Partial or Temporary Taking Sample Clauses
The Partial or Temporary Taking clause defines the rights and obligations of parties when only a portion of a property, or the use of it for a limited time, is taken by a governmental authority through eminent domain or similar action. This clause typically outlines how compensation will be determined and distributed, and may specify adjustments to rent, lease terms, or restoration obligations depending on the extent and duration of the taking. Its core function is to ensure that both parties understand how their interests are protected and how losses or disruptions are addressed in the event of a partial or temporary loss of property use, thereby reducing uncertainty and potential disputes.
Partial or Temporary Taking. If there is a Permanent Taking of a portion of the Leased Property, or if there is a temporary Taking of all or a portion of the Leased Property, this Lease shall remain in effect so long as the Leased Property is not thereby rendered permanently Unsuitable For Its Primary Intended Use or temporarily Unsuitable For Its Primary Intended Use for a period not likely to, or which does not, exceed two hundred and seventy (270) days. If, however, the Leased Property is thereby so rendered permanently or temporarily Unsuitable For Its Primary Intended Use:
(a) the Lessee shall have the right to restore the Leased Property, at its own expense, (subject to the right under certain circumstances as provided for in Section 14.5 to receive the net proceeds of an Award for reimbursement) to the extent possible, to substantially the same condition as existed immediately before the partial or temporary Taking or (b) the Lessee shall have the right to acquire the Leased Property from the Lessor (i) upon payment of all Rent due through the date that the purchase price is paid, for a purchase price equal to the Fair Market Value of the Leased Property minus the Fair Market Added Value, with the Fair Market Value of the Leased Property and the Fair Market Added Value to be determined as of the day immediately prior to such partial or temporary Taking and (ii) in accordance with the terms and conditions set forth in Article 18; in which event, this Lease shall terminate upon payment of such purchase price and the consummation of such acquisition. Notwithstanding the foregoing, the Lessor may overrule the Lessee's election under clause (a) or (b) and instead either (1) terminate this Lease as of the date when the Lessee is required to surrender possession of the portion of the Leased Property so taken or (2) compel the Lessee to keep the Lease in full force and effect and to restore the Leased Property as provided in clause (a) above, but only if the Leased Property may be operated for at least eighty percent (80%) of the licensed bed capacity of the Facility if operated in accordance with its Primary Intended Use. The Lessee shall exercise its election under this Section 14.3 by giving the Lessor notice thereof ("Lessee's Election Notice") within sixty (60) days after the Lessee receives notice of the Taking. The Lessor shall exercise its option to overrule the Lessee's election under this Section 14.3 by giving the Lessee notice of the Lessor's exercise of its rights under Se...
Partial or Temporary Taking. If there is a Permanent Taking of a portion of the Leased Property, or if there is a temporary Taking of all or a portion of the Leased Property, this Lease shall remain in effect so long as the Leased Property is not thereby rendered permanently Unsuitable For Its Primary Intended Use or temporarily Unsuitable For Its Primary Intended Use for a period not likely to, or which does not, exceed two hundred and seventy (270) days. If, however, the Leased Property is thereby so rendered permanently or temporarily Unsuitable For Its Primary Intended Use:
(a) if only rendered temporarily Unsuitable For Its Primary Intended Use, Lessee shall have the right to restore the Leased Property, at its own expense (subject to the right under certain circumstances as provided for in Section 14.5 to receive the net proceeds of an Award for reimbursement), to the extent possible, to substantially the same condition as existed immediately before the partial or
(b) Lessee shall have the right to acquire the Leased Property from Lessor (i) upon payment of all Rent due through the date that the purchase price is paid, for a purchase price equal to the greater of (x) the Meditrust Investment or (y) the Fair Market Value of the Leased Property minus the Fair Market Added Value, with the Fair Market Value of the Leased Property and the Fair Market Added Value to be determined as of the day immediately prior to such partial or temporary Taking and (ii) in accordance with the terms and conditions set forth in Article 18; in which event, this Lease shall terminate upon payment of such purchase price and the consummation of such acquisition. Notwithstanding the foregoing, Lessor may overrule Lessee's election under clause (a) or (b) and instead either (1) terminate this Lease (with no obligation on the part of Lessee to acquire the Leased Property as a result thereof) as of the date when Lessee is required to surrender possession of the portion of the Leased Property so taken if (X) such portion comprises more than thirty percent (30%) of the Leased Property or of the residential building(s) located thereon or (Y) possession thereof is to be surrendered within two years of the expiration of the Term or (2) compel Lessee to keep the Lease in full force and effect and to restore the Leased Property as provided in clause (a) above, but only if the Leased Property may be operated for at least eighty percent (80%) of the licensed unit capacity of the Facility in effect prior to the Taking....
Partial or Temporary Taking. In the event of a condemnation action that does not constitute a total taking or results in a temporary taking of any portion of the Stadium or any other Improvements constructed on the Field, the Term shall not be reduced or affected in any way, and the City shall promptly commence and diligently proceed to repair, alter and restore the part of the Stadium or any other improvements constructed on the Field not taken to its former condition. The full amount of any condemnation award shall be used to pay for the costs and expenses associated with the restoration of the Stadium or any other improvements constructed on the Field.
Partial or Temporary Taking. If there is a Permanent Taking of a portion of the Leased Property, or if there is a temporary Taking of all or a portion of the Leased Property, this Lease shall remain in effect so long as the Leased Property is not thereby rendered permanently Unsuitable For Its Primary Intended Use or temporarily Unsuitable For Its Primary Intended Use for a period not likely to, or which does not, exceed two hundred and seventy (270) days. If, however, the Leased Property is thereby so rendered permanently or temporarily Unsuitable For Its Primary Intended Use:
(a) the Lessee shall have the right to restore the Leased Property, at its own expense, (subject to the right under certain circumstances as provided for in Section 14.5 to receive the net proceeds of an Award for reimbursement) to the extent possible, to substantially the same condition as existed immediately before the partial or temporary Taking or (b) the Lessee
Partial or Temporary Taking. If there is a Permanent Taking of a portion of the Leased Property (but not substantially all of the Leased Property or the Facility as provided above in Section 14.2), or if there is a temporary Taking of all or a portion of the Leased
Partial or Temporary Taking. If only a portion or a temporary taking for more than six (6) months of the Leased Premises or ABPC’s leasehold interest under this Lease is taken by any condemning authority, including the State, under the power of eminent domain, or if the same is purchased or acquired in lieu thereof, and if such partial or temporary taking or purchase results, in the reasonable opinion of the ABPC, in a substantial interference with the business which ABPC is conducting on the Leased Premises pursuant to this Lease and, in addition, in the reasonable opinion of ABPC has a materially adverse impact upon the financial position of ABPC, ABPC shall have the right to terminate this Lease by giving written notice to the State. In such event this Lease shall terminate as of the date when title to the portion or temporary taking of the Leased Premises or the portion or temporary taking of ABPC’s leasehold interest under this Lease, as the case may be, is acquired by the condemning authority.
Partial or Temporary Taking. In the event of a condemnation action that does not constitute a total taking pursuant to Section 23.1 or results in a temporary taking of any portion of the Stadium or any other Improvements constructed on the Stadium Site, the Term shall not be reduced or affected in any way, and BSC shall promptly commence and diligently proceed to repair, alter and restore the part of the Stadium or any other improvements constructed on the Stadium Site not taken to its former condition in accordance with the terms, requirements and conditions described in Article 22 of this Agreement. The full amount of any condemnation award shall be used to pay for the costs and expenses associated with the restoration of the Stadium or any other improvements constructed on the Stadium Site.