Apportionment of Award. On a Total Taking all sums, including damages and interest, awarded for the fee or leasehold or both shall be distributed and disbursed as finally determined by the court with jurisdiction over the Condemnation proceedings in accordance with applicable law. Notwithstanding anything herein to the contrary, Tenant shall be entitled to receive compensation for the value of its leasehold estate under this Lease including its fee interest in all Improvements, personal property and trade fixtures located on the Premises, its relocation and removal expenses, its loss of business goodwill and any other items to which Tenant may be entitled under applicable law.
Apportionment of Award. On a Partial Taking, County shall be entitled to receive the entire award for such Partial Taking, except that (i) the proceeds of such Partial Taking shall first be applied towards the cost of Restoring the Premises pursuant to Section 9.4.2 and (ii) Tenant shall be entitled to receive any portion of such award allocated to Tenant’s interest in any of Tenant’s Improvements, personal property and trade fixtures taken.
Apportionment of Award. If there occurs a Taking, whether whole or partial, Landlord and Tenant shall be entitled to receive and retain such separate awards and portions of lump sum awards as may be allocated to their respective interests in any condemnation proceedings, or as may be otherwise agreed, taking into consideration the fact that Landlord’s interest in the Premises is limited to the Premises, as encumbered by this Lease, a reversionary interest in Tenant’s Improvements (exclusive of Tenant’s Moveable Property) upon the expiration of the Term, and the right to receive rent hereunder. If the Premises shall be restored as herein provided, Tenant shall first be entitled to recover the costs and expenses incurred in such restoration out of any such award. Thereafter, if the condemning authority does not make separate awards and the parties are unable to agree as to amounts that are to be allocated to the respective interests of Landlord and Tenant, then each party shall select an Appraiser (as defined in paragraph 3(b) above). Each Appraiser shall separately determine the amount of the balance of the condemnation award that is to be allocated to the interests of Landlord and Tenant. If the percentage of the balance of the total award each Appraiser allocates to Landlord (a) are within 10% of each other, the two (2) allocations shall be averaged and such average shall be the final allocation of the award, or (b) are not within 10% of each other, the two Appraisers shall then select a third Appraiser who shall independently allocate the award between Landlord and Tenant, and the middle of such three (3) allocations shall be the final allocation of the award.
Apportionment of Award. On a Partial Taking, Lessor shall be entitled to receive the entire award for such Partial Taking, except that (i) the proceeds of such Partial Taking shall first be applied towards the cost of Restoring the Premises pursuant to Section 9.4.2 and (ii) Tenant shall be entitled to receive any portion of such award allocated to Tenant’s interest in any of Tenant’s Improvements, Personal property and trade fixtures taken, and any part of the award attributable to the low income housing tax credits.
Apportionment of Award. (a) If there is a Taking, Lessor and Lessee shall each have the right to appear and participate in any related condemnation action or proceedings in person and by counsel for the purpose of protecting such party’s interests in respect of the Leased Premises. In such proceeding, Lessor shall be entitled to receive and recover all damages and moneys awarded for, the taking of the land, valued as unencumbered by this Land Lease (and Lessee expressly waives and relinquishes any right to claim or participate in any award for the value of any unexpired Term of this Land Lease), and Lessee shall be entitled to receive and recover all damages and moneys awarded for, the taking of the Improvements and Equipment.
(b) If the whole or any part of the Leased Premises or Improvements or Equipment is taken for temporary use or occupancy of the condemning authority, then Lessee shall be entitled to receive and recover all damages or moneys paid for such temporary use and occupancy, but there shall be no reduction of any Rent payable under this Land Lease.
Apportionment of Award. Except as specifically provided in subsection (b), above, upon a taking, all sums awarded, including, without limitation, compensation for damages and interest for the taking of the land or Landlord’s fee simple interest in the land shall be the property of Landlord. If business damages are separately available to Tenant, Tenant may recover business damages from the condemning authority.
