Common use of Total or Substantial Taking Clause in Contracts

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.

Appears in 2 contracts

Sources: Facilities Lease (Social Capital Hedosophia Holdings Corp.), Facilities Lease

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 Virgin s conduct of its business is taken or acquired acquir ed or be sold to a government under imminent threat of such a taking (each event a “taking”tak ing ) 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 proceedin g or under such sale in lieu of condemnation. Virgin will make all required payments paymen ts apportioned to the date of such termination and will promptly vacate the Facilities and the Ground affected.

Appears in 1 contract

Sources: Facilities Lease