Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners of the Property in any taking by eminent domain or recovery for inverse condemnation, either permanent or temporary, of all or any part of the Property or any easement or any appurtenance thereto, including severance and consequential damages and change in grade of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option: (i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or (ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deed.
Appears in 4 contracts
Samples: Deed to Secure Debt and Security Agreement (Roberts Realty Investors Inc), Deed to Secure Debt and Security Agreement (Roberts Realty Investors Inc), Deed to Secure Debt and Security Agreement (Roberts Realty Investors Inc)
Condemnation/Eminent Domain. All awards and other compensation heretofore In the event that the Premises or hereafter made to Borrower and all subsequent owners of any part thereof, or the Property in any taking by eminent domain or recovery for inverse condemnation, either permanent or temporary, of all whole or any part of the Property Building, shall be taken or appropriated by eminent domain or shall be condemned for any easement public or any appurtenance theretoquasi-public use, including severance and consequential damages and change in grade or (by virtue of any streetsuch taking, are hereby assigned appropriation or condemnation) shall suffer any damage (direct, indirect or consequential) for which Landlord or Tenant shall be entitled to Lendercompensation, then (and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, in any such event) this Lease and authorizes, directs and empowers such attorney, the Term hereof may be terminated at the option election of said attorney, on behalf Landlord by a notice in writing of Borrower, its successors and assigns, election so to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds terminate which shall be applied at par and given by Landlord to Tenant within sixty (60) days following the monthly installments due and payable under the Note date on which Landlord shall be adjusted accordingly; however no have received notice of such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration taking, appropriation or rebuilding the Propertycondemnation. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost a material part of the restoration Premises or rebuilding the means of the buildings or improvements on the Property, such proceeds access thereto shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration so taken, appropriated or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leasescondemned, and in either case, the remainder of said eventsthe Premises or the mode of access thereto is, Lender in Tenant’s reasonable judgment, unsuitable for the operation of Tenant’s business in the Premises, then (and in any such event) this Lease and the Term hereof may be terminated at the election of Tenant by a notice in writing of its election so to terminate which shall be given by Tenant to Landlord within sixty (60) days following the date on which Tenant shall have received notice of such taking, appropriation or condemnation. Upon the giving of any such notice of termination (either by Landlord or Tenant) this Lease and the Term hereof shall terminate on or retroactively as of the date on which Tenant shall be required to vacate any part of the Premises or shall be deprived of a substantial part of the means of access thereto, provided, however, that Landlord may in Landlord’s notice elect to terminate this Lease and the Term hereof retroactively as of the date on which such taking, appropriation or condemnation became legally effective. In the event of any such termination, this Lease and the Term hereof shall expire as of such effective termination date as though that were the Expiration Date as stated in Exhibit 1, and the Yearly Rent (together with Operating Costs Excess and Tax Excess) shall be apportioned as of such date. If neither party (having the right so to do) elects to terminate Landlord will, with reasonable diligence and at Landlord’s expense, restore the remainder of the Premises, or the remainder of the means of access, as nearly as practicably may be to the same condition as obtained prior to such taking, appropriation or condemnation in which event (i) the Total Rentable Area shall be equitably adjusted, (ii) a just proportion of the Yearly Rent, according to the nature and extent of the taking, appropriation or condemnation and the resulting permanent injury to the Premises and the means of access thereto, shall be permanently abated, and (iii) a just proportion of the remainder of the Yearly Rent, according to the nature and extent of the taking, appropriation or condemnation and the resultant injury sustained by the Premises and the means of access thereto, shall be abated until what remains of the Premises and the means of access thereto shall have been restored as fully as may be for permanent use and occupation by Tenant hereunder. Except for any award specifically reimbursing Tenant for moving or relocation expenses or for Tenant’s personal property, or for the unamortized value of any leasehold improvements paid for by Tenant (in excess of any Landlord contribution), there are expressly reserved to Landlord all rights to compensation and damages created, accrued or accruing by reason of any such taking, appropriation or condemnation, in implementation and in confirmation of which Tenant does hereby acknowledge that Landlord shall be entitled to exercise receive all such compensation and damages, grant to Landlord all and whatever rights (if any) Tenant may have to such compensation and damages, and agree to execute and deliver all and whatever further instruments of assignment as Landlord may from time to time reasonably request. In the event of any taking of the Premises or all remedies provided any part thereof for temporary (i.e., not in excess of one (1) year) use, (i) this Lease shall be and remain unaffected thereby, and (ii) Tenant shall be entitled to receive for itself any award made to the extent allocable to the Premises in respect of such taking on account of such use, provided, that if any taking is for a period extending beyond the Term of this Lease, such award shall be apportioned between Landlord and Tenant as of the Expiration Date or referenced in earlier termination of this Security DeedLease.
Appears in 4 contracts
Samples: Lease Agreement (Hubspot Inc), Lease Agreement (Hubspot Inc), Lease Agreement (Hubspot Inc)
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners In the event the whole of the Property in Premises, and/or such part thereof as shall substantially interfere with Tenant’s use and occupation thereof, shall be taken for any taking public or quasi-public purpose by eminent domain any lawful power or recovery for inverse condemnation, either permanent or temporary, of all or any part authority by exercise of the Property right of appropriation, condemnation or any easement eminent domain, or any appurtenance theretois sold in lieu of or to prevent such taking, including severance then Landlord and consequential damages and change in grade Tenant shall each have the right to terminate this Lease (by written notice to the other given no later than 10 days after Landlord notifies Tenant of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender such taking) effective as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then date possession is required to be due and payable or that the indebtedness is otherwise adequately securedsurrendered to said authority. In the event Lender applies such awards any access points to the reduction adjoining streets, shall be taken for any public or quasi-public purpose by any lawful power or authority by exercise of the outstanding indebtedness evidenced by right of appropriation, condemnation or eminent domain, or is sold in lieu of or to prevent such taking, and such taking shall substantially interfere with Tenant’s use of the NotePremises, then Landlord or Tenant shall each have the right to terminate this Lease effective as of the date possession is required to be surrendered to said authority. Except as provided below, Tenant shall not assert any claim against Landlord or the taking authority for any compensation because of such proceeds taking, and Landlord shall be applied at par and entitled to receive the monthly installments due and payable under entire amount of any award without deduction for any estate or interest of Tenant in the Note Premises. Nothing contained in this Article 12 shall be adjusted accordingly; however no such application shall serve deemed to cure an existing default give Landlord any interest in any separate award made to Tenant for the payment taking of the Note; or
(ii) personal property and fixtures belonging to hold said proceeds without any allowance of interest and make the same available Tenant or for restoration or rebuilding the PropertyTenant’s moving expenses. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may of property or the type of estate taken shall not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply substantially interfere with the terms conduct of the Occupancy LeasesTenant’s business, and in either of said events, Lender Landlord shall be entitled to exercise the entire amount of the award without deduction for any estate or all remedies provided or referenced interest of Tenant, Landlord shall promptly proceed to restore the Building to substantially their same condition prior to such partial taking less the portion thereof lost in this Security Deedsuch condemnation (but in no event shall Landlord be obligated to incur costs in such restoration in excess of the amount of the award paid to Landlord, after deducting Landlord’s reasonable costs in connection therewith), and the Base Rent shall be proportionately reduced by the time during which, and the portion of the Premises which, Tenant shall have been deprived of possession on account of said taking and restoration.
Appears in 4 contracts
Samples: Triple Net Lease Agreement (Zoned Properties, Inc.), Triple Net Lease Agreement (Zoned Properties, Inc.), Lease Agreement (Zoned Properties, Inc.)
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners In the event the whole of the Property in Premises, Building, Project and/or Common Areas, as the case may be, and/or such part thereof as shall substantially interfere with Tenant's use and occupation thereof, shall be taken for any taking public or quasi-public purpose by eminent domain any lawful power or recovery for inverse condemnation, either permanent or temporary, of all or any part authority by exercise of the Property right of appropriation, condemnation or any easement eminent domain, or any appurtenance theretois sold in lieu of or to prevent such taking, including severance and consequential damages and change in grade of any street, are hereby assigned then Tenant shall have the right to Lender, and Borrower hereby irrevocably appoints Lender terminate this Lease effective as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then date possession is required to be due and payable or that the indebtedness is otherwise adequately securedsurrendered to said authority. In the event Lender applies such awards to the reduction whole of the outstanding indebtedness evidenced by Premises, Building, Project and/or Common Areas, as the Notecase may be, or such proceeds part thereof as shall substantially interfere with Landlord's use and occupation thereof, or if any access points to adjoining streets, shall be applied at par taken for any public or quasi-public purpose by any lawful power or authority by exercise of the right of appropriation, condemnation or eminent domain, or is sold in lieu of or to prevent such taking, then Landlord shall have the right to terminate this Lease effective as of the date possession is required to be surrendered to said authority. Except as provided below, Tenant shall not assert any claim against Landlord or the taking authority for any compensation because of such taking, and the monthly installments due and payable under the Note Landlord shall be adjusted accordingly; however no such application shall serve entitled to cure an existing default receive the entire amount of any award without deduction for any estate or interest of Tenant in the payment Premises. Nothing contained in this Article 12 shall be deemed to give Landlord any interest in any separate award made to Tenant for the taking of the Note; or
(ii) personal property and fixtures belonging to hold said proceeds without any allowance of interest and make the same available Tenant or for restoration or rebuilding the PropertyTenant's moving expenses. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may of property or the type of estate taken shall not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply substantially interfere with the terms conduct of the Occupancy LeasesTenant's business, and in either of said events, Lender Landlord shall be entitled to exercise the entire amount of the award without deduction for any estate or all remedies provided or referenced interest of Tenant, Landlord shall promptly proceed to restore the Building to substantially their same condition prior to such partial taking less the portion thereof lost in this Security Deedsuch condemnation, and the Base Rent shall be proportionately reduced by the time during which, and the portion of the Premises which, Tenant shall have been deprived of possession on account of said taking and restoration.
Appears in 3 contracts
Samples: NNN Lease Agreement (Zoned Properties, Inc.), NNN Lease Agreement (Zoned Properties, Inc.), NNN Lease Agreement (Zoned Properties, Inc.)
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners of In the event that the Building, the Property in or any taking portion thereof shall be taken or appropriated by eminent domain or recovery shall be condemned for inverse condemnationany public or quasi-public use, either permanent or temporary, of all or any part of the Property or any easement or any appurtenance thereto, including severance and consequential damages and change in grade (by virtue of any streetsuch taking, are hereby assigned appropriation or condemnation) shall suffer any damage (direct, indirect or consequential) for which Landlord or Tenant shall be entitled to Lendercompensation, then (and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, in any such event) this Lease and authorizes, directs and empowers such attorney, the term hereof may be terminated at the option election of said attorney, on behalf Landlord by a notice in writing of Borrower, its successors and assigns, election so to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then terminate which shall be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced given by the NoteLandlord to Tenant within sixty (60) days following the date on which Landlord shall have received notice of such taking, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration appropriation or rebuilding the Propertycondemnation. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration entire Premises or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property Premises or the access to the Premises shall be so taken, appropriated or condemned by any governmental authority having jurisdiction, such that Tenant shall be precluded from effectively utilizing the Property is Premises, then (and in violation any such event) this Lease and the Term hereof may be terminated at the election of applicable parkingTenant by a notice in writing of its election so to terminate which shall be given by Tenant to Landlord within sixty (60) days following the date on which Tenant shall have received notice of such taking, zoning appropriation or other ordinancescondemnation. Upon the giving of any such notice of termination (either by Landlord or Tenant) this Lease and the Term hereof shall terminate on or retroactively as of the date on which Tenant shall be required to vacate any part of the Premises or shall be deprived of a substantial part of the means of access thereto, provided, however, that Landlord may in Landlord’s notice elect to terminate this Lease and the Term hereof retroactively as of the date on which such taking, appropriation or condemnation became legally effective. In the event of any such termination, this Lease and the Term hereof shall expire as of the effective termination date as fully and completely as if such date were the date originally fixed herein for the end of the Term of this Lease. If neither party (having the right so to do) elects to terminate, Landlord will, with reasonable diligence and at Landlord’s expense, restore the remainder of the Premises, or fails to comply with the terms remainder of the Occupancy Leasesmeans of access, as nearly as practical to the same condition as obtained prior to such taking, appropriation or condemnation in which event (i) a just proportion of the Annual Base Rent, according to the nature and extent of the taking, appropriation or condemnation and the resulting permanent injury to the Premises and the means of access thereto, shall be permanently abated, and (ii) a just proportion of the remainder of the Annual Base Rent, according to the nature and extent of the taking, appropriation or condemnation and the resultant injury sustained by the Premises and the means of access thereto, shall be abated until what remains of the Premises and the means of access thereto shall have been restored as fully as may be for permanent use and occupation by Tenant hereunder. Except for any award specifically reimbursing Tenant for moving or relocation expenses and except for any award specifically made to Tenant for interruption of Tenant’s business, there are expressly reserved to Landlord all rights to compensation and damages created, accrued or accruing by reason of any such taking, appropriation or condemnation. In implementation and in either confirmation of said events, Lender which Tenant does hereby acknowledge that Landlord shall be entitled to exercise receive and retain all such compensation and damages, grants to Landlord all and whatever rights (if any) Tenant may have to such compensation and damages, and agrees to execute and deliver all and whatever further instruments of assignment as Landlord may from time to time request. In the event of any taking of the Premises or all remedies provided or referenced in any part thereof for temporary use, (i) this Security DeedLease shall be and remain unaffected thereby, and (ii) Tenant shall be entitled to receive for itself any award made for such use, provided, that if any taking is for a period extending beyond the Term of this Lease, such award shall be apportioned between Landlord and Tenant as of the Term Expiration Date.
Appears in 3 contracts
Samples: Office Building Lease (Allena Pharmaceuticals, Inc.), Office Building Lease (Allena Pharmaceuticals, Inc.), Office Building Lease (Allena Pharmaceuticals, Inc.)
Condemnation/Eminent Domain. All Subject to the Credit Agreement, upon obtaining knowledge of the institution of any proceedings for the condemnation of the Mortgaged Property, or any portion thereof, Mortgagor will notify Mortgagee of the pendency of such proceedings. Mortgagee is hereby authorized and empowered by Mortgagor to settle or compromise any claim in connection with such condemnation and to receive all awards and other compensation heretofore or hereafter made proceeds thereof to Borrower and all subsequent owners be applied pursuant to Section 4.7(c) of the Property in Credit Agreement. Notwithstanding the preceding sentence, provided no Event of Default shall have occurred and be continuing, but expressly subject to the provisions of Section 4.7(c) of the Credit Agreement (including any taking by eminent domain right set forth therein of Mortgagor to use the proceeds to repair or recovery for inverse replace the Mortgaged Property), (i) Mortgagor shall, at its expense, diligently prosecute any proceeding relating to such condemnation, either permanent or temporary, of all or any part of the Property or any easement or any appurtenance thereto, including severance and consequential damages and change in grade of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust (ii) Mortgagor may settle or compromise the claim for any such award claims in connection therewith and alone to collect and (iii) Mortgagor may receive the any awards or proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
provided that Mortgagor shall (ia) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In in the event Lender applies such awards of a partial taking of an individual Mortgaged Property and to the reduction extent reasonably possible promptly repair and restore Mortgaged Property to its condition prior to such condemnation, regardless of whether any award shall have been received or whether such award is sufficient to pay for the outstanding indebtedness evidenced by the Note, costs of such proceeds shall be applied at par repair and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is (b) otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms provisions of the Occupancy Leases, and in either Credit Agreement relating to the disposition of said events, Lender shall be entitled to exercise any Net Cash Proceeds from a Recovery Event or all remedies provided or referenced in this Security Deedotherwise.