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Apportionment of Award. Any Award made as a result of a Total Taking shall be deposited, in trust, with Landlord, and any Award made as a result of a Partial Taking shall be deposited in trust with Tenant, and shall be paid as follows:
A. First, as provided in a Tenant Mortgage, to the satisfaction and payment of the Tenant Mortgage, to the extent of the value of Tenant's Estate in the Property and in the Leasehold Improvements so taken;
B. Second, in the event of a Partial Taking, Tenant shall receive any portion of the Award payable for restoration of the remaining Leasehold Improvements not taken or, in the event of a Total Taking, Landlord shall receive any portion of the Award payable for restoration of any remaining Leasehold Improvements not taken;
C. The remainder, if any, shall be paid to Landlord and Tenant, as their interests may appear for the taking of Landlord's Estate and Tenant's Estate, respectively; provided, however, that for the purpose of this subject, the value of Tenant's Estate shall be reduced by any amount paid to a Tenant Mortgagee pursuant to Subsection (A) above. Tenant shall receive any Award payable for (i) a taking of Tenant's Trade Fixtures and other personal property, Tenant's relocation costs and/or Tenant's loss of goodwill, and (ii) with respect to a Partial Taking, any severance damages attributable to the impairment of Tenant's use of the remaining portion of the Property and Leasehold Improvements during the remaining Lease Term.
Apportionment of Award. Any awards received by either Lessor or Lessee in connection with any Taking of all or any portion of the Property shall be apportioned between Lessor and Lessee as hereinafter provided. If a Taking results in the termination of this Lease pursuant to either Section 8.1 or 8.2 or a continuation of this Lease pursuant to Section 8.3, the award in connection with such Taking shall be divided between Lessor and Lessee as follows: Lessee shall receive the greater of the amount then demanded by any Leasehold Mortgagee for total or partial repayment of principal of any Leasehold Mortgage or a percentage of the award equal to the percentage of years remaining in the term of this Lease, based on a sixty (60) year term (or such longer term if Lessor and Xxxxxx have agreed in writing to extend the original term of this Lease), less the present value of the rent for the remaining years of the term. Lessee shall also have the right to claim and recover from the condemning authority, but not from Lessor, only such compensation as may be separately awarded or recoverable by Lessee in its own right on account of any and all cost or loss that Lessee may sustain in the removal of their fixtures, equipment and furnishings, for loss of Xxxxxx’s good will and for any moving or relocation allowance which may be payable by the Taking authority. Lessor and Xxxxxx shall each be entitled to reimbursement for their actual out-of-pocket costs, fees and expenses, if any, incurred in connection with the adjustment of the loss resulting from the Taking. Lessor shall receive the remainder of the award.
Apportionment of Award. If Tenant cannot pursue its separate claim for an award or condemnation, whether because of legal or practical constraints, then Landlord shall include in any claim for any award for the taking of all or any part of the Premises under the power of eminent domain, or any payment made under threat of the exercise of such power, a claim for the value of the Building Improvements. Such award, whether made as compensation of diminution in value of the leasehold or for the taking of the fee, or as severance damages, if such award includes the Building Improvements, shall be shared between Landlord and Tenant, subject in all events to the rights of only Landlord’s construction lender and permanent first mortgage lender, as follows: (i) the portion of the award equal to the value attributed to the Site by the condemning authority shall be retained in its entirety by the Landlord; (ii) the portion of the award equal to the Total Costs of the Project (as defined below) or, if the remainder of the award is an amount less than the Total Costs of the Project, then such remainder, shall be shared between Landlord and Tenant pro rata in proportion to the amount that Landlord’s Costs (as defined below) and Tenant’s Costs (as defined below), respectively, each bear to the Total Costs of the Project; and (iii) the remainder, if any, shall be divided equally between Landlord and Tenant. “Landlord’s Costs” shall mean the total audited costs certified by a Certified Public ** Omitted pursuant to a confidential treatment request. The confidential portion has been filed separately with the SEC.
