Common use of Extinguishment Clause in Contracts

Extinguishment. Grantor and Grantee hereby recognize that an unexpected change in the conditions surrounding the Premises may make impossible the continued ownership or use of the Premises for preservation purposes and necessitate extinguishment of the Easement. Such a change in conditions includes, but is not limited to, partial or total destruction of the Buildings or the Façades resulting from a casualty of such magnitude that Grantee approves demolition as explained in Paragraphs 5 and 7 or condemnation or loss of title of all or a portion of the Premises, Buildings, or Façades. Such an extinguishment must comply with the following requirements:

Extinguishment. Grantor and Grantee hereby recognize that an unexpected change in the conditions surrounding the Premises may make impossible the continued ownership or use of the Premises for preservation and conservation purposes and may necessitate extinguishment of the Easementthis Conservation Right. Such a change in conditions includes, but is not limited to, partial or total destruction of the Buildings Building or the Façades Protected Elements resulting from a casualty of such magnitude that Grantee approves demolition as explained provided in Paragraphs Sections 5 and 7 or condemnation or loss of title of all or a portion of the Premises, Buildings, or Façades6 hereof. Such an extinguishment must comply with the following requirements: