Entire or Substantial Taking Sample Clauses
The 'Entire or Substantial Taking' clause defines the parties' rights and obligations if a property is wholly or largely acquired by a government authority through eminent domain or similar legal process. Typically, this clause outlines what constitutes an 'entire' or 'substantial' taking—such as when a significant portion of the premises is condemned—and details the resulting consequences, like termination of the lease or adjustment of rent. Its core function is to provide a clear framework for handling situations where the property's usability is significantly impaired, thereby protecting both parties from uncertainty and potential disputes.
Entire or Substantial Taking. If the entire Premises, or so much thereof as to make the balance not reasonably adequate for the conduct of Tenant’s business (notwithstanding restoration by Landlord as herein provided) will be taken under the power of eminent domain, this Lease will automatically terminate on the date the condemning authority takes possession.
Entire or Substantial Taking. If title to all or a substantial portion of the Premises is taken for any public or quasi-public use under any statute or by right of eminent domain, or by purchase in lieu of condemnation, so that a reasonable amount of reconstruction of the Premises will not result in the Premises being reasonably suited for Tenant's continued occupancy for the uses and purposes for which the Premises are leased, this Lease shall terminate as of the date that possession of said Premises, or part thereof, is taken.
Entire or Substantial Taking. If the Premises or the Shopping Center, or any portion of or interest in either, is taken for any public or quasi-public use under any statute or by right of eminent domain, or by purchase in lieu thereof, so that in Landlord’s judgment a reasonable amount of reconstruction of the Premises and/or Shopping Center will not result in the Premises being reasonably suited for Tenant’s continued occupancy for the uses and purposes for which the Premises are leased, then this Lease shall terminate as of the date that possession of the Premises or Shopping Center, or part thereof, or interest therein is taken.
Entire or Substantial Taking. If more than twenty-five percent (25%) of the Premises (notwithstanding restoration by Landlord as herein provided) shall be taken under the power of eminent domain, this Lease shall automatically terminate on the date the condemning authority takes possession.
Entire or Substantial Taking. If the entire Premises, or so much thereof as to make the balance not reasonably adequate for the conduct of Tenant’s business notwithstanding restoration by Landlord as hereinafter provided, shall be taken under the power of eminent domain, this Lease shall automatically terminate as of the date on which the condemning authority takes possession. If a portion of the Property is taken under the power of eminent domain such that, in Landlord’s reasonable judgment, the remainder cannot be economically operated, Landlord may cancel this Lease on notice to Tenant, regardless of whether or not said taking includes all or part of the Premises. If forty (40%) percent or more of the Property is taken under the power of eminent domain, Tenant may cancel this Lease on notice to Landlord, regardless of whether or not said taking includes all or part of the Premises.
Entire or Substantial Taking. If all or any "substantial portion" of the Leased Premises shall be taken under the power of eminent domain (sometimes hereinafter referred to as "Condemnation"), Landlord or Tenant shall have the right at its option to terminate this Lease effective on the date the condemning authority takes possession. Upon such termination, ▇▇▇▇▇▇ shall surrender possession of the Leased Premises to Landlord. Landlord or Tenant may exercise their termination rights by notifying the other party in writing of its option to terminate the Lease within sixty (60) days following the date on which the parties receive notice of the proposed taking. For purposes of this paragraph, a sale by Landlord to any authority with power of eminent domain, either under threat of Condemnation or while condemnation proceedings are pending, shall be deemed a taking under the power of eminent domain under this paragraph.
Entire or Substantial Taking. If more than 40% of the Premises or more than 40% of the balance of the Shopping Center shall be taken under the power of eminent domain, this Lease shall terminate as of the date on which the condemning authority takes possession.
Entire or Substantial Taking. If, at any time during the term of this Lease, all of the Property or the improvements thereon, or so much thereof as shall render the remaining Property or improvements unsuitable or not economically feasible for the then current use, shall be taken in the exercise of the power of eminent domain by any sovereign, municipality or other public or private authority, or any transfer is made in avoidance of the power of eminent domain by any sovereign, municipality or other public or private authority, (all of the foregoing being referred to as a “Taking”), then the Tenant’s obligation to pay rent shall terminate on, and the Tenant’s interest in the Property so taken shall continue until, the later of (a) the date actual physical possession is taken by the condemner, or (b) the date on which the right to compensation and damages accrues under applicable law, at which time any prepaid rent shall be apportioned. Any award for such Taking shall be paid to the parties in the following order of priority:
(i) First, to the extent of the award attributable to Tenant’s interest in the Property and all improvements thereon, toward reduction of all unpaid amounts due under, and in accordance with the requirements of, any and all Leasehold Mortgages and obligations secured thereby;
(ii) Second, to Landlord, in an amount equal to the award attributable to its interest in the Property as of such date; and
(iii) Third, to Tenant, in the balance remaining after application to the award of Subparagraphs (i) and (ii) immediately above.
Entire or Substantial Taking. If more than 20% of the Building or more than 20% of the balance of the Property shall be taken under the power of eminent domain, this Lease shall terminate as of the date on which the condemning authority takes possession.
Entire or Substantial Taking. If more than twenty-five percent (25%) of the Premises (notwithstanding restoration by Landlord as herein provided) shall be taken under the power of eminent domain, this Lease shall automatically terminate on the date the condemning authority takes possession provided that the leases of all other similarly affected tenants in the Project terminate concurrently..