Common use of Taking Before Closing Clause in Contracts

Taking Before Closing. Notwithstanding Section 13.1, if, prior to the Closing Date (as defined in Article 31), proceedings are commenced for the taking an amount of the Building which would leave the remaining Premises (i) constituting of less than Six Hundred Thousand (600,000) rentable square feet, (ii) with less than the required parking spaces as required by applicable Requirements, or (iii) otherwise materially adversely affect access to the Building or the Premises, then Tenant shall have the right, by giving notice to Landlord within thirty (30) days after ▇▇▇▇▇▇▇▇ gives notice of the commencement of such proceedings to Buyer, to terminate this Lease, in which event this Lease shall terminate. If, before the Closing Date, proceedings are commenced for the taking by exercise of the power of eminent domain of less than such a material part of the Property, or if Tenant has the right to terminate this Agreement pursuant to the preceding sentence but Tenant does not exercise such right, then this Lease shall remain in full force and effect and, on the Closing Date, the condemnation award (or, if not theretofore received, the right to receive such award) payable to Landlord on account of the taking shall be credited to Tenant. Landlord shall give notice to Tenant reasonably promptly after ▇▇▇▇▇▇▇▇’s receiving notice of the commencement of any proceedings for the taking by exercise of the power of eminent domain of all or any part of the Property. If necessary, the Closing Date shall be postponed until Seller has given any notice to Tenant required by this Section 13.1 and the period of thirty (30) days described in this Section 13.1.1 has expired.

Taking Before Closing. Notwithstanding Section 13.1, if, prior to the Closing Date (as defined in Article 31), proceedings are commenced for the taking an amount of the Building which would leave the remaining Premises (i) constituting of less than Six Hundred Thousand (600,000) rentable square feet, (ii) with less than the required parking spaces as required by applicable Requirements, or (iii) otherwise materially adversely affect access to the Building or the Premises, then Tenant shall have the right, by giving notice to Landlord within thirty (30) days after ▇▇▇▇▇▇▇▇ Landlord gives notice of the commencement of such proceedings to Buyer, to terminate this Lease, in which event this Lease shall terminate. If, before the Closing Date, proceedings are commenced for the taking by exercise of the power of eminent domain of less than such a material part of the Property, or if Tenant has the right to terminate this Agreement pursuant to the preceding sentence but Tenant does not exercise such right, then this Lease shall remain in full force and effect and, on the Closing Date, the condemnation award (or, if not theretofore received, the right to receive such award) payable to Landlord on account of the taking shall be credited to Tenant. Landlord shall give notice to Tenant reasonably promptly after ▇▇▇▇▇▇▇▇Landlord’s receiving notice of the commencement of any proceedings for the taking by exercise of the power of eminent domain of all or any part of the Property. If necessary, the Closing Date shall be postponed until Seller has given any notice to Tenant required by this Section 13.1 and the period of thirty (30) days described in this Section 13.1.1 has expired.

Taking Before Closing. Notwithstanding Section 13.1If, ifbefore the Closing, prior to the Closing Date (as defined in Article 31), proceedings are commenced for the taking an amount all or any material portion of the Building which would leave the remaining Premises (i) constituting of less than Six Hundred Thousand (600,000) rentable square feet, (ii) with less than the required parking spaces as required by applicable Requirements, Property becomes subject to condemnation or (iii) otherwise materially adversely affect access to the Building or the Premiseseminent domain proceedings, then Tenant Seller shall notify Buyer promptly thereof (after Seller becomes aware of such proceedings). Buyer then shall have the right, right to terminate this Agreement by giving written notice to Landlord Seller within thirty five (305) days Business Days after ▇such notice respecting the taking has been given, whereupon the unreleased ▇▇▇▇▇▇▇ gives Money Deposit shall be returned immediately to Buyer and any and all rights and obligations of Buyer and Seller hereunder shall terminate (other than any such obligations which, by their express terms, survive any termination of this Agreement). If Buyer does not so terminate this Agreement, Buyer may elect to proceed with the Closing (subject to the other provisions of this Agreement) by giving written notice of thereof to Seller within five (5) Business Days after such notice respecting the commencement taking has been given, but Buyer shall be entitled to all condemnation awards payable as a result of such proceedings taking and Seller shall assign to Buyer at the Closing, Seller’s rights to such proceeds or awards. If, within five (5) Business Days after such notice respecting the taking has been given, Buyer notifies Seller of Buyer, ’s intent not to terminate this Lease, in which event this Lease shall terminate. If, before the Closing Date, proceedings are commenced for the taking by exercise of the power of eminent domain of less than such a material part of the PropertyAgreement, or if Tenant has Buyer gives no notice within such period, then Buyer shall be deemed to have waived the right to terminate this Agreement pursuant to the preceding sentence but Tenant does not exercise such rightAgreement. For purposes of this paragraph, then this Lease shall remain in full force and effect and, on the Closing Date, the condemnation award (or, if not theretofore received, the right to receive such award) payable to Landlord on account “material” means a portion of the taking shall be credited to Tenant. Landlord shall give notice to Tenant reasonably promptly after ▇▇▇▇▇▇▇▇’s receiving notice Property in excess of ten (10%) of its square footage and/or a portion of the commencement of any proceedings for the taking by exercise of the power of eminent domain of all or any part Property that, when so taken, will adversely affect Buyer’s intended use of the Property. If necessary, the Closing Date shall be postponed until Seller has given any notice to Tenant required by this Section 13.1 and the period of thirty (30) days described in this Section 13.1.1 has expired.