Common use of Taking: Lease to Continue Clause in Contracts

Taking: Lease to Continue. In the event only a part of the Premises shall be taken as a result of the exercise of the power of eminent domain or condemned for a public or quasi public use or purpose by any competent authority or sold to the condemning authority under threat of condemnation, and, as a result thereof, the balance of the Premises can be used for the same purpose and with substantially the same utility as before such taking, sale or condemnation, this Lease shall not terminate and Tenant shall, to the extent practical, promptly repair and restore the Premises, subject to Force Majeure. Landlord shall make the condemnation proceeds available to Tenant for such repair and restoration upon the same terms and conditions as Restoration Funds are made available under Article 14 above. Any award paid as a consequence of such taking, sale or condemnation, shall be paid to Landlord and any sums not disbursed by Landlord to Tenant in connection with the repair or restoration of the Premises shall be retained by Landlord. In the event of such a partial taking where the Lease is not terminated as provided in Section 15.01, Rent shall be adjusted on a fair and equitable basis.

Taking: Lease to Continue. In the event only If a part portion of the Premises shall be lawfully taken as a result of the exercise of the power of eminent domain or condemned for a any public or quasi public use or purpose by any competent authority or sold to the condemning authority conveyed under threat of condemnation, and, such condemnation and Landlord does not terminate the Lease as permitted by Section 13.1 or as a result thereofof such taking, sale or condemnation, the balance of the Premises can be used for the same purpose and with substantially the same utility as before such taking, sale or condemnation, this Lease shall not terminate terminate. In such event, Landlord, at its sole cost and Tenant expense up to the amount of any award, shall, to the extent practical, promptly (subject to extension due to delay because of matters beyond the control of Landlord and Landlord’s receipt of insurance proceeds) repair and restore the Premises, subject to Force Majeure. Landlord shall make the condemnation proceeds available to Tenant for such repair and restoration upon the same terms and conditions as Restoration Funds are made available under Article 14 above. Any award paid as a consequence of such taking, sale or condemnation, shall be paid to Landlord and any sums not disbursed by Landlord to Tenant in connection with the repair or restoration of the Premises shall be retained by Landlord. In the event of such a partial taking where of any portion of land only, this Lease shall not terminate and Landlord shall not be obligated to repair or restore the Lease is not terminated as provided in Section 15.01, Rent shall be adjusted on a fair and equitable basisPremises.

Taking: Lease to Continue. In the event only If a part portion of the Premises Project shall be lawfully taken as a result of the exercise of the power of eminent domain or condemned for a any public or quasi public use or purpose by any competent authority or sold to the condemning authority conveyed under threat of condemnation, and, such condemnation and Landlord does not terminate this Lease as permitted by Section 13.1 or as a result thereofof such taking, the balance of sale or condemnation, the Premises can be used for the same purpose and with substantially the same utility as before such taking, sale or condemnation, this Lease shall not terminate terminate. In such event, Landlord, at its sole cost and Tenant expense up to the amount of any award, shall, to the extent practical, promptly (subject to Force Majeure Delay and Landlord’s receipt of condemnation proceeds) repair and restore the remainder of the Premises. In the event of a taking of any portion of Land only, subject to Force Majeure. this Lease shall not terminate and Landlord shall make not be obligated to repair or restore the condemnation proceeds available Premises. Tenant hereby assigns to Tenant for Landlord, Tenant’s interest, if any, in such repair award and restoration upon the same terms and conditions as Restoration Funds are made available under Article 14 above. Any any award paid as a consequence of such any taking, sale or condemnation, shall be paid to Landlord and any sums Landlord. Any portion of an award not disbursed by Landlord to Tenant in connection with the repair or restoration of the Premises shall be retained by Landlord. In the event of such a partial taking where the Lease is not terminated as provided in Section 15.01, Rent shall be adjusted on a fair and equitable basis.