Common use of Termination Option for Partial Condemnation Clause in Contracts

Termination Option for Partial Condemnation. Should, during the term of this Lease or any extension thereof, title and possession of only a portion of the Premises be taken under the power of eminent domain by any public or quasi-public agency or entity, Lessee may, at Lessee’s option, terminate this Lease if more than 35 percent of the floor space or more than 55 percent in value of the Premises is taken under the power of eminent domain. Lessee shall exercise its option by giving written notice to Lessor within 30 days after actual physical possession of the portion subject to the eminent domain power is taken by the agency or entity exercising that power. This Lease shall terminate as of 12:01 A.M. on the date the notice is deemed given to Lessor but the rent specified in Article 2 of this Lease shall be reduced in the manner specified in Section 7.08 below from the date of taking to the date of termination of the lease.

Termination Option for Partial Condemnation. Should, during the term of this Lease lease or any extension thereof, title and possession of only a portion of the Premises be taken under the power of eminent domain by any public or quasi-public agency or entity, Lessee may, at Lessee’s option, terminate this Lease lease if more than 35 percent of the floor space or more than 55 percent in value of the Premises is taken under the power of eminent domain. Lessee shall exercise its option by giving written notice to Lessor within 30 days after actual physical possession of the portion subject to the eminent domain power is taken by the agency or entity exercising that power. This Lease lease shall terminate as of 12:01 A.M. on the date the notice is deemed given to Lessor but the rent specified in Article 2 of this Lease lease shall be reduced in the manner specified in Section 7.08 8.06 below from the date of taking to the date of termination of the lease.