Taking by Eminent Domain. If, prior to the Closing, eminent domain proceedings shall be threatened or commenced against the Property, or any part or portion thereof, Buyer shall have the option (a) to elect to proceed with this transaction, in which event any compensation award paid or payable as a result of such eminent domain proceedings shall be the sole property of Buyer, or (b) to terminate this Agreement, in which event Seller shall retain such award. Seller agrees that it shall give to Buyer written notice of any such threatened or actual eminent domain proceedings within 10 days after Seller first becomes aware thereof, and upon the giving of such notice, Buyer shall then have 30 days within which to exercise the options granted in this Section 10.01. If Buyer fails to exercise such options within said 30-day period, this Agreement shall terminate, the Xxxxxxx Money shall be returned to Buyer and thereafter both parties shall be released from further liability or obligation hereunder.
Taking by Eminent Domain. If there is any taking by eminent domain that materially affects Lessee’s use of the premises, this Lease shall terminate when title vests in the authority exercising the right of eminent domain. The rent shall be apportioned as of the day of termination and any rent paid for a period beyond that date shall be repaid to Lessee. Lessee shall not be entitled to any part of the award to landlord for the taking but Lessee may file a claim for an award on its behalf.
Taking by Eminent Domain. In case the whole of the leased Premises are taken by right of eminent domain or other authority of law during the period of this Lease, or any extension thereof, this Lease shall terminate.
Taking by Eminent Domain. If, prior to the Closing, eminent domain proceedings shall be threatened or commenced against the Property, or any part or portion thereof (“Taking”), Buyer shall have the option (a) to proceed with this transaction, in which event any compensation award payable as a result of such Taking shall be paid to Buyer, or
Taking by Eminent Domain. (a) If the total Demised Premises or all of the Building is taken for any public purpose pursuant to the power of eminent domain (including purchase under threat of condemnation) this Lease shall terminate as of the date that the condemning authority takes title or possession, whichever occurs first.
Taking by Eminent Domain. If all or any part of the Premises shall be taken by public or quasi-public authority under any power of eminent domain or condemnation, this Lease, at the option of the Landlord or Tenant, shall forthwith terminate and the Tenant shall have no claim or interest in or to any award of damages for such taking, provided this clause shall not prevent the Tenant from making a claim on its own behalf separate and apart from any claims of the Landlord. If there is a taking but neither party terminates this Lease, then Landlord shall make all repairs necessitated by such taking, rent shall be equitably reduced and the Lease shall otherwise continue in force and effect.
Taking by Eminent Domain. SECTION 8.1 If the whole of the Demised Premises shall be taken this Lease shall terminate. Rent shall be apportioned as of the date of such taking or condemnation and any award shall be subject to any prior right of any Mortgagee.
Taking by Eminent Domain. Seller and Buyer agree that if all or any material portion of the Property is taken or threatened to be taken by eminent domain prior to the Closing, then Buyer shall have the right by notice in writing to Seller given within ten (10) days after Buyer receives notification in writing of such taking to either (a) proceed with the Closing without adjustment to the Acquisition Price, in which event Seller shall as of the Closing assign and deliver to Buyer all of the award for such taking, or (b) terminate this Agreement, whereupon the Xxxxxxx Money shall be returned to Buyer and, except as expressly provided herein, neither party shall have any further rights or obligations hereunder. If Buyer fails to notify Seller of Buyer’s election within said ten (10) day period, then it shall be deemed that Buyer has elected to proceed with the Closing.
Taking by Eminent Domain. In case the demised premises, or a substantial part thereof are taken by eminent domain, these presents at the election of the Lessor or the Lessee may be terminated. All rights to damages to said premises and said building and the leasehold hereby created accruing by any exercise of the right of eminent domain or by reason of acts of any public authority are excepted and reserved to and shall belong solely to the Lessor.
Taking by Eminent Domain. Section 15.1 If the whole of the Demised Premises shall be taken under the power of eminent domain or the like, this Lease shall thereupon be terminated as if such termination were the scheduled expiration of this Lease, and Net Basic Rent and additional rent shall be adjusted as of the date of the termination aforesaid.
