Full Taking Clause Samples
The Full Taking clause defines the rights and obligations of parties when an entire property or asset is acquired or appropriated, typically by a government authority through eminent domain. In practice, this clause outlines the procedures for determining compensation, the timing of the transfer, and the termination of existing agreements related to the property. Its core function is to ensure that all parties understand the process and consequences of a complete taking, providing clarity and a fair mechanism for compensation in such events.
Full Taking. If all or substantially all of the Building or Premises are taken for any public or quasi-public use under any applicable Laws or by right of eminent domain, or are sold to the condemning authority in lieu of condemnation, then this Lease will terminate as of the date when the condemning authority takes physical possession of the Building or Premises.
Full Taking. If all or substantially all of the Project, Building or Premises are taken for any public or quasi-public use under any applicable Laws or by right of eminent domain, or are sold to the condemning authority in lieu of condemnation, then this Lease will terminate as of the date when the condemning authority takes physical possession of the Project, Building or Premises.
Full Taking. If title to the whole or substantially all of the Real Property shall be subject to a taking, this lease shall terminate and expire on the date of such taking and the fixed rent and additional rent provided to be paid by Tenant shall be apportioned and paid to the date of such taking.
Full Taking. If all or substantially all of the Leased Premises are taken for any public or quasi-public use under any applicable Laws or by right of eminent domain, or are sold to the condemning authority in lieu of condemnation, then this Lease will terminate as of the date when the condemning authority takes physical possession of the Leased Premises.
Full Taking. If the entire Premises are taken, this Lease shall terminate on the date of the transfer of title or possession to the condemning authority, whichever first occurs.
Full Taking. If all or substantially all of the Building, Parking Facilities or Premises are taken for any public or quasi-public use under any applicable Laws or by right of eminent domain, or are sold to the condemning authority in lieu of condemnation, then this Lease will terminate as of the date the earlier of when the condemning authority takes physical possession of or title to the Building or Premises.
Full Taking. Should the entire Property be taken by eminent domain, condemnation or similar proceedings or conveyed in avoidance or settlement of eminent domain, condemnation, or other similar proceedings, then Lessee’s right of possession under this Lease shall terminate as of the date of taking possession by the condemnor, and the award therefor will be distributed as follows: first, to the payment of all fees and expenses of Master Landlord and/or Lessor (including, without limitation, reasonable legal fees and costs) incurred in collecting the award; and next, the balance of the award shall be equitably apportioned between the Master Landlord, Lessor and Lessee based on the then respective fair market values of Master Landlord’s fee ownership of the Parcel, Lessor’s leasehold interest in the Premises and Lessee’s leasehold interest in the Premises, such apportionment to be reasonably determined by Master Landlord as set forth in the Master Lease. All rent shall be prorated through the date of termination.
Full Taking. 21 14.2 Partial Taking..................................... 21 14.3 Awards............................................. 22
Full Taking. If (i) the entire hotel is condemned, or (ii) only a portion is condemned but it is unreasonable to or Owner elects not to continue operating the remainder of the Hotel, this Agreement will terminate on the date when the ownership of the Hotel or condemned portion is transferred to the condemning authority. For purposes of this Article 10, a "condemnation" is any exercise of the power of eminent domain by any governmental authority, including a voluntary conveyance in lieu of judicial proceedings.
Full Taking. As to any condemnation affecting the demised premises, the parties agree that if the entire property of which the demised premises forms a part shall be taken by reason of the exercise of the power of eminent domain for any public or quasi-public use or purpose, then this Lease shall terminate on the first date that either title or possession to the premises vests in the taking authority, and rent shall be prorated to such date of termination.