Appears in 3 contracts
Samples: Credit Agreement (Sprague Resources LP), Credit Agreement (Sprague Resources LP), Credit Agreement (Sprague Resources LP)
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners If any portion of the Property in any taking by premises of which the leased premises are a part shall be taken under eminent domain or recovery condemnation proceedings, or if suit or other action shall be instituted for inverse condemnationthe taking or condemnation thereof, either permanent or temporaryif in lieu of any formal condemnation proceedings or actions, of all the Landlord shall grant an option to purchase and or shall sell and convey the said premises or any part portion thereof, to the governmental or other public authority, agency, body or public utility, seeking to take said land and premises or any portion thereof, then this Lease, at the option of the Property Landlord, shall terminate, and the term hereof shall end as of such date as the Landlord shall fix by notice in writing. The Tenant shall have no claim or right to claim or be entitled to any easement or any appurtenance thereto, including severance and consequential damages and change in grade portion of any streetamount that may be awarded as damages or paid as the result of such condemnation proceedings or paid as the purchase price for such option, sale or conveyance in lieu of formal condemnation proceedings. All rights of the Tenant to damages, if any, are hereby assigned to Lender, the Landlord. The Tenant agrees to execute and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorneydeliver any instruments, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance expense of the indebtedness secured herebyLandlord, as selected by Lendermay be deemed necessary to expedite any condemnation proceedings or to effectuate a proper transfer of title to such governmental or other public authority, notwithstanding agency, body or public utility seeking to take or acquire the fact that said lands and premises of any portion thereof. The Tenant agrees to vacate the amount owing thereon may not then be due said premises, remove all of the Tenant’s personal property therefrom and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards deliver up peaceable possession thereof to the reduction Landlord or to such other party designated by the Landlord. The Tenant shall repay the Landlord for such costs, expenses, damages and losses as the Landlord may incur by reason of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 Tenant’s breach hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deed.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Condemnation/Eminent Domain. All a. Immediately upon obtaining knowledge of the institution of any proceedings of the condemnation of the Mortgaged Property, or any portion thereof, the affected Mortgagor will notify Mortgagee of the pendency of such proceedings. Mortgagee may (but shall not be obligated to) participate in any such proceedings and such Mortgagor shall from time to time deliver to Mortgagee all instruments requested by it to permit such participation. Such Mortgagor shall, at its expense, diligently prosecute any such proceeding and shall consult with Mortgagee, its attorneys and experts and cooperate with it in any defense of any such proceedings. Except as otherwise expressly provided in paragraph (e) of Article 9 above, all awards and other compensation heretofore or hereafter made proceeds of condemnation shall be assigned to Borrower Mortgagee to be applied in the same manner as insurance proceeds, and each Mortgagor agrees to execute any such assignments of all subsequent owners such awards as Mortgagee may request (subject, however, to the rights of the Property in any taking by eminent domain or recovery for inverse condemnation, either permanent or temporary, holder of the Senior Mortgages).
b. After application of all or any part awards and proceeds of condemnation toward all practical repair and restoration of the Mortgaged Property as directed by the Consulting Professional, any remaining funds shall be applied as follows: (i) in the event that value and utility of the Mortgaged Property shall have been substantially restored as determined by the Consulting Professional, any remaining funds shall be returned to the appropriate Mortgagor, or (ii) in the event the value and utility of the Mortgaged Property shall not have been substantially restored as determined by the Consulting Professional, any easement or any appurtenance thereto, including severance and consequential damages and change in grade of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorneyremaining funds shall, at the option of said attorneyMortgagee, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the applied in reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security DeedSecured Obligations.
Appears in 2 contracts
Samples: Junior Mortgage and Security Agreement (Atlantic Gulf Communities Corp), Junior Mortgage and Security Agreement (Atlantic Gulf Communities Corp)
Condemnation/Eminent Domain. All awards and other compensation heretofore In the event that the Premises or hereafter made to Borrower and all subsequent owners of any part thereof, or the Property in any taking by eminent domain or recovery for inverse condemnation, either permanent or temporary, of all whole or any part of the Property Building, shall be taken or appropriated by eminent domain or shall be condemned for any easement public or any appurtenance theretoquasi-public use, including severance and consequential damages and change in grade or (by virtue of any streetsuch taking, are hereby assigned appropriation or condemnation) shall suffer any damage (direct, indirect or consequential) for which Landlord or Tenant shall be entitled to Lendercompensation, then (and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, in any such event) this Lease and authorizes, directs and empowers such attorney, the Term hereof may be terminated at the option election of said attorney, on behalf Landlord by a notice in writing of Borrower, its successors and assigns, election so to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds terminate which shall be applied at par and given by Landlord to Tenant within sixty (60) days following the monthly installments due and payable under the Note date on which Landlord shall be adjusted accordingly; however no have received notice of such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration taking, appropriation or rebuilding the Propertycondemnation. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost a material part of the restoration Premises or rebuilding the means of the buildings or improvements on the Property, such proceeds access thereto shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration so taken, appropriated or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leasescondemned, and in either case, the remainder of said eventsthe Premises or the mode of access thereto is, Lender in Tenant’s reasonable judgment, unsuitable for the operation of Tenant’s business in the Premises, then (and in any such event) this Lease and the Term hereof may be terminated at the election of Tenant by a notice in writing of its election so to terminate which shall be given by Tenant to Landlord within sixty (60) days following the date on which Tenant shall have received notice of such taking, appropriation or condemnation. Upon the giving of any such notice of termination (either by Landlord or Tenant) this Lease and the Term hereof shall terminate on or retroactively as of the date on which Tenant shall be required to vacate any part of the Premises or shall be deprived of a substantial part of the means of access thereto, provided, however, that Landlord may in Landlord’s notice elect to terminate this Lease and the Term hereof retroactively as of the date on which such taking, appropriation or condemnation became legally effective. In the event of any such termination, this Lease and the Term hereof shall expire as of such effective termination date as though that were the Expiration Date as stated in Exhibit 1, and the Yearly Rent (together with Operating Costs Excess and Tax Excess) shall be apportioned as of such date. If neither party (having the right so to do) elects to terminate Landlord will, with reasonable diligence and at Lxxxxxxx's expense, restore the remainder of the Premises, or the remainder of the means of access, as nearly as practicably may be to the same condition as obtained prior to such taking, appropriation or condemnation in which event (i) the Total Rentable Area shall be equitably adjusted, (ii) a just proportion of the Yearly Rent, according to the nature and extent of the taking, appropriation or condemnation and the resulting permanent injury to the Premises and the means of access thereto, shall be permanently abated, and (iii) a just proportion of the remainder of the Yearly Rent, according to the nature and extent of the taking, appropriation or condemnation and the resultant injury sustained by the Premises and the means of access thereto, shall be abated until what remains of the Premises and the means of access thereto shall have been restored as fully as may be for permanent use and occupation by Tenant hereunder. Except for any award specifically reimbursing Tenant for moving or relocation expenses or for Tenant’s personal property, or for the unamortized value of any leasehold improvements paid for by Tenant (in excess of any Landlord contribution), there are expressly reserved to Landlord all rights to compensation and damages created, accrued or accruing by reason of any such taking, appropriation or condemnation, in implementation and in confirmation of which Tenant does hereby acknowledge that Landlord shall be entitled to exercise receive all such compensation and damages, grant to Landlord all and whatever rights (if any) Tenant may have to such compensation and damages, and agree to execute and deliver all and whatever further instruments of assignment as Landlord may from time to time reasonably request. In the event of any taking of the Premises or all remedies provided any part thereof for temporary (i.e., not in excess of one (1) year) use, (i) this Lease shall be and remain unaffected thereby, and (ii) Tenant shall be entitled to receive for itself any award made to the extent allocable to the Premises in respect of such taking on account of such use, provided, that if any taking is for a period extending beyond the Term of this Lease, such award shall be apportioned between Landlord and Tenant as of the Expiration Date or referenced in earlier termination of this Security DeedLease.
Appears in 2 contracts
Samples: Lease Agreement (Hubspot Inc), Lease Agreement (Hubspot Inc)
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners If any portion of the Property in any taking by Premises leased herein, or if which the Premises are a part is taken under eminent domain or recovery for inverse condemnationcondemnation proceedings, either permanent or temporaryactions, of all the Landlord grants an option to purchase and/or sells and conveys the Premises or any part portion thereof, to the governmental or other public authority, agency, body or public utility, seeking to take said land and Premises or any portion thereof, then this lease, at the option of the Property Landlord, will terminate, and the term hereof will end as of such date as the Landlord fixes by notice in writing. The Tenant will have no claim or right to claim or be entitled to any easement or any appurtenance thereto, including severance and consequential damages and change in grade portion of any streetamount which may be awarded as damages or paid as the result of such condemnation proceedings or paid as the purchase price for such option, sale or conveyance in lieu of formal condemnation proceedings and all rights of the Tenant to damages, if any, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately securedLandlord. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, The Tenant will execute and deliver any proceedings or to Lender, at any time or times, upon request, free, clear and discharged effectuate a proper transfer of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all title to such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinancespublic authority, agency, body or fails public utility seeking to take or acquire the Premises or any portion thereof. The Tenant will vacate the Premises and remove all of it’s personal property therefrom and deliver up peaceable possession thereof to the Landlord or to such other party designated by the Landlord. Failure by the Tenant to comply with any provisions in this clause will require the terms Tenant to pay to landlord such costs, expenses, damages and losses as the Landlord may incur by reason of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security DeedTenant’s breach hereof.
Appears in 2 contracts
Samples: Lease Agreement (Castellum, Inc.), Lease Agreement (Castellum, Inc.)
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners If any portion of the Property in any taking by eminent domain or recovery for inverse condemnation, either permanent or temporary, Building of all which the Premises are a part or any part of the Property adjacent grounds is taken under eminent domain or condemnation proceedings, or if suit or other action shall be instituted for the taking or condemnation thereof, or if in lieu of any formal condemnation proceedings or actions, the Landlord grants an option to purchase and or sells and conveys the Premises or any easement portion thereof to the governmental or other public authority, agency, body or public utility seeking to take the Premises or any appurtenance theretoportion thereof, including severance then this Lease, at the option of the Landlord, will terminate, and consequential damages and change the term hereof will end as of such date as the Landlord fixes by notice in grade writing. The Tenant will have no claim or right to claim or be entitled to any portion of any streetamount which may be awarded as damages or paid as the result of such condemnation proceedings or paid us the purchase price for such option, sale or conveyance in lieu of formal condemnation proceedings. The Tenant may, however, file a claim for any taking of fixtures and improvements owned by the Tenant, and for moving expenses which are separately awarded and do not decrease the Landlord’s award for the land and improvements taken. Except as provided in the preceding sentence, all rights of the Tenant to damages, if any, are hereby assigned to Lender, the Landlord. The Tenant will execute and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorneydeliver any instrument, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance expense of the indebtedness secured herebyLandlord, as selected by Lendermay be deemed necessary to expedite any condemnation proceedings or to effectuate a proper transfer of title to such governmental or other public authority, notwithstanding agency, body or public utility seeking to take or acquire the fact that Premises or any portion thereof. The Tenant will vacate the amount owing thereon may not then be due Premises, remove all of the Tenant’s personal property therefrom and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards deliver up peaceable possession thereof to the reduction Landlord or to such other party designated by the Landlord. The Tenant will repay the Landlord tor such costs, expenses, damages and losses as the Landlord may incur by reason of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 Tenant’s breach hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deed.
Appears in 2 contracts
Samples: Lease Agreement (Zynerba Pharmeceuticals, Inc.), Lease Agreement (Zynerba Pharmeceuticals, Inc.)
Condemnation/Eminent Domain. All awards and other compensation heretofore In case during the Term all or hereafter made to Borrower and all subsequent owners any substantial part of the Property in any taking Premises or the Building are taken by eminent domain or recovery Landlord receives compensable damage by reason of anything lawfully done in pursuance of public or other authority, this Lease shall terminate at Landlord’s election, which may be made (notwithstanding that Landlord’s entire interest may have been divested) by notice given to Tenant within ninety (90) days after the election to terminate arises, specifying the effective date of termination. The effective date of termination specified by Landlord shall not be less than fifteen (15) nor more than thirty (30) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such taking, subject, however, to the following provisions. If in any such case the Premises are rendered unfit for inverse condemnationuse and occupation and this Lease is not terminated, either permanent Landlord shall use reasonable diligence (following the expiration of the period in which Landlord may terminate this Lease pursuant to the foregoing provisions of this Section 6.2) to put the Premises, or temporarywhat may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 5.10), into proper condition for use and occupation and a just proportion of all the Annual Fixed Rent and Additional Rent for Operating Expenses according to the nature and extent of the injury shall be abated until the Premises or any such remainder shall have been put by Landlord in such condition; and in case of a taking which permanently reduces the area of the Premises, a just proportion of the Annual Fixed Rent and Additional Rent for Operating Expenses and Taxes shall be abated for the remainder of the Term. If the taking of a part of the Property or any easement or any appurtenance thereto, including severance Premises substantially and consequential damages adversely interferes with Tenant’s ability to continue its business operations then Tenant may terminate this Lease on written notice to Landlord given not more than thirty (30) days after such taking and change in grade of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at effective on the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
earlier of: (i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordinglydate when title vests; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) the date Tenant is dispossessed by the condemning authority; or (iii) sixty (60) days following notice to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost Tenant of the restoration date when vesting or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender dispossession is to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deedoccur.
