Common use of Substantial Taking of the Property Clause in Contracts

Substantial Taking of the Property. If a condemning authority takes any substantial part of the Property or any substantial part of the Building in which the Premises are located, the Lease shall, at the option of Landlord, terminate as of the date title vests in the condemning authority. In such event all rights and obligations of the parties shall cease as of the date of termination. Landlord shall be entitled to all of the proceeds of condemnation, and Tenant shall have no claim against Landlord as a result of the condemnation. Notwithstanding the foregoing, Tenant shall be permitted to pursue an independent claim for loss of personal property and relocation expenses.