Taking of the Premises Clause Samples

The "Taking of the Premises" clause addresses what happens if all or part of the leased property is taken by eminent domain or similar governmental action. Typically, this clause outlines the rights and obligations of both landlord and tenant in such an event, such as whether the lease terminates, how compensation is distributed, and what happens to rent payments. Its core function is to provide a clear process for handling the disruption caused by a government taking, ensuring both parties know their rights and remedies if the premises are condemned or appropriated.
Taking of the Premises. If the whole of the Premises shall be so condemned and taken, then this Lease shall terminate upon such taking. If greater than one-third (1/3) of the floor space of the Premises is condemned or taken or if by reason of any condemnation or taking the remainder of the Premises will not be reasonably adequate for the operation of Tenant's business after Landlord completes such repairs or alterations as Landlord elects to make, either Landlord or Tenant shall have the option to terminate this Lease by notifying the other party hereto of such election in writing within forty-five (45) days after such taking. If by such condemnation and taking one-third (1/3) or less of the Premises has been taken or if a part only of the Premises is taken and the remaining part thereof is suitable for the purposes for which Tenant has leased said Premises, this Lease shall continue in full force and effect. In the event a partial taking does not terminate this Lease, Tenant shall make repairs and restorations to the remaining premises of the nature of Tenant's Work required by Exhibit B, Landlord shall make the proceeds of any condemnation award available to Tenant for such purposes and if Tenant has closed Tenant shall reopen for business promptly after completion of the restoration.
View SourceView Similar (4)
Taking of the Premises. (a) (i) "Taking" means the taking or, or damage to, property as a result of the exercise of a power of eminent domain or purchase under threat of the exercise.
View SourceView Similar (2)
Taking of the Premises. If all or any part of the Premises are condemned or taken for a public or quasi-public use, then any award or compensation arising out of such condemnation shall be paid to Landlord, and Tenant hereby irrevocably assigns any rights of Tenant in and to any award or compensation to Landlord. Tenant shall execute, acknowledge and deliver to Landlord upon demand such document or instruments evidencing such assignment. Tenant shall have no claim against Landlord for any part of such award or compensation, whether or not attributable to the value of the unexpired term of this Lease. However, Tenant shall be entitled to petition the condemning authority for the following, so long as such claims do not diminish the award available to Landlord or its ground lessor, and such claims are payable separately to Tenant: (i) the then unamortized value of any Alterations paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord) which Tenant has the right to remove upon termination of this Lease; (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; and (iv) Tenant’s goodwill, loss of business and business interruption. If, after condemnation of less than all of the Premises, the remaining portion may be used, in Tenant’s reasonable judgment, for the Permitted Use, then Monthly Base Rent and Additional Charges for Expenses and Taxes shall be reduced for the balance of the Term in the proportion that the rentable area of the portion of the Premises taken bears to the total rentable area of the Premises immediately prior to such taking. If the entire Premises are condemned or taken, or if less than all are taken and, in Tenant’s reasonable judgment, the remaining portion cannot be used for the Permitted Use, then Tenant may terminate this Lease by written notice to Tenant. In addition, in the event of a taking of twenty percent (20%) of the rentable area of the Premises or more, Tenant will have the right to terminate this Lease. If this Lease is not so terminated, Landlord shall repair and restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the Tenant’s Personal Property. The sale of all or any part of the Premises, Building or Project, as applicable, under threat of the exercise of the power of eminent domain to an entity which possesses such power shall constitute a condemnation and taking for ...
View SourceView Similar (2)
Taking of the Premises. If the whole of the Premises or any portion thereof which in Tenant’s judgment renders the balance unsuitable for the continuation of Tenant’s business shall be taken in condemnation proceedings, by right of eminent domain or by sale in lieu of such taking (each such event, a “Taking”), then this Lease shall terminate when possession shall be taken by the condemning authority.
View Source
Taking of the Premises 
View SourceView Similar (2)