Appears in 2 contracts
Samples: Consent to Sublease (Biofrontera AG), Consent to Sublease (Biofrontera AG)
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners If any portion of the Property in any taking by premises of which the leased premises are a part shall be taken under eminent domain or recovery condemnation proceedings, or if suit or other action shall be instituted for inverse condemnationthe taking or condemnation thereof, either permanent or temporaryif in lieu of any formal condemnation proceedings or actions, of all the Landlord shall grant an option to purchase and or shall sell and convey the said premises or any part portion thereof, to the governmental or other public authority, agency, body or public utility, seeking to take said land and premises or any portion thereof, then this Lease, at the option of the Property Landlord, shall terminate, and the term hereof shall end as of such date as the Landlord shall fix by notice in writing. The Tenant shall have no claim or right to claim or be entitled to any easement or any appurtenance thereto, including severance and consequential damages and change in grade portion of any streetamount which may be awarded as damages or paid as the result of such condemnation proceedings or paid as the purchase price for such option, sale or conveyance in lieu of formal condemnation proceedings. All rights of the Tenant to damages, if any, are hereby assigned to Lender, the Landlord. The Tenant agrees to execute and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorneydeliver any instruments, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance expense of the indebtedness secured herebyLandlord, as selected by Lendermay be deemed necessary to expedite any condemnation proceedings or to effectuate a proper transfer of title to such governmental or other public authority, notwithstanding agency, body or public utility seeking to take or acquire the fact that said lands and premises of any portion thereof. The Tenant agrees to vacate the amount owing thereon may not then be due said premises, remove all of the Tenant’s personal property therefrom and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards deliver up peaceable possession thereof to the reduction Landlord or to such other party designated by the Landlord. The Tenant shall repay the Landlord for such costs, expenses, damages and losses as the Landlord may incur by reason of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 Tenant’s breach hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deed.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Condemnation/Eminent Domain. All awards and other compensation heretofore In case during the Term all or hereafter made to Borrower and all subsequent owners any substantial part of the Property in any taking Premises or the Building are taken by eminent domain or recovery Landlord receives compensable damage by reason of anything lawfully done in pursuance of public or other authority, this Lease shall terminate at Landlord’s election, which may be made (notwithstanding that Landlord’s entire interest may have been divested) by notice given to Tenant within ninety (90) days after the election to terminate arises, specifying the effective date of termination. The effective date of termination specified by Landlord shall not be less than thirty (30) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such taking, subject, however, to the following provisions. If in any such case the Premises are rendered unfit for inverse condemnationuse and occupation and this Lease is not terminated, either permanent Landlord shall use reasonable diligence (following the expiration of the period in which Landlord may terminate this Lease pursuant to the foregoing provisions of this Section 6.2) to put the Premises, or temporarywhat may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 5.10), into proper condition for use and occupation and a just proportion of all the Annual Fixed Rent and Additional Rent for Operating Expenses according to the nature and extent of the injury shall be abated until the Premises or any such remainder shall have been put by Landlord in such condition; and in case of a taking which permanently reduces the area of the Premises, a just proportion of the Annual Fixed Rent and Additional Rent for Operating Expenses and Taxes shall be abated for the remainder of the Term. If the taking of a part of the Property or any easement or any appurtenance thereto, including severance Premises and/or parking substantially and consequential damages adversely interferes with Tenant’s ability to continue its business operations then Tenant may terminate this Lease on written notice to Landlord given not more than thirty (30) days after such taking and change in grade of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at effective on the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
earlier of: (i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordinglydate when title vests; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) the date Tenant is dispossessed by the condemning authority; or (iii) sixty (60) days following notice to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost Tenant of the restoration date when vesting or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender dispossession is to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deedoccur.
Appears in 2 contracts
Samples: Office Lease (Altus Pharmaceuticals Inc.), Lease Agreement (Altus Pharmaceuticals Inc.)
Condemnation/Eminent Domain. All awards and other compensation heretofore In the event that the Premises or hereafter made to Borrower and all subsequent owners any part thereof, or the whole or any material part of the Property in any taking Building, shall be taken or appropriated by eminent domain or recovery shall be condemned for inverse condemnationany public or quasi-public use, either permanent or temporary, of all or any part of the Property or any easement or any appurtenance thereto, including severance and consequential damages and change in grade (by virtue of any streetsuch taking, are hereby assigned appropriation or condemnation) shall suffer any damage (direct, indirect or consequential) for which Landlord or Tenant shall be entitled to Lendercompensation, then (and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, in any such event) this Lease and authorizes, directs and empowers such attorney, the Term hereof may be terminated at the option election of said attorney, on behalf Landlord by a notice in writing of Borrower, its successors and assigns, election so to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds terminate which shall be applied at par and given by Landlord to Tenant within sixty (60) days following the monthly installments due and payable under the Note date on which Landlord shall be adjusted accordingly; however no have received notice of such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration taking, appropriation or rebuilding the Propertycondemnation. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost a material part of the restoration Premises or rebuilding the means of access thereto shall be so taken, appropriated or condemned, then (and in any such event) this Lease and the Term hereof may be terminated at the election of Tenant by a notice in writing of its election so to terminate which shall be given by Tenant to Landlord within sixty (60) days following the date on which Tenant shall have received notice of such taking, appropriation or condemnation. Upon the giving of any such notice of termination (either by Landlord or Tenant) this Lease and the Term hereof shall terminate on or retroactively as of the buildings or improvements date on the Property, such proceeds which Tenant shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender required to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if vacate any part of any the Premises or shall be deprived of a substantial part of the Improvements situated means of access thereto, provided, however, that Landlord may in Landlord’s notice elect to terminate this Lease and the Term hereof retroactively as of the date on which such taking, appropriation or condemnation became legally effective. In the Property event of any such termination, this Lease and the Term hereof shall expire as of such effective termination date as though that were the Expiration Date as stated in Exhibit 1, and the Yearly Rent (together with Operating Costs Excess and Tax Excess) shall be condemned by any governmental authority apportioned as of such date. If neither party (having jurisdictionthe right so to do) elects to terminate Landlord will, with reasonable diligence and at Landlord’s expense, restore the remainder of the Premises, or if lands constituting a portion the remainder of the Property means of access, as nearly as practicably may be to the same condition as obtained prior to such taking, appropriation or condemnation in which event (i) the Total Rentable Area shall be condemned by any governmental authority having jurisdictionequitably adjusted, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms (ii) a just proportion of the Occupancy LeasesYearly Rent, according to the nature and extent of the taking, appropriation or condemnation and the resulting permanent injury to the Premises and the means of access thereto, shall be permanently abated, and (iii) a just proportion of the remainder of the Yearly Rent, according to the nature and extent of the taking, appropriation or condemnation and the resultant injury sustained by the Premises and the means of access thereto, shall be abated until what remains of the Premises and the means of access thereto shall have been restored as fully as may be for permanent use and occupation by Tenant hereunder. Except for any award specifically reimbursing Tenant for moving or relocation expenses, there are expressly reserved to Landlord all rights to compensation and damages created, accrued or accruing by reason of any such taking, appropriation or condemnation, in either implementation and in confirmation of said events, Lender which Xxxxxx does hereby acknowledge that Landlord shall be entitled to exercise receive all such compensation and damages, grant to Landlord all and whatever rights (if any) Tenant may have to such compensation and damages, and agree to execute and deliver all and whatever further instruments of assignment as Landlord may from time to time request. In the event of any taking of the Premises or all remedies provided any part thereof for temporary (i.e., not in excess of one (1) year) use, (i) this Lease shall be and remain unaffected thereby, and (ii) Tenant shall be entitled to receive for itself any award made to the extent allocable to the Premises in respect of such taking on account of such use, provided, that if any taking is for a period extending beyond the Term of this Lease, such award shall be apportioned between Landlord and Tenant as of the Expiration Date or referenced in earlier termination of this Security DeedLease.
Appears in 2 contracts
Samples: Lease Agreement (CarGurus, Inc.), Lease Agreement (CarGurus, Inc.)
Condemnation/Eminent Domain. All claims and rights of action for, and all awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners of the Property in any taking by eminent domain or domain, recovery for inverse condemnationcondemnation or by deed in lieu thereof, either whether permanent or temporary, of all or any part of the Property or any easement or any appurtenance thereto, including severance and consequential damages and change in grade of any way, street, avenue, road, alley, passage or public place, are hereby assigned to Lender, and . Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorneyLender, at the option of Lender as said attorney-in-fact, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award award, and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, if Borrower shall fail or refuse to perform same within five (5) Business Days after Lender’s written request therefor. Lender shall give prompt notice to Borrower of any exercise of such power of attorney as provided in this Section along with copies of all claims filed or receipts or acquittances provided therewith. After deducting any expenses of collection, at its Lender's sole optiondiscretion and option either:
(ia) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest interest, and make the same available for restoration or rebuilding of the PropertyImprovements. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements Improvements on the Real Property, such proceeds shall be made available in the manner and under the same conditions that Lender may require as provided required under Paragraph Section 8 hereofhereof with respect to a casualty restoration. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby Loan at par par, without any Prepayment Premium, notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is the Loan may otherwise be adequately secured; or
(b) in the event there would be no material adverse change in the value of the Property, once restored, as a result of such condemnation or taking by eminent domain, as reasonably determined by Lender, release such proceeds to Borrower for restoration of the Property subject to the same conditions as required under Section 8 hereof. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain after Borrower obtains knowledge thereof and to deliver to Lender copies of any and all papers served in connection with any such proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments reasonably deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default an Event of Default hereunder if either: (i) any part of any of the Improvements situated on the Real Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting ; (ii) a portion of the Real Property shall be condemned by any governmental authority having jurisdiction, such that the remaining Property is in violation of applicable parking, zoning zoning, platting, or other ordinances, Laws (unless legal nonconforming); or fails to comply with the terms (iii) any condemnation results in a loss greater than forty percent (40%) of the Occupancy Leasesoriginal principal amount of the Loan, and then in either of said eventseach case, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security DeedMortgage or the other Loan Documents, including the right to apply the condemnation proceeds to the full principal balance of the Note at par, without any Prepayment Premium, and the right to accelerate the maturity date of the Note and require payment in full without the imposition of a Prepayment Premium within one hundred twenty (120) days of Lender’s Written Notice to Borrower. Notwithstanding the foregoing, provided that no other Event of Default is then continuing under the Loan Documents, the then outstanding principal balance due under the Note shall not bear interest at the Default Rate (as defined in the Note) during such one hundred twenty (120) day period. Notwithstanding the foregoing, in the event of loss to the Property as a result of condemnation and the amount of such loss does not exceed five percent (5%) of the original principal amount of the Note, then Lender shall allow the condemnation award applicable to such loss to be released to Borrower to be used for the restoration of the Property, with any excess of such award to be retained by Borrower upon completion of such restoration.
Appears in 2 contracts
Samples: Open End Mortgage and Security Agreement (Hines Global Reit Ii, Inc.), Open End Mortgage and Security Agreement (Hines Global Reit Ii, Inc.)
Condemnation/Eminent Domain. All awards and other compensation heretofore In the event that the Premises or hereafter made to Borrower and all subsequent owners of any part thereof, or the Property in any taking by eminent domain or recovery for inverse condemnation, either permanent or temporary, of all whole or any part of the Property Building (including within such term the Common Areas thereof shall be taken or appropriated by eminent domain or shall be condemned for any easement public or any appurtenance theretoquasi-public use, including severance and consequential damages and change in grade or (by virtue of any streetsuch taking, are hereby assigned appropriation, or condemnation) shall suffer any damage (direct, indirect, or consequential) for which LESSOR or LESSEE shall be entitled to Lendercompensation, then (and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, in any such event ) this Lease and authorizes, directs and empowers such attorney, the term hereof may be terminated at the option election of said attorney, on behalf LESSOR or LESSEE by a notice in writing of Borrower, his or its successors and assigns, election so to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then terminate which shall be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards given to the reduction other party within sixty (60) days following the date on which LESSOR shall have received notice of the outstanding indebtedness evidenced by the Notesuch taking, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; orappropriation, or condemnation.
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost a just proportion of the restoration or rebuilding remainder of the buildings Yearly Rent, according to the nature and extent of the taking, appropriation, or improvements on condemnation and the Propertyresultant injury sustained by the Premises or the means of access thereto, such proceeds shall be made available abated until what remains of the Premises or the means of access thereto, shall have been restored as full as may be for permanent use and occupation by LESSEE hereunder. There is expressly reserved to LESSOR all rights to compensation and damages created, accrued, or accruing by reason of any such taking, appropriation or condemnation, in the manner implementation and under the conditions confirmation of which LESSEE does hereby acknowledge that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding LESSOR shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon entitled to receive all such compensation and damages, grants to LESSOR all and whatever rights (if any) LESSEE may not then be due have to such compensation and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants damages, and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver all and whatever further instruments of assignment as LESSOR may from time to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance . If part of the claim therefor, the ascertainment Building but not any part of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder Premises, or if any part of any the Common Areas of the Improvements situated on the Property Building shall be taken or appropriated by eminent domain or condemned for any public or quasi-public use, LESSOR'S right to terminate this Lease pursuant to this Section may be exercised only if LESSOR shall reasonably determine that the continued operation of the Building or what may remain thereof would not be economically feasible. Upon the giving of any notice of termination under this Section 18, whether by any governmental authority having jurisdictionLESSOR or LESSEE, the term of this Lease shall end upon LESSEE'S vacating the Premises pursuant to the notice, unless the term be sooner ended as a matter of law as a consequence of the taking, appropriation, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deedcondemnation.
Appears in 2 contracts
Samples: Lease Agreement (MKS Instruments Inc), Lease Agreement (MKS Instruments Inc)
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners If any portion of the Property in any taking by building or real property of which the Premises are a part shall be taken under eminent domain or recovery condemnation proceedings, or if suit or other action shall be instituted for inverse condemnationthe taking or condemnation thereof, either permanent or temporaryif in lieu of any formal condemnation proceedings or actions, of all Landlord shall grant an option to purchase and or shall sell and convey the said building or real estate or any part portion thereof, to the governmental or other public authority, agency, body or public utility, seeking to take the said land and Premises or any portion thereof, then this Lease, at the option of Landlord, shall terminate, and the term hereof shall end as of such date as Landlord shall fix by notice in writing. Tenant shall have the right to claim or be entitled to any portion of any amount which may be awarded as damages or paid as the result of such condemnation proceedings or paid as the purchase price for such option, sale or conveyance in lieu of formal condemnation proceedings equal to the cost of construction of the Property or any easement or any appurtenance theretoPremises. All rights of Landlord to damages, including severance and consequential damages and change in grade if any, related to the value of any streetthe Premises, to the extent of the construction cost, are hereby assigned to Lender, Tenant. Landlord agrees to execute and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorneydeliver any instruments, at the option expense of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured herebyTenant, as selected by Lendermay be deemed necessary to expedite any condemnation proceedings or to effectuate a proper transfer of title to such governmental or other public authority, notwithstanding agency, body or public utility seeking to take or acquire the fact that the amount owing thereon may not then be due and payable building or that the indebtedness is otherwise adequately securedany portion thereof. In the event Lender applies such awards Tenant shall have no claim to any value attributed to the reduction of real estate upon which the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the PropertyPremises are situated. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and Tenant agrees to give Lender immediate notice of vacate the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and Premises, remove all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute Tenant's personal property therefrom and deliver up peaceable possession thereof to Lender, at any time Landlord or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or to such other instruments deemed necessary party designated by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security DeedLandlord.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made Subject to Borrower and all subsequent owners the Credit Agreement, upon obtaining knowledge of the Property institution of any proceedings for the condemnation of the Mortgaged Property, or any portion thereof, Mortgagor will notify Mortgagee of the pendency of such proceedings. Mortgagee is hereby authorized and empowered by Mortgagor to settle or compromise any claim in connection with such condemnation. Notwithstanding the preceding sentence, provided no Event of Default shall have occurred and be continuing, (i) Mortgagor shall, at its expense, diligently prosecute any taking by eminent domain or recovery for inverse proceeding relating to such condemnation, either permanent or temporary, of all or any part of the Property or any easement or any appurtenance thereto, including severance and consequential damages and change in grade of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust (ii) Mortgagor may settle or compromise the claim for any such award claims in connection therewith and alone to collect and (iii) Mortgagor may receive the any awards or proceeds thereof, provided that Mortgagor shall (a) in the event of a partial taking of an individual Mortgaged Property and to give proper receipts the extent reasonable possible promptly repair and acquittances therefor andrestore the remaining portion of such Mortgaged Property to its condition prior to such condemnation, after deducting regardless of whether any expenses award shall have been received or whether such award is sufficient to pay for the costs of collectionsuch repair and restoration or, at its sole option:
(i) to apply in the net proceeds as a credit upon alternative, have the outstanding principal balance landlord of any leasehold Mortgaged Property repair and restore same in accordance with the applicable provisions of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdictionapplicable Mortgaged Lease, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to (b) otherwise comply with the terms provisions of the Occupancy Leases, and in either of said events, Lender shall be entitled Credit Agreement relating to exercise any or all remedies provided or referenced in this Security Deeda Recovery Event.
