Common use of Condemnation Resulting in Termination Clause in Contracts

Condemnation Resulting in Termination. If the whole or any substantial part of the project of which the Premises are a part should be taken or condemned for any public use under governmental law, ordinance or regulation, or by right of eminent domain, or by private purchase in lieu thereof, and the taking would prevent or materially interfere with the Permitted Use of the Premises, this Lease shall terminate and the Rent shall be abated during the unexpired portion of this Lease, effective when the physical taking of said Premises shall have occurred. If more than five percent (5%) of the floor area of the Premises or thirty percent (30%) of the land area of the Project which is not occupied by any building is taken by condemnation, Tenant may, at Tenant's option, terminate this lease as of the date the condemning authority takes such possession, which option is to be exercised, if at all, by written notice thereof to Landlord within ten (10) days after Landlord has given Tenant written notice of such taking (or in the absence of such notice, within ten (10) days after the condemning authority shall have taken possession).

Condemnation Resulting in Termination. If the whole or any substantial part of the project Project of which the Premises are a part should be taken or condemned for any public use under governmental law, ordinance or regulation, or by right of eminent domain, or by private purchase in lieu thereof, and the taking would prevent or materially interfere with the Permitted Use of the Premises, this Lease shall terminate and the Rent shall be abated during the unexpired portion of this Lease, effective when the physical taking of said Premises shall have occurred. If more than five percent (5%) of the floor area of the Premises or thirty percent (30%) of the land area of the Project which is not occupied by any building is taken by condemnation, Tenant may, at Tenant's option, terminate this lease Lease as of the date the condemning authority takes such possession, which option is to be exercised, if at all, by written notice thereof to Landlord within ten (10) days after Landlord has given Tenant written notice of such taking (or in the absence of such notice, within ten (10) days after the condemning authority shall have taken possession).