fair market value of its leasehold estate and its interest in MOB B and any improvements Improvements to the Premises paid for by Tenant, subject to the Landlord’s reversionary interest therein (the “Tenant’s Interest”).