Example ContractsClausesagent representing both lessor and lesseeIdentical
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If the whole or any material part of the Real Property, including, but not limited to, Lessee’s Installations (as defined in the Agreement), shall be acquired or condemned by eminent domain for any public or quasi public use or purpose or by a voluntary conveyance or transfer in lieu thereof, then, and in that event, the Term of this Agreement shall cease and terminate on the date title vests in the condemning authority and Lessee shall have no claim for the value of any unexpired Term of said Agreement, and Lessor and Lessee shall have no further obligations except those accrued prior to such termination. Any award granted by any condemning authority, or any payment for any voluntary conveyance or transfer in lieu of condemnation, shall belong to and be paid to Lessor. Although all damages in the event of any condemnation are to belong to the Lessor, whether such damages are awarded as compensation for diminution in value of the leasehold, reversion or fee of the Real Property, Lessee shall have the right to claim and recover from the condemning authority, but not from Lessor, such compensation as may be separately awarded or recoverable by Lessee or Lessee’s own right on account of any and all damage to Lessee by reason of the condemnation and for or on account of any cost or loss which Lessee might incur in removing Lessee’s Installations. For purposes of this Section, a “material part” is a portion without which the continued operation of Lessee’s radio station and the transmission of Lessee’s AM radio signal in a manner consistent with its historic use is not reasonably feasible. In the event of a lesser taking, Lessee shall not be entitled to any portion of any award. Notwithstanding the foregoing, however, in the event of a lesser taking, if Lessor’s award received includes funds specifically earmarked for any and all damage to Lessee’s business by reason of the condemnation, for or on account of any cost or loss which Lessee might incur in removing Lessee’s Installations and/or making repairs to Lessee’s Installations, then such amounts shall be paid to Lessee.

LEASE AGREEMENT
Source:SEC EDGAR databaseDate:May 10, 2017SIC:4832CIK:4832
LEASE AGREEMENT
Source:SEC EDGAR databaseDate:September 8, 2016SIC:4832CIK:4832
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