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Form #1168

Condemnation

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Condemnation.

1. Partial Taking. If a portion but less than all of the premises shall be taken by the exercise of the power of eminent domain, and if there shall remain after such taking sufficient area to permit lessee and its sublessees to continue normal business operations or to permit the construction on that part of the premises remaining of buildings and improvements in replacement of and substitution for those taken and thus allow lessee and its sublessees to continue normal business operations on the premises, then and in such event this lease shall terminate only as to the part of the premises so taken, effective as of the date lessee (and without further mention, lessee's sublessees) is deprived of possession of such part, but such taking shall not affect this lease with respect to the part of the premises not taken. In the event of such a partial taking, the minimum annual rental payable by lessee hereunder shall, from and after the date on which lessee is deprived of possession of such part, be reduced in that proportion which the amount of real estate acreage in the premises so taken bears to the total amount of real estate acreage contained in the premises immediately prior to such taking. Lessee shall in such event repair and restore the premises or construct, if need be, buildings and improvements in replacement of and substitution for those taken to the extent necessary in order for lessee to continue normal business operations at the premises. The portion, if any, of the award or compensation paid on account of such taking to which lessee is entitled pursuant to the provisions of paragraph 3 hereof shall be made available to and used by lessee to pay for the cost of repairing, restoring or constructing such buildings and improvements. If any part of lessee's portion of the award of compensation shall not be required to pay for the cost of such work, such portion shall, except for the rights of any first mortgagee, be divided equally between lessee and lessor.

2. Total Taking. If all of the premises shall be taken pursuant to the exercise of the power of eminent domain as aforesaid, or if so much thereof shall be taken so that lessee would be unable subsequent thereto, despite restoration or rebuilding as provided in paragraph 1 above, to continue normal business operations on the premises, then this lease shall terminate upon the date lessee is deprived of the use of the premises, or such a portion thereof, as the case may be, and any prepaid rental shall be equitably prorated as of the date of such termination.

3. Condemnation Awards. In the event of any taking, partial or total, lessor shall be entitled to receive that part of the total condemnation award or compensation for the taking which (in each case, whether or not so expressed in the award or compensation) is equal to or attributable to the value of the land taken. The foregoing sum shall be retained by lessor for its own use and need not be made available to the lessee for any repair or rebuilding required of it under the previous paragraphs of this article. Lessee shall be entitled to receive the remainder of any such award or compensation; provided, however, that lessee shall pay or cause to be paid that portion of any unpaid balance of principal and interest on any first mortgage outstanding which encumbers that portion of the premises taken and as to which this lease is terminated.



 
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Name of Firm Anonymous
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Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
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Keywords: Condemnation, Real Estate, Lease, Contracts

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