Common use of Full Taking Clause in Contracts

Full Taking. Should the entire Property be taken by eminent domain, condemnation or similar proceedings or conveyed in avoidance or settlement of eminent domain, condemnation, or other similar proceedings, then Lessee’s right of possession under this Lease shall terminate as of the date of taking possession by the condemnor, and the award therefor will be distributed as follows: first, to the payment of all fees and expenses of Master Landlord and/or Lessor (including, without limitation, reasonable legal fees and costs) incurred in collecting the award; and next, the balance of the award shall be equitably apportioned between the Master Landlord, Lessor and Lessee based on the then respective fair market values of Master Landlord’s fee ownership of the Parcel, Lessor’s leasehold interest in the Premises and Lessee’s leasehold interest in the Premises, such apportionment to be reasonably determined by Master Landlord as set forth in the Master Lease. All rent shall be prorated through the date of termination.

Full Taking. Should the entire Property be taken by eminent domain, condemnation or similar proceedings or conveyed in avoidance or settlement of eminent domain, condemnation, or other similar proceedings, then LesseeMaster Tenant’s right of possession under this Master Lease shall terminate as of the date of taking possession by the condemnor, and the award therefor will be distributed as follows: first, to the payment of all fees and expenses of Master Landlord and/or Lessor (including, without limitation, reasonable legal fees and costs) incurred in collecting the award; and next, the balance of the award shall be equitably apportioned between the Master Landlord, Lessor Master Tenant and Lessee the Sublessees based on the then respective fair market values of Master Landlord’s fee ownership of the ParcelLand, LessorMaster Tenant’s leasehold interest in the Master Premises and Lesseeeach Sublessee’s leasehold interest in under the PremisesParcel Ground Leases, such apportionment to be reasonably determined by Master Landlord as set forth in the Master LeaseLandlord. All rent shall be prorated through the date of termination.