Common use of Allocation of Portion of Award Clause in Contracts

Allocation of Portion of Award. The Award made with respect to the Taking of all or any portion of any Leased Property or for loss of rent shall be the property of and payable to Landlord up to the sum of (a) all costs and expenses reasonably incurred and documented by Landlord in connection with the Taking, (b) any loss of Rent suffered by Landlord as a result of the Taking (except for any Rent accruing after the completion of a purchase by Tenant of the affected Facility upon a Partial Taking as hereinafter provided) and (c) in the case of a Taking of the entire Facility, the Facility Purchase Price as of the time possession is delivered to the Condemnor. To the extent that the laws of the State in which the applicable Facility is located permit Tenant to make a claim for Tenant's leasehold interest, moving expenses, loss of goodwill or business, and Tenant's claim does not have the effect, directly or indirectly, of reducing Landlord's claim, Tenant shall have the right to pursue such claim in the Taking proceeding and shall be entitled to the Award therefor. In any Taking proceedings, Landlord and Tenant shall each seek its own Award, at its own expense.

Appears in 3 contracts

Samples: Master Lease (Monarch Properties Inc), Master Lease (Monarch Properties Inc), Master Lease (Integrated Health Services Inc)

AutoNDA by SimpleDocs

Allocation of Portion of Award. The Award made with respect to the Taking of all or any portion of any the Leased Property or for loss of rent shall be the property of and payable to Landlord up to the sum of (a) all costs and expenses reasonably incurred and documented by Landlord in connection with the Taking, (b) any loss of Rent suffered by Landlord as a result of the Taking (except for any Rent accruing after the completion of a purchase by Tenant of the affected Facility upon a Partial Taking as hereinafter provided) and (c) in the case of a Taking of the entire Facility, the Facility Purchase Price as of the time possession is delivered to the Condemnor. To the extent that the laws of the State in which the applicable Facility is located of Idaho permit Tenant to make a claim for Tenant's leasehold interest, moving expenses, loss of goodwill or business, and Tenant's claim does not have the effect, directly or indirectly, of reducing Landlord's claim, Tenant shall have the right to pursue such claim in the Taking proceeding and shall be entitled to the Award therefor. In any Taking proceedings, Landlord and Tenant shall each seek its own Award, at its own expense.

Appears in 2 contracts

Samples: Lease (Monarch Properties Inc), Lease (Monarch Properties Inc)

AutoNDA by SimpleDocs

Allocation of Portion of Award. The Award made with respect to the Taking of all or any portion of any Leased Property or for loss of rent shall be the property of and payable to Landlord Lessor up to the sum of (a) all costs and expenses reasonably incurred and documented by Landlord Lessor in connection with the Taking, (b) any loss of Rent suffered by Landlord Lessor as a result of the Taking (except for any Rent accruing after the completion of a purchase by Tenant Lessee of the affected Facility Parcel upon a Partial Taking as hereinafter provided) and (c) in the case of a Taking of the entire FacilityParcel, the Facility Parcel Purchase Price as of the time possession is delivered to the Condemnor. To the extent that the laws of the State in which the applicable Facility Parcel is located permit Tenant Lessee to make a claim for TenantLessee's leasehold interest, moving expenses, loss of goodwill or business, and TenantLessee's claim does not have the effect, directly or indirectly, of reducing LandlordLessor's claim, Tenant Lessee shall have the right to pursue such claim in the Taking proceeding and shall be entitled to the Award therefor. In any Taking proceedings, Landlord Lessor and Tenant Lessee shall each seek its own Award, at its own expense.

Appears in 1 contract

Samples: Master Lease (Integrated Health Services Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.