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Samples: Credit Agreement (Delek US Holdings, Inc.), Credit Agreement (Delek US Holdings, Inc.)
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and (A) In an instance of total condemnation, where all subsequent owners of the Property property is taken through an exercise of the power of eminent domain, this Lease shall terminate on the date when possession of the property was acquired by the condemning authority. The right to terminate this Lease under this Paragraph may be exercised by either party so notifying the other party in any taking by eminent domain or recovery for inverse writing not later than days (30 if not specified) prior to such date.
(B) In an instance of partial condemnation, either permanent Landlord shall have the right to terminate this Lease on the date when the condemned portion of the Premises is to be delivered to the condemning authority and neither party shall have any further responsibility or temporary, of all liability under this Lease or any to the other where only part of the Property Premises is taken and:
1. The condemnation award is insufficient to restore the remaining portion of the Premises, or any easement or any appurtenance thereto, including severance and consequential damages and change in grade of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any if such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall must be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without repay any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or mortgages encumbering improvements on the Propertyproperty, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereofOR
2. If the proceeds are made available by Lender In addition to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property Premises, a portion of the improvements or land is taken and Landlord deems it commercially unreasonable to continue leasing all or a portion of the remaining space and the improvements.
(C) In an instance of partial condemnation, Tenant shall have the right to terminate this Lease on the date when the condemned portion of the Premises is to be delivered to the condemning authority and neither party shall have any further responsibility or liability under this Lease or to the other where a substantial portion of the Premises is so taken and it is commercially impossible for Tenant to continue its business within the Premises.
(D) If this Lease is not terminated after a partial condemnation, then after the date when the condemned portion of the Premises is delivered to the condemning authority, the Rent shall be condemned by any governmental authority having jurisdiction, such reduced in the proportion that the Property is in violation of applicable parking, zoning or other ordinances, or fails condemned area bears to comply with the terms entire area of the Occupancy LeasesPremises.
(E) Tenant shall have the right to claim against the condemning authority only for removal and moving expenses and business relocation damages that may be separately payable to Tenant in general under Pennsylvania law, provided such payment does not reduce the award otherwise payable to Landlord. Subject to the foregoing, Tenant hereby waives all claims against Landlord with respect to a condemnation, and hereby assigns to Landlord all claims against the condemning authority including, without limitation, all claims for leasehold damages and diminution in either value of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security DeedTenant's leasehold estate.
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Condemnation/Eminent Domain. All awards and other compensation heretofore In the event that the Premises or hereafter made to Borrower and all subsequent owners of any part thereof, or the Property in any taking by eminent domain or recovery for inverse condemnation, either permanent or temporary, of all whole or any part of the Property Building, shall be taken or appropriated by eminent domain or shall be condemned for any easement public or any appurtenance theretoquasi-public use, including severance and consequential damages and change in grade or (by virtue of any streetsuch taking, are hereby assigned appropriation or condemnation) shall suffer any damage (direct, indirect or consequential) for which Landlord or Tenant shall be entitled to Lendercompensation, then (and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, in any such event) this Lease and authorizes, directs and empowers such attorney, the Term hereof may be terminated at the option election of said attorney, on behalf Landlord by a notice in writing of Borrower, its successors and assigns, election so to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds terminate which shall be applied at par and given by Landlord to Tenant within sixty (60) days following the monthly installments due and payable under the Note date on which Landlord shall be adjusted accordingly; however no have received notice of such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration taking, appropriation or rebuilding the Propertycondemnation. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost a substantial part of the restoration Premises or rebuilding of the buildings or improvements on the Property, such proceeds means of access thereto shall be made available so taken, appropriated or condemned, then (and in any such event) this Lease and the manner and under Term hereof may be terminated at the conditions that Lender may require as provided under Paragraph 8 hereof. If election of Tenant by a notice in writing of its election so to terminate which shall be given by Tenant to Landlord within sixty (60) days following the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus date on which may remain out of said award after payment Tenant shall have received notice of such cost taking, appropriation or condemnation. Upon the giving of restoration any such notice of termination (either by Landlord or rebuilding Tenant) this Lease and the Term hereof shall terminate on or retroactively as of the date on which Tenant shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees required to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if vacate any part of any the Premises or shall be deprived of a substantial part of the Improvements situated means of access thereto, provided, however, that Landlord may in Landlord’s notice elect to terminate this Lease and the Term hereof retroactively as of the date on which such taking, appropriation or condemnation became legally effective. In the Property event of any such termination, this Lease and the Term hereof shall expire as of such effective termination date as though that were the Expiration Date as stated in Exhibit 1, and the Yearly Rent (together with Operating Costs Excess and Tax Excess) shall be condemned by any governmental authority apportioned as of such date. If neither party (having jurisdictionthe right so to do) elects to terminate Landlord will, with reasonable diligence and at Landlord’s expense, restore the remainder of the Premises, or if lands constituting a portion the remainder of the Property means of access, as nearly as practicably may be to the same condition as obtained prior to such taking, appropriation or condemnation in which event (i) the Total Rentable Area shall be condemned by any governmental authority having jurisdictionequitably adjusted, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms (ii) a just proportion of the Occupancy LeasesYearly Rent, according to the nature and extent of the taking, appropriation or condemnation and the resulting permanent injury to the Premises and the means of access thereto, shall be permanently abated, and (iii) a just proportion of the remainder of the Yearly Rent, according to the nature and extent of the taking, appropriation or condemnation and the resultant injury sustained by the Premises and the means of access thereto, shall be abated until what remains of the Premises and the means of access thereto shall have been restored as fully as may be for permanent use and occupation by Tenant hereunder. Except for any award specifically reimbursing Tenant for moving or relocation expenses, there are expressly reserved to Landlord all rights to compensation and damages created, accrued or accruing by reason of any such taking, appropriation or condemnation, in either implementation and in confirmation of said events, Lender which Tenant does hereby acknowledge that Landlord shall be entitled to exercise receive all such compensation and damages, grant to Landlord all and whatever rights (if any) Tenant may have to such compensation and damages, and agree to execute and deliver all and whatever further instruments of assignment as Landlord may from time to time request. In the event of any taking of the Premises or all remedies provided any part thereof for temporary (i.e., not in excess of one (1) year) use, (i) this Lease shall be and remain unaffected thereby, and (ii) Tenant shall be entitled to receive for itself any award made to the extent allocable to the Premises in respect of such taking on account of such use, provided, that if any taking is for a period extending beyond the Term of this Lease, such award shall be apportioned between Landlord and Tenant as of the Expiration Date or referenced in earlier termination of this Security DeedLease.
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Condemnation/Eminent Domain. All awards If the land and other compensation heretofore Leased Premises leased herein, or hereafter made to Borrower and all subsequent owners of which the Property in Leased Premises are a part, or any taking by portion thereof, shall be taken under eminent domain or recovery condemnation proceedings, or if suit or other action shall be instituted for inverse condemnationthe taking or condemnation thereof, either permanent or temporaryif in lieu of any formal condemnation proceedings or actions, of all the Landlord shall grant an option to purchase and or shall sell and convey the said Leased Premises or any part portion thereof, to the governmental or other public authority, agency, body or public utility, seeking to take said land and Leased Premises or any portion thereof, then this lease, at the option of the Property Landlord, shall terminate, and the term hereof shall end as of such date as the Landlord shall fix by notice in writing; and the Tenant shall have no claim or right to claim or be entitled to any easement or any appurtenance thereto, including severance and consequential damages and change in grade portion of any streetamount which may be awarded as damages or paid as the result of such condemnation proceedings or paid as the purchase price for such option, sale or conveyance in lieu of formal condemnation proceedings; and all rights of the Tenant to damages, if any, are hereby assigned to Lender, the Landlord. The Tenant agrees to execute and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorneydeliver any instruments, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance expense of the indebtedness secured herebyLandlord, as selected by Lendermay be deemed necessary or required to expedite any condemnation proceedings or to effectuate a proper transfer of title to such governmental or other public authority, notwithstanding agency, body or public utility seeking to take or acquire the fact that the amount owing thereon may not then be due said lands and payable Leased Premises or that the indebtedness is otherwise adequately securedany portion thereof. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further The Tenant covenants and agrees to give Lender immediate notice vacate the said Leased Premises, remove all of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute Tenant's personal property therefrom and deliver up peaceable possession thereof to Lender, at any time the Landlord or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or to such other instruments deemed necessary party designated by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including Landlord in the assignment of any award from aforementioned notice. Failure by the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails Tenant to comply with any provisions in this clause shall subject the terms Tenant to such costs, expenses, damages and losses as the Landlord may incur by reason of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security DeedTenant's breach hereof.
Appears in 1 contract
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners If any portion of the Property Premises or the Building are taken under the power of eminent domain, or sold under the threat of the exercise of said power (all of which are herein called "condemnation"), this Lease shall terminate as to the part so taken as of the date the condemning authority takes title or possession, whichever first occurs; provided that if so much of the Premises or Building are taken by such condemnation as would substantially and adversely affect the operation and profitability of Tenant's business conducted from the Premises, and said taking lasts for sixty (60) days or more, Tenant shall have the option, to be exercised only in any writing within thirty (30) days after Landlord shall have given Tenant written notice of such taking (or in the absence of such notice, within thirty (30) days after the condemning authority shall have taken possession), to terminate this Lease as of the date the condemning authority takes such possession. If a taking lasts for less than sixty (60) days, Tenant's rent shall be equitably abated during said period but Tenant shall not have the right to terminate this Lease. If Tenant does not terminate this Lease in accordance with the foregoing, this Lease shall remain in full force and effect as to the portion of the Premises remaining, except that the rent and Tenant's Proportionate Share of Operating Costs and Taxes shall be reduced in the proportion that the usable floor area of the Premises taken bears to the total usable floor area of the Premises. Common Areas taken shall be excluded from the Common Areas usable by Tenant and no reduction of rent shall occur with respect thereto or by reason thereof. Landlord shall have the option in its sole discretion to terminate this Lease as of the taking of possession by the condemning authority, by giving written notice to Tenant of such election within thirty (30) days after receipt of notice of a taking by eminent domain condemnation of any part of the Premises or recovery the Building. Any award for inverse condemnation, either permanent or temporary, the taking of all or any part of the Property Premises or the Building under the power of eminent domain or any easement or any appurtenance theretopayment made under threat of the exercise of such power shall be the property of Landlord, including severance and consequential damages and change in grade of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any whether such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds shall be made as a credit upon the outstanding principal balance compensation for diminution in value of the indebtedness secured herebyleasehold or for the taking of the fee, as selected by Lenderseverance damages, notwithstanding the fact or as damages for tenant improvements; provided, however, that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds Tenant shall be applied at par entitled to any separate award for loss of or damage to Tenant's trade fixtures and the monthly installments due removable personal property and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same award available for restoration or rebuilding the Propertyrelocation of Tenant's business. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available this Lease is not terminated by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment reason of such cost of restoration or rebuilding shall be applied on account of condemnation, and subject to the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement requirements of any proceedings under eminent domain and lender that has made a loan to deliver Landlord encumbering the Building, Landlord shall to Lender copies the extent of any and all papers served severance damages received by Landlord in connection with such condemnation, repair any proceedingsdamage to the Building caused by such condemnation except to the extent that Tenant has been reimbursed therefor by the condemning authority. Borrower further covenants and agrees Tenant shall pay any amount in excess of such severance damages required to makecomplete such repair. Except as set forth in this Article 20, execute and deliver Landlord shall have no liability to LenderTenant for interruption of Tenant's business upon the Premises, at any time or times, upon request, free, clear and discharged diminution of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for Tenant's ability to use the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdictionPremises, or if lands constituting other injury or damage sustained by Tenant as a portion result of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deedcondemnation.
Appears in 1 contract
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners of the Property in any taking by eminent domain or recovery for inverse condemnation, either permanent or temporary, of all or any part of the Property or any easement or any appurtenance theretoProperty, including severance and consequential damages and change in grade of any streetdamages, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone award, to collect and receive the proceeds thereof, thereof and to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to To apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, hereby notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted reduced accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to To hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding of the PropertyImprovements. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements Improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 9 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost costs of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par hereby, notwithstanding the fact that the amount due and owing thereon may not then be due and payable or that said indebtedness is may otherwise be adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deed.
Appears in 1 contract
Condemnation/Eminent Domain. All claims and rights of action for, and all awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners of the Property in any taking by eminent domain or domain, recovery for inverse condemnationcondemnation or by deed in lieu thereof, either whether permanent or temporary, of all or any part of the Property or any easement or any appurtenance thereto, including severance and consequential damages and change in grade of any way, street, avenue, road, alley, passage or public place, are hereby assigned to Lender, and . Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorneyLender, at the option of Lender as said attorney-in-fact, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award award, and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its Lender’s sole optionoption either:
(ia) to apply the net proceeds as a credit upon the outstanding principal balance any portion of the indebtedness secured herebyLoan, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable payable, or that the indebtedness Loan is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness Loan evidenced by the Note, such proceeds shall be applied at par par, and the monthly installments due and payable under the Note shall be adjusted accordinglyreduced accordingly as calculated by Lender; however no such application shall serve to cure an existing default in the payment of the NoteBorrower; or
(iib) to hold said proceeds without any allowance of interest interest, and make the same available for restoration or rebuilding of the PropertyImprovements. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements Improvements on the Real Property, such proceeds shall be made available in the manner and under the same conditions that Lender may require as provided required under Paragraph Section 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding rebuilding, shall be applied on account of the indebtedness secured hereby Loan at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is the Loan may otherwise be adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain domain, and to deliver to Lender copies of any and all papers served in connection with any such proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if If either: (i) any part of any of the Improvements situated on the Real Property shall be condemned by any governmental authority having jurisdiction, ; or if (ii) lands constituting a portion of the Real Property shall be condemned by any governmental authority having jurisdiction, such that the remaining Property is in violation of applicable parking, zoning zoning, platting, or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in Leases with Major Tenants. In either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced application of condemnation proceeds to the outstanding principal balance of the Note at par, and the right to accelerate the maturity date of the Note and require payment in this Security Deedfull without the imposition of a Prepayment Premium.
