Common use of Awards Paid to Facility Mortgagee Clause in Contracts

Awards Paid to Facility Mortgagee. Notwithstanding anything herein to the contrary, if any Facility Mortgagee is entitled to any Award or any portion thereof under the terms of any Facility Mortgage, such Award shall be applied, held and/or disbursed in accordance with the terms of the Facility Mortgage. If the Facility Mortgagee elects to apply the Net Proceeds to the indebtedness secured by the Facility Mortgage and the Award represents an Award for Partial Taking as described in Section 15.3 above, Lessee may elect to (a) restore the affected Facility as nearly as possible under the circumstances to a complete architectural unit of the same general character and condition as that of the Facility existing immediately prior to such Partial Taking or (b) if no Event of Default or Unmatured Event of Default has occurred and is continuing, terminate this Lease as to such Facility by delivery of written notice to Lessor within thirty (30) days of the date the Facility Mortgagee elects to apply the Award to the indebtedness secured by the Facility Mortgage. In any such circumstance where Lessee elects to terminate the Lease as to the affected Facility pursuant to this Section, Lessor may, at its option, within thirty (30) days of Lessee’s election to so terminate make available to Lessee pursuant to the same terms as set forth in this ARTICLE XV funds equal to the lesser of (x) the amount of funds Lessor would be obligated to make available to Lessee for such restoration pursuant to this ARTICLE XV if the Facility Mortgagee had not so applied such funds and (y) the amount of the Award so applied by the Facility Mortgagee. If Lessor does make such funds available to Lessee as provided for in this Section, the Lease shall not terminate with respect to the affected Facility. If the Lessor does not elect to make such funds available to Lessee within such thirty (30) day period, the Lease shall terminate with respect to the affected Facility on the thirtieth (30th) day following the last day of such thirty (30) day period. If this Lease is so terminated as to a Facility pursuant to this Section, (a) Lessee may purchase the Facility at its Fair Market Value as of the termination date (i.e., after the Partial Taking) within sixty (60) days of the termination date (with delivery of documents consist with the documents which would be delivered in connection with the option set forth in Section 30.1) and (b) the annual Base Rent shall be reduced as of the termination date for such Facility by an amount equal to (i) the sum of (x) the purchase price paid by Lessee to Lessor for the Facility and (y) amount of the Award applied to the indebtedness secured by the Facility Mortgage, multiplied by (ii) the Capitalization Rate (for example, if (i) the Lease is terminated pursuant to this Section as to a Facility, (ii) the Award applied by the Facility Mortgagee equals Two Million Dollars ($2,000,000), and (iii) the purchase price paid to Lessor by Lessee equals One Hundred Thousand Dollars ($100,000), then the annual Base Rent would be reduced by Two Hundred Fifteen Thousand Two Hundred Fifty Dollars (($2,000,000 + $100,000) x 10.25% = $215,250).)

Awards Paid to Facility Mortgagee. Notwithstanding anything herein to the contrary, if any Facility Mortgagee is entitled to any Award or any portion thereof thereof, under the terms of any Facility Mortgage, Mortgage such Award shall be applied, held and/or disbursed in accordance with the terms of the Facility Mortgage. If the Facility Mortgagee elects to apply the Net Proceeds Award to the indebtedness secured by the Facility Mortgage and Mortgage: (i) if the Award represents an Award for Partial Taking as described in Section 15.3 above, Lessee may elect to (a) Tenant shall restore the affected Facility (as nearly as possible under the circumstances circumstances) to a complete architectural unit of the same general character and condition as that of the Facility existing immediately prior to such Partial Taking Taking; or (bii) if no Event the Award represents an Award for a Total Taking as described in Section 15.1 above, Tenant shall transfer to Landlord all of Default or Unmatured Event of Default has occurred and is continuingTenant’s interest in the Facility, terminate this Lease as including, without limitation, Tenant’s interest in the licenses pursuant to such Facility by delivery of written notice to Lessor within thirty (30) days of the date which the Facility Mortgagee elects to apply the Award to the indebtedness secured by the Facility Mortgageis then operated. In any such circumstance where Lessee elects to terminate the Lease as to the affected Facility pursuant to this Sectionrestoration or purchase, Lessor may, at its option, within thirty (30) days Tenant shall receive full credit for any portion of Lessee’s election to so terminate make available to Lessee pursuant to the same terms as set forth in this ARTICLE XV funds equal to the lesser of (x) the amount of funds Lessor would be obligated to make available to Lessee for such restoration pursuant to this ARTICLE XV if the Facility Mortgagee had not so applied such funds any Award retained by Landlord and (y) the