Common use of Partial Takings Clause in Contracts

Partial Takings. If there is a taking by condemnation or similar proceedings or actions of only a portion of the Property which is not material to the use of the remainder of the Property (as mutually determined by Sellers and Purchaser in their reasonable business judgment), this Agreement will remain in full force and effect. Sellers shall pay or assign to Purchaser at Closing, Sellers’ interest in and to any condemnation awards or proceeds from any such proceedings or actions in lieu thereof to the extent such awards or proceeds relate to the Property less their expenses of negotiating the takings, which expenses shall provide fair compensation for time spent by Sellers’ members as well as outside professionals.

Partial Takings. If there is a taking by condemnation or similar proceedings or actions of only a portion of the Property which is not material to the use of the remainder of the Property (as mutually determined by Sellers Seller and Purchaser in their reasonable business judgment), this Agreement will remain in full force and effect. Sellers Seller shall pay or assign to Purchaser at Closing, Sellers’ Seller’s interest in and to any condemnation awards or proceeds from any such proceedings or actions in lieu thereof to the extent such awards or proceeds relate to the Property less their expenses of negotiating the takings, which expenses shall provide fair compensation for time spent by Sellers’ Seller’s members as well as outside professionals.