Common use of Termination of Lease Due to Condemnation Clause in Contracts

Termination of Lease Due to Condemnation. In the event the Condemnation materially adversely affects the use by Tenant of the Property (“Condemned Property”), Tenant may terminate the Lease as to the Condemned Property by giving Landlord written notice of its intention to terminate the Lease within sixty (60) days of receipt of written notice of the Condemnation, which notice substantially shall disclose the material nature, scope and extent of the Condemnation. The effective date of the termination shall be the date upon which fee simple interest is vested in the condemning authority, and Tenant shall be released from further obligations or liabilities arising under the Lease thereafter with respect to the Condemned Property; however Tenant shall not be released from liabilities, charges and items accruing under the Lease prior to the Termination. In the event of termination, Individual Building Rent, Property Taxes, Other Charges and any other items of additional rent (collectively, “Rent and Charges”) shall be prorated based upon the actual number of days in the period to be prorated. Within thirty (30) days following the termination, Landlord shall refund to Tenant any Rent and Charges paid to Landlord in advance of the termination. Notwithstanding any termination of this Lease with respect to the Condemned Property, this Lease shall continue in full force and effect with respect to the remaining Properties; provided, however, Base Monthly Rent shall be adjusted by the Individual Building Rent allocated to the Condemned Property.

Termination of Lease Due to Condemnation. In the event the Condemnation materially adversely affects the use by Tenant of the Property (“Condemned Property”)Premises, Tenant may terminate the Lease as to the Condemned Property by giving Landlord written notice of its intention to terminate the Lease within sixty (60) days of receipt of written notice of the Condemnation, which notice substantially shall disclose the material nature, scope and extent of the Condemnation. The effective date of the termination shall be the date upon which fee simple interest is vested in the condemning authority, and Tenant shall be released from further obligations or liabilities thereafter arising under the Lease thereafter with respect to the Condemned Property; however Tenant shall not be released from liabilities, charges and items accruing under the Lease prior to the TerminationLease. In the event of termination, Individual Building Base Monthly Rent, Property Taxes, Other Charges and any other items of additional rent (collectively, “Rent and Charges”) shall be prorated based upon the actual number of days in the period to be prorated. Within thirty (30) days following the termination, Landlord shall refund to Tenant any Rent and Charges paid to Landlord in advance of the termination. Notwithstanding any termination In the event Tenant elects not to terminate the Lease, Tenant may elect either to (i) require Landlord to pay over to Tenant the entire Condemnation award attributable to restoration of this Lease with respect to the Condemned Property, this Lease and Tenant shall continue restore the Condemned Property to as close to its condition prior to such condemnation as is reasonably possible, in full force and effect with respect to which event the remaining Properties; provided, however, Base Monthly Rent shall not xxxxx, or (ii) require Landlord to pay over to Tenant a portion of such Condemnation award equal to a percentage that the value of the Premises, in Tenant’s reasonable determination, following such condemnation bears the value of the Premises immediately before such Condemnation (“Post Condemnation Value Percentage”), in which event the Monthly Base Rent shall be adjusted abated by a percentage equal to 100% less the Individual Building Rent allocated to the Condemned PropertyPost-Condemnation Value Percentage.

Termination of Lease Due to Condemnation. In the event that the Condemnation materially adversely affects the use by Tenant of any one of the Property Premises as defined in Section 8 (“Condemned Property”), as reasonably determined by Tenant and Landlord, Tenant may terminate the Lease as to the Condemned Property by giving Landlord sixty (60) days’ written notice of its intention to terminate the Lease within sixty (60) days of receipt of written after receiving notice of the Condemnation, which notice substantially shall disclose Condemnation from the material nature, scope and extent of the Condemnationcondemning authority. The effective date of the termination shall be the actual date upon which fee simple interest is vested in the condemning authorityof such taking, and Tenant shall be released from further obligations or liabilities arising under the Lease thereafter with respect to the Condemned Property; however Tenant shall not be released from liabilities, charges and items accruing under the Lease prior to the Termination. In the event of termination, Individual Building Rent, Property Taxes, Other Charges and any other items the rent for the last month of additional rent (collectively, “Rent and Charges”) Tenant’s occupancy shall be prorated based upon the actual number of days in the period to be prorated. Within thirty (30) days following the termination, and Landlord shall refund to Tenant any Rent and Charges rent paid to Landlord in advance of the terminationand Tenant shall thereupon be released from its obligation to pay rent. Notwithstanding any termination of this Lease with respect to the Condemned Property, this Lease shall continue in full force and effect with respect to the remaining Properties; provided, however, Base Monthly Rent shall be adjusted by the Individual Building Store Rent allocated to the Condemned Property.