CONDEMNATION OF LESS THAN A FEE Sample Clauses

CONDEMNATION OF LESS THAN A FEE. In the event of a condemnation of a leasehold interest in all or a portion of the Leased Premises without the concurrent condemnation of the fee simple title, this Lease shall not terminate and such condemnation shall not excuse Tenant from full performance of all of its covenants hereunder, but Tenant in such event shall be entitled to present or pursue against the condemning authority its claim for and to receive all compensation or damages sustained by it by reason of such condemnation, and Landlord's right to recover compensation or damages shall be limited to compensation for and damages if any, to its reversionary interest; it being understood however, that during such time as Tenant shall be out of possession of the Leased Premises by reason of such condemnation, the lease shall not be subject to forfeiture for failure to observe and perform those covenants not calling for the payment of money. In the event the condemning authority shall fail to keep the Leased Premises in the state of repair required hereunder, or to perform any other covenant not calling for the payment of money, Tenant shall have ninety (90) days after the restoration of possession to it within which to carry out its obligations under such covenant or covenants. During such time as Tenant shall be out of possession of the Leased Premises by reason of such leasehold condemnation, Tenant shall pay to Landlord, in lieu of the Minimum Rent provided for hereunder, and in addition to any other payments required of Tenant hereunder, an annual rent equal to the average annual Minimum Rent paid by Tenant for the period from the commencement of the term until the condemning authority shall take possession, or during the preceding three full calendar years, whichever period is shorter. At any time after such condemnation proceedings are commenced Landlord shall have the right, at its option, to require Tenant to assign to Landlord all compensation and damages payable by the condemnor to Tenant, to be held without liability for interest thereon as security for the full performance of Tenant's covenants hereunder, such compensation and damages received pursuant to said assignment to be applied first to the payment of rents and all other sums from time to time payable by Tenant pursuant to the terms of this Lease as such sums fall due, and the remainder, if any, to be payable to Tenant at, the end of the term hereof, or on restoration of possession of the Leased Premises to Tenant, whichever s...
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CONDEMNATION OF LESS THAN A FEE. IN THE EVENT OF A CONDEMNATION OF A LEASEHOLD INTEREST IN ALL OR A PORTION OF THE LEASED PREMISES WITHOUT THE CONDEMNATION OF THE FEE SIMPLE TITLE ALSO, THIS LEASE SHALL NOT TERMINATE AND SUCH CONDEMNATION SHALL NOT EXCUSE TENANT FROM FULL PERFORMANCE OF ALL OF ITS COVENANTS HEREUNDER, BUT TENANT IN SUCH EVENT SHALL BE ENTITLED TO PRESENT OR PURSUE AGAINST THE CONDEMNING AUTHORITY ITS CLAIM FOR AND TO RECEIVE ALL COMPENSATION OR DAMAGES SUSTAINED BY IT BY REASON OF SUCH CONDEMNATION, AND OWNER'S RIGHT TO RECOVER COMPENSATION OR DAMAGES SHALL BE LIMITED TO COMPENSATION FOR AND DAMAGES OF ANY, TO ITS REVERSIONARY INTEREST; IT BEING UNDERSTOOD, HOWEVER, THAT DURING SUCH TIME AS TENANT SHALL BE OUT OF POSSESSION OF THE LEASED PREMISES BY REASON OF SUCH CONDEMNATION, THE LEASE SHALL NOT BE SUBJECT TO FORFEITURE FOR FAILURE TO OBSERVE AND PERFORM THOSE COVENANTS NOT CALLING FOR THE PAYMENT OF MONEY. IN THE EVENT THE CONDEMNING AUTHORITY SHALL FAIL TO KEEP THE PREMISES IN THE STATE OF REPAIR REQUIRED HEREUNDER, OR TO PERFORM ANY OTHER COVENANT NOT CALLING FOR THE PAYMENT OF MONEY, TENANT SHALL HAVE NINETY (90) DAYS AFTER THE RESTORATION OF POSSESSION TO IT WITHIN WHICH TO CARRY OUT ITS OBLIGATIONS UNDER SUCH COVENANT OR COVENANTS. DURING SUCH TIME AS TENANT SHALL BE OUT OF POSSESSION OF THE LEASED PREMISES BY REASON OF SUCH LEASEHOLD CONDEMNATION. TENANT SHALL PAY TO OVER, IN LIEU OF THE MINIMUM AND PERCENTAGE RENTS PROVIDED FOR HEREUNDER, AND IN ADDITION TO ANY OTHER PAYMENTS REQUIRED OF TENANT HEREUNDER, AN ANNUAL RENT EQUAL TO THE AVERAGE ANNUAL MINIMUM AND PERCENTAGE RENTS PAID BY TENANT FOR THE PERIOD FROM THE COMMENCEMENT OF THE TERM UNTIL THE CONDEMNING AUTHORITY SHALL TAKE POSSESSION, OR DURING THE PRECEDING THREE FULL CALENDAR YEARS, WHICHEVER PERIOD IS SHORTER. AT ANY TIME AFTER SUCH CONDEMNATION PROCEEDINGS ARE COMMENCED, OWNER SHALL HAVE THE RIGHT, AT ITS OPTION, TO REQUIRE TENANT TO ASSIGN TO OWNER ALL COMPENSATION AND DAMAGES PAYABLE BY THE CONDEMNOR TO TENANT, TO BE HELD WITHOUT LIABILITY FOR INTEREST THEREON AS SECURITY FOR THE FULL PERFORMANCE OF TENANT'S COVENANTS HEREUNDER, SUCH COMPENSATION AND DAMAGES RECEIVED PURSUANT TO SAID ASSIGNMENT TO BE APPLIED FIRST TO THE PAYMENT OF RENTS AND ALL OTHER SUMS FROM TIME TO TIME PAYABLE BY TENANT PURSUANT TO THE TERMS OF THIS LEASE AS SUCH SUMS FALL DUE, AND THE REMAINDER, IF ANY, TO BE PAYABLE TO TENANT AT THE END OF THE TERM HEREOF OR ON RESTORATION OF POSSESSION OF TENANT, WHICHEVER SHALL FIRST OCCUR,...
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CONDEMNATION OF LESS THAN A FEE. In the event of a condemnation which results in the condemning authority having secured only a leasehold interest in all or a portion of the Leased Premises without the condemnation of the fee simple title also, this Lease shall not terminate and such condemnation shall not excuse Tenant from full performance of all of its covenants hereunder, but Tenant in such event shall be entitled to present or pursue against the condemning authority its claim for and to receive all compensation of damages sustained by it by reason of such condemnation and Landlord's right to recover compensation or damages shall be limited to compensation for damages, if any, to its reversionary interest.
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Related to CONDEMNATION OF LESS THAN A FEE

