Common use of Condemnation; Assignment of Award Clause in Contracts

Condemnation; Assignment of Award. If there shall occur any taking of the Mortgaged Property or any part thereof, in or by condemnation or other eminent domain proceedings pursuant to any law, general or special, or by reason of the temporary requisition of the use or occupancy of the Mortgaged Property or any part thereof, by any Governmental Authority, civil or military (each, a "Taking"), Grantor shall promptly notify Beneficiary upon receiving notice of such Taking or commencement of proceedings therefor. Beneficiary may participate in any proceedings or negotiations which might result in any Taking, and Grantor shall deliver or cause to be delivered to Beneficiary all instruments requested by it to permit such participation. Beneficiary may be represented by counsel reasonably satisfactory to it at the reasonable expense of Grantor in connection with any such participation. Grantor shall pay all reasonable fees, costs and expenses incurred by Beneficiary in connection with any Taking and in seeking and obtaining any award or payment on account thereof. Any proceeds, award or payment in respect of any Taking are hereby assigned and shall be paid to Beneficiary, provided that Grantor shall be entitled to the award or payment payable in respect of a Taking to the extent that the aggregate amount of any such award received by Grantor in such fiscal year when added to the aggregate of any insurance proceeds in respect of any Destruction received by Grantor in such fiscal year does not exceed $500,000. Grantor shall take all steps necessary to notify the condemning authority of such assignment. Such proceeds, award or payment, together with any interest earned thereon, less the amount of any expenses incurred in litigating, arbitrating, compromising or settling any claim arising out of such Taking (the "Net Award"), shall be applied in accordance with the provisions of subsec- tions 1.13.3, 1.13.4 and 1.13.5.

Condemnation; Assignment of Award. If there shall occur any taking of the Mortgaged Property or any part thereof, in or by condemnation or other eminent domain proceedings pursuant to any law, general or special, or by reason of the temporary requisition of the use or occupancy of the Mortgaged Property or any part thereof, by any Governmental Authority, civil or military (each, a "Taking"), Grantor Mortgagor shall promptly immediately notify Beneficiary Mortgagee upon receiving notice of such Taking or commencement of proceedings therefor. Beneficiary Mortgagee may participate in any proceedings or negotiations which might result in any Taking, and Grantor Mortgagor shall deliver or cause to be delivered to Beneficiary Mortgagee all instruments requested by it to permit such participation. Beneficiary Mortgagee may be represented by counsel reasonably satisfactory to it at the reasonable expense of Grantor Mortgagor in connection with any such participation. Grantor Mortgagor shall pay all reasonable fees, costs and expenses incurred by Beneficiary Mortgagee in connection with any Taking and in seeking and obtaining any award or payment on account thereof. Any proceeds, award or payment in respect of any Taking are hereby assigned and shall be paid to Beneficiary, provided that Grantor shall be entitled to the award or payment payable in respect of a Taking to the extent that the aggregate amount of any such award received by Grantor in such fiscal year when added to the aggregate of any insurance proceeds in respect of any Destruction received by Grantor in such fiscal year does not exceed $500,000Mortgagee. Grantor Mortgagor shall take all steps necessary to notify the condemning authority of such assignment. Such proceeds, award or payment, together with any interest earned thereon, less the amount of any expenses incurred in litigating, arbitrating, compromising or settling any claim arising out of such Taking (the "Net Award"), shall be applied in accordance with the provisions of subsec- tions subsections 1.13.3, 1.13.4 and 1.13.5.

Condemnation; Assignment of Award. If there shall occur any taking of the Mortgaged Property or any part thereof, in or by condemnation or other eminent domain proceedings pursuant to any law, general or special, or by reason of the temporary requisition of the use or occupancy of the Mortgaged Property or any part thereof, by any Governmental Authoritygovernmental authority, civil or military (each, a "Taking"), Grantor shall promptly immediately notify the Beneficiary upon receiving notice of such Taking or commencement of proceedings therefor. The Beneficiary may participate in any proceedings or negotiations which might result in any Taking, and Grantor shall deliver or cause to be delivered to the Beneficiary all instruments requested by it to permit such participation. If the Beneficiary determines Grantor or its counsel is not acting in a manner consistent with the best interests of the Beneficiary, the Beneficiary may be represented by counsel reasonably satisfactory to it at the reasonable expense of Grantor in connection with any such participation. Grantor shall pay all reasonable fees, costs and expenses incurred by Beneficiary in connection with any Taking and in seeking and obtaining any award or payment on account thereof. Any proceeds, award or payment in respect of any Taking are hereby assigned and shall be paid to the Beneficiary, provided that Grantor shall be entitled to the award or payment payable in respect of a Taking to the extent that the aggregate amount of any such award received by Grantor in such fiscal year when added to the aggregate of any insurance proceeds in respect of any Destruction received by Grantor in such fiscal year does not exceed $500,000. Grantor shall take all steps necessary to notify the condemning authority of such assignment. Such proceeds, award or payment, together with any interest earned thereon, less the amount of any reasonable expenses incurred in litigating, arbitrating, compromising or settling any claim arising out of such Taking (the "Net Award")Taking, shall be applied in accordance with the provisions of subsec- tions 1.13.3, 1.13.4 and 1.13.5Section 4.3 hereof.

Condemnation; Assignment of Award. If there shall occur any taking of the Mortgaged Property or any part thereof, in or by condemnation or other eminent domain proceedings pursuant to any law, general or special, or by reason of the temporary requisition of the use or occupancy of the Mortgaged Property or any part thereof, by any Governmental Authority, civil or military (each, a "“Taking"”), Grantor shall promptly notify Beneficiary upon as soon as practicable but in no event more than two (2) Business Days after receiving notice of such Taking or commencement of proceedings therefor. Beneficiary may participate in any proceedings or negotiations which might result in any Taking, and Grantor shall deliver or cause to be delivered to Beneficiary all instruments requested by it to permit such participation. Beneficiary may be represented by counsel reasonably satisfactory to it at the reasonable expense of Grantor in connection with any such participation. Grantor shall pay all reasonable fees, costs and expenses incurred by Beneficiary in connection with any Taking and in seeking and obtaining any award or payment on account thereof. Any proceeds, award or payment in respect of any Taking are hereby assigned and shall be paid to Beneficiary, provided that Grantor shall be entitled to the award or payment payable in respect of a Taking to the extent that the aggregate amount of any such award received by Grantor in such fiscal year when added to the aggregate of any insurance proceeds in respect of any Destruction received by Grantor in such fiscal year does not exceed $500,000. Grantor shall take all steps necessary to notify the condemning authority of such assignment. Such proceeds, award or payment, together with any interest earned thereon, less the amount of any expenses incurred in litigating, arbitrating, compromising or settling any claim arising out of such Taking (the "“Net Award"”), shall be applied in accordance with the provisions of subsec- tions subsections 1.13.3, 1.13.4 and 1.13.5.