Other Taking Sample Clauses
The "Other Taking" clause defines situations where a property is affected by government action that does not amount to a full condemnation but still impacts the owner's rights or use of the property. This clause typically covers partial takings, temporary easements, or regulatory actions that diminish property value or restrict its use. In practice, it outlines how compensation is determined and distributed when such partial or non-traditional takings occur. Its core function is to ensure that both parties understand their rights and obligations in the event of government actions that fall short of a complete taking, thereby providing clarity and allocating risk regarding compensation and property use.
Other Taking. (a) If there shall be a Taking, other than a temporary Taking for a period of one (1) year or less, of (i) a portion of the Building, (ii) twenty percent (20%) or more of the parking area of the Premises, or (iii) any material part of a driveway or roadway necessary for access to the Premises, and in Tenant's reasonable judgment such Taking under clauses (i), (ii) or (iii), would render the Premises (or the remainder thereof) unsuitable for the conduct of Tenant's business, Tenant shall have the right to terminate this Lease as of the date possession is required by the condemning authority by giving notice to that effect to Landlord within sixty (60) days after notice to Tenant of the date such possession is required. In such event, Rent and all other charges and costs payable hereunder shall be adjusted and paid to the effective date of termination.
(b) If only a portion of the Premises is subject to a Taking and Tenant is not entitled to or shall not exercise its right to terminate this Lease pursuant to Section 11.2(a), this Lease shall continue in full force and effect, and there shall be no abatement or reduction of Rent payable hereunder. Tenant shall make any and all repairs and restorations to the remainder of the Premises to the extent necessary to render the same a complete architectural unit suitable for Tenant's use.
Other Taking. With respect to any taking not covered by Paragraph 16A above, this Lease shall not terminate, but the Rent payable hereunder during the unexpired portion of this Lease shall be reduced to such extent as may be fair and reasonable under all of the circumstances, effective as of the date of such taking.
Other Taking. If any part of the Leased Premises shall be so taken and this lease shall not terminate or be terminated under the provisions of the preceding section, then, the fixed rent shall be reduced based upon the ratio of the square footage area of the Leased Premises which is so taken by such condemnation, to the entire area of the Leased Premises, and Landlord shall, at its own cost and expenses, restore the remaining portion of the Leased Premises to the extent necessary to render the same reasonably suitable for the purposes for which the premises was leased, and shall make all repairs to the Leased Premises to the extent necessary to constitute the remaining portion of the premises a complete architectural unit, provided that such work shall not exceed the scope of the work required to be done by Landlord in originally constructing the premises, and the cost thereof shall not exceed the net proceeds of the condemnation award actually received and retained by Landlord.
Other Taking. If this Archon Lease is not terminated as a result of a taking, Lessor shall promptly repair all untaken portions of Leased Premises and replace any taken Gaming FF&E so as to enable Lessee to recommence operation of the Leased Premises in as close as practicable to the manner such business was conducted prior to the taking.
Other Taking. (a) If there shall be a Taking, other than a temporary Taking for a period of one (1) year or less, of (i) a portion of the Building, (ii) twenty percent (20%) or more of the parking area of the Premises, (iii) any material part of a driveway or roadway necessary for access to the Premises, or (iv) a material part of Tenant’s signage, and in Tenant’s reasonable judgment such Taking under clauses (i), (ii), (iii) or (iv) would render the Premises (or the remainder thereof) unsuitable for the conduct of Tenant’s business, Tenant shall have the right to terminate this Lease as of the date possession is required by the condemning authority by giving notice to that effect to Landlord within sixty (60) days after notice to Tenant of the date such possession is required. In such event, Rent and all other charges and costs payable hereunder shall be adjusted and paid to the effective date of termination.
(b) If only a portion of the Premises is subject to a Taking and Tenant is not entitled to or shall not exercise its right to terminate this Lease pursuant to Section 11.2(a), this Lease shall continue in full force and effect, and there shall be no abatement or reduction of Rent payable hereunder except that Rent shall be equitably reduced for the remainder of the Term so that Tenant shall pay only such portion of Rent as the rental value of the part remaining after such Taking bears to the rental value of the entire Premises immediately prior to such Taking. Tenant shall make any and all repairs and restorations to the remainder of the Premises to the extent necessary to render the same a complete architectural unit suitable for Tenant’s use.
Other Taking. In case of any Governmental Action not resulting in a Taking but creating a right to compensation therefor to the extent allocable to the Premises, such as the changing of the grade of any street upon which the Premises abuts, then this Lease shall continue in full force and effect without reduction or abatement of Rent. From the amount of such compensation actually received by Owner, Owner shall be entitled to retain all of the costs and expenses reasonably incurred or paid by Owner in collecting such compensation. The net amount of such compensation (after deducting such costs and expenses), multiplied by a fraction, the numerator of which is the number of days during the period commencing on the earliest date of such Governmental Action and ending on the Fixed Expiration Date, and the denominator of which is the number of days during the period commencing on the Base Rent Commencement Date and ending on the Fixed Expiration Date, shall be paid to Tenant, and the balance of the net amount of such compensation shall be paid to Owner.
Other Taking. In the event of any other Taking not described in Section 19.2 or 19.3, any award (net of the costs to obtain such award) shall be deposited in the Insurance and Condemnation Account in accordance with Section 5.1(b)(iii) and applied first to mitigate the effect of the condemnation on the remaining Arena, the Parking Areas or any other portion of the Facility in a commercially reasonable manner in accordance with Section 14.8 and thereafter, any remaining award proceeds shall constitute Net Revenues.