Common use of Application of Award Clause in Contracts

Application of Award. If this Lease shall terminate pursuant to the provisions of Section 12.01 or Section 12.02 of this Article, Lessor's share of the condemnation award together with any separate award to Lessee shall be apportioned and paid in the following order of priority: A. There shall be first paid any and all reasonable expenses, charges and fees, including reasonable counsel tees, in collecting the award. X. Xxxxxx shall then be entitled to receive an amount equal to the reasonable market value of the Leased Premises, on a basis without consideration of any unexpired portion of the term of this Lease and unencumbered by this Lease. If Lessor and Lessee cannot agree as to such value, the same shall be determined by arbitration in accordance with the provisions of Section 18. C. The balance of the award shall be paid to the Lessee; provided, that if the remainder of the Lease Term is, at the time of the taking, less than one year, such balance shall be paid to lessor.

Application of Award. If this Lease shall terminate pursuant to the provisions of Section 12.01 or Section 12.02 of this Article, Lessor's share of the condemnation award together with any separate award to Lessee shall be apportioned and paid in the following order of priority: A. There shall be first paid any and all reasonable expenses, charges and fees, including reasonable counsel teesfees, in collecting the award. X. Xxxxxx shall then be entitled to receive an amount equal to the reasonable market value of the Leased Premises, on a basis without consideration of any unexpired portion of the term of this Lease and unencumbered by this Lease. If Lessor and Lessee cannot agree as to such value, the same shall be determined by arbitration in accordance with the provisions of Section 18. C. The balance of the award shall be paid to the Lessee; provided, that if the remainder of the Lease Term is, at the time of the taking, less than one year, such balance shall be paid to lessor.

Application of Award. If this Lease shall terminate pursuant to the provisions of Section 12.01 or Section 12.02 of this Article, Lessor's share of the condemnation award together with any separate award to Lessee shall be apportioned and paid in the following order of priority: A. There shall be first paid any and all reasonable expenses, charges charges, and fees, including reasonable counsel teesfees, in collecting the award. X. Xxxxxx shall then be entitled to receive an amount equal to the reasonable market value of the taken Leased Premises, on a basis without consideration of any unexpired portion of the term of this Lease and unencumbered by this Lease. If Lessor and Lessee cannot agree as to such value, the same shall be determined by arbitration in accordance with the provisions of Section 1817.11. C. The balance of the award shall be paid to the Lessee; provided, that if the remainder of the Lease Term is, at the time of the taking, less than one year, such balance shall be paid to lessorLessor.