Material Partial Condemnation definition

Material Partial Condemnation means a taking pursuant to which the business of Tenant conducted in the portion of the Demised Premises taken cannot reasonably be carried on with substantially the same scope, utility and efficiency in the remainder of the Demised Premises. Such termination as to the remainder of the Demised Premises shall be effected by notice in writing given not more than sixty (60) days after the date of vesting of title in such Proceedings, and shall specify a date not more than sixty (60) days after the giving of such notice as the date for such termination. Upon the date specified in such notice, the Term, and all right, title and interest of Tenant hereunder, shall cease and come to an end. In the event that Tenant elects not to terminate this Lease Agreement as to the remainder of the Demised Premises, the rights and obligations of Landlord and Tenant shall be governed by the provisions of Section 16.3 below.
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Material Partial Condemnation means a Partial Condemnation that (A) involves the taking of more than ten percent (10%) of the parking spaces servicing the Property, excluding any spaces which can be relocated on the Property, or involves the taking of less parking spaces but the Tenant’s continued operation of the Property constitutes a violation of applicable laws after such Partial Condemnation as a result of such taking which cannot be corrected by the construction of additional spaces on the Property; (B) involves the taking of any material portion of the floor area of the then existing primary building constituting a part of the Improvements, (C) has a material adverse effect on access to the Improvements which cannot be reasonably remedied by the construction of alternate routes of access, or (D) causes damage to the Property to an extent that more than 365 days will be required to repair or rebuild the Property from commencement of such repair or rebuilding, as reasonably estimated by a qualified contractor reasonably selected by mutual agreement of Landlord and Tenant, acting reasonably. Tenant shall have a period of sixty (60) days after receipt of Landlord’s notice to terminate referenced above during which to elect, despite such Landlord notice of termination, to continue this Lease with respect to the Property on the terms herein provided.
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Examples of Material Partial Condemnation in a sentence

  • A "Material Partial Condemnation" shall mean a taking pursuant to which the business of Tenant conducted in the portion of the Demised Premises taken cannot reasonably be carried on with substantially the same scope, utility and efficiency in the remainder of the Demised Premises.

  • The warranty period begins to run with the transfer of risk (see section 4.1).

  • Material Partial Condemnation" and "Minor Partial Condemnation;" Arbitration.

  • If the parties are unable to reach agreement, ---------- such dispute shall be resolved by binding arbitration using the same procedure as is set forth in Section 14 of the Pre-Occupancy Agreement, except that the ---------- MAI shall be instructed to determine whether the applicable condemnation constitutes a "Material Partial Condemnation" or a "Minor Partial Condemnation" as defined in this Article 16 (not Market Rate Rent).

  • Landlord and Tenant shall make reasonable, good faith efforts to reach agreement whether a taking pursuant to Proceedings constitutes a "Material Partial Condemnation" or a "Minor Partial Condemnation" as defined in this Article 16.

  • Landlord and Tenant shall make reasonable, good -------------------------- faith efforts to reach agreement whether a taking pursuant to Proceedings constitutes a "Material Partial Condemnation" or a "Minor Partial Condemnation" as defined in Article 16.

  • Landlord and Tenant shall make reasonable, good -------------------------- faith efforts to reach agreement whether a taking pursuant to Proceedings constitutes a "Material Partial Condemnation" or a "Minor Partial Condemnation" as defined in this Article 16.

  • Determination of "Material Partial Condemnation" and "Minor Partial Condemnation;" Arbitration.