Related to Taking of the Premises

  • Surrender of the Premises 24.1 On or before expiration or termination of this License for any reason, Licensee shall, at its sole cost and expense: 24.1.1 if so directed by ▇▇▇▇▇▇▇▇ in writing, remove the Improvements, the Pipeline and all appurtenances thereto, or, at the sole discretion of Licensor, fill and cap or otherwise appropriately decommission the Pipeline with a method satisfactory to Licensor; 24.1.2 report and restore any damage to the Premises or Licensor's other property arising from, growing out of, or connected with Licensee's use of the Premises; 24.1.3 remedy any unsafe conditions on the Premises created or aggravated by Licensee; and 24.1.4 leave the Premises in substantially the condition which existed as of the Effective Date, or as otherwise agreed to by Licensor. 24.2 Upon any expiration or termination of this License, if Licensee fails to surrender the Premises to Licensor or if Licensee fails to complete its obligations under Section 24.1 above (the "Restoration Obligations"), Licensee shall have a limited license to enter upon the Premises solely to the extent necessary for Licensee to complete the Restoration Obligations, and all liabilities and obligations of Licensee hereunder shall continue in effect until the Premises are surrendered and the Restoration Obligations are completed. Neither termination nor expiration shall release Licensee from any liability or obligation under this License, whether of indemnity or otherwise, resulting from any acts, omissions or events happening prior to the date of termination, or, if later, the date when Licensee surrenders the Premises and all of the Restoration Obligations are completed. 24.3 If Licensee fails to complete the Restoration Obligations within thirty (30) days after the date of such termination of its tenancy, then Licensor may, at its election, either: (i) remove the Pipeline and the other Improvements or otherwise restore the Premises, and in such event Licensee shall, within thirty (30) days after receipt of bill therefor, reimburse Licensor for cost incurred, (ii) upon written notice to Licensee, take and hold the Pipeline and the other Improvements and personal property as its sole property, without payment or obligation to Licensee therefor, or (iii) specifically enforce Licensee's obligation to restore and/or pursue any remedy at law or in equity against Licensee for failure to so restore. Further, if Licensor has consented to the Pipeline and the other Improvements remaining on the Premises following termination, Licensee shall, upon request by Licensor, provide a bill of sale in a form acceptable to Licensor conveying the Pipeline and the other Improvements to Licensor for no additional consideration.

  • SALE OF THE PREMISES In the event the Property is marketed to be sold by the Owner during the Term of this Agreement, the Agent: (check one)

  • Condition of the Premises Tenant has examined the Premises, including the appliances and fixtures (☐ and furnishings), and acknowledges that they are in good condition and repair, normal wear and tear excepted, and accepts them in its current condition, except for:

  • Delivery of the Premises When Landlord’s Work is Substantially Complete, subject to the remaining terms and provisions of this Section 3(e), Tenant shall accept the Premises. Tenant’s taking possession and acceptance of the Premises shall not constitute a waiver of: (i) any warranty with respect to workmanship (including installation of equipment) or material (exclusive of equipment provided directly by manufacturers), (ii) any non-compliance of Landlord’s Work with applicable Legal Requirements, or (iii) any claim that Landlord’s Work was not completed substantially in accordance with the TI Construction Drawings (subject to Minor Variations and such other changes as are permitted hereunder) (collectively, a “Construction Defect”). Tenant shall have one year after Substantial Completion within which to notify Landlord of any such Construction Defect discovered by Tenant, and Landlord shall use reasonable efforts to remedy or cause the responsible contractor to remedy any such Construction Defect within 30 days thereafter. Notwithstanding the foregoing, Landlord shall not be in default under the Lease if the applicable contractor, despite Landlord’s reasonable efforts, fails to remedy such Construction Defect within such 30-day period, in which case Landlord shall have no further obligation with respect to such Construction Defect other than to cooperate, at no cost to Landlord, with Tenant should Tenant elect to pursue a claim against such contractor. Tenant shall be entitled to receive the benefit of all construction warranties and manufacturer’s equipment warranties relating to equipment installed in the Premises. If requested by Tenant, Landlord shall attempt to obtain extended warranties from manufacturers and suppliers of such equipment, but the cost of any such extended warranties shall be borne solely out of the TI Fund. Landlord shall promptly undertake and complete, or cause to be completed, all punch list items.

  • Acceptance of the Premises ‌ 3.1. “As Is” Condition of the Premises‌ The Lessee agrees to lease the Premises in their existing “as is” condition and acknowledges that in entering into this Lease, the Lessee does not rely on, and the Lessor does not make, any express or implied representations or warranties as to any matters, including any characteristics of the Premises or Improvements thereon, the suitability of the Premises for the intended use, the likelihood of deriving trade from or other characteristics of the Park Area, the economic or programmatic feasibility of the Lessee’s use and occupancy of the Premises, or Hazardous Materials on or in the vicinity of the Premises.