Eminent Domain and Condemnation. If all or any part of the Leased Premises is taken by eminent domain (“eminent domain” shall include the exercise of any similar power of taking, and any purchase or acquisition in lieu of condemnation), or in the event the improvements are condemned and ordered torn down or removed by lawful authority, then the Term of this Lease shall cease as of the date possession shall be taken by the condemning authority, or as of the date improvements are ordered torn down or removed, which every may be applicable, with the Rent to be apportioned as of the date of such taking or of such order, as the case may be; provided, however, if as a result of a partial taking of the Leased Premises by eminent domain, the Leased Premises is reduced by not more than twenty-five (25%), Landlord may elect to continue the Term of this Lease and to restore, at Landlord’s expense, the remaining Leased Premises to a complete architectural unit with storefront (if applicable), signs and interior of equal appearance and utility as they had previous to the taking, but there will be prorata reduction of the Base Rent payable each month. Landlord shall be deemed to have exercised its said option to restore the Leased Premises unless, within thirty (30) days after the date of taking, Landlord shall notify Tenant in writing of its election to terminate this Lease. Landlord shall be entitled to receive all of the proceeds of any total or partial taking of the Leased Premises by eminent domain, including any part of such award as may be attributable to the unexpired leasehold interest or other rights of Tenant in the Leased Premises, and Tenant hereby assigns, and transfers to the Landlord all of Tenant’s right to receive any part of such proceeds.
Eminent Domain and Condemnation. If the property or any part thereof wherein the demised premises are located shall be taken by public or quasi-public authority under any power of eminent domain or condemnation, this lease at the option of the Owner, shall forthwith terminate and the Tenant shall have no claim or interest in or to any award of damages for such taking.
Eminent Domain and Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of or damage or injury to the Premises, or any part thereof, or for conveyance in lieu of condemnation, are hereby assigned to and shall be paid to Mortgagee. In addition, all causes of action, whether accrued before or after the date of this Mortgage, of all types for damages or injury or affecting the Premises or any part thereof, including, without limitation, causes of action arising in tort or contract and causes of action for fraud or concealment of a material fact, are hereby assigned to Mortgagee as additional security and the proceeds shall be paid to Mortgagee. Mortgagee may, at its option, appear in and prosecute in its own name, any action or proceedings relating to condemnation or other taking of or damage or injury to the Premises or any portion thereof. If Mortgagor at any time suspects or has knowledge of any casualty damages to the Premises or damage in any other manner, Mortgagor will immediately notify Mortgagee in writing. Mortgagor may participate in any such proceedings and may join Mortgagee in adjusting any loss covered by insurance. That notwithstanding any taking by eminent domain or other governmental action (of which there are no such pending proceedings) causing injury to, or decrease in value of, the Premises and creating a right to compensation therefor, including, without limitation, the change of the grade of any street, Mortgagor shall continue to be fully liable for all indebtedness or liability secured hereby. All compensation, awards, proceeds, damages, claims, insurance recoveries, rights of action and payments which Mortgagor may receive, or to which Mortgagor may become entitled with respect to the Premises or any part thereof, shall be paid over to Mortgagee and shall be applied first toward reimbursement of all costs and expenses of Mortgagee in connection with recovery of the same. Thereafter the same need not be applied by Mortgagee in reduction of principal but may be applied in such proportions and priority as Mortgagee, in Mortgagee's sole discretion, may elect, to the payment of principal, interest or other sums secured by this Mortgage and/or to payment to Mortgagor, on such terms as Mortgagee may specify, for the sole purpose of altering, restoring or rebuilding any part of the Premises which may have been altered, damaged or destroyed as a result of any such taking or other action; t...
Eminent Domain and Condemnation. In the event that at the time of Closing all or any part of the Property is (or has previously been) acquired, or is about to be acquired, by authority of any governmental agency in purchase in lieu thereof (or in the event that at such time there is any notice of any such acquisition by any such governmental agency), Purchaser shall have the right, at Purchaser's option, to terminate this Purchase Contract by giving written Notice within fifteen (15) days after receipt of written Notice from Seller of the occurrence of such event and recover the Deposit hereunder, or to settle in accordance with the terms of this Purchase Contract for the full Purchase Price and receive the full benefit or any condemnation award.
