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Form #1168Condemnation
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Condemnation - Free Form to download and use.
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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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or any other commercial use is prohibited. This includes reposting forms from this
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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
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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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