Taking of Leased Premises. A. If more than twenty-five percent (25%) of the Floor Area of the Leased Premises shall be appropriated or taken under the power of eminent domain, or conveyance shall be made in anticipation or in lieu thereof (“Taking”), either party may terminate this Lease as of the effective date of the Taking by giving notice to the other party of such election within thirty (30) days prior to the date of such Taking.
B. If there is a Taking of a portion of the Leased Premises and this Lease is not terminated pursuant to Section 12.01.A, above, then (i) as of the effective date of the Taking, this Lease shall terminate only with respect to the portion of the Leased Premises taken; (ii) after the effective date of the Taking, the Rent shall be reduced by multiplying the same by a fraction, the numerator of which shall be the Floor Area taken and the denominator of which shall be the Floor Area of the Leased Premises immediately prior to the Taking; and (iii) as soon as reasonably possible after the effective date of the Taking, Landlord shall, to the extent feasible, restore the remaining portion of the Leased Premises to a complete unit of a similar condition as existed prior to any work performed by Tenant, provided, however, Landlord shall not be required to expend more on such alteration or restoration work than the condemnation award received and retained by Landlord for the Leased Premises.
Taking of Leased Premises. If the whole of the Leased Premises shall be taken or condemned by any competent authority for any public use or purpose under any statute or by right of eminent domain, or by a private purchase in lieu thereof under threat of such eminent domain proceedings (any such matter being hereinafter referred to as a “Taking”), then in either of such events, this Land Lease shall expire on the date Lessee is required to vacate the Leased Premises either by the condemning authority or by Operation of Law and the Rent shall be prorated as of that date (subject to all obligations of Lessee which survive the termination of the Lease). If part of the Leased Premises shall be taken or condemned and the part so taken includes or any material portions of the Leased Premises or Improvements or as a result of such partial taking, the Leased Premises are not suitable for the operation of the Lessee Business, then, and in any such event, Lessee may elect to terminate this Land Lease as of the date possession shall be taken by such condemning authority (subject to all obligations of Lessee which survive the termination of the Lease). Such notice of election to terminate shall be given in writing to Lessor within sixty (60) days of notice to Lessee of such Taking. If Lessee shall not terminate this Land Lease, or if such partial Taking does not provide Lessee with such option, the Fixed Rent for the balance of the term of this Land Lease and Lessee’s Share of Pass Through Costs shall be reduced in an equitable manner and Lessee shall be entitled to reimbursement for the costs required to restore the Leased Premises and Improvements and Equipment only from Lessee’s portion of the condemnation award as provided under Section 13.2 below; provided, however, any insufficiency of such reimbursement shall not limit or affect any of Lessee’s obligations under the Land Lease.
Taking of Leased Premises. If during the Term, all or a substantial part of the Leased Premises are taken for any public or any quasi-public use under any statute or by right of expropriation, or purchased under threat of such taking, this Lease shall, at the option of the Landlord, automatically terminate on the date on which the condemning authority takes possession of the Leased Premises (the “date of taking”).
Taking of Leased Premises. If all or any part of the Leased Premises is taken by means of (a) any taking by the exercise of the power of eminent domain, whether by legal proceedings or otherwise, (b) a voluntary sale or transfer by Landlord to any condemnor under threat of condemnation or while legal proceedings for condemnation are pending, or (c) any taking by inverse condemnation (a "Condemnation"), then Landlord shall have the option to terminate this Lease. If all or any part of the Leased Premises are taken by Condemnation and the Leased Premises cannot be reconstructed within a reasonable period of time and thereby made reasonably suitable for Tenant's continued occupancy for the Permitted Use, then Tenant shall have the option to terminate this Lease. Any such option to terminate by either Landlord or Tenant must be exercised within a reasonable period of time, not to exceed 20 days after notice of the taking, to be effective as of the date that possession of the Leased Premises is taken by the condemnor.
Taking of Leased Premises. In the event of a taking of the whole or any part of the Leased Premises, so as to render the Leased Premises economically unsuitable for the permitted uses, the Tenant shall have the right to terminate this Lease upon written notice to the other party within forty (40) days after receiving knowledge of the taking. Should the Tenant elect to terminate this Lease, the Lease term shall cease as of the day the public authority takes physical possession of the Leased Premises. If, following a taking, this Lease shall continue in effect as to any portion of the Leased Premises, the Tenant's rent shall be reduced by the proportion which the floor area of the Leased Premises taken bears to the initial floor area of the Leased Premises. Any compensation award for any taking shall be the property of Landlord.
Taking of Leased Premises. If all of the Leased Premises ------------------------- shall be taken for any public or quasi-public use under any statute or by right of eminent domain, or purchased under threat of such taking, this Lease shall automatically terminate on the date on which the condemning authority takes possession of the Leased Premises (the "Date of Taking"). If so much of the Leased Premises (but less than all) is taken as shall render the Leased Premises untenantable, Tenant shall have the right to terminate within thirty (30) days after the Date of Taking.
Taking of Leased Premises. If all or any part of the Leased Premises or more than twenty-five percent (25%) of the Common Area is taken by means of (a) any taking by the exercise of the power of eminent domain, whether by legal proceedings or otherwise, (b) a voluntary sale or transfer by Landlord to any condemnor under threat of condemnation or while legal proceedings for condemnation are pending, or (c) any taking by inverse condemnation (a “Condemnation”), then Landlord shall have the option to terminate this Lease. If all or any part of the Leased Premises or Common Area are taken by Condemnation and the Leased Premises or Common Area cannot be reconstructed within one hundred and eighty (180) days and thereby made reasonably suitable for Tenant’s continued occupancy for the Permitted Use, then Tenant shall have the option to terminate this Lease. Any such option to terminate by either Landlord or Tenant must be exercised within a reasonable period of time, not to exceed 20 days after notice of the taking, to be effective as of the date that possession of the Leased Premises is taken by the condemnor.
Taking of Leased Premises. In the event of a taking by the ------------------------- power of eminent domain or conveyance in lieu thereof ("Taking") of the whole or any material part of the Leased Premises, either party shall have the right to terminate this Lease upon notice to the other within thirty (30) days after receiving notice of the intended Taking. If either party elects to terminate this Lease, the Term shall cease as of the day the public authority takes physical possession. If following a Taking this Lease shall continue in effect as to any portion of the Leased Premises, all Rent shall be reduced by the proportion which the portion of the Leased Premises taken bears the total area of the Leased Premises prior to the Taking.
Taking of Leased Premises. 20 Section 12.02
Taking of Leased Premises. If there shall be taken during the Lease Term any portion of the Leased Premises, which renders the remaining portion unsuitable for Tenant’s operations, or that portion of the Common Area designated on EXHIBIT “J” attached hereto, by any authority having the power of eminent domain, then and in that event, the term of this Lease shall cease and terminate, and the date of such termination shall be, at Landlord’s election, the earlier of either the date upon which possession shall be tendered to such authority by Landlord or the date upon which possession is taken by such authority.
