Common use of Taking of Premises Clause in Contracts

Taking of Premises. A. If any portion of the Premises shall be taken under the power of eminent domain by any public or quasi-public authority (a "taking"), either party shall have the right to terminate this Lease as of the date physical possession of the property taken is delivered to the condemning authority (hereinafter referred to as the "effective date of the taking") by giving notice to the other party of such election within thirty (30) days after the effective date of the taking. B. Subject to the provisions of the Air Rights Lease as described in Section 14.6, if there is a taking of a portion of the Premises and this Lease shall not be terminated pursuant to Section 12.1 (A), then (i) as of the effective date of the taking, this Lease shall terminate only with respect to the portion taken; (ii) after the effective date of the taking and during the balance of the Term, the Minimum Rent, and the Full and Partial Year Breakpoints, if any, shall be reduced by multiplying the same by a fraction, the numerator of which shall be the floor space not so taken and the denominator of which shall be the floor space of the Premises immediately prior to the taking; (iii) as soon as reasonably possible after the effective date of the taking, Landlord shall, at its expense and to the extent feasible, restore the remaining portion of the Premises to a complete Unit; provided, however, that Landlord shall not be required to expend more on such alteration or restoration work than an amount equal to the net proceeds of the condemnation award actually received and retained by Landlord which is allocable to the Premises.

Taking of Premises. A. (a) If any portion of the Premises shall be taken under the power of eminent domain by any public or quasi-public authority (a "“taking")”) and the Premises shall thereafter not be usable for the Permitted Use, either party shall have the right to terminate this Lease as of the date physical possession of the property taken is delivered to the condemning authority (hereinafter referred to as the "“effective date of the taking"”) by giving notice to the other party of such election within thirty (30) days after the effective date of the taking. B. Subject to the provisions of the Air Rights Lease as described in Section 14.6, if (b) If there is a taking of a portion of the Premises and this Lease shall not be terminated pursuant to Section 12.1 (A12.1(a), then (i) as of the effective date of the taking, this Lease shall terminate only with respect to the portion taken; (ii) after the effective date of the taking and during the balance of the Term, the Minimum Rent, and the Full and Partial Year Breakpoints, if any, Rent shall be reduced by multiplying the same by a fraction, the numerator of which shall be the floor space Main Floor Area of the Premises not so taken and the denominator of which shall be the floor space Main Floor Area of the Premises immediately prior to the taking; (iii) as soon as reasonably possible after the effective date of the taking, Landlord shall, at its expense and to the extent feasible, restore the remaining portion of the Premises to a complete Unitunit; provided, however, that Landlord shall not be required to expend more on such alteration or restoration work than an amount equal to the net proceeds of the condemnation award actually received and retained by Landlord which is allocable to the Premises.