  • Condemnation/Eminent Domain In the event the whole of the Premises, and/or such part thereof as shall substantially interfere with Tenant’s use and occupation thereof, shall be taken for any public or quasi-public purpose by any lawful power or authority by exercise of the right of appropriation, condemnation or eminent domain, or is sold in lieu of or to prevent such taking, then Landlord and Tenant shall each have the right to terminate this Lease (by written notice to the other given no later than 10 days after Landlord notifies Tenant of such taking) effective as of the date possession is required to be surrendered to said authority. In the event any access points to adjoining streets, shall be taken for any public or quasi-public purpose by any lawful power or authority by exercise of the right of appropriation, condemnation or eminent domain, or is sold in lieu of or to prevent such taking, and such taking shall substantially interfere with Tenant’s use of the Premises, then Landlord or Tenant shall each have the right to terminate this Lease effective as of the date possession is required to be surrendered to said authority. Except as provided below, Tenant shall not assert any claim against Landlord or the taking authority for any compensation because of such taking, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenant in the Premises. Nothing contained in this Article 12 shall be deemed to give Landlord any interest in any separate award made to Tenant for the taking of personal property and fixtures belonging to Tenant or for Tenant’s moving expenses. In the event the amount of property or the type of estate taken shall not substantially interfere with the conduct of Tenant’s business, Landlord shall be entitled to the entire amount of the award without deduction for any estate or interest of Tenant, Landlord shall promptly proceed to restore the Building to substantially their same condition prior to such partial taking less the portion thereof lost in such condemnation (but in no event shall Landlord be obligated to incur costs in such restoration in excess of the amount of the award paid to Landlord, after deducting Landlord’s reasonable costs in connection therewith), and the Base Rent shall be proportionately reduced by the time during which, and the portion of the Premises which, Tenant shall have been deprived of possession on account of said taking and restoration.

  • Effect of Condemnation Any Condemnation which does not result in a termination of this Agreement in accordance with its terms with respect to the Hotel shall not excuse the payment of sums due to Owner hereunder with respect to the Hotel and this Agreement shall remain in full force and effect.

  • CONDEMNATION OR EMINENT DOMAIN (A) If the whole of the Leased Premises are taken by any public authority under the power of eminent domain, or by private purchase in lieu thereof, then this Lease shall automatically terminate upon the date possession is surrendered, and Rent shall be paid up to that day. If any part of the Leased Premises shall be so taken as to render the remainder thereof materially unusable in the opinion of a licensed third party arbitrator reasonably approved by Lessor and Lessee, for the purposes for which the Leased Premises were leased, then Lessor and Lessee shall each have the right to terminate this Lease on thirty (30) days notice to the other given within ninety (90) days after the date of such taking. In the event that this Lease shall terminate or be terminated, the Rent shall, if and as necessary, be paid up to the day that possession was surrendered.

