Immaterial Taking. If any part of the Premises shall be taken by exercise of the power of eminent domain after the date of this Agreement that does not materially interfere with the use of the Premises for the purposes for which it is currently used, this Agreement shall continue in full force and effect and there shall be no abatement of the Purchase Price. Seller shall be relieved, however, of its duty to convey title to the portion of the parcel so taken, but Seller shall, on the Closing Date, assign to Buyer all rights and claims to any awards arising therefrom as well as any money theretofore received by Seller on account thereof, net of any expenses actually incurred by Seller, including attorney’s fees of collecting the same. Seller shall promptly furnish Buyer with a copy of the declaration of taking property after Seller’s receipt thereof.
Immaterial Taking. If prior to the Closing of the purchase of a Property, such Property is the subject of a condemnation which does not, in Seller's reasonable opinion, affect any material part of the Improvements and does not materially adversely affect access to the Improvements or compliance with applicable zoning or building requirements, including parking (an "Immaterial Taking"), Seller will provide written notice of such Immaterial Taking to Purchaser and this Agreement will remain in full force and effect in respect of the purchase and sale of such Property, but with an abatement of the Allocable Purchase Price for such Property equal to the amount of the award paid to Seller on account of such taking, less the amount of Seller's costs and expenses, including reasonable attorneys' fees and expenses, in establishing and collecting such award.
Immaterial Taking. 13 2.7 Changes to Plans and Specifications...........................13 SECTION 3.
Immaterial Taking. (a) If a Taking involves an Immaterial Area, this Lease shall terminate as to the area so Taken from and after the vesting of title in such Taking and shall continue as to the remainder of the Demised Premises provided, however, from and after the date on which possession of the portion of the Demised Premises is Taken, the Tenant shall proceed diligently and in good faith to close in and restore the Improvements. The Fixed Rent shall be reduced as of the vesting date proportionally to account for the area of the Demised Premises so taken.
Immaterial Taking. In the event such condemnation is not Material, then Purchaser shall accept such title to the Real Property as Seller can deliver, in which case Seller shall pay over or assign to Purchaser all rights and proceeds arising by reason of such taking (less any collection costs incurred by Seller in connection therewith and any costs and expenses incurred by Seller to restore the Property, provided that Purchaser has approved the same, such approval not to be unreasonably withheld, conditioned or delayed) and Purchaser shall pay the Purchase Price at the Closing without reduction.
Immaterial Taking. If any part of the Property shall be taken by exercise of the power of eminent domain after the date of this Agreement, this Agreement shall continue in full force and effect and there shall be no abatement of the Purchase Price. Seller shall be relieved, however, of its duty to convey title to the portion so taken, but Seller shall, on the Closing Date, assign to Buyer all rights and claims to any awards arising therefrom as well as any money theretofore received by Seller on account thereof net of any expenses to Seller, including attorneys' fees of collecting the same. Seller shall promptly furnish Buyer with a copy of the declaration of taking promptly after Seller's receipt thereof.
Immaterial Taking. If prior to the Closing of the purchase of the Ownership Interests in the Owner of a Property, such Property is the subject of a condemnation which does not, in Seller's reasonable opinion, affect any material part of the Improvements and does not materially adversely affect access to the Improvements or compliance with applicable zoning or building requirements, including parking (an "Immaterial Taking"), Seller will provide written notice of such Immaterial Taking to Purchaser and this Agreement will remain in full force and effect in respect of the purchase and sale of the Ownership Interests of the Owner of such Property, but with an abatement of the Allocable Purchase Price for such Ownership Interests equal to the amount of the award paid to Seller on account of such taking, less the amount of Seller's costs and expenses, including reasonable attorneys' fees and expenses, in establishing and collecting such award.
Immaterial Taking. If any governmental authority or other entity having condemnation authority shall institute an eminent domain proceeding or take any steps preliminary thereto (including the giving of any direct or indirect notice of intent to institute such proceedings) with regard to a Property, Seller shall deliver prompt written notice thereof to Buyer. If any part of a Property shall be taken by exercise of the power of eminent domain after the Effective Date that does not materially interfere with the use of such Property for the purposes for which it is currently used, this Agreement shall continue in full force and effect and there shall be no abatement of the Purchase Price, but (i) Seller shall have no right to any awards arising therefrom, (ii) Seller shall assign to Buyer all of Seller’s right, title and interest, if any, in and to any such awards, and (iii) Buyer shall receive a credit against the Purchase Price for any money theretofore received by Seller or any Owner on account thereof, net of any out-of-pocket expenses actually incurred by Seller or any Owner, including attorney’s fees of collecting the same. Seller shall promptly furnish Buyer with a copy of the declaration of taking promptly after Seller’s receipt thereof. Seller shall not settle or compromise or permit any Owner to settle or compromise any claim for such awards without the prior written consent of Buyer, which consent shall not be unreasonably withheld or delayed.
Immaterial Taking. If any part of any Property shall be taken, or there shall be a threat of any taking of any part of the Property, by exercise of the power of eminent domain after the date of this Agreement and prior to the Closing Date, and any such taking or threatened taking does not involve a material portion of the Property (as hereinafter defined) and does not materially interfere with the use of the Property in question for the purposes for which it is currently used, this Agreement shall continue in full force and effect and there shall be no abatement of the Purchase Price for the Property in question. The related Seller shall be relieved, however, of its duty to convey title to the portion so taken, but such Seller shall, on the Closing Date, assign to Buyer all rights and claims to any claims and awards arising therefrom as well as any money theretofore received by such Seller on account thereof, net of any expenses to such Seller, including attorney's fees of collecting the same. The related Seller shall promptly furnish Buyer with a copy of the declaration of taking property after such Seller's receipt thereof.
Immaterial Taking. If any part of the Premises shall be taken by exercise of the power of eminent domain after the date of this Agreement that is not considered a Material Portion, this Agreement shall continue in full force and effect and there shall be no abatement of the Purchase Price. Seller shall be relieved, however, of its duty to convey title to the portion of the parcel so taken, but Seller shall, on the Closing Date, assign to Buyer all rights and claims to any awards arising therefrom as well as any money theretofore received by Seller on account thereof, net of any expenses actually incurred by Seller, including reasonable attorney’s fees of collecting the same. Seller shall promptly furnish Buyer with a copy of the declaration of taking property after Seller’s receipt thereof. For purposes of this Paragraph 20, a “Material Portion” shall mean a condemnation of any portion of (i) the Improvements which are vital to the use, occupancy or operation of the Premises; (ii) the parking lot which materially and adversely affects the number of parking spaces or ingress/egress from the parking lot; or (iii) the Premises which enables a tenant to terminate its lease.