Appears in 1 contract
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners If any portion of the Property in any taking by Premises of which the leased Premises are a part shall be taken under eminent domain or recovery condemnation proceedings, or if suit or other action shall be instituted for inverse condemnationthe taking or condemnation thereof, either permanent or temporaryif in lieu of any formal condemnation proceedings or actions, of all the Landlord shall grant an option to purchase and or shall sell and convey the said Premises or any part portion thereof, to the governmental or other public authority, agency, body or public utility, seeking to take said land and Premises or any portion thereof, then this Lease, at the option of the Property Landlord, shall terminate, and the Term hereof shall end as of such date as the Landlord shall fix by notice in writing. The Tenant shall have no claim or right to claim or be entitled to any easement or any appurtenance thereto, including severance and consequential damages and change in grade portion of any streetamount which may be awarded as damages or paid as the result of such condemnation proceedings or paid as the purchase price for such option, sale or conveyance in lieu of formal condemnation proceedings. All rights of the Tenant to damages, if any, are hereby assigned to Lender, the Landlord. The Tenant agrees to execute and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorneydeliver any instruments, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance expense of the indebtedness secured herebyLandlord, as selected by Lendermay be deemed necessary to expedite any condemnation proceedings or to effectuate a proper transfer of title to such governmental or other public authority, notwithstanding agency, body or public utility seeking to take or acquire the fact that said lands and Premises of any portion thereof. The Tenant agrees to vacate the amount owing thereon may not then be due said Premises, remove all of the Tenant’s personal property therefrom and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards deliver up peaceable possession thereof to the reduction Landlord or to such other party designated by the Landlord. The Tenant shall repay the Landlord for such costs, expenses, damages and losses as the Landlord may incur by reason of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 Tenant’s breach hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deed.
Appears in 1 contract
Samples: Lease Agreement (Akorn Inc)
Condemnation/Eminent Domain. All Subject to the Credit Agreement, upon obtaining knowledge of the institution of any proceedings for the condemnation of the Mortgaged Property, or any portion thereof, Mortgagor will notify Mortgagee of the pendency of such proceedings. Mortgagee is hereby authorized and empowered by Mortgagor to settle or compromise any claim in connection with such condemnation and to receive all awards and other compensation heretofore or hereafter made proceeds thereof to Borrower and all subsequent owners be applied pursuant to Section 2.12(c) of the Property in Credit Agreement. Notwithstanding the preceding sentence, provided no Event of Default shall have occurred and be continuing, but expressly subject to the provisions of Section 2.12 (b) of the Credit Agreement, (i) Mortgagor shall, at its expense, diligently prosecute any taking by eminent domain or recovery for inverse proceeding relating to such condemnation, either permanent or temporary, of all or any part of the Property or any easement or any appurtenance thereto, including severance and consequential damages and change in grade of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust (ii) Mortgagor may settle or compromise the claim for any such award claims in connection therewith and alone to collect and (iii) Mortgagor may receive the any awards or proceeds thereof, provided that Mortgagor shall (a) in the event of a partial taking of an individual Mortgaged Property and to give proper receipts the extent reasonable possible promptly repair and acquittances therefor andrestore the remaining portion of such Mortgaged Property to its condition prior to such condemnation, after deducting regardless of whether any expenses award shall have been received or whether such award is sufficient to pay for the costs of collectionsuch repair and restoration or, at its sole option:
(i) to apply in the net proceeds as a credit upon alternative, have the outstanding principal balance landlord of any leasehold Mortgaged Property repair and restore same in accordance with the applicable provisions of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdictionapplicable Mortgaged Lease, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to (b) otherwise comply with the terms provisions of the Occupancy Leases, and in either Credit Agreement relating to the disposition of said events, Lender shall be entitled to exercise any Net Cash Proceeds from a Recovery Event or all remedies provided or referenced in this Security Deedotherwise.
Appears in 1 contract
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and (A) In an instance of total condemnation, where all subsequent owners of the Property property is taken through an exercise of the power of eminent domain, this Lease shall terminate on the date when possession of the property was acquired by the condemning authority. The right to terminate this Lease under this Paragraph may be exercised by either party so notifying the other party in any taking by eminent domain or recovery for inverse writing not later than _______ days (30 if not specified) prior to such date.
(B) In an instance of partial condemnation, either permanent Landlord shall have the right to terminate this Lease on the date when the condemned portion of the Premises is to be delivered to the condemning authority and neither party shall have any further responsibility or temporary, of all liability under this Lease or any to the other where only part of the Property Premises is taken and:
1. The condemnation award is insufficient to restore the remaining portion of the Premises, or any easement or any appurtenance thereto, including severance and consequential damages and change in grade of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any if such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall must be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without repay any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or mortgages encumbering improvements on the Propertyproperty, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereofOR
2. If the proceeds are made available by Lender In addition to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property Premises, a portion of the improvements or land is taken and Landlord deems it commercially unreasonable to continue leasing all or a portion of the remaining space and the improvements.
(C) In an instance of partial condemnation, Tenant shall have the right to terminate this Lease on the date when the condemned portion of the Premises is to be delivered to the condemning authority and neither party shall have any further responsibility or liability under this Lease or to the other where a substantial portion of the Premises is so taken and it is commercially impossible for Tenant to continue its business within the Premises.
(D) If this Lease is not terminated after a partial condemnation, then after the date when the condemned portion of the Premises is delivered to the condemning authority, the Rent shall be condemned by any governmental authority having jurisdiction, such reduced in the proportion that the Property is in violation of applicable parking, zoning or other ordinances, or fails condemned area bears to comply with the terms entire area of the Occupancy LeasesPremises.
(E) Tenant shall have the right to claim against the condemning authority only for removal and moving expenses and business relocation damages that may be separately payable to Tenant in general under Pennsylvania law, provided such payment does not reduce the award otherwise payable to Landlord. Subject to the foregoing, Tenant hereby waives all claims against Landlord with respect to a condemnation, and hereby assigns to Landlord all claims against the condemning authority including, without limitation, all claims for leasehold damages and diminution in either value of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security DeedTenant’s leasehold estate.
Appears in 1 contract
Condemnation/Eminent Domain. All awards and other compensation heretofore If Premises leased herein, or hereafter made to Borrower and all subsequent owners of which the Property in Premises are a part, or any taking by portion thereof, shall be taken under eminent domain or recovery condemnation proceedings or if such or other action shall be instituted for inverse condemnationthe taking or condemnation thereof, either permanent or temporaryif in lieu of any formal condemnation proceeding, of all the Landlord shall grant an option to purchase and/or shall sell and convey the Premises, or any part portion thereof to a governmental or other public authority, agency, body or public utility seeking to take said land and Premises, or any portion thereof which renders the Premises unusable for the use of Tenant set forth herein, then this Lease Agreement shall terminate, and the term hereof shall end as of the Property date Landlord conveys the Premises. Tenant shall have no claim or right to claim or be entitled to any easement or any appurtenance thereto, including severance and consequential damages and change in grade portion of any streetamount which may be awarded as damages or paid as the result of such condemnation proceedings or paid as the purchase price for such option, are hereby assigned sale or conveyance in lieu of formal proceedings except that Landlord shall pay Tenant reasonable moving expenses and reimbursement to Lender, Tenant of the fair market value at the time of the condemnation award of fixtures installed by Tenant which cannot be removed without damaging the integrity of the Premises. Tenant agrees to execute and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, deliver any and authorizes, directs and empowers such attorneyall instruments, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance expense of the indebtedness secured herebyLandlord, as selected by Lendermay be deemed necessary or required to expedite any condemnation proceedings or to effectuate a proper transfer of title to such governmental or other public authority, notwithstanding agency, body or public utility seeking to take or acquire the fact that the amount owing thereon may not then be due said lands and payable Premises, or that the indebtedness is otherwise adequately securedany portion thereof. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further Tenant covenants and agrees to give Lender immediate notice vacate the Premises, remove all Tenant’s personal property therefrom and deliver up peaceable possession of the actual Premises to Landlord or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served such other party designated by Landlord in connection with any proceedingsthe aforementioned notice. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary Failure by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails tenant to comply with any provisions in this clause shall subject the terms Tenant to such costs, expenses, damages and losses as the Landlord reasonably and actually incurs by reason of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security DeedTenant’s breach hereof.
Appears in 1 contract
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners If any portion of the Property in any taking by premises of which the leased premises are a part shall be taken under eminent domain or recovery condemnation proceedings, or if suit or other action shall be instituted for inverse condemnationthe taking or condemnation thereof; or if in lieu of any formal condemnation proceedings or actions, either permanent the Landlord shall grant an option to purchase and or temporary, of all shall sell and convey the said premises or any part portion thereof, to the governmental or other public authority, agency, body or public utility, seeking to take said l and and premises or any portion thereof; then this Lease, at the option of the Property Landlord, shall terminate, and the term hereof shall end as of such date as the Landlord shall fix by notice in writing. The Tenant shall have no claim or right to claim or be entitled to any easement or any appurtenance thereto, including severance and consequential damages and change in grade portion of any streetamount which may be awarded as damages or paid as the result of such condemnation proceedings or paid as the purchase price for such option, sale or conveyance in lieu of formal condemnation proceedings. All rights of the Tenant to damages, if any, are hereby assigned to Lender, the Landlord. The Tenant agrees to execute and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorneydeliver any instruments, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance expense of the indebtedness secured herebyLandlord, as selected by Lendermay be deemed necessary to expedite any condemnation proceedings or to effectuate a proper transfer of title to such governmental or other public authority, notwithstanding agency, body or public utility seeking to take or acquire the fact that said lands and premises of any portion thereof. The Tenant agrees to vacate the amount owing thereon may not then be due said premises, remove all the Tenant's personal property therefrom and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards deliver up peaceable possession thereof to the reduction Landlord or to such other party designated by the Landlord. The Tenant shall repay the Landlord for such costs, expenses, damages and losses as the Landlord may incur by reason of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 Tenant's breach hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deed.
Appears in 1 contract
Condemnation/Eminent Domain. All awards and other compensation heretofore In case during the Term all or hereafter made to Borrower and all subsequent owners any substantial part of the Property in any taking Premises or the Building are taken by eminent domain or recovery for inverse condemnationLandlord receives compensable damage by reason of anything lawfully done in pursuance of public or other authority, either permanent or temporary, of affecting all or any a substantial part of the Property Premises or Building this Lease shall terminate at Landlord's election, which may be made (notwithstanding that Landlord's entire interest may have been divested) by notice given to Tenant within ninety (90) days after the election to terminate arises, specifying the effective date of termination. The effective date of termination specified by Landlord shall not be less than fifteen (15) nor more than thirty (30) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any easement or any appurtenance theretosuch taking, including severance and consequential damages and change in grade of any streetsubject, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assignshowever, to adjust or compromise the claim for following provisions. If in any such award case the Premises are rendered unfit for use and alone occupation and this Lease is not terminated, Landlord shall use reasonable diligence (following the expiration of the period in which Landlord may terminate this Lease pursuant to collect the foregoing provisions of this Section 6.2) to put the Premises, or what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 5.11), into proper condition for use and receive occupation and a just proportion of the proceeds thereofAnnual Fixed Rent and Additional Rent for Operating Expenses according to the nature and extent of the injury shall be abated until the Premises or such remainder shall have been put by Landlord in such condition; and in case of a taking which permanently reduces the area of the Premises, a just proportion of the Annual Fixed Rent and Additional Rent for Operating Expenses shall be abated for the remainder of the Term. If the taking of a part of the Premises substantially and adversely interferes with Tenant's ability to give proper receipts continue its business operations then Tenant may terminate this Lease on written notice to Landlord given not more than thirty (30) days after such taking and acquittances therefor and, after deducting any expenses of collection, at its sole option:
effective on the earlier of: (i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordinglydate when title vests; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) the date Tenant is dispossessed by the condemning authority; or (iii) sixty (60) days following notice to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost Tenant of the restoration date when vesting or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender dispossession is to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deed.occur
Appears in 1 contract
Condemnation/Eminent Domain. All awards and other compensation heretofore If the Premises, or hereafter made such portion thereof as to Borrower and all subsequent owners render the balance (when reconstructed) unsuitable for the purposes of Tenant, shall be taken by condemnation or right of eminent domain, either party, upon written notice to the other, shall be entitled to terminate this lease, provided that such notice is given not later than thirty (30) days after Tenant has been deprived of possession. Landlord agrees to expend so much, as may be necessary of the Property net amount which may be awarded to Landlord in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like their condition prior to such taking as shall be practicable. Should the net amount so awarded to Landlord be insufficient to cover the cost of restoring the Premises, as estimated by Landlord's architect, Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore said premises as above provided, with all reasonable diligence, or terminate this lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, Landlord shall notify Tenant of Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Out of any award for any taking of the Landlord's interest in the Premises, in condemnation proceedings or by right of eminent domain, Landlord shall be entitled to receive and retain the amounts awarded for such Premises and for Landlord's business loss. Landlord reserves, and Tenant assigns to Landlord, all rights which Tenant may have for damages or injury to the Premises for any taking by eminent domain domain, except for damage to Tenant's fixtures, property, or recovery for inverse condemnationequipment and those relocation expenses provided in M.G.L. c. 79A, either permanent or temporary, of all Section 7 or any part of the Property other federal or any easement state law or any appurtenance theretostatute, including severance provided Landlords rights and consequential damages and change in grade of any street, claims hereunder are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is neither reduced nor otherwise adequately securedimpaired. In the event Lender applies of any such awards taking of the Premises, the Base Rent, additional rent and the pro rata charge specified in ARTICLE 4 of this lease, or a fair and just proportion thereof, according to the reduction nature and extent of the outstanding indebtedness evidenced by the Notedamage sustained, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration suspended or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deedabated.
Appears in 1 contract
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners A. If any portion of the Property in Premises, or any taking by material portion of Tenant's Drive Thru lanes or the supporting stacking or traffic lanes, shall be taken under eminent domain or recovery condemnation proceedings, or if suit or other action shall be instituted for inverse condemnationthe taking or condemnation thereof, either permanent or temporaryif in lieu of any formal condemnation proceedings or actions, of all the Landlord shall grant an option to, and or shall sell and convey the Premises or any part material portion thereof, to the governmental or other public authority, agency, body or public utility, seeking to take said Premises or any material portion thereof, then this Lease, at the option of the Property Tenant, shall terminate, and the term hereof shall end as of such date such property is surrendered to the condemning authority.
