Total or Substantial Taking Sample Clauses
The "Total or Substantial Taking" clause defines the parties' rights and obligations if a property is wholly or significantly acquired by a government authority through eminent domain or similar legal process. In practice, this clause typically outlines what constitutes a "total" versus a "substantial" taking, such as when the entire property is condemned or when a significant portion is taken, rendering the remainder unusable for its intended purpose. Its core function is to clarify the consequences for the contract—such as termination rights or allocation of compensation—when such a taking occurs, thereby protecting both parties from uncertainty and potential disputes.
Total or Substantial Taking. If title or access is taken for any public or quasi-public use, or under any statute or by right of condemnation or eminent domain, or by sale in lieu thereof (a "Taking") with respect to all of the Premises, or if title to so much of the Premises or access thereto is Taken, or if the Premises or access thereto is damaged, blocked or impaired by the Taking, so that, in Tenant's sole discretion, the Premises or access thereto, even after a reasonable amount of reconstruction thereof, will no longer be suitable for Tenant's (and/or Tenant's subtenants') continued occupancy for the conduct of Tenant's (and/or Tenant's subtenants') business in a manner consistent with the conduct of such business prior to such Taking, then in any such event, this Lease shall terminate on the date of such Taking.
Total or Substantial Taking. Title to the whole or substantially all of the Leased Premises shall be transferred, this Lease shall terminate and expire on the date possession is transferred; or
Total or Substantial Taking. During the Term of this Lease, if the whole, or a portion of the Facilities or the Ground as would materially interfere with Virgin’s conduct of its business is taken or acquired or be sold to a government under imminent threat of such a taking (each event a “taking”) for any public or quasi-public use or purpose under any power of eminent domain or condemnation, and in any of such events, the Term of this Lease will cease and terminate on the date title vests in the condemning authority pursuant to such proceeding or under such sale in lieu of condemnation. Virgin will make all required payments apportioned to the date of such termination and will promptly vacate the Facilities and the Ground affected.
Total or Substantial Taking. If all of the Premises or Building is taken under the power of Eminent Domain or such a substantial portion thereof is so taken that reasonable restoration will not result in the Premises being reasonably suitable for the conduct of Tenant’s business with adequate parking and access, this Lease shall terminate on the date that Tenant is required to yield possession to the condemning authority, or on the date that the possession of the Premises or the Building or part thereof is taken, whichever is later. The term “Eminent Domain” shall include the exercise of any governmental power of condemnation or taking and any private sale or other transfer in lieu of or under threat of condemnation.
Total or Substantial Taking. If Tenant determines that the Taking is substantial under the definition appearing in Section 14.1(c) above, Tenant may, by notice to Landlord given within one hundred twenty (120) days after Tenant receives notice of intended Taking, elect to treat the Taking as a Substantial Taking. If Tenant fails to so notify Landlord, and provided that the Taking is not a Total Taking, the Taking shall be deemed a “Partial Taking”. A Substantial Taking shall be treated as a Total Taking if (1) the taking meets the definition of Substantial Taking; (2) Tenant delivers notice to Landlord within one hundred twenty (120) days after Tenant receives notice of intended Taking, as provided above; (3) no Event of Default exists under this Lease; and (4) Tenant has complied with all Lease provisions concerning apportionment of the Award. If these conditions are not met, the Taking shall be treated as a Partial Taking.
Total or Substantial Taking. If a Taking of a Leased Premises, or a Store in which exists a Leased Premises, occurs, this Master Lease as to the applicable Leased Premises will terminate automatically as of the date of the Taking. For purposes of this Master Lease, “Taking” means any government action that deprives, directly interferes with, or substantially disturbs the use and enjoyment of the Leased Premises, any of which may occur because of either the exercise of the power of eminent domain or condemnation or resulting from a purchase in lieu thereof.
Total or Substantial Taking. If title or access is taken for any public or quasi-public use, or under any statute or by right of condemnation or eminent domain, or by sale in lieu thereof (a “Taking”) with respect to any or all of a Parcel, or if title to so much of the Parcel or access thereto is Taken, or if the Parcel or access thereto is damaged, blocked or impaired by the Taking, so that, in Tenant’s sole discretion, such Parcel or access thereto, even after a reasonable amount of reconstruction thereof, will no longer be suitable for the conduct of Tenant’s (and/or Tenant’s subtenants’) business, then in any such event, the Lease Supplement relating to such Parcel shall terminate on the date of such Taking, and, to the extent the compensation for such Taking payable to Landlord pursuant to Section 16.4 is less than the Purchase Price for such Parcel, Tenant shall pay the balance of the Purchase Price for such Parcel into escrow as provided in the Participation Agreement for distribution as provided in the Rent Purchase Agreement. Landlord shall not exercise any right to terminate a Ground Lease without Tenant’s prior approval, in Tenant’s sole discretion. Tenant shall restore the Parcels to the extent provided in a Ground Lease in the event the applicable Lease Supplement and Ground Lease are terminated. The provisions of Section 16.4 shall be applicable only as to the compensation allocated to the ground lessee under a Ground Lease in the event of a Taking.
Total or Substantial Taking. If title to all of the Premises is taken for any public or quasi-public use under any statute or by right of eminent domain, or by purchase in lieu of eminent domain, or if title to so much of the Premises is so taken that a reasonable amount of reconstruction of the Premises will not result in the Premises being a practical improvement and reasonably suitable for Tenant's continued occupancy for the uses and purposes for which the Premises are leased, or if any of the parking area serving the Premises is taken, then, in either event, at Tenant's election this Lease shall terminate on the date that such possession of the Premises or parking area are taken.
Total or Substantial Taking. If title or access is taken for any public or quasi-public use, or under any statute or by right of condemnation or eminent domain, or by sale in lieu thereof (a "Taking") with respect to any or all of a Parcel, or if title to so much of the Parcel or access thereto is Taken, or if the Parcel or access thereto is damaged, blocked or impaired by the Taking, so that, in Tenant's reasonable discretion, such Parcel or access thereto, even after a reasonable amount of reconstruction thereof, will no longer be suitable for the conduct of Tenant's (and/or Tenant's subtenants') business, then in any such event, this Lease shall terminate on the date of such Taking. Notwithstanding the foregoing, Tenant's right to purchase the Parcels shall survive any such termination as to the portion of a Parcel not taken pursuant to and in accordance with Section 20.1 below. ------------
Total or Substantial Taking. If all or substantially all the Premises are taken or sold or affected under threat of eminent domain or other governmental action during the term of this Lease or any renewal thereof, this Lease will terminate on the date of taking without further liability of Landlord to Tenant under the Lease and accrual of rent hereunder shall cease on the date of taking. Any prepaid rental or security deposit shall be rebated to Tenant within thirty (30) days from Landlord's notice of election provided Tenant is otherwise in compliance with the terms of this Lease.