Condemnation Proceeding definition
Condemnation Proceeding means any proceeding in condemnation, eminent domain or any written request for a conveyance in lieu thereof, or any notice that such proceedings have been or will be commenced against any portion of the Property.
Condemnation Proceeding shall have the meaning given to such term in Section 8.3(a) hereof.
Condemnation Proceeding means any action or proceeding in which any interest in the Leased Premises is taken for any public or quasi-public purpose by any lawful authority through exercise of eminent domain or right of condemnation or by purchase or otherwise in lieu thereof.
Examples of Condemnation Proceeding in a sentence
If the Condemnation Proceeding is of all the Land or any material portion thereof (meaning the value attributed by Acquiror to such portion is greater than [***] of the Unadjusted Consideration), then Acquiror shall have the right, within five (5) Business Days after Acquiror’s receipt of a written notice from Contributor of the Condemnation Proceeding, to terminate this Agreement by written notice to Contributor.
If, however, the Condemnation Proceeding is of an immaterial portion of the Land, or the Condemnation Proceeding is of all or a material portion of the Land but Acquiror fails to timely elect to terminate this Agreement, then the Parties shall proceed with the Closing without any reduction in the Unadjusted Consideration but Acquiror shall be entitled to receive all condemnation proceeds related thereto.
More Definitions of Condemnation Proceeding
Condemnation Proceeding is defined as a Proceeding that could result in a Condemnation.
Condemnation Proceeding. Any action or proceeding brought by competent authority for the purpose of any taking of the fee of the Leased Property or any part thereof or estate therein as a result of the exercise of the power of eminent domain, including, but not limited to, a voluntary conveyance to such authority under either threat of or in lieu of condemnation or while such action or proceeding is pending.
Condemnation Proceeding means any proceeding in condemnation, expropriation, eminent domain or any written request for a conveyance in lieu thereof, or any notice that such proceedings have been or will be commenced against any portion of the Property.
Condemnation Proceeding means any action or proceeding in which any interest in the Premises or Building is taken for any public or quasi-public purpose by any lawful authority through exercise of the power of eminent domain or right of condemnation or by purchase or otherwise in lieu thereof. If the whole of the Premises is taken through Condemnation Proceedings, this Lease shall automatically terminate as of the date possession is taken by he condemning authority. If in excess of twenty-five (25%) percent of the Premises is taken, either party hereto shall have the option to terminate this Lease by giving the other written notice of such election at any time within thirty (30) days after the date of taking. If less than twenty-five (25%) percent of the space is taken and Landlord determines, in Landlord's sole discretion, that a reasonable amount of reconstruction thereof will not result in the Premises or the Building becoming a practical improvement reasonably suitable for use for the purpose for which it is designed, then Landlord may elect to terminate this Lease Agreement by giving thirty (30) days written notice as provided hereinabove. In all other cases, or if neither party exercises its option to terminate, this Lease shall remain in effect and the rent payable hereunder from and after the date of taking shall be proportionately reduced in proportion to the ratio of: (1) the area contained in the Premises which is capable of occupancy after the taking; to (II) the total area contained in the Premises which was capable of occupancy prior to the taking. in the event of any termination or rental reduction provided for in this Section, there shall be a proration of the rent payable under this Lease and Landlord shall refund any excess theretofore paid by Tenant. Whether or not this Lease is terminated as a consequence of Condemnation Proceedings, all damages or compensation awarded for a partial or total taking, including any sums compensating Tenant for diminution in the value of or deprivation of its leasehold estate, shall be the sole and exclusive property of Landlord, except that Tenant will be entitled to any awards intended to compensate Tenant for expenses of locating and moving Tenant's operations to a new space.
Condemnation Proceeding has the meaning set forth in Section 9.2 hereof.
Condemnation Proceeding means any proceeding in condemnation or eminent domain or any conveyance in lieu thereof against any portion of any Project.
Condemnation Proceeding means any condemnation, confiscation, seizure or eminent domain proceeding, or similar taking, of property of the Borrower or any Subsidiary.