Common use of Complete Condemnation Clause in Contracts

Complete Condemnation. (a) If the entire Complex shall be taken or condemned for any public or quasi-public use or purpose, by right of eminent domain or by purchase in lieu thereof (in each case, a "Taking"), or if such Taking shall be for a portion of the Complex such that the portion remaining is not sufficient and suitable, on a commercially reasonable basis for the operation of the Complex, then this Lease shall cease and terminate as of the date on which the condemning authority takes possession; and (b) If this Lease is so terminated, the entire award for the Complex or the portion thereof so taken shall be apportioned among the City and SAMP as of the day immediately prior to the vesting of title in the condemnor, as follows: (i) First, but only if the City is not the authority condemning the Complex, the City shall receive the then fair market value of the Leased Property so taken or condemned considered as vacant, unimproved, and unencumbered, together with the value of the Lessee Improvements, discounted as if the Taking occurred at the end of the Term; (ii) Second, SAMP shall be entitled to the then fair market value of its interest under this Lease and in the Lessee Improvements together with any and all business damages suffered by XXXX (subject, however, to the rights of any Lender); and (iii) Last, the City and SAMP shall each receive one-half (1/2) of any remaining balance of the award, except that the SAMP shall receive the entire remaining balance of the award if the City is the authority condemning the Complex.

Complete Condemnation. (a) If the entire Complex shall be taken or condemned for any public or quasi-public use or purpose, by right of eminent domain or by purchase in lieu thereof (in each case, a "Taking"), or if such Taking shall be for a portion of the Complex such that the portion remaining is not sufficient and suitable, on a commercially reasonable basis for the operation of the Complex, then this Lease shall cease and terminate as of the date on which the condemning authority takes possession; and (b) If this Lease is so terminated, the entire award for the Complex or the portion thereof so taken shall be apportioned among the City and SAMP Parties as of the day immediately prior to the vesting of title in the condemnor, as follows: (i) First, but only if the City is not the authority condemning the Complex, the City shall receive the then fair market value of the Leased Property so taken or condemned considered as vacant, unimproved, and unencumbered, together with the value of the Lessee Improvements, discounted as if the Taking occurred at the end of the Term; (ii) Second, SAMP shall be entitled to the then fair market value of its interest under this Lease and in the Lessee Improvements together with any and all business damages suffered by XXXX SAMP (subject, however, to the rights of any Lender); and (iii) Last, the City and SAMP Parties shall each receive one-half (1/2) of any remaining balance of the award, except that the SAMP shall receive the entire remaining balance of the award if the City is the authority condemning the Complex.

Complete Condemnation. (a) If the entire Complex Project shall be taken or condemned for any public or quasi-public use or purpose, by right of eminent domain or by purchase in lieu thereof (in each case, a "“Taking"”), or if such Taking shall be for a portion of the Complex Project such that the portion remaining is not sufficient and suitable, on a commercially reasonable basis (subject, however, to the rights of the Lender or Indenture Trustee hereunder), for the operation of the ComplexHotel, then this Lease shall cease and terminate as of the date on which the condemning authority takes possession; and (b) If this Lease is so terminated, the entire award for the Complex Project or the portion thereof so taken shall be apportioned among the City City, the CDD and SAMP the Developer as of the day immediately prior to the vesting of title in the condemnor, as follows: (i) First, but only if the City is not the authority condemning the ComplexProject, the City shall receive the then fair market value of the Leased Property so taken or condemned considered as vacant, unimproved, and unencumbered, together with the value of the Lessee Developer Improvements, discounted as if the Taking occurred at from the end of the Term; (ii) Second, SAMP Developer shall be entitled to the then fair market value of its interest under this Lease and in the Lessee Developer Improvements (excluding the value of the portion of the Parking Garage used for public parking), less the discounted value of such Developer Improvements as allocated to the City, together with any and all business damages suffered by XXXX Developer (subject, however, to the rights of any LenderLender or Indenture Trustee thereto); (iii) Third, the CDD shall be entitled to the then fair market value of its interest in the public parking component of the Developer Improvements; and (iiiiv) Last, the City and SAMP Developer shall each receive one-half (1/2) of any remaining balance of the award, except that the SAMP Developer shall receive the entire remaining balance of the award if the City is the authority condemning the ComplexProject.

Complete Condemnation. (a) If the entire Complex shall be taken or condemned for any public or quasi-public use or purpose, by right of eminent domain or by purchase in lieu thereof (in each case, a "“Taking"”), or if such Taking shall be for a portion of the Complex such that the portion remaining is not sufficient and suitable, on a commercially reasonable basis for the operation of the Complex, then this Lease shall cease and terminate as of the date on which the condemning authority takes possession; and (b) If this Lease is so terminated, the entire award for the Complex or the portion thereof so taken shall be apportioned among the City and SAMP JoePC as of the day immediately prior to the vesting of title in the condemnor, as follows: (i) First, but only if the City is not the authority condemning the Complex, the City shall receive the then fair market value of the Leased Property so taken or condemned considered as vacant, unimproved, and unencumbered, together with the value of the Lessee JoePC Improvements, discounted as if the Taking occurred at the end of the Term; (ii) Second, SAMP JoePC shall be entitled to the then fair market value of its interest under this Lease and in the Lessee JoePC Improvements together with any and all business damages suffered by XXXX XxxXX (subject, however, to the rights of any Lender); and (iii) Last, the City and SAMP JoePC shall each receive one-half (1/2) of any remaining balance of the award, except that the SAMP JoePC shall receive the entire remaining balance of the award if the City is the authority condemning the Complex.

Complete Condemnation. (a) If the entire Complex shall be Property is taken or condemned for any public or quasi-public use or purpose, by right of eminent domain or by purchase in lieu thereof of eminent domain (in each case, a "“Taking"”), or if such the Taking shall be is for a portion of the Complex Property such that the portion remaining is not sufficient and suitable, on a commercially reasonable basis (subject, however, to the rights of the Insurance Trustee hereunder), for the operation of the ComplexImprovements, then this Lease shall Agreement will cease and terminate as of the date on which the condemning authority takes possession; and (b) . If this Lease Agreement is so terminated, the entire award for the Complex Property or the portion thereof so taken shall will be apportioned among between the City and SAMP the Operator as of the day immediately prior to the vesting of title in the condemnorcondemner, as follows: (i) : First, but only if the City is not the authority condemning the ComplexProperty, the City shall will receive the then fair market value of the Leased portion of the Property so taken or condemned considered as vacant, unimproved, and unencumbered, together with the value of the Lessee Improvements, discounted as if the Taking occurred at from the end of the Term; (ii) ; Second, SAMP shall Operator will be entitled to the then fair market value of its interest under this Lease Agreement and in the Lessee Improvements, less the discounted value of the Improvements allocated to the City, together with any and all business damages suffered by XXXX (subject, however, to the rights of any Lender)Operator; and (iii) Last, the and The City and SAMP Operator shall each receive one-half (1/2) of any remaining balance of the award, except that the SAMP shall Operator will receive the entire remaining balance of the award if the City is the authority condemning the ComplexProject.