Taking Award Clause Samples
The Taking Award clause defines the process by which compensation is determined and distributed when property is acquired through eminent domain or similar governmental action. Typically, this clause outlines how the award or payment received for the taken property is allocated among interested parties, such as owners, tenants, or lenders, and may specify procedures for contesting or accepting the amount offered. Its core practical function is to ensure a clear and fair method for handling compensation in the event of a governmental taking, thereby reducing disputes and providing certainty to all parties involved.
Taking Award. Except as otherwise provided in Section 8.7, the Landlord shall have and hereby reserves and accepts, and the Tenant hereby grants and assigns to the Landlord, all rights to recover for damages to the Building and the Land, and the leasehold interest hereby created, and to compensation accrued or hereafter to accrue by reason of such taking, damage or destruction, as aforesaid, and by way of confirming the foregoing, the Tenant hereby grants and assigns to the Landlord, all rights to such damages or compensation. Nothing contained herein shall be construed to prevent the Tenant from prosecuting in any condemnation proceedings a claim for relocation expenses, provided that such action shall not affect the amount of compensation otherwise recoverable by the Landlord from the taking authority pursuant to the preceding sentence.
Taking Award. The parties are entitled to the following portions of any award or settlement in lieu thereof payable on account of a Taking:
(a) City shall be entitled to all amounts attributable to the value of the City Conveyed Land; and
(b) PWRF shall be entitled to receive all amounts attributable (i) to the value of the Improvements,
Taking Award. Except as otherwise provided in this Section 8.6, the Landlord shall have and hereby reserves and excepts, and the Tenant hereby grants and assigns to the Landlord, all rights to recover for any damages to the Premises and/or any other part of the Property, and the leasehold interest hereby created, and to compensation accrued or hereafter to accrue by reason of any such taking, as aforesaid, and by way of confirming the foregoing, subject to this Section 8.6, the Tenant hereby grants and assigns to the Landlord, all rights to such damages or compensation. Nothing contained herein shall be construed to prevent the Tenant from prosecuting in any condemnation proceedings a claim for relocation expenses, trade fixtures, equipment and other personal property of the Tenant that is part of a separate award to the Tenant and which does not diminish the award payable to the Landlord or the Master Landlord as a result of the taking.
Taking Award. 30 9. Default........................................................... 30 9.1
Taking Award. Out of any award for any taking of the Premises (including, without limitation, any taking of Tenant’s leasehold interest as aforesaid), in condemnation proceedings or by right of eminent domain, Landlord shall be entitled to receive and retain the amounts awarded for such Premises and for Landlord’s business loss. Tenant shall be entitled to receive and retain only such amounts as may be specifically awarded to it in any such condemnation proceedings, because of moving expenses and/or the taking of its fixtures or furniture and its leasehold improvements to the extent Landlord’s award is not thereby reduced and Tenant is not otherwise reimbursed for the same by Landlord.
Taking Award. Except as otherwise provided in Section 8.7, Landlord shall have and hereby reserves and excepts, and Tenant hereby grants and assigns to Landlord, all rights to recover for damages to the Building and the Land, and the leasehold interest hereby created, and to compensation accrued or hereafter to accrue by reason of such taking, damage or destruction, as aforesaid, and by way of confirming the foregoing, Tenant hereby grants and assigns to Landlord, all rights to such damages or compensation. Nothing contained herein shall be construed to prevent Tenant from prosecuting in any condemnation proceedings a claim for relocation expenses and/or loss of leasehold improvements owned by Tenant.
Taking Award. Within ten (10) days of the effective date of a termination of this Lease or an abatement of Rent under this Article 13, Tenant shall receive a refund from Landlord of all prepaid and unaccrued Rent and other sums paid with respect to the portion of Premises taken. From the award payable on account of the Taking, Tenant shall be entitled to an amount equal to the value of its leasehold interest immediately prior to termination, the value of Tenant's unamortized leasehold improvements made on or after Commencement Date of this Lease, moving expenses, trade fixtures and equipment. Tenant shall make a separate claim for this amount, which Landlord will not duplicate in its claim. Except as expressly provided in this Article 13.5, Tenant shall not be entitled to any award or settlement resulting from a condemnation.
Taking Award. In the event of a Taking, Tenant shall not be entitled to any and the entire award paid by the condemning authority shall be the property of Landlord.
Taking Award. Subject to the following sentence, Landlord shall have and hereby reserves and accepts all rights to recover for damages to the Building and the Land, and the leasehold interest hereby created, and to compensation accrued or hereafter to accrue by reason of such taking, damage or destruction, as aforesaid the Tenant hereby grants and assigns to the Landlord, all rights to such damages or compensation; provided that Landlord shall not seek recovery for any losses or other items referenced in the following sentence as included in the definition of Tenant’s Taking Award. Notwithstanding the foregoing, Tenant shall be entitled to any separate award for Tenant’s relocation expenses, loss of business good will and/or loss of or damage to Tenant’s trade fixtures, removable personal property and improvements (without regard to whether or not this Lease is terminated as the result of such taking), and for that purpose all alterations or improvements to the Premises paid for by Tenant shall be considered the property of Tenant and Tenant shall be entitled to any and all compensation which is payable therefore (such compensation “Tenant’s Taking Award”), provided that such action by Tenant shall not affect the amount of compensation otherwise recoverable by the Landlord from the taking authority pursuant to the preceding sentence.
Taking Award. If any Taking occurs, then Landlord shall receive the entire award or other compensation for the Land, the Building, and other improvements taken; however, Tenant may separately pursue a claim (to the extent it will not reduce Landlord’s award) against the condemnor for the value of Tenant’s personal property which Tenant is entitled to remove under this Lease, moving costs, loss of business, and other claims it may have.