Condemnation Compensation Sample Clauses
The Condemnation Compensation clause defines how compensation is handled if a property subject to the agreement is taken, in whole or in part, by a government authority through eminent domain or similar legal process. Typically, this clause outlines the rights of the parties to any monetary awards or settlements resulting from the condemnation, specifying whether the landlord, tenant, or both are entitled to compensation and for what types of losses (such as value of the property, leasehold interests, or relocation costs). Its core function is to allocate the financial consequences of a government taking, ensuring both parties understand their entitlements and responsibilities in such an event.
Condemnation Compensation. (i) Subject to Applicable Law and to the provisions of each Declaration, any compensation, awards, damages, claims, rights of action, proceeds, payment and other relief (collectively, "CONDEMNATION COMPENSATION") of, or on account of, any damage or taking of all or any part of any Pledged Intervals in connection with any condemnation proceedings or any exercise of the power of eminent domain (or any conveyance in lieu of or under threat of any such taking), including, without limitation, any such Condemnation Compensation for change of grade of streets or any other injury to or decrease in the value of all or any part of any Pledged Intervals, payable LOAN AND SECURITY AGREEMENT to any Owner's Association or any manager retained by it and paid further by any Owner's Association or such manager to Borrower (whether as Declarant or otherwise), unless otherwise provided for in the applicable Declaration, shall be promptly paid and/or turned over to Lender as proceeds of the Collateral or otherwise and, applied to the prepayment of the Loan, as provided in Section 2.3(a)(ii) hereof.
(ii) Subject to Applicable Law and to the provisions of the applicable Declaration, Lender shall be entitled to receive all Condemnation Compensation in respect of the affected Pledged Intervals payable with respect to any condemnation or taking. The application of such Condemnation Compensation shall be as set forth below in clause (iii) below. Lender is hereby authorized, at its option, to commence, appear in and prosecute, in its own or in Borrower's name, any action or proceeding relating to any condemnation or taking, and to settle or compromise any claim in connection therewith. All Condemnation Compensation in respect of any Pledged Interval and the rights thereto are hereby assigned by Borrower to Lender.
(iii) Subject to Applicable Law and to the provisions of the applicable Declaration, after deducting from any Condemnation Compensation in respect of the applicable Pledged Interval, all of its expenses incurred in the collection and administration thereof, including attorney's fees, Lender shall, if no Default or Event of Default shall then exist, or may, in its sole and absolute discretion if a Default or Event of Default shall then exist, make the net Condemnation Compensation available to Borrower, the Silverleaf Club or the Orlando Breeze Resort Club, as applicable, to repair and/or restore the Pledged Intervals and, as applicable, the affected Resort. If Borrower fai...
Condemnation Compensation. All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Licensed Premises or Common Area shall be the property of Licensor, and Licensee hereby assigns its interest in any such award to Licensor; provided, however, Licensor shall have no interest in any award made to Licensee for Licensee's moving and relocation expenses or for the loss of Licensee's fixtures and other tangible personal property if a separate award for such items is made to Licensee.
Condemnation Compensation. No Persons will be entitled to any compensation or remuneration under the Condemnation Action other than Companies.
Condemnation Compensation. (i) Any compensation, awards, damages, claims, rights of action, proceeds, payment and other relief (collectively, “Condemnation Compensation”) of, or on account of, any damage or taking of all or any part of any Property in connection with any condemnation proceedings or any exercise of the power of eminent domain (or any conveyance in lieu of or under threat of any such taking), including, without limitation, any such Condemnation Compensation for change of grade of streets or any other injury to or decrease in the value of all or any part of such Property, payable to the applicable Owner’s Association or any manager retained by it and paid further by such Owner’s Association or such manager to any Borrower, as provided for in the Declaration, shall be promptly paid and/or turned over to Agent as proceeds of the Collateral or otherwise, provided, however, that if no Default or Event of Default exists, (A) subject to the provisions of Section 3.6(b)(iii) below, Agent shall make such Condemnation Compensation available to the Borrower, and (B) Agent shall only be entitled to receive Condemnation Compensation in an amount not exceeding the Repayment Amount for such Property, and, subject to clause (ii) below if such clause shall then be applicable, applied to the prepayment of the Loan, as provided in Section 2.3(a)(i) hereof.
(ii) Any Condemnation Compensation in respect of any Property received by Borrowers at a time during which the condemnation provisions of the Declaration shall not be in effect with respect to such Property shall be treated as provided in Section 3.6(b) below.
Condemnation Compensation. All compensation paid for any of the said takings shall belong to and be the exclusive property of Landlord without participation by Tenant or any deduction therefrom for any present or future estate of Tenant. Tenant is not prohibited from claiming such award as may be allowed for loss of its business or personal property, provided that such claim does not diminish or adversely affect Landlord's award or that of any mortgagees or underlying ground lessors.