Eminent Domain and Condemnation. All damages awarded for a taking under the power of eminent domain of all or any part of the Premises shall belong to and be the property of Landlord; provided, however, that Tenant shall be entitled to any separate award made for relocation of Tenant's business and depreciation or damage to and cost of removal of Tenant's personal property and trade fixtures. The provisions contained in this paragraph shall apply in like way to any sale made under imminent threat at such taking. In the event at any lessor taking or sale, this Lease shall continue in full force and effect as if said taking had not occurred, but Landlord shall restore the improvements to a condition as nearly as practicable to their former condition at Landlord's sole cost and expense.
Eminent Domain and Condemnation. (a) If, at any time prior to Closing, a material portion of the Real Property (which is defined to mean such portion of the Real Property that will substantially interfere with Purchaser's use thereof or any portion of the Building or Equipment) is taken or condemned or becomes the subject of any eminent domain or condemnation proceeding, or if Seller receives notice from any Governmental Entity with the right to exercise the power of eminent domain that it desires or intends to take a material portion of the Real Property (as defined above), then Seller shall so notify Purchaser and Purchaser may, at its sole discretion, elect by notice to Seller before the Closing Date, as its sole and exclusive remedy, either to (i) terminate this Agreement, in which event Purchaser shall be entitled to the immediate return of the Deposit and all interest earned thereon and, except as expressly provided otherwise herein, this Agreement shall be of no further force and effect and the parties shall have no further rights, obligations or liabilities hereunder; or (ii) accept the Real Property subject to such condemnation proceeding or in the condition in which it is left following such condemnation or taking and receive either the full amount of the condemnation award that Seller has received for the Real Property or, if Seller has not received such award on or before the Closing Date, accept an assignment from Seller, in form and content reasonably acceptable to Seller and Purchaser, of Seller's rights to such award.
Eminent Domain and Condemnation. In the event any party to this Amended and Restated Lease receives notice of any kind indicating a taking or intended taking of any portion of the Amended Leased Property, the party receiving the notice shall promptly give the other parties to this Amended and Restated Lease notice of the receipt, contents and date of the notice received. OCWUT, CITY, Lessee and any parties holding under them shall each have the right to represent their respective interests in each proceeding or negotiation with respect to the taking and to make full proof of its claim. However, no agreement, settlement, sale or transfer to or with the condemning authority shall be made without the consent of OCWUT.
Eminent Domain and Condemnation. 1. If such portion of the Premises as shall be reasonably required for the conduct of Tenant's business shall be taken or appropriated by any public or quasi-public authority under the power of eminent domain, either party hereto shall have the right, at its option, within sixty (60) days after said taking, to terminate this Lease upon thirty (30) days written notice. In case of a taking of part of the Premises which leaves the remainder of the Premises reasonably satisfactory for the continued conduct of Tenant's business, Landlord shall restore the Premises to comparable condition, to the extent possible, and Base Rent shall be equitably reduced based on any reduction in floor area of the Premises.
Eminent Domain and Condemnation. If the whole of the Land and the buildings and other improvements thereon shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, or if such substantial part hereof is taken as shall result in the portion of the Land and buildings and other improvements remaining being unsuitable for Tenant's use as a product distribution center substantially in the manner currently contemplated, this Lease shall terminate as of the date upon which title shall vest in the taking or condemning authority. If only a part of the Land and buildings and other improvements shall be so taken or condemned, and the part not so taken is suitable for continued use as Tenant's product distribution center and is of a size adequate for Tenant's needs, this Lease shall remain in full force and effect. In such case, the rent due hereunder shall xxxxx in accordance with the reduction in value in use of the Land. In the event of any taking or condemnation, in whole or in part, the award or payment in lieu of an award shall be apportioned between Landlord and Tenant as follows: Landlord shall receive the portion of such award or payment assigned to the land and Tenant shall receive the portion of such award or payment assigned to buildings and other improvements, fixtures, equipment and personal property of Tenant.
Eminent Domain and Condemnation a. If such portion of the Premises as shall be reasonably required for the conduct of Tenant's business shall be taken or appropriated by any public or quasi-public authority under the power of eminent domain, either party hereto shall have the right, at its option, within 60 days after notice of said taking, to terminate this Lease upon 30 days' written notice or the date of the taking, whichever occurs first. In case of a taking of part of the Premises which leaves the remainder of the Premises reasonably satisfactory for the continued conduct of Tenant's business, Landlord shall restore the Premises to comparable condition, to the extent possible, and Rent shall be equitably reduced based on any reduction in floor area of the Premises.
