Clauses > Condemnation

Standard Standard 

  1. Condemnation
    1. Total Condemnation. If the entire Premise, or enough of the premise as to make the Premise unusable by [PARTY B], is taken by condemnation or in any other manner for any public or quasi-public purpose (collectively "Condemnation," or the act of the taking, "Condemned"), this agreement will automatically terminate on the date that the condemning authority takes possession of the Premise.
    2.  Partial Condemnation
      1. Right to Terminate for Partial Condemnation. Either party may terminate this agreement on 30 days notice to the other if enough of the Premise is Condemned so that, in [PARTY B]'s reasonable opinion, the Premise cannot be restored to an economically viable condition.
      2. Continuation of Agreement. If there is a partial Condemnation and neither party elects to terminate this agreement, [PARTY A] shall
        1. adjust the Rent to reflect the reduced amount of rentable area in the Premise, and
        2. restore the Premise, but only to the extent of the compensation paid to [PARTY A] for the Condemnation.
    3. [PARTY A]'s Damages. [PARTY B] will not have any right to compensation paid as a result of a Condemnation, and hereby waives any right it could have to that consideration.
    4.  [PARTY B]'s Damages. [PARTY B] may, to the extent it does not reduce [PARTY A]'s compensation for a Condemnation, bring a separate action against the condemning authority for
      1. the recovery of [PARTY B]'s moving expenses,
      2. displacement expenses,
      3. loss of business, and
      4. damage to [PARTY B]'s personal property.

Party weight: Neutral