amount of the Award so applied by the Facility Mortgagee. If Lessor does make such funds available to Lessee , and as provided for in this Sectionof the Proceeds Date, the Lease shall not terminate with respect annual Minimum Rent (and any 7.0% Upgrade Rent or 9.0% Improvements Rent applicable to the affected Facility. If the Lessor does not elect to make such funds available to Lessee within such thirty (30) day period, the Lease shall terminate with respect to the affected Facility on the thirtieth (30th) day following the last day of such thirty (30) day period. If this Lease is so terminated as to a Facility pursuant to this Section, (a) Lessee may purchase the Facility at its Fair Market Value as of the termination date (i.e., after the Partial Taking) within sixty (60) days of the termination date (with delivery of documents consist with the documents which would be delivered in connection with the option set forth in Section 30.1) and (b) the annual Base Rent shall be reduced as of the termination date for such Facility by an amount equal to (i) the sum of (x) Casualty/Condemnation Reduction Amount and the purchase price paid by Lessee to Lessor for the Facility and (y) amount of the Award applied Security Deposit will be reset at an amount equal to the indebtedness secured by the Facility Mortgage, multiplied by (ii) the Capitalization Rate (for example, if (i) the Lease is terminated pursuant to this Section as to a Facility, (ii) the Award applied by the Facility Mortgagee equals Two Million Dollars ($2,000,000), and (iii) the purchase price paid to Lessor by Lessee equals One Hundred Thousand Dollars ($100,000), then three months of the annual Base Rent would be reduced by Two Hundred Fifteen Thousand Two Hundred Fifty Dollars (($2,000,000 + $100,000exclusive of the Avon Rent) x 10.25% = $215,250)after giving effect to the reduction.)

Awards Paid to Facility Mortgagee. Notwithstanding anything herein to --------------------------------- the contrary, if any Facility Mortgagee is entitled to any Award or any portion thereof under the terms of any Facility Mortgage, such Award shall be applied, held and/or disbursed in accordance with the terms of the Facility Mortgage. If the Facility Mortgagee elects to apply the Net Proceeds Award to the indebtedness secured by the Facility Mortgage and the Award represents an Award for Partial Taking as described in Section 15.3 above, Lessee may elect to (a) restore the affected Facility as nearly as possible under the circumstances to a complete architectural unit of the same general character and condition as that of the Facility existing immediately prior to such Partial Taking or (b) if no Event of Default or Unmatured Event of Default has occurred and is continuing, terminate this Lease as to such Facility by delivery of written notice to Lessor within thirty (30) days of the date the Facility Mortgagee elects to apply the Award to the indebtedness secured by the Facility Mortgage. In any such circumstance where Lessee elects to terminate the Lease as to the affected Facility pursuant to this SectionSection 15.5, Lessor may, at its option, within thirty (30) days of Lessee’s 's election to so terminate make available to Lessee pursuant to the same terms as set forth in Section 15.3 of this ARTICLE XV Lease funds equal to the lesser of (x) the amount of funds Lessor would be obligated to make available to Lessee for such restoration pursuant to Section 15.3 of this ARTICLE XV Lease if the Facility Mortgagee had not so applied such funds and (y) the amount of the Award such funds so applied by the Facility Mortgagee. If Lessor does make such funds available to Lessee as provided for in this Section, the Lease shall not terminate with respect to the affected Facility. If the Lessor does not elect to make such funds available to Lessee within such thirty (30) day period, the Lease shall terminate with respect to the affected Facility on the thirtieth (30th) day following the last day of such thirty (30) day period. If Lessor does make such funds available to Lessee as provided for in this Lease is so terminated as to a Facility pursuant to this SectionSection 15.5, (a) Lessee may purchase the Facility at its Fair Market Value as of the termination date (i.e., after the Partial Taking) within sixty (60) days of the termination date (with delivery of documents consist with the documents which would be delivered in connection with the option set forth in Section 30.1) and (b) the annual Base Rent shall be reduced as of the termination date for such Facility by an amount equal to (i) the sum of (x) the purchase price paid by Lessee to Lessor for the Facility and (y) amount of the Award applied to the indebtedness secured by the Facility Mortgage, multiplied by (ii) the Capitalization Rate (for example, if (i) the Lease is terminated pursuant to this Section as to a Facility, (ii) the Award applied by the Facility Mortgagee equals Two Million Dollars ($2,000,000), and (iii) the purchase price paid to Lessor by Lessee equals One Hundred Thousand Dollars ($100,000), then the annual Base Rent would be reduced by Two Hundred Fifteen Thousand Two Hundred Fifty Dollars (($2,000,000 + $100,000) x 10.25% = $215,250)shall not terminate.)