B. [INTENTIONALLY OMITTED]
C. In the event that the Lease is terminated by Tenant, pursuant to this Article, the Tenant shall have no claim or right to claim or be entitled to any easement or any appurtenance thereto, including severance and consequential damages and change in grade portion of any streetamount which may be awarded as damages or paid as the result of such condemnation proceedings or paid as the purchase price for such option, sale or conveyance in lieu of formal condemnation proceedings. All rights of the Tenant to damages, if any, are hereby assigned to Lenderthe Landlord, except for an award made to Tenant for Tenant's moving expenses or for the loss of Tenant's trade fixtures and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, tangible personal property if a separate award for such items is made to the Tenant. The Tenant agrees to execute and authorizes, directs and empowers such attorneydeliver any instruments, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance expense of the indebtedness secured herebyLandlord, as selected by Lendermay be deemed necessary or required to expedite any condemnation proceedings or to effectuate a proper transfer of title to such governmental or other public authority, notwithstanding agency, body or public utility seeking to take or acquire the fact that said lands and premises or any portion thereof. If given notice to quit from the amount owing thereon may not then be due Landlord, the Tenant agrees to vacate the Premises, remove all the Tenant's personal property therefrom and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards deliver up peaceable possession thereof to the reduction of the outstanding indebtedness evidenced Landlord or to such other party designated by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default Landlord in the payment of aforementioned notice. Failure by the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails Tenant to comply with any provisions in this clause shall subject the terms Tenant to such costs, expenses, damages and losses as the Landlord may incur by reason of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security DeedTenant's breach hereof.
Appears in 1 contract
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners 7.1 Mortgagor shall notify Mortgagee promptly upon obtaining knowledge of the Property in institution of (i) any taking by eminent domain domain, condemnation or recovery for inverse condemnation, either permanent or temporary, otherwise of all or any part portion of the Property Secured Property, or any easement or any appurtenance thereto, including severance and consequential damages and (ii) the change in of grade of any street, are road or avenue or the widening of streets, roads or avenues adjoining or abutting the Land, or (iii) any other, injury to, or decrease in value of, the Secured Property caused in any manner by any Governmental Authority (any of the foregoing events, a "Taking").
7.2 If no Event of Default has occurred and is then continuing, Mortgagee and Mortgagor shall jointly negotiate and settle any such proceedings with respect to such a Taking and the amount of any Award to be made in connection therewith and shall jointly execute and deliver on behalf of Mortgagor all necessary proofs of loss, receipts, vouchers and releases required in connection with any such Taking. If any Event of Default shall have occurred and then be continuing, then Mortgagee may, at its option, negotiate and settle such claims. Mortgagor agrees to execute, upon demand by Mortgagee, all such proofs of loss, receipts, vouchers and releases and to cooperate with Mortgagee in connection therewith. Mortgagor shall direct the applicable Governmental Authority to make payment of any such Award directly to Mortgagee and Mortgagee is hereby assigned authorized to Lender, and Borrower hereby irrevocably appoints Lender endorse any draft therefor as its Mortgagor's attorney-in-fact. If, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, prior to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of any Award, the Note; or
(ii) Secured Property or any portion thereof shall have been sold on foreclosure of this Mortgage, Borrower shall direct the applicable Governmental Authority to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects pay to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that Mortgagee the amount owing thereon may not then of any deficiency found to be due and payable upon such sale, whether or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of not a deficiency judgment on this Mortgage shall have been sought or recovered or denied, together with interest thereon at the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security DeedInterest Rate.
Appears in 1 contract
Samples: First Mortgage and Security Agreement (Intergraph Corp)
Condemnation/Eminent Domain. All awards and other compensation heretofore In the event that the premises or hereafter made to Borrower and all subsequent owners of any part thereof, or the Property in any taking by eminent domain or recovery for inverse condemnation, either permanent or temporary, of all whole or any part of the Property Building shall be taken or appropriated by eminent domain or shall be condemned for any easement public or any appurtenance theretoquasi-public use, including severance and consequential damages and change in grade or (by virtue of any streetsuch taking appropriation or condemnation) shall suffer any damage (direct or indirect or consequential) for which Landlord or Tenant shall be entitled to compensation, are hereby assigned to Lender, then (and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, in any such event) this Lease and authorizes, directs and empowers such attorney, the term hereof may be terminated at the option election of said attorney, on behalf Landlord by a notice in writing of Borrower, its successors and assigns, election so to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds terminate which shall be applied at par and given by Landlord to Tenant within sixty (60) days foregoing the monthly installments due and payable under the Note date on which Landlord shall be adjusted accordingly; however no have received notice of such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration taking, appropriation or rebuilding the Propertycondemnation. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost a substantial part of the restoration premises or rebuilding of the buildings or improvements on the Property, such proceeds means of access thereto shall be made available so appropriated or condemned, then (and in any such event) this Lease and the manner and under term hereof may be terminated at the conditions that Lender may require as provided under Paragraph 8 hereof. If election of Tenant by a notice in writing of its election so to terminate which shall be given by Tenant to Landlord within sixty (60) days following the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus date on which may remain out of said award after payment Tenant shall have received notice of such cost taking appropriation or condemnation. Upon the giving of restoration any such notice of termination (either by Landlord or rebuilding Tenant) this Lease and the term hereof shall terminate on or retroactively as of the date on which Tenant shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees required to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if vacate any part of any the premises or shall be deprived of a substantial part of the Improvements situated means of access thereto, provided, however, that Landlord may in Landlord's notice elect to terminate this Lease and the term hereof retroactively as of the dare on which such taking appropriation or condemnation became legally effective. In the Property event of any such termination, this Lease and the term hereof shall expire as of such effective termination date as though that were the Termination Date as stated in Exhibit 1, and the Yearly Rent, additional rent and all other charges due hereunder shall be condemned by any governmental authority apportioned as of such date. If neither party (having jurisdictionthe right so to do) elects to terminate Landlord will, or if lands constituting a portion with reasonable diligence and at Landlord's expense, restore the remainder of the Property premises, the Building and the remainder of the means of access, as nearly as practicably may be to the same condition as obtained prior to such taking appropriation or condemnation in which event (i) the Total Rentable Area shall be condemned by any governmental authority having jurisdictionadjusted as in Exhibit 5 provided, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms (ii) a just proportion of the Occupancy LeasesYearly Rent, according to the nature and extent of the taking, appropriation or condemnation and the resulting permanent injury to the premises and the means of access thereto, shall be permanently abated, and (iii) a just proportion of the remainder of the Yearly Rent, additional rent and all other charges due hereunder according to the nature and extent of the taking appropriation or condemnation and the resultant injury sustained by the premises and the means of access thereto, shall be abated until what remains of the premises and the means of access thereto shall have been restored as fully as may be for permanent use and occupation by Tenant hereunder. Except for any award specifically reimbursing Tenant for moving or relocation expenses, there are expressly reserved to Landlord all rights to compensation and damages created, accrued or accruing by reason of any such taking, appropriation or condemnation, in either implementation and in confirmation of said events, Lender which Tenant does hereby acknowledge that Landlord shall be entitled to exercise receive all such compensation and damages, grant to Landlord all and whatever rights (if any) Tenant may have to such compensation and damages, and agree to execute and deliver all and whatever further instruments of assignment as Landlord may from time to time request. In the event of any taking of the premises or all remedies provided any part thereof for temporary (i.e., not in excess of one (1) year) use, (i) this Lease shall be and remain unaffected thereby, and (ii) Tenant shall be entitled to receive for itself any award made to the extent allocable to the premises in respect of such taking, on account of such use, provided, that if any taking is for a period extending beyond the term of this Lease, such award shall be apportioned between Landlord and Tenant as of the Termination Date or referenced in earlier termination of this Security DeedLease.
Appears in 1 contract
Samples: Lease Agreement (Edocs Inc)
Condemnation/Eminent Domain. All awards and other compensation heretofore (a) In the event of any condemnation or hereafter made taking in any manner for public or quasi-public use, which shall be deemed to Borrower and all subsequent owners include a voluntary conveyance in lieu of a taking (a “taking”) of the Property in any taking by eminent domain or recovery for inverse condemnation, either permanent or temporary, of all or any part whole of the Property or any easement or any appurtenance theretoBuilding, including severance and consequential damages and change in grade this Lease shall forthwith terminate as of any streetthe date when Tenant is required to vacate the Premises.
(b) Unless this Lease is terminated as provided herein, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collectionLandlord, at its sole option:own expense, and proceeding with due diligence and all reasonable dispatch, but subject to delays beyond the reasonable control of Landlord, shall restore the remaining portion of the Premises (but not any alterations or improvements made by or for Tenant or any trade fixtures, equipment or personal property of Tenant) and the necessary portions of the Building as nearly as practicable to the same condition as it was prior to such taking, subject to zoning and building laws then in effect. Notwithstanding the foregoing, Landlord’s obligation to restore the remaining portion of the Premises shall be limited to the extent of the condemnation proceeds (net of all costs and expenses incurred in connection with same) received by Landlord on account thereof. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in restoring the Premises.
(ic) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects only a part of the Premises or the Building shall be taken, then, if such taking is a substantial taking (as hereinafter defined), either Landlord or Tenant may by delivery of notice in writing to make said proceeds available the other within sixty (60) days following the date on which Landlord’s title has been divested by such authority, terminate this Lease, effective as of the date when Tenant is required to reimburse Borrower vacate any portion of the Premises or appurtenant rights. A “substantial taking” shall mean a taking which: requires restoration and repair of the remaining portion of the Building that cannot in the ordinary course be reasonably expected to be repaired within one hundred eighty (180) days; results in the loss of reasonable access to the Premises; or results in the loss of more than twenty-five percent (25%) of the rentable floor area of the Premises.
(d) If this Lease is not terminated as aforesaid, then this Lease shall continue in full force and effect, provided if as a result of which there is material interference with the operation of Tenant’s use of the Premises, then the Yearly Rent and additional rent payable by Tenant shall be justly and equitably abated and reduced according to the nature and extent of the loss of use thereof suffered by Tenant.
(e) Landlord shall have and hereby reserves and excepts, and Tenant hereby grants and assigns to Landlord, all rights to recover for damages to the Building, the Complex, and the leasehold interest hereby created (including any award made for the cost value of the restoration estate vested by this Lease in Tenant), and to compensation accrued or rebuilding hereafter to accrue by reason of such taking, and by way of confirming the buildings or improvements on the Propertyforegoing, Tenant hereby grants and assigns, and covenants with Landlord to grant and assign, to Landlord all rights to such proceeds damages of compensation. Nothing contained herein shall be made available construed to prevent Tenant from prosecuting in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower any condemnation proceedings a separate claim for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part value of any of Tenant’s personal property and for relocation expenses and business losses, provided that such action shall not affect the Improvements situated on amount of compensation otherwise recoverable by Landlord from the Property taking authority. Any dispute between the parties relating to the provisions or obligations in this Article 20 shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails submitted to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled arbitration pursuant to exercise any or all remedies provided or referenced in this Security DeedArticle 29.5 hereof.
Appears in 1 contract
Samples: Lease Agreement (Enumeral Biomedical Holdings, Inc.)
Condemnation/Eminent Domain. All awards and other compensation heretofore If there is any taking of, or hereafter made to Borrower and damage to, all subsequent owners or part of the Property in Premises, the Building or the Land, or any taking by interest therein, because of the exercise of the power of eminent domain or recovery for inverse condemnation, either permanent whether by condemnation proceedings, or temporaryotherwise, of all or any transfer or any part thereof or any interest herein made in avoidance thereof (all of the Property foregoing being hereinafter referred to as "taking") before or any easement during the term hereof, this lease shall terminate, at Lessor's option, on the date when Lessor is actually deprived of possession of the Land, the Building or any appurtenance theretothe Premises, including severance and consequential damages and change in grade of any street, are hereby assigned to Lenderor some part thereof (the "Termination Date"), and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interestthereupon the parties hereto shall be released from all further obligations hereunder, and authorizes, directs Lessor shall thereupon repay Lessee any rental theretofore paid by Lessee and empowers such attorney, unearned at the option Termination Date. The total and entire award or compensation in such proceedings, whether for a total or partial taking, or for diminution in the value of said attorney, on behalf of Borrower, its successors and assigns, to adjust the leasehold or compromise for the claim fee or for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds other reason shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leasesbelong to, and in either of said eventsbe the property of, Lender Lessor; provided, that Lessee shall be entitled to exercise recover from the condemnor such compensation as may be separately awarded by the condemnor to Lessee or recoverable from the condemnor by Lessee in its own right for the taking of trade fixtures and equipment owned by Lessee in its own right (meaning personal property, whether or not attached to real property, which may be removed without injury to the Premises) and for the expense of removing and relocating them, and for the loss of goodwill to the extent that is severally awardable. Except for any right to recovery by Lessee expressly enumerated herein, Lessee does hereby waive, renounce and quit claim to Lessor any right in and to any award, judgment, payment or all remedies provided compensation which shall or referenced in this Security Deedmay be made or given because of a taking of the Premises, the Building or the Land.
Appears in 1 contract
Samples: Office Building Lease (Voice Powered Technology International Inc)
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and In case during the Term all subsequent owners of the Property Premises or the Building are taken, condemned, requisitioned or sold in or on account of any taking by eminent domain proceeding or recovery by other action by any authority having the power of eminent domain (any of the foregoing being hereinafter referred to as a "Taking" and any portion of the Premises or the Building subjected to a Taking being referred to as being "Taken") this Lease shall terminate as of the date of the Taking as if such date were the date of the ordinary expiration of the Term. If at least 20% of the Premises are Taken, Tenant shall have the right to terminate this Lease (notwithstanding that Landlord's entire interest may have been divested) by notice given to Landlord within 90 days after the date of such taking. If the remainder of the Premises are not in a proper condition for inverse condemnationuse and occupation, either permanent or temporaryLandlord shall, as promptly as practicable, notify Tenant of all or any the extent to which repairs to the Premises can be made based on available proceeds of condemnation ("Landlord's Condemnation Notice"). If such a substantial part of the Property Building or the Premises are Taken that the remainder of the Building or the Premises cannot, after any easement repairs proposed by Landlord, be operated in the ordinary course of Tenant's or any appurtenance theretoLandlord's business, including severance Landlord and consequential damages and change in grade Tenant shall each have the right to terminate this Lease by notice to the other within 90 days after the delivery of any street, are hereby assigned to LenderLandlord's Condemnation Notice. Any notice of termination under this Section 6.2 shall specify the effective date of termination, and Borrower hereby irrevocably appoints Lender this Lease shall terminate on such date as its attorney-in-factif such date were the date of the ordinary expiration of the Term. The effective date of termination specified by Landlord or Tenant shall not be less than 15 nor more than 30 days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, coupled with an interestthis Lease shall remain in full force and effect following any such taking, and authorizessubject, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assignshowever, to adjust or compromise the claim for following provisions. If in any such award case the Premises are rendered unfit for use and alone occupation and this Lease is not terminated, Landlord shall use due diligence (following the expiration of the period in which Landlord or Tenant may terminate this Lease pursuant to collect and receive the proceeds thereofforegoing provisions of this Section), to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance extent of the indebtedness secured herebyavailable proceeds of condemnation, as selected by Lenderto put the Premises, notwithstanding or what may remain thereof (excluding Tenant's Removable Property), into proper condition for use and occupation and a just proportion of the fact that the amount owing thereon may not then be due Fixed Rent and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards additional rent for Operating Expenses according to the reduction nature and extent of the outstanding indebtedness evidenced by the Note, such proceeds injury shall be applied at par abated until the Premises or such remainder shall have been put by Landlord in such condition; and in case of a taking which permanently reduces the monthly installments due area of the Premises, a just proportion of the Fixed Rent and payable under the Note additional rent for Operating Expenses shall be adjusted accordingly; however no such application shall serve to cure an existing default in abated for the payment remainder of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security DeedTerm.
