Common use of Termination Upon Partial Taking Clause in Contracts

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. (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 Building 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.