Common use of Termination for Partial Taking Clause in Contracts

Termination for Partial Taking. If, during the term of this Lease, title and possession of only a portion of the Premises is taken for any public or quasi-public use under any statute, or by right of eminent domain, then TENANT may, at TENANT'S option, terminate this Lease by serving written notice of termination on CITY within 90 days after TENANT has been deprived of actual physical possession of the portion of the Premises taken for such public use. This Lease will terminate on the first day of the calendar month following the calendar month in which the notice of termination described in this section is served on CITY. On termination of this Lease, pursuant to this Article, all subleases and subtenancies in or on the Premises or any portion of the Premises created by TENANT under this Lease will also terminate and the Premises must be delivered to CITY free and clear of all such subleases and subtenancies; provided, however, that CITY may, at CITY'S option, by mailing written notice to a subtenant allow any subtenant to attorn to CITY and continue such subtenant's occupancy on the Premises as a TENANT of CITY. On termination of this Lease pursuant to this section, however, both CITY and TENANT will be released from all obligations under this Lease, except those specified in Section 9.02 of this Lease.

Appears in 2 contracts

Samples: Lease Agreement, Lease

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Termination for Partial Taking. IfShould, during the term of this Lease, title and possession of only a portion of the Premises is be taken for any public or quasi-public use under any statute, or by right of eminent domain, then TENANT may, at TENANT'S option, terminate this Lease by serving written notice of termination on CITY within 90 ninety (90) days after TENANT has been deprived of actual physical possession of the portion of the Premises taken for such public use. This Lease will shall terminate on the first day of the calendar month following the calendar month in which the notice of termination described in this section is served on CITY. On termination of this Lease, Lease pursuant to this Article, all subleases and subtenancies in or on the Premises or any portion of the Premises created by TENANT under this Lease will shall also terminate and the Premises must shall be delivered to CITY free and clear of all such subleases and subtenancies; , provided, however, that CITY may, at CITY'S option, by mailing written notice to a subtenant allow any subtenant to attorn to CITY and continue such subtenant's occupancy on the Premises as a TENANT of CITY. On termination of this Lease pursuant to this section, however, both CITY and TENANT will shall be released from all obligations under this Lease, except those specified in Section 9.02 of this Lease.

Appears in 1 contract

Samples: Lease Agreement

Termination for Partial Taking. If, during the term of this Lease, title and possession of only a portion of the Premises is taken for any public or quasi-public use under any statute, or by right of eminent domain, then TENANT may, at TENANT'S option, terminate this Lease by serving written notice of termination on CITY within 90 ninety (90) days after TENANT has been deprived of actual physical possession of the portion of the Premises taken for such public use. This Lease will terminate on the first day of the calendar month following the calendar month in which the notice of termination described in this section is served on CITY. On termination of this Lease, pursuant to this Article, all subleases and subtenancies in or on the Premises or any portion of the Premises created by TENANT under this Lease will also terminate and the Premises must be delivered to CITY free and clear of all such subleases and subtenancies; provided, however, that CITY may, at CITY'S option, by mailing written notice to a subtenant allow any subtenant to attorn to CITY and continue such subtenant's occupancy on the Premises as a TENANT of CITY. On termination of this Lease pursuant to this section, however, both CITY and TENANT will be released from all obligations under this Lease, except those specified in Section 9.02 of this Lease.

Appears in 1 contract

Samples: Lease Agreement

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Termination for Partial Taking. IfLessee may terminate this lease for the reasons stated in either, during the term or both, Section 9.02 or Section 9.03 of this Lease, title and possession of only a portion of the Premises is taken for any public or quasi-public use under any statute, or by right of eminent domain, then TENANT may, at TENANT'S option, terminate this Lease lease by serving written notice of termination on CITY Lessor within 90 days after TENANT Lessee has been deprived of actual physical possession of the portion of the Premises said premises taken for such public useby eminent domain. This Lease will lease shall terminate on as of 12:01 A.M. of the first day of the calendar month following the calendar month in which the notice of termination described in this section is served on CITYLessor. On termination of this Lease, lease pursuant to this Articlesection, all subleases and subtenancies in or on the Premises said premises or any portion or portions of the Premises said premises created by TENANT Lessee under this Lease will lease shall also terminate and the Premises must said premises shall be delivered to CITY Lessor free and clear of all such subleases and subtenancies; provided, however, that CITY Lessor may, at CITY'S Lessor’s option, by mailing written notice to a subtenant allow any subtenant to attorn to CITY Lessor and continue such subtenant's his or her occupancy on the Premises said premises as a TENANT tenant of CITYLessor. On termination of this Lease lease pursuant to this section, however, both CITY Lessor and TENANT will Lessee shall be released from all obligations under this Leaseobligations, except those specified in Section 9.02 9.05 of this Leaselease, under this lease.

Appears in 1 contract

Samples: Assignment and Assumption of Ground Lease (Community Bancorp Inc)

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