Taking by Eminent Domain. If, prior to the Closing, eminent domain proceedings shall be threatened or commenced against the Property, or any part or portion thereof, Buyer shall have the option (a) to elect to proceed with this transaction, in which event any compensation award paid or payable as a result of such eminent domain proceedings shall be the sole property of Buyer, or (b) to terminate this Agreement, in which event Seller shall retain such award. Seller agrees that it shall give to Buyer written notice of any such threatened or actual eminent domain proceedings within 10 days after Seller first becomes aware thereof, and upon the giving of such notice, Buyer shall then have 30 days within which to exercise the options granted in this Section 10.01. If Buyer fails to exercise such options within said 30-day period, this Agreement shall terminate, the Xxxxxxx Money shall be returned to Buyer and thereafter both parties shall be released from further liability or obligation hereunder.
Taking by Eminent Domain. If there is any taking by eminent domain that materially affects Lessee’s use of the premises, this Lease shall terminate when title vests in the authority exercising the right of eminent domain. The rent shall be apportioned as of the day of termination and any rent paid for a period beyond that date shall be repaid to Lessee. Lessee shall not be entitled to any part of the award to landlord for the taking but Lessee may file a claim for an award on its behalf.
Taking by Eminent Domain. In case the whole of the leased Premises are taken by right of eminent domain or other authority of law during the period of this Lease, or any extension thereof, this Lease shall terminate.
Taking by Eminent Domain. Seller and Buyer agree that if all or any material portion of the Property is taken or threatened to be taken by eminent domain prior to the Closing, then Buyer shall have the right by notice in writing to Seller given within ten (10) days after Buyer receives notification in writing of such taking to either (a) proceed with the Closing without adjustment to the Acquisition Price, in which event Seller shall as of the Closing assign and deliver to Buyer all of the award for such taking, or (b) terminate this Agreement, whereupon the Xxxxxxx Money shall be returned to Buyer and, except as expressly provided herein, neither party shall have any further rights or obligations hereunder. If Buyer fails to notify Seller of Buyer’s election within said ten (10) day period, then it shall be deemed that Buyer has elected to proceed with the Closing.
Taking by Eminent Domain. (a) If the total Demised Premises or all of the Building is taken for any public purpose pursuant to the power of eminent domain (including purchase under threat of condemnation) this Lease shall terminate as of the date that the condemning authority takes title or possession, whichever occurs first.
(b) If the Demised Property is partially taken for public use pursuant to the power of eminent domain (including purchase in lieu of condemnation) TENANT may at its option terminate the Lease effective as of the date the condemning authority takes title or possession, whichever is first, if the taking is so substantial as to render the remainder of the property unusable for the purposes for which it was leased. OWNER shall, at its expense, restore the untaken portion of the Demised Premises to the extent necessary to render it reasonably suitable for the purposes for which it was leased, including replacing any parking area taken and returning the Demised Premises to compliance with zoning ordinances and other applicable laws, and shall make all repairs reasonably necessary to constitute the building a complete architectural unit.
(c) All compensation for the taking of the property shall belong to and be the property of OWNER without any participation by TENANT, except that TENANT may prosecute its claim directly against the condemning authority for any compensable losses sustained by TENANT.
(d) In the event of partial taking without termination of the Lease, reasonable adjustments shall be made in the rental to reflect the loss of utility sustained by TENANT as a result of the taking.
(e) In the event that any dispute arises between OWNER and TENANT with respect to the taking or partial taking of the property pursuant to the power of eminent domain, such dispute shall be settled by arbitration as outlined in ARTICLE 20 of this Agreement.
Taking by Eminent Domain. If all or any part of the Premises shall be taken by public or quasi-public authority under any power of eminent domain or condemnation, this Lease, at the option of the Landlord or Tenant, shall forthwith terminate and the Tenant shall have no claim or interest in or to any award of damages for such taking, provided this clause shall not prevent the Tenant from making a claim on its own behalf separate and apart from any claims of the Landlord. If there is a taking but neither party terminates this Lease, then Landlord shall make all repairs necessitated by such taking, rent shall be equitably reduced and the Lease shall otherwise continue in force and effect.
Taking by Eminent Domain. If the real property where Lot 6 is located is partially or wholly taken by eminent domain or is the subject of a pending taking which has not been consummated, City shall notify Developer in writing of the event. In this event, this Agreement shall be terminated not sooner than forty-five (45) days prior to consummation of the taking. On termination of this Agreement under this section, neither party shall have any rights or responsibilities to the other as of the date of termination, except for those obligations that incurred prior to the date of termination or survive termination.
Taking by Eminent Domain. If, prior to the Closing, eminent domain proceedings shall be threatened or commenced against the Property, or any part or portion thereof (“Taking”), Buyer shall have the option (a) to proceed with this transaction, in which event any compensation award payable as a result of such Taking shall be paid to Buyer, or
Taking by Eminent Domain. Section 15.1 If the whole of the Demised Premises shall be taken under the power of eminent domain or the like, this Lease shall thereupon be terminated as if such termination were the scheduled expiration of this Lease, and Net Basic Rent and additional rent shall be adjusted as of the date of the termination aforesaid.
Section 15.2 If any part of the Demised Premises or any part of the lands and buildings of which the Demised Premises are a part shall be taken under the power of eminent domain or the like, Landlord, at its option, may terminate this Lease as if such termination were the scheduled expiration of this Lease, and Net Basic Rent and additional rent and charges shall be adjusted as of the date of termination aforesaid. If Landlord chooses in such event not to terminate the Lease, and if the taking be of a portion of the building on the Demised Premises itself, rent shall be adjusted equitably in proportion to the percentage taken, unless the taken portion shall exceed fifty (50%) percent and the remaining portion of the demised building shall be insufficient for the conduct of Tenant's business, in which event Tenant may by notice to Landlord within fifteen (15) days of the taking terminate this Lease. Tenant to notify Landlord within fifteen (15) days of the taking. In all events, whether the taking be of all or a portion of the Demised Premises and/or building and land, and whether or not this Lease survives, the entire award including that for consequential damages, shall be the property of and shall be paid to Landlord, and Tenant hereby assigns all of its right, title and interest thereto and therein to Landlord. Tenant shall not be entitled to share in any award or awards made in condemnation proceedings for consequential damages or for the taking of the Demised Premises or any portion thereof or improvements or alterations or any appurtenances to the premises, vaults, areas or projections outside of the boundaries of the lands owned by Landlord, or rights in, under or above the streets adjoining said lands, or the rights and benefits of light, air, or access to said streets, or for the taking of space, or rights therein, below the surface of, or above, the Demised Premises all of which shall belong to Landlord.
Section 15.3 If the temporary use of the whole or any part of the Demised Premises shall be taken by any lawful power or authority, by the exercise of the right of condemnation or eminent domain or the like, or by agreement betwe...
Taking by Eminent Domain. In case the demised premises, or a substantial part thereof are taken by eminent domain, these presents at the election of the Lessor or the Lessee may be terminated. All rights to damages to said premises and said building and the leasehold hereby created accruing by any exercise of the right of eminent domain or by reason of acts of any public authority are excepted and reserved to and shall belong solely to the Lessor.
