Partial Takings Clause Samples
Partial Takings. If there is a taking by condemnation or similar proceedings or actions of only a portion of the Property which is not material to the use of the remainder of the Property (as mutually determined by Sellers and Purchaser in their reasonable business judgment), this Agreement will remain in full force and effect. Sellers shall pay or assign to Purchaser at Closing, Sellers’ interest in and to any condemnation awards or proceeds from any such proceedings or actions in lieu thereof to the extent such awards or proceeds relate to the Property less their expenses of negotiating the takings, which expenses shall provide fair compensation for time spent by Sellers’ members as well as outside professionals.
Partial Takings. If (a) a part of the Premises shall be taken by any public or quasi-public authority under the power of eminent domain or conveyance in lieu thereof, and
Partial Takings. If (a) a part of the Premises shall be taken by any public or quasi-public authority under the power of eminent domain or conveyance in lieu thereof, and (b) Tenant is reasonably able to continue the operation of Tenant's business in that portion of the Premises remaining, and (c) Port elects to restore the Premises to an architectural whole, then this Lease shall remain in effect as to the portion of the Premises remaining, and the Base Rent payable from the Date of Taking shall be reduced by an amount that is in the same ratio to the Base Rent as the value of the area so taken bears to the total value of the Premises immediately before the Date of Taking. If, after a partial taking, Tenant is not reasonably able to continue the operation of its business in the Premises or Port elects not to restore the Premises to an architectural whole, this Lease may be terminated by either Port or Tenant by giving written notice to the other party no earlier than thirty (30) days prior to the Date of Taking and no later than thirty (30) days after the Date of Taking. Such notice shall specify the date of termination, which shall be not less than thirty (30) nor more than sixty (60) days after the date of notice.
Partial Takings. If at any time during the Term there shall be a Taking of the Premises other than a Total Taking (a "Partial Taking"), this lease shall continue in full force and effect as to the Premises not Taken. Tenant shall repair or replace the building or other improvements affected by the Partial Taking, and the portion of any award relating to the value of any Land so taken which shall, for purposes of such valuation, be considered vacant, unencumbered and unimproved, shall belong to Landlord and the balance of the award shall be payable to the Insurance Trustee and shall be applied to the cost of any required Restoration of the buildings and other improvements on the Premises, substantially in the same manner and subject to the same conditions as apply to the use of Casualty insurance proceeds. If the costs of Restoration shall exceed the net award available to Tenant, Tenant shall pay the deficiency. Any balance remaining in the hands of the Insurance Trustee after payment of the costs of Restoration as aforementioned, or if Tenant does not elect to apply the award to Restoration as set forth above, the entire net award of the Partial Taking, shall be paid to Landlord as if a Total Taking had occurred.
Partial Takings. If part of the Premises or any of the improvements are taken or conveyed without substantially interfering with the use of the Premises, this Lease shall not terminate and rent shall not ▇▇▇▇▇. In such event, Landlord shall receive the portion of the award attributable to the value of the fee title estate taken, and Tenant shall receive all remaining awards and other compensation or sums, and Tenant shall apply all such amounts it received to the extent necessary to pay the cost of restoring the improvements and/or the Premises to a complete architectural unit suitable for Tenant’s use on the Premises.
Partial Takings. In the event that a part of the Property shall --------------------------- be permanently taken, condemned or title thereto acquired by the exercise of the power of eminent domain by any person or corporation, municipal, public, private or otherwise, during the Term hereof, then the Lessee may, at its option, terminate this Lease and the Term hereof on the date when possession of such part of the Property shall be required for such use or purpose, and any award shall be divided between the Lessor and the Lessee in the same manner and upon the same conditions as set forth in Section 9.1. Such option shall be exercised ----------- by the Lessee by written notice to the Lessor not less than thirty (30) days prior to the date on which possession of such portion of the Property shall be required for such purpose, unless possession shall be taken before award is made, in which case such notice shall be given on or prior to the thirtieth (30th) day after the date on which possession shall be so taken. If the Lessee shall not so elect to terminate this Lease and the Term hereof in the event of such partial taking, then, upon the payment of any award arising from such condemnation the amount received for the whole Property, including the Buildings, shall be paid to and held by Lessee and used in defraying, to the extent that it suffices, the cost and expense of making repairs to and alterations of the Buildings for the purpose of restoring the same to an economic architectural unit to the extent that may have been made necessary by such condemnation, and the balance, if any, remaining shall be paid to the Lessor. Lessee shall perform such restoration with due diligence in a timely manner, in accordance with the provisions of Article 6 --------- hereof.