Termination Upon Partial Taking Clause Samples
The 'Termination Upon Partial Taking' clause allows a party to terminate a contract or lease if a portion of the property or asset is taken, typically through eminent domain or government action. In practice, this clause specifies the conditions under which termination is permitted, such as when the partial taking significantly impairs the use or value of the property for its intended purpose. Its core function is to protect parties from being bound to an agreement when a partial loss makes continued performance impractical or undesirable, thereby allocating risk and providing a clear exit mechanism in such scenarios.
Termination Upon Partial Taking. (a) In the event of a Taking of less than the entire Demised Premises (i) Tenant may elect to cancel this Lease (A) in the event the area remaining following the Taking shall not be sufficient, in the reasonable judgment of Tenant, to enable Tenant to continue the operation of its business therein in substantially the manner in which such business was being conducted immediately prior to such Taking, or (B) if such Taking materially adversely impairs the means of access to the Demised Premises or the entrances or lobby of the South Building, or (ii) Landlord may elect to terminate this Lease if in the reasonable judgment of Landlord and as a result of a Taking of a portion of the Building, the Building could not be operated in an economically viable manner, provided that the party entitled to cancel the Lease serves the other party with a notice of election to cancel not later than ninety (90) days after the date of taking. Upon the giving of such notice, this Lease shall terminate on the thirtieth (30th) day following the date of receipt of such notice and the Minimum Rent and Additional Rent shall be apportioned as of the date of taking, with respect to the portion of the Demised Premises taken, and as of such termination date with respect to the remainder of the Demised Premises.
(b) In the event a partial taking shall occur in the last two (2) years of the Term, either Landlord or Tenant, irrespective of the area of the space remaining, may elect to cancel this Lease and the Term hereby granted, provided such party shall have, within ninety (90) days after such taking, given notice to that effect to the other party and, upon the receipt of such notice, the Minimum Rent and Additional Rent shall be apportioned and paid to the date of expiration of the Term specified and this Lease and the Term hereby granted shall cease, expire and come to an end upon the expiration of the ninety (90) days specified in said notice, provided, however, that neither Landlord nor Tenant shall have the right to cancel this Lease if, prior to the end of such ninety (90) day period, Tenant shall have delivered to Landlord notice of its irrevocable election to thereafter extend this Lease pursuant to Article 29 hereof, in which event neither Landlord nor Tenant may elect to terminate this Lease other than on the basis set forth in Section 16.3(a) of this Lease.
Termination Upon Partial Taking. If a portion of the Premises shall be taken under the power of eminent domain and the remaining portion would not, in the reasonable judgment of Landlord and Tenant, be adequate for the continued operation of Tenant’s business (even if the remaining Premises are restored and/or added to as provided for in Section 16.3 below), then this Lease shall terminate as of the date said Premises are so taken.
Termination Upon Partial Taking. If any part of Lease Area is so taken and, in the opinion of either State or Lessee, it is not economically or functionally feasible to continue this Lease in effect, either Party may terminate this Lease. Such termination by either Party shall be made by notice to the other given not later than thirty (30) days after possession is so taken, the effective Termination Date to be effective as of the later of thirty (30) days after said notice or the date possession is taken.
Termination Upon Partial Taking. If a substantial portion of the Premises is so taken so that the continued use and operation of the Stadium by Partnership is thereafter no longer economically prudent as determined by Partnership, then Partnership, upon written notice to TSA and County and delivered within sixty (60) days after such taking, may terminate this Agreement. Any partial condemnation proceeds shall be equitably apportioned between the Parties, provided, however, if the Partnership elects to terminate this Agreement, the Partnership shall use that portion of its share of the condemnation proceeds to either demolish the Stadium and restore it to its prior condition or pay to TSA, upon its written request, the sums that the Partnership would otherwise be obligated to pay for such purposes in accordance with this Article 20.3, which option TSA shall exercise in writing in its sole discretion.