  • Condemnation and Eminent Domain If any condemnation proceedings are instituted, or notice of intent to condemn is given, with respect to all or any portion of the Property, Seller shall promptly upon obtaining knowledge thereof notify Purchaser thereof (“Taking Notice”). If the condemnation will not result in a material and adverse effect (as hereinafter defined) on the Property, the parties shall proceed to Closing, in which event Seller shall assign or pay to Purchaser at Closing all of Seller's right, title, and interest in any award payable on account of the condemnation and/or pay to Purchaser all such awards previously paid. In the event that such condemnation will result in a material and adverse effect on the Property, Purchaser shall have the option, which shall be exercised by written notice to Seller and Escrow Agent within five (5) Business Days after its receipt of the Taking Notice, either (i) to terminate this Agreement and receive the prompt return of the Deposit, in which case the parties shall have no further rights or obligations under this Agreement (except for any obligations that expressly survive termination), or (ii) to consummate the purchase of the Property without a reduction of the Purchase Price, in which event Seller shall assign or pay to Purchaser at Closing all of Seller's right, title, and interest in any award payable on account of the condemnation proceeding and/or pay to Purchaser all such awards previously paid. For the purposes of this Section 9.2, “material and adverse effect” shall include, but not be limited to, any reduction in the amount of any of the rentable square footage of the Improvements, the reduction in the number of parking spaces at the Property, or the permanent, material disruption of access to the Property. Failure to give notice of Purchaser's election within such five (5) Business Day period shall be deemed an election by Purchaser to proceed to Closing.

  • Condemnation or Casualty Seller agrees to give Purchaser prompt written notice of any fire or other casualty occurring to all or any portion of the improvements at the Real Property and/or Personalty between the date hereof and the date of closing. If prior to the closing, there shall occur:

  • Condemnation Awards and Insurance Proceeds Mortgagor assigns all awards and compensation to which it is entitled for any condemnation or other taking, or any purchase in lieu thereof, to Mortgagee and authorizes Mortgagee to collect and receive such awards and compensation and to give proper receipts and acquittances therefor, subject to the terms of the Credit Agreement. Mortgagor assigns to Mortgagee all proceeds of any insurance policies insuring against loss or damage to the Mortgaged Property, subject to the terms of the Credit Agreement. Mortgagor authorizes Mortgagee to collect and receive such proceeds and authorizes and directs the issuer of each of such insurance policies to make payment for all such losses directly to Mortgagee, instead of to Mortgagor and Mortgagee jointly, subject to the terms of the Credit Agreement.

  • Condemnation and Casualty If, prior to the Closing Date, all or any portion of the Property is taken by condemnation or eminent domain, or is the subject of a pending taking which has not been consummated, or is destroyed or damaged by fire or other casualty, Seller shall notify Purchaser of such fact promptly after Seller obtains knowledge thereof. If such condemnation or casualty is "Material" (defined below), Purchaser shall have the option to terminate this Agreement upon notice to Seller given not later than fifteen (15) days after receipt of Seller's notice, or the date of the Closing, whichever is earlier. If this Agreement is terminated, the Deposit shall be returned to Purchaser and thereafter neither Seller nor Purchaser shall have any further rights or obligations to the other hereunder except as otherwise provided in this Agreement. If this Agreement is not terminated, Seller shall not be obligated to repair any damage or destruction but: (x) Seller shall assign, without recourse, and turn over to Purchaser all of the insurance proceeds or condemnation proceeds, as applicable, net of any costs of repairs and net of reasonable collection costs (or, if such have not been awarded, all of its right, title and interest therein) payable with respect to such fire or other casualty or condemnation including any rent abatement insurance for such casualty or condemnation; and (y) the parties shall proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price.

  • Casualty and Condemnation The Borrowers will (a) furnish to the Administrative Agent and the Lenders prompt written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with the applicable provisions of this Agreement and the Collateral Documents.

  • Total Condemnation, Etc If either (a) the whole of any Property shall be taken by Condemnation or (b) a Condemnation of less than the whole of any Property renders any Property Unsuitable for Its Permitted Use, this Agreement shall terminate with respect to such Property, and Tenant and Landlord shall seek the Award for their interests in the applicable Property as provided in Section 11.5.

  • No Condemnation There is no proceeding pending or to the best of the Company's knowledge threatened for the total or partial condemnation of the related Mortgaged Property;

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