Minor Taking Clause Samples
The 'Minor Taking' clause defines the rights and obligations of parties when a small portion of a property is taken by a governmental authority, typically through eminent domain, but the taking does not significantly impair the property's overall use or value. In practice, this clause outlines how compensation for the minor loss is handled, often allowing the lease or agreement to continue with adjustments to rent or property boundaries as needed. Its core function is to ensure that minor disruptions do not terminate the agreement, providing a clear process for handling compensation and maintaining stability for both parties.
Minor Taking. If there is a taking of less than ten percent (10%) of the Premises, this Lease shall remain in full force and effect.
Minor Taking. If any Condemnation Proceeding would not constitute a Major Taking, neither Buyer nor Seller shall have any right to 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 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.
Minor Taking. In the event of a taking of a portion of the Land and/or the Improvements by the power of eminent domain which is not “Major” (as defined in Section 7.3), this Agreement shall remain in full force and effect, Purchaser shall pay Seller the Purchase Price at the Closing and 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 Property.
Minor Taking. In the event of a taking of less than all of the premises by right of eminent domain or voluntary conveyance in lieu thereof and Tenant does not elect to terminate this Lease as permitted under subparagraph 13.b., then the award or payment attributable to the taking of the premises shall be paid to and used by Tenant for restoration and Tenant shall promptly commence and with due diligence restore or rehabilitate to the extent reasonable in light of the taking and the resultant new circumstances the portion of the premises and building located thereon remaining after the taking to substantially the same condition and tenantability as existed immediately preceding the taking. During any period of restoration, the amount of the rent and charges shall be equitably abated or reduced, based upon Tenant's loss of use of the premises until re-occupancy by Tenant. Base Annual Rent for the remainder of the Term shall be reduced by the amount determined by multiplying $3.75 by the number of square feet by which the useable area of the building is reduced as the result of the condemnation. The amount by which the Base Annual Rent shall be reduced shall be set forth in a written memorandum signed by both Landlord and Tenant.
Minor Taking. A taking of any bridge, vault, easement or portion of the Improvements projecting into any public way will not be deemed a taking of any part of the Land or the Improvements for the purposes of this Section 13, and this Agreement will not be affected by any such taking. The Tenant will be entitled to receive any award made for any such taking and will make any alteration to the Improvements required by such taking at the Tenant's expense.
Minor Taking. 15 16.3 Taking of Common Area ............................................15 16.4 Award.............................................................16
Minor Taking. If less than thirty percent (30%) of the floor area of the Demised Premises should be taken as aforesaid, this Lease shall not terminate unless Landlord elects to terminate this Lease and gives written notice of termination to Tenant within thirty (30) days after the date physical possession is taken by the condemning authority. If this Lease is not terminated, Minimum Guaranteed Rental payable hereunder during the unexpired portion of this Lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. If this Lease is not terminated by Landlord, following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining Demised Premises required to make the remaining portions of the Demised Premises an architectural whole.
Minor Taking. If the Condemnation Proceeding would not involve, with respect to either the Cortona Property or the Encore Property, individually, (i) the taking of any portion of any Improvement or ten percent (10%) or more of the total area of the Cortona Land or the Encore Land as applicable (exclusive of any access roads or streets), or (ii) a taking that renders the total number of parking spaces being less than required by applicable Legal Requirements, Buyer shall have no right to terminate this Contract, and Buyer shall be obligated to Close on the purchase and sale contemplated hereby as scheduled less the portion of the Property so taken or subject to the Condemnation Proceeding without adjustment of the Purchase Price and Seller shall assign to Buyer at Closing all of Seller’s right, title, and interest in any award payable on account of such Condemnation Proceeding and/or pay to Buyer all such awards previously paid. Seller shall have no obligation to repair or restore the Property not so taken by the Condemnation Proceeding except as otherwise provided herein.
Minor Taking. If there is a taking of less than ten percent (10%) of the Premises, this Lease shall remain in full force and effect. 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.
Minor Taking. In the event of a Minor Taking prior to Closing, Buyer shall nevertheless take title to the Real Property on the Closing Date, subject to such condemnation or taking by eminent domain, without any abatement in the Base Purchase Price provided that the entire condemnation award applicable to such Real Property shall, on the Closing Date, be assigned to Buyer or, if received by any Seller prior to the Closing Date, be paid by such Seller to Buyer at the Closing (net of the reasonable costs of collection actually paid or incurred by Sellers), in either such case, free and clear of Liens. For the purposes of this Agreement, a "Minor Taking" shall mean a condemnation or taking by eminent domain whereby less than 5% of any parcel of the Real Property is taken and no interference in any material respect with the current operation, occupancy or maintenance of taken Real Property or portion of the Business conducted thereon or the other Assets could reasonably be expected to result therefrom. Buyer shall have the right, at its sole cost and expense, to participate in any proceedings prior to the Closing with respect to a condemnation or taking, and shall have the right to approve the settlement of any such proceeding relating to a Minor Taking, which approval shall not be unreasonably withheld or delayed.