Appears in 1 contract
Samples: Lease (Cascade Communications Corp)
Condemnation/Eminent Domain. All awards 25.1 If the land and other compensation heretofore Leased Premises leased herein, or hereafter made to Borrower of which the Leased Premises are a part, or a portion thereof, materially adversely affecting Tenant’s use and all subsequent owners of the Property occupancy, in any taking by Tenant’s reasonable judgment, shall be taken under eminent domain or recovery condemnation proceedings, or if suit or other action shall be instituted for inverse condemnation, either permanent the taking or temporarycondemnation thereof, of all or any part of the Property or any easement or any appurtenance thereto, including severance and consequential damages and change in grade lieu of any streetformal condemnation proceedings or actions, are hereby assigned the Landlord shall sell and convey the said Leased Premises or such portion thereof, to Lenderthe governmental or other public authority, agency, body or public utility, seeking to take said land and Borrower hereby irrevocably appoints Lender as its attorney-in-factLeased Premises or such portion thereof, coupled with an interest, and authorizes, directs and empowers such attorneythen this Lease, at the option of said attorneythe Landlord or Tenant, on behalf shall terminate, and the term hereof shall end as of Borrower, its successors such date of transfer of title; and assigns, the Tenant shall have no claim or right to adjust claim or compromise be entitled to any portion of any amount which may be awarded as damages to Landlord or paid to Landlord as the claim result of such condemnation proceedings or paid to Landlord as the purchase price for such sale or conveyance in lieu of formal condemnation proceedings. The Tenant agrees to execute and deliver any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collectioninstruments, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance expense of the indebtedness secured herebyLandlord, as selected by Lendermay be deemed necessary or required to expedite any condemnation proceedings or to effectuate a proper transfer of title to such governmental or other public authority, notwithstanding agency, body or public utility seeking to take or acquire the fact that the amount owing thereon may not then be due said lands and payable Leased Premises or that the indebtedness is otherwise adequately securedsuch portion thereof. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further The Tenant covenants and agrees to give Lender immediate notice vacate the said Leased Premises, remove all of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute Tenant’s Leased Premises therefrom and deliver up peaceable possession thereof to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary the said purchaser. Failure by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails Tenant to comply with any provisions in this clause shall subject the terms Tenant to such costs, expenses, damages and losses as the Landlord may incur by reason of the Occupancy Leases, and in either of said events, Lender Tenant’s default thereof. The Tenant shall be entitled to exercise receive any relocation expenses awarded by a court in condemnation or all remedies provided or referenced paid in this Security Deedany negotiated acquisition in lieu of condemnation.
Appears in 1 contract
Samples: Lease Agreement (Ikaria, Inc.)
Condemnation/Eminent Domain. All Subject to the Credit Agreement, upon obtaining knowledge of the institution of any proceedings for the condemnation of the Mortgaged Property, or any portion thereof, Mortgagor will notify Mortgagee of the pendency of such proceedings. Mortgagee is hereby authorized and empowered by Mortgagor to settle or compromise any claim in connection with such condemnation and to receive all awards and other compensation heretofore or hereafter made proceeds thereof to Borrower and all subsequent owners be applied pursuant to Section 2.10(c) of the Property in Credit Agreement. Notwithstanding the preceding sentence, provided no Event of Default shall have occurred and be continuing, but expressly subject to the provisions of Section 2.10(c) of the Credit Agreement, (i) Mortgagor shall, at its expense, diligently prosecute any taking by eminent domain or recovery for inverse proceeding relating to such condemnation, either permanent or temporary, of all or any part of the Property or any easement or any appurtenance thereto, including severance and consequential damages and change in grade of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust (ii) Mortgagor may settle or compromise the claim for any such award claims in connection therewith and alone to collect and (iii) Mortgagor may receive the any awards or proceeds thereof, provided that Mortgagor shall (a) in the event of a partial taking of an individual Mortgaged Property and to give proper receipts the extent reasonable possible promptly repair and acquittances therefor andrestore the remaining portion of such Mortgaged Property to its condition prior to such condemnation, after deducting regardless of whether any expenses award shall have been received or whether such award is sufficient to pay for the costs of collectionsuch repair and restoration or, at its sole option:
(i) to apply in the net proceeds as a credit upon alternative, have the outstanding principal balance landlord of any leasehold Mortgaged Property repair and restore same in accordance with the applicable provisions of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdictionapplicable Mortgaged Lease, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to (b) otherwise comply with the terms provisions of the Occupancy Leases, and in either Credit Agreement relating to the disposition of said events, Lender shall be entitled to exercise any Net Cash Proceeds from a Recovery Event or all remedies provided or referenced in this Security Deedotherwise.
Appears in 1 contract
Condemnation/Eminent Domain. All awards and other compensation heretofore Section 1. This Lease shall terminate: (1) if the entire PREMISES shall be taken by condemnation or hereafter made to Borrower and all subsequent owners of the Property in any taking by eminent domain domain; or recovery for inverse condemnation, either permanent or temporary, of all or any part of the Property or any easement or any appurtenance thereto, including severance and consequential damages and change in grade of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, (2) at the option of said attorneyTenant (exercisable by notice given to Landlord within thirty (30) days after the date of any such taking) if a material part of the PREMISES shall be taken in any condemnation or eminent domain proceeding(s). Upon the termination of this Lease by reason of condemnation or eminent domain, on behalf Tenant shall be liable only for the payment of BorrowerFixed Rent and Additional Rent and other charges herein, its successors pro-rated to the date of such termination, and assignsLandlord shall refund any payment in excess thereof to Tenant.
Section 2. Tenant may, to adjust or compromise the claim if permitted by law, make any application for any such award which might be independently payable to it in connection with Tenant's moving expenses, business dislocation damages or for the taking of Tenant's leasehold improvements. Tenant waives its right to and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
agrees that it shall not (i) make any other claim in or with respect to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured herebyany condemnation or eminent domain proceedings whatsoever or otherwise, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) make any claim against Landlord in any other action for the value of the unexpired portion of this Lease or the term hereof. Except as above specifically provided, the total amount of all condemnation awards shall be the sole and exclusive property of the Landlord, and Tenant shall not participate therein or in the negotiation thereof or have any rights whatsoever with respect to hold said the awards or the proceeds without of any allowance of interest and make the same available for restoration or rebuilding the Propertysuch proceedings.
Section 3. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost any part of the restoration PREMISES is taken in any condemnation or rebuilding eminent domain proceedings and this Lease is not terminated pursuant to Section 1 hereof, then this Lease shall remain in full force and effect as to such remaining portion. Subject to the availability of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from for reconstruction and restoration, Landlord shall promptly reconstruct and restore the United States government at any time after the allowance portion of the claim therefor, building upon the ascertainment PREMISES remaining after such taking to the same condition as initially demised hereunder. In no event shall Landlord be obligated to expend any sums for such rebuilding or restoration in excess of the amount thereof of money actually paid to and the issuance received by Landlord from any condemning authority, net of all expenses, which expenses shall include any payments required to be made to any mortgagee of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with PREMISES under the terms of the Occupancy Leasesits mortgage. The balance of any such proceeds shall, after completion of restoration and in either of said eventsreconstruction, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deedretained by Landlord.
Appears in 1 contract
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners If any portion of the Property in any taking by premises of which the Premises are a part is taken under eminent domain or recovery condemnation proceedings, or if suit or other action shall be instituted for inverse condemnationthe taking or condemnation thereof, either permanent or temporaryif in lieu of any formal condemnation proceeding or actions, of all the Landlord grants an option to purchase and or sells and conveys the Premises or any part portion thereof, to the governmental or other public authority, agency, body or public utility seeking to take the Premises or any portion thereof, then this Lease, at the option of the Property Landlord, will terminate, and the term hereof will end as of such date as the Landlord fixes by notice in writing. The Tenant will have no claim or right to claim or be entitled to any easement or any appurtenance thereto, including severance and consequential damages and change in grade portion of any streetamount which may be awarded as damages or paid as the result of such condemnation proceedings or paid as the purchase price for such option, sale or conveyance in lieu of formal condemnation proceedings. The Tenant may, however, file a claim for any taking of fixtures and improvements owned by the Tenant, and for moving expenses. Except as provided in the preceding sentence, all rights of the Tenant to damages, if any, are hereby assigned to Lender, the Landlord. The Tenant will execute and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorneydeliver any instruments, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance expense of the indebtedness secured herebyLandlord, as selected by Lendermay be deemed necessary to expedite any condemnation proceedings or to effectuate a proper transfer of title to such governmental or other public authority, notwithstanding agency, body or public utility seeking to take or acquire the fact that Premises or any portion thereof. The Tenant will vacate the amount owing thereon may not then be due Premises, remove all of the Tenant's personal property therefrom and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards deliver up peaceable possession thereof to the reduction Landlord or to such other party designated by the Landlord. The Tenant will repay the Landlord for such costs, expenses, damages and losses as the Landlord may incur by reason of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 Tenant's breach hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deed.
Appears in 1 contract
Condemnation/Eminent Domain. All awards and other compensation heretofore (a) If the Property, or hereafter made to Borrower and all subsequent owners of the Property in any taking material part thereof, shall be taken or appropriated by eminent domain or recovery shall be condemned for inverse condemnationany public or quasi- public use, either permanent or temporary, by reason of any transfer of all or any material part of the Property Building, or any easement interest therein made in avoidance of such a taking or 'appropriation, or (by virtue of any appurtenance taking, appropriation or condemnation) shall suffer any damage (direct, indirect or consequential) for which Landlord or Tenant shall be entitled to compensation, then (and in any such event) this Lease and the Term hereof may be terminated at the election of Landlord by giving a written notice of termination to the Tenant within sixty (60) days following the date on which Landlord shall have received notice of a taking, appropriation or condemnation, or shall have effected such transfer. If the entire Premises, or a portion thereof shall be so taken, appropriated, condemned or transferred, such that Tenant shall be precluded from effectively utilizing the Premises for its intended purpose, then (and in such event) this Lease and the Term hereof may be terminated at the election of Tenant by giving a written notice of termination to Landlord within sixty (60) days following the date on which Tenant shall have received notice of a taking, appropriation, condemnation, or on which Landlord shall have transferred such property. Upon the giving of any such notice of termination by either Landlord or Tenant, this Lease and the Term hereof shall terminate as of the date on which Landlord or Tenant, as the case may be, shall be required to vacate any portion of the area so taken, appropriated or condemned or shall be deprived of the means of access thereto, including severance provided, however, that Landlord in its notice of termination may elect to terminate this Lease and consequential damages and change in grade of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender the Term hereof retroactively as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured herebydate on which such taking, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable appropriation or that the indebtedness is otherwise adequately securedcondemnation became legally effective. In the event Lender applies of such awards termination, this Lease and the Term hereof shall expire as of such effective termination date and the Basic Annual Rent shall be apportioned as of such date.
(b) If neither party elects to terminate this Lease and the Term hereof, Landlord shall, with reasonable diligence and at its expense (but only to the reduction extent of the outstanding indebtedness evidenced taking award recovered or recoverable and made available to Landlord by any mortgagees of the NoteBuilding), restore the remainder of the Premises (but not the Improvements or any of Tenant's Property), as nearly as practicable to the condition thereof prior to such proceeds shall be applied at par and taking, appropriation or condemnation, in which event the monthly installments due and payable under the Note Basic Annual Rent shall be adjusted accordingly; however no in a manner such application shall serve to cure an existing default in the payment that (i) a just proportion of the Note; or
Basic Annual Rent, according to the nature and extent of the taking, appropriation or condemnation and the resulting permanent injury to the Premises shall be permanently abated, and (ii) a just proportion of the remainder of the Basic Annual Rent, according to hold said proceeds without the nature and extent of the taking, appropriation or condemnation and the resultant injury sustained by the Premises, shall be abated until what remains of the Premises (other than Tenant's Work, Improvements or any allowance of interest Tenant's Property) shall have been restored as fully as practicable for permanent use and make occupation by Tenant hereunder. Landlord shall not be liable for any delays in such restoration which are due to governmental regulations, casualties, strikes, unavailability of labor or materials, or other causes beyond Landlord's control nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from reasonable delays in such restoration. Landlord expressly reserves to Landlord and Tenant hereby assigns to Landlord all rights to compensation and damages created, accrued or accruing by reason of any taking, appropriation or condemnation, except for compensation relating to Tenant's Property and for moving expenses, provided the same available for restoration or rebuilding the Property. In the event that Lender elects are separately awarded to make said proceeds available to reimburse Borrower for the cost Tenant without reduction of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security DeedLandlord's award.
Appears in 1 contract
Samples: Lease Agreement (BGS Systems Inc)
Condemnation/Eminent Domain. All awards If, after the execution of this Lease and before the expiration of the term hereof, any portion of the Demised Premises shall be taken by right of eminent domain that reduces the Demised Premises to less than 15,000 rentable square feet of space, then this Lease and the term hereof shall terminate as of the time when the Landlord shall be divested of its interest in the Demised Premises, and annual fixed rent and all additional rent and other compensation heretofore or hereafter made to Borrower charges payable hereunder shall be apportioned and all subsequent owners adjusted as of the Property date of termination. If the term of this Lease shall not be terminated as aforesaid, then the term of this Lease shall continue in full force and effect, and the Landlord shall, within a reasonable time after possession is required for public use (subject to delays due to difficulty in obtaining labor, materials, equipment, government restrictions, labor difficulties, fires or to any other cause beyond the Landlord's control and subject to the provisions of the applicable building and zoning laws) repair and rebuild what may remain of the Demised Premises so as to put the same into condition for use and occupancy by the Tenant. A just proportion of the annual rent reserved herein, according to the nature and extent of the injury to the Demised Premises, shall be suspended or abated until what may remain of the Demised Premises shall be put in such condition by the Landlord, and thereafter a just proportion of the annual rent reserved herein, according to the nature and extent of the part so taken, shall be abated for the balance of the term of this Lease; provided, however, that in connection with the above obligation to repair and rebuild Landlord shall have no obligation to expend more than the amount actually recovered as an award for such taking and made available by any mortgage of the building and/or the Landlord's Property. The Landlord reserves to itself, and the Tenant assigns to the Landlord, all rights to damages accruing on account of any taking by under the power of eminent domain or recovery for inverse condemnation, either permanent or temporary, of all or any part of the Property or any easement or any appurtenance thereto, including severance and consequential damages and change in grade by reason of any street, act of any public or quasi-public authority for which damages are hereby assigned payable. The Tenant agrees to Lenderexecute such instruments of assignment as may be reasonably required by the Landlord in any proceeding for the recovery of such damages if requested by the Landlord, and Borrower hereby irrevocably appoints Lender as its attorney-in-factto turn over to the Landlord any damages that may be recovered in such proceeding. It is agreed and understood, coupled with an interesthowever, that the Landlord does not reserve to itself, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may Tenant does not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards assign to the reduction Landlord, any damages payable for reimbursement of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of moving Tenant's stock, fixtures and appliances to the restoration or rebuilding of the buildings or improvements on the Property, extent that such proceeds shall claim may be made available in the manner independently by Tenant directly against any taking authority without regard to and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deedwithout diminishing Landlord's claim.
