Common use of Effect of Partial Condemnation Clause in Contracts

Effect of Partial Condemnation. In the event a portion of the Premises are appropriated or taken and Lessee, at its sole discretion, determines that the remainder thereof is not suitable for the continued use of the Premises by Lessee for conducting ▇▇▇▇▇▇’s operations thereon in the same manner and extent as carried on prior to such taking, Lessee shall have the right to terminate this Lease upon giving City written notice of its intent to exercise said right. If Lessee exercises its right to terminate this Lease pursuant to this Subsection 40.2, Lessee shall give City thirty (30) days prior written notice of the effective date of said termination. 40.2.1. If, in the event of such taking of a portion of the Premises, ▇▇▇▇▇▇ does not terminate this Lease, this Lease shall continue in full force and effect as to the part not taken, and the Rent to be paid by Lessee during the remainder of the term shall be reduced in the same proportion as the land taken by eminent domain bears to the area of the Premises before the taking. 40.2.2. In determining whether a partial condemnation renders the remainder of the Premises unsuitable for the use then being made of the Premises by ▇▇▇▇▇▇, Lessee, among other things, shall take into consideration the cost of restoration, the area of the remaining improvements and the suitability of the remaining Premises for conducting ▇▇▇▇▇▇’s operations thereon in the same manner and extent as carried on prior to such taking. 40.2.3. Should Lessee terminate this Lease pursuant to this Section 40, title to all Recreational Improvements constructed or installed by Lessee upon the Premises and which have not already vested in City shall thereupon vest in City.

Appears in 3 contracts

Sources: Lease, Lease, Lease