Awards Paid to Facility Mortgagee. Notwithstanding anything herein to If during the contraryTerm, if any Facility Mortgagee the Leased Property is entitled to any Award totally or any portion thereof under the terms of any Facility Mortgage, such Award shall be applied, held and/or disbursed in accordance with the terms of partially taken by condemnation and the Facility Mortgage. If is thereby rendered Unsuitable For Its Primary Intended Use as a result of such taking and the Facility Mortgagee elects to apply retain the Net Proceeds to proceeds of the indebtedness secured by Award in satisfaction of the Facility Mortgage rather than disbursing such proceeds for the cost of restoring the Facility's suitability for its Primary Intended Use and the Award represents an Award for Partial Taking as described in Section 15.3 above, Lessee may elect Landlord has not elected to (a) restore the affected Facility as nearly as possible under the circumstances to a complete architectural unit of the same general character and condition as that of the Facility existing immediately prior make funds equal to such Partial Taking or (b) if no Event proceeds available for the cost of Default or Unmatured Event of Default has occurred and is continuingrestoring the Facility's suitability for its Primary Intended Use, Tenant may terminate this Lease as to such Facility by delivery of giving Landlord written notice to Lessor of such termination within thirty (30) days of after the date Landlord elects not to make funds equal to such proceeds available for the cost of restoring the Facility's suitability for its Primary Intended Use and the date of such termination shall be the date of such election by Landlord. If during the Term, the Leased Property is partially taken by condemnation and the Leased Property is not thereby rendered Unsuitable For Its Primary Intended Use and Facility Mortgagee elects to apply retain the Award to the indebtedness secured by the Facility Mortgage. In any such circumstance where Lessee elects to terminate the Lease as to the affected Facility pursuant to this Section, Lessor may, at its option, within thirty (30) days of Lessee’s election to so terminate make available to Lessee pursuant to the same terms as set forth in this ARTICLE XV funds equal to the lesser of (x) the amount of funds Lessor would be obligated to make available to Lessee for such restoration pursuant to this ARTICLE XV if the Facility Mortgagee had not so applied such funds and (y) the amount proceeds of the Award so applied by the Facility Mortgagee. If Lessor does make such funds available to Lessee as provided for in this Section, the Lease shall not terminate with respect to the affected Facility. If the Lessor does not elect to make such funds available to Lessee within such thirty (30) day period, the Lease shall terminate with respect to the affected Facility on the thirtieth (30th) day following the last day satisfaction of such thirty (30) day period. If this Lease is so terminated as to a Facility pursuant to this Section, (a) Lessee may purchase the Facility at its Fair Market Value as of the termination date (i.e., after the Partial Taking) within sixty (60) days of the termination date (with delivery of documents consist with the documents which would be delivered in connection with the option set forth in Section 30.1) and (b) the annual Base Rent shall be reduced as of the termination date for such Facility by an amount equal to (i) the sum of (x) the purchase price paid by Lessee to Lessor for the Facility and (y) amount of the Award applied to the indebtedness secured by the Facility Mortgage, multiplied by (ii) Rent hereunder shall be equitably adjusted to account for the Capitalization Rate (effect of such taking on the suitability of the Leased Premises for example, if (i) the Lease is terminated pursuant to this Section as to a Facility, (ii) the Award applied by the Facility Mortgagee equals Two Million Dollars ($2,000,000), and (iii) the purchase price paid to Lessor by Lessee equals One Hundred Thousand Dollars ($100,000), then the annual Base Rent would be reduced by Two Hundred Fifteen Thousand Two Hundred Fifty Dollars (($2,000,000 + $100,000) x 10.25% = $215,250)its Primary Intended Use.)