Common use of Partial or Temporary Taking Clause in Contracts

Partial or Temporary Taking. If only a portion or a temporary taking for more than six (6) months of the Leased Premises or ABPC’s leasehold interest under this Lease is taken by any condemning authority, including the State, under the power of eminent domain, or if the same is purchased or acquired in lieu thereof, and if such partial or temporary taking or purchase results, in the reasonable opinion of the ABPC, in a substantial interference with the business which ABPC is conducting on the Leased Premises pursuant to this Lease and, in addition, in the reasonable opinion of ABPC has a materially adverse impact upon the financial position of ABPC, ABPC shall have the right to terminate this Lease by giving written notice to the State. In such event this Lease shall terminate as of the date when title to the portion or temporary taking of the Leased Premises or the portion or temporary taking of ABPC’s leasehold interest under this Lease, as the case may be, is acquired by the condemning authority.

Appears in 1 contract

Samples: Construction Lease Agreement (Standard Parking Corp)

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