Application of Award Upon a Total or Partial Taking Sample Clauses

Application of Award Upon a Total or Partial Taking. 40.3.1. The entire award or compensation paid for land, Recreational Improvements, and buildings owned by City, plus the amortized portion of the value of buildings and improvements built by Lessee and which will become the property of City upon termination of this Lease, plus the loss or taking of business goodwill of City or the Department, shall be the property of City. 40.3.2. Lessee shall have the right to receive compensation for the unamortized value of the Recreational Improvements owned by Xxxxxx immediately prior to the taking and which were placed on the Premises by Xxxxxx and located thereon at the time of such taking or appropriation, and for its trade fixtures, equipment, and supplies, and for loss or damage to Xxxxxx’s business goodwill, and for costs of relocation. 40.3.3. The “amortized value” which City shall be entitled to receive is a portion of the award for said Lessee-owned Recreational Improvements equal to an amount determined by a ratio equal to the number of years the Recreational Improvements have been in existence over the original term of the Lease, without consideration of any possibility or probability of renewal, or of options, if any. There shall be no amortization of partially constructed improvements authorized by City, if said construction is incomplete within the time period set forth in the approval granted by City. The value, to be determined by City, of such partially constructed improvements shall be paid to Lessee.
Sample 1Sample 2
AutoNDA by SimpleDocs
Application of Award Upon a Total or Partial Taking. 82.3.1. If this Lease is terminated pursuant to Subsection 82.2 herein, or, if all or a portion of the Demised Premises are taken, subject to Section 82.3.3 below, City shall be entitled to receive, with interest thereon, that portion of the award as shall represent compensation for its loss of rent under this Lease, plus that portion of the award as shall represent compensation for its reversionary interest at the end of the term of this Lease in the land and improvements taken. 82.3.2. Subject to Section 82.3.3 below, Lessee shall have the right to receive that portion of the award as shall represent compensation for its loss of the value of Lessee’s leasehold interest in the land and improvements. 82.3.3. If a taking of any part of the Demised Premises occurs, the Leasehold Mortgagee, if any, will have the right to participate in any condemnation proceedings or settlement discussions pertaining to Xxxxxx’s interests hereunder and the right to supervise and control the receipt and disbursement of all condemnation awards arising from Xxxxxx’s interests to the extent provided in agreements among Xxxxxx, Leasehold Mortgagee and any sublessees holding an interest with respect to the Demised Premises. The Leasehold Mortgagee is entitled to receive and apply to the reduction of the indebtedness, the payment of which is secured by the lien of the Leasehold Mortgagee, any portion of a condemnation award arising from a taking of Xxxxxx’s interests not applied to the restoration of that portion of the Demised Premises that remains following the taking to a complete architectural unit. After the indebtedness the payment of which is secured by the lien of the Leasehold Mortgagee is discharged in full by an application of a condemnation award in accordance with the terms of the preceding sentence, and after payment to Lessee by the condemning authority of whatever compensation and damages are determined to be owing Lessee for Xxxxxx’s property interests in the Demised Premises as set forth in Section 82.3.2 above, and after payment to City by the condemning authority of whatever compensation and damages are determined to be owing to City for City’s property interests in the Demised Premises as set forth in Section 82.3.1 above, City is entitled to receive any remaining portion of the condemnation award. If a partial taking of the Demised Premises occurs, this Agreement will continue in effect with respect to that portion of the Demised Premises not taken subject to L...
Sample 1

Related to Application of Award Upon a Total or Partial Taking

  • TOTAL OR PARTIAL TAKING If all or a material portion of the Premises is taken by any lawful authority by exercise of the right of eminent domain, or sold to prevent a taking, either Tenant or Landlord may terminate this Lease effective as of the date possession is required to be surrendered to the authority. In the event title to a portion of the Building or Project, other than the Premises, is taken or sold in lieu of taking, and if Landlord elects to restore the Building in such a way as to alter the Premises materially, either party may terminate this Lease, by written notice to the other party, effective on the date of vesting of title. In the event neither party has elected to terminate this Lease as provided above, then Landlord shall promptly, after receipt of a sufficient condemnation award, proceed to restore the Premises to substantially their condition prior to the taking, and a proportionate allowance shall be made to Tenant for the rent corresponding to the time during which, and to the part of the Premises of which, Tenant is deprived on account of the taking and restoration. In the event of a taking, Landlord shall be entitled to the entire amount of the condemnation award without deduction for any estate or interest of Tenant; provided that nothing in this Section shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authority.

  • Termination of Award In the event that the Employee shall forfeit all or a portion of the restricted stock units subject to the Award, the Employee shall promptly return this Agreement to the Company for cancellation. Such cancellation shall be effective regardless of whether the Employee returns this Agreement.

  • Partial or No Exercise of the Over-allotment Option In the event the Over-allotment Option granted to the underwriters of the IPO is not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees of Shares) shall forfeit any and all rights to such number of Shares (up to an aggregate of 750,000 Shares and pro rata based upon the percentage of the Over-allotment Option exercised) such that immediately following such forfeiture, the Subscriber (and all other initial stockholders prior to the IPO, if any) will own an aggregate number of Shares, not including Shares issuable upon exercise of any warrants or any Common Stock purchased by Subscriber in the IPO or in the aftermarket equal to 20% of the issued and outstanding Shares immediately following the IPO.

  • Notification of Award 2.28.1 Prior to the expiration of the period of tender validity, the Procuring entity will notify the successful tenderer in writing that its tender has been accepted. 2.28.2 The notification of award will constitute the formation of the Contract but will have to wait until the contract is finally signed by both parties 2.28.3 Upon the successful Tenderer’s furnishing of the performance security pursuant to paragraph 2.28, the Procuring entity will promptly notify each unsuccessful Tenderer and will discharge its tender security, pursuant to paragraph 2.14

  • Allocation of Award The total Award made with respect to the Leased Property or for loss of rent, or for Lessor’s loss of business beyond the Term, shall be solely the property of and payable to Lessor. Any Award made for loss of Lessee’s business during the remaining Term, if any, for the taking of Lessee’s Personal Property, or for removal and relocation expenses of Lessee in any such proceedings shall be the sole property of and payable to Lessee. In any Condemnation proceedings Lessor and Lessee shall each seek its Award in conformity herewith, at its respective expense; provided, however, Lessee shall not initiate, prosecute or acquiesce in any proceedings that may result in a diminution of any Award payable to Lessor.

  • Substantial Taking If the whole of the Premises, or such part thereof as shall substantially interfere with Tenant's use and occupancy of the Premises, as contemplated by this Lease, is taken for any public or quasi-public purpose by any lawful power or authority by exercise of the right of appropriation, condemnation or eminent domain, or sold to prevent such taking, either party will have the right to terminate this Lease effective as of the date possession is required to be surrendered to such authority.

  • Termination of Stopped Work If a stop work order is not canceled and the work covered by such order is terminated for default or convenience, the reasonable costs resulting from the stop work order shall be allowed by adjustment or otherwise.

  • METHOD OF AWARD AND PROCEDURE FOR AWARDING A SOW AGREEMENT 5.1. Contractor selection, or the determination to terminate the SOW-RFP without award, shall be done in the best interest of the State.

  • Partial Taking If any part of the Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possession.

  • Appeal of Award Within thirty (30) days of a final award by the single arbitrator, you or we may appeal the award for reconsideration by a three-arbitrator panel. If you or we appeal, the other party may cross- appeal within thirty (30) days xXxx notice of the appeal. The panel will reconsider all aspects of the initial award that are appealed, including related findings of fact.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!