Appears in 1 contract
Condemnation/Eminent Domain. All awards and other compensation heretofore In case during the Term all or hereafter made to Borrower and all subsequent owners any substantial part of the Property in any Premises or the Building (and such taking of the Building materially and adversely affects Tenant's occupancy of or access to the Premises) are taken by eminent domain or recovery Landlord receives compensable damage by reason of anything lawfully done in pursuance of public or other authority, this Lease shall terminate at Landlord's election (provided that at such time Landlord is in the process of terminating the leases of any tenants that are similarly situated with Tenant), which may be made (notwithstanding that Landlord's entire interest may have been divested) by notice given to Tenant within ninety (90) days after the election to terminate arises, specifying the effective date of termination. The effective date of termination specified by Landlord shall not be less than fifteen (15) nor more than thirty (30) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such taking, subject, however, to the following provisions. If in any such case the Premises are rendered unfit for inverse condemnationuse and occupation and this Lease is not terminated, either permanent Landlord shall use reasonable diligence (following the expiration of the period in which Landlord may terminate this Lease pursuant to the foregoing provisions of this Section 6.2) to put the Premises, or temporarywhat may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 5.10), into proper condition for use and occupation and a just proportion of all the Annual Fixed Rent and Additional Rent for Operating Expenses and Taxes according to the nature and extent of the injury shall be abated until the Premises or any such remainder shall have been put by Landlord in such condition; and in case of a taking which permanently reduces the area of the Premises, a just proportion of the Annual Fixed Rent and Additional Rent for Operating Expenses and Taxes shall be abated for the remainder of the Term. If the taking of a part of the Property Premises or any easement or any appurtenance thereto, including severance the Building substantially and consequential damages adversely interferes with Tenant's ability to continue its business operations then Tenant may terminate this Lease on written notice to Landlord given not more than thirty (30) days after such taking and change in grade of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at effective on the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
earlier of: (i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordinglydate when title vests; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) the date Tenant is dispossessed by the condemning authority; or (iii) sixty (60) days following notice to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost Tenant of the restoration date when vesting or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender dispossession is to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deedoccur.
Appears in 1 contract
Samples: Office Lease (Mac-Gray Corp)
Condemnation/Eminent Domain. All awards and other compensation heretofore In case during the Term all or hereafter made to Borrower and all subsequent owners any substantial part of the Property in any taking Premises or the Building are taken by eminent domain or recovery Landlord receives compensable damage by reason of anything lawfully done in pursuance of public or other authority, this Lease shall terminate at Landlord’s election, which may be made (notwithstanding that Landlord’s entire interest may have been divested) by notice given to Tenant within ninety (90) days after the election to terminate arises, specifying the effective date of termination. The effective date of termination specified by Landlord shall not be less than fifteen (15) nor more than thirty (30) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such taking, subject, however, to the following provisions. If in any such case the Premises are rendered unfit for inverse condemnationuse and occupation and this Lease is not terminated, either permanent Landlord shall use reasonable diligence (following the expiration of the period in which Landlord may terminate this Lease pursuant to the foregoing provisions of this Section 6.2) to put the Premises, or temporarywhat may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 5.9), into proper condition for use and occupation and a just proportion of all the Annual Fixed Rent and Additional Rent for Landlord’s Taxes and Landlord’s Operating Expenses according to the nature and extent of the injury shall be abated until the Premises or any such remainder shall have been put by Landlord in such condition; and in case of a taking which permanently reduces the area of the Premises, a just proportion of the Annual Fixed Rent and Additional Rent for Landlord’s Operating Expenses and Landlord’s Taxes shall be abated for the remainder of the Term. If the taking of a part of the Property or any easement or any appurtenance thereto, including severance Premises substantially and consequential damages adversely interferes with Tenant’s ability to continue its business operations then Tenant may terminate this Lease on written notice to Landlord given not more than thirty (30) days after such taking and change in grade of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at effective on the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
earlier of: (i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordinglydate when title vests; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) the date Tenant is dispossessed by the condemning authority; or (iii) sixty (60) days following notice to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost Tenant of the restoration date when vesting or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender dispossession is to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deedoccur.
Appears in 1 contract
Samples: Lease Agreement (Pegasystems Inc)
Condemnation/Eminent Domain. All claims and rights of action for, and all awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners of the Property in any taking by eminent domain or domain, recovery for inverse condemnationcondemnation or by deed in lieu thereof, either whether permanent or temporary, of all or any part of the Property or any easement or any appurtenance thereto, including severance and consequential damages and change in grade of any way, street, avenue, road, alley, passage or public place, are hereby assigned to Lender, and . Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorneyLender, at the option of Lender as said attorney-in-fact, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award award, and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, Lender shall at its sole option:option either: Omaha, Nebraska
(ia) to apply the net proceeds as a credit upon the outstanding principal balance any portion of the indebtedness secured herebyLoan, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable payable, or that the indebtedness Loan is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness Loan evidenced by the Note, such proceeds shall be applied at par par, and the monthly installments due and payable under the Note shall be adjusted accordinglyreduced accordingly as calculated by Lender; however no such application shall serve to cure an existing default in the payment of the NoteBorrower; or
(iib) to hold said proceeds without any allowance of interest interest, and make the same available for restoration or rebuilding of the PropertyImprovements. In the event that Lender elects to make makes said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements Improvements on the Real Property, such proceeds shall be made available in the manner and under the same conditions that Lender may require as provided required under Paragraph Section 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding rebuilding, shall be applied on account of the indebtedness secured hereby Loan at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is the Loan may otherwise be adequately secured. In the event of a taking or condemnation, provided that Borrower is not then in default hereunder beyond the expiration of applicable notice and cure periods, then notwithstanding any provision of this Section 19 to the contrary, Lender shall make condemnation proceeds available for restoration of the Property to the extent required under the terms of the Borders Lease. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain domain, and to deliver to Lender copies of any and all papers served in connection with any such proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if either: (i) any part of any of the Improvements situated on the Real Property shall be condemned by any governmental authority having jurisdiction, ; or if (ii) lands constituting a portion of the Real Property shall be condemned by any governmental authority having jurisdiction, such that the remaining Property is in violation of applicable parking, zoning zoning, platting, or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in Leases with Major Tenants. In either of said events, Lender shall be entitled to Omaha, Nebraska exercise any or all remedies provided or referenced in this Security DeedMortgage or the other Loan Documents, including the application of condemnation proceeds to the outstanding principal balance of the Note at par, and the right to accelerate the maturity date of the Note and require payment in full without the imposition of a Prepayment Premium.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (Agree Realty Corp)
Condemnation/Eminent Domain. All awards and other compensation heretofore If all or hereafter made to Borrower and substantially all subsequent owners of the Property in any taking is condemned or is taken by eminent domain domain, or recovery for inverse is sold in lieu of condemnation, either permanent then this Lease shall terminate on the date the condemning authority takes possession. If less than all of the Property is so condemned or temporarysold (whether or not the Premises are affected) and, in Lessor’s or Lxxxxx’s judgment, the Property cannot be restored to an economically viable condition, or if any mortgagee of the Property requires application of condemnation proceeds to the reduction of the mortgage debt, Lessor or Lessee may terminate this Lease by written notice to the other effective on the date the condemning authority takes possession. Lxxxxx and Lxxxxx agrees to act reasonably in determining whether the Property can be restored to an economically viable condition. If any proposed condemnation would render any substantial part of the Premises untenable, Lessee may terminate this Lease by written notice to Lessor effective on the date the condemning authority takes possession of the affected part of the Premises or on such earlier date as the Lessee shall specify to the Lessor in writing (but no earlier than sixty (60) days prior to the date that the condemning authority takes possession of the condemned property). If this Lease is not so terminated by Lessor or Lessee, Lessor shall, to the extent feasible, restore the Premises to substantially their former condition. Lessor shall not, however, be required to restore any alterations, additions, or improvements by Lessee or to spend any amount in excess of the condemnation proceeds actually received by Lxxxxx and/or Lessor’s creditors. Minimum Rent shall axxxx during the time and to the extent the Premises are untenable as the result of any condemnation, but such abatement shall not extend the term. All condemnation awards and proceeds shall belong exclusively to Lessor, and Lessee shall not be entitled to, and expressly waives and assigns to Lessor, all claims for any compensation for condemnation of Lessor’s property; provided, however, if Lessee is permitted by applicable law to maintain a separate action that will not reduce condemnation awards or proceeds to Lessor, Lessee shall be permitted to pursue such separate action and to retain the recovery therefrom. Lessor shall give Lessee prompt notice of the filing of any action of condemnation, or comparable matter, in respect of all or any part of the Property Property. If Lessor exercises its right to terminate the Lease pursuant to this Section of the Lease as a result of a condemnation, or any easement or any appurtenance theretodeed in lieu thereof, including severance Lessee may nullify such termination by exercising its option to purchase the Premises under Section 35 within thirty (30) days after receipt of notice of such condemnation and consequential damages Lxxxxx’s election to terminate, in which case all condemnation award proceeds shall belong exclusively to Lessee and change in grade of any street, are hereby shall be assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected Lessee by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security DeedLessor.
Appears in 1 contract
Samples: Commercial Lease Agreement (Twin Vee PowerCats, Co.)
Condemnation/Eminent Domain. All claims and rights of action for, and all awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners of the Property in any taking by eminent domain or domain, recovery for inverse condemnationcondemnation or by deed in lieu thereof, either whether permanent or temporary, of all or any part of the Property or any easement or any appurtenance thereto, including severance and consequential damages and change in grade of any way, street, avenue, road, alley, passage or public place, are hereby assigned to Lender, and . Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorneyLender, at the option of Xxxxxx as said attorney-in-fact, on behalf of BorrowerXxxxxxxx, its successors and assigns, to adjust or compromise the claim for any such award award, and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its Xxxxxx’s sole optionoption either:
(ia) to apply the net proceeds as a credit upon the outstanding principal balance any portion of the indebtedness secured herebyLoan, as selected by LenderXxxxxx, notwithstanding the fact that the amount owing thereon may not then be due and payable payable, or that the indebtedness Loan is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness Loan evidenced by the Note, such proceeds shall be applied at par par, and the monthly installments due and payable under the Note shall be adjusted accordinglyreduced accordingly as calculated by Lender; however no such application shall serve to cure an existing default in the payment of the NoteBorrower; or
(iib) to hold said proceeds without any allowance of interest interest, and make the same available for restoration or rebuilding of the PropertyImprovements. In the event that Lender Xxxxxx elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements Improvements on the Real Property, such proceeds shall be made available in the manner and under the same conditions that Lender may require as provided required under Paragraph Section 8 hereof. If the proceeds are made available by Lender Xxxxxx to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding rebuilding, shall be applied on account of the indebtedness secured hereby Loan at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is the Loan may otherwise be adequately secured. Borrower further covenants and agrees to give Lender Xxxxxx immediate notice of the actual or threatened commencement of any proceedings under eminent domain domain, and to deliver to Lender copies of any and all papers served in connection with any such proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender Xxxxxx for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if If either: (i) any part of any of the Improvements situated on the Real Property shall be condemned by any governmental authority having jurisdiction; or (ii) lands constituting a portion of the Real Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, in either case such that the remaining Property is in violation of applicable parking, zoning zoning, platting, or other ordinances, or fails to comply with the terms of the Occupancy LeasesLeases with Major Tenants, and in either of said events, then Lender shall be entitled to exercise any or all remedies provided or referenced application of condemnation proceeds to the outstanding principal balance of the Note at par, and the right to accelerate the maturity date of the Note and require payment in this Security Deedfull without the imposition of a Prepayment Premium.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Inland Western Retail Real Estate Trust Inc)
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners If any portion of the Property Premises or the Building or the Land are taken under the power of eminent domain, or sold under the threat of the exercise of said power (all of which are herein called "condemnation"), this Lease shall terminate as to the part so taken as of the date the condemning authority takes title or possession, whichever first occurs; provided that if so much of the Premises or Building or Land are taken by such condemnation as would substantially and adversely affect the operation and profitability of Tenant's business conducted from the Premises, and said taking lasts for ninety (90) days or more (subject to Landlord's right to replace same including any Common Areas), Tenant shall have the option, to be exercised only in any writing within thirty (30) days after Landlord shall have given Tenant written notice of such taking (or in the absence of such notice, within thirty (30) days after the condemning authority shall have taken possession), to terminate this Lease as of the date the condemning authority takes such possession. If a taking lasts for less than ninety (90) days, Tenant's rent shall be abated during said period but Tenant shall not have the right to terminate this Lease. If Tenant does not terminate this Lease in accordance with the foregoing, this Lease shall remain in full force and effect as to the portion of the Premises remaining, except that the rent and Tenant's Proportionate Share of Operating Costs and Taxes shall be reduced in the proportion that the usable floor area of the Premises taken bears to the total usable floor area of the Premises. Common Areas taken shall be excluded from the Common Areas usable by Tenant and no reduction of rent shall occur with respect thereto or by reason thereof. Landlord shall have the option in its sole discretion to terminate this Lease as of the taking of possession by the condemning authority, by giving written notice to Tenant of such election within thirty (30) days after receipt of notice of a taking by eminent domain condemnation of any part of the Premises or recovery the Building. Any award for inverse condemnation, either permanent or temporary, the taking of all or any part of the Property Premises or the Building or the Land under the power of eminent domain or any easement or any appurtenance theretopayment made under threat of the exercise of such power shall be the property of Landlord, including severance and consequential damages and change in grade of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any whether such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds shall be made as a credit upon the outstanding principal balance compensation for diminution in value of the indebtedness secured herebyleasehold or for the taking of the fee, as selected by Lenderseverance damages, notwithstanding the fact or as damages for tenant improvements; provided, however, that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds Tenant shall be applied at par entitled to any separate award for loss of or damage to Tenant's trade fixtures and the monthly installments due removable personal property and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same award available for restoration or rebuilding the Propertyrelocation of Tenant's business so long as same does not reduce the award otherwise payable to Landlord. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available this Lease is not terminated by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment reason of such cost of restoration or rebuilding shall be applied on account of condemnation, and subject to the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement requirements of any proceedings under eminent domain and lender that has made a loan to deliver Landlord encumbering the Building, Landlord shall to Lender copies the extent of any and all papers served severance damages received by Landlord in connection with such condemnation, repair any proceedingsdamage to the Building caused by such condemnation except to the extent that Tenant has been reimbursed therefor by the condemning authority. Borrower further covenants and agrees . Except as set forth in this Article 20, Landlord shall have no liability to makeTenant for interruption of Tenant's business upon the Premises, execute and deliver diminution of Tenant's ability to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for use the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdictionPremises, or if lands constituting other injury or damage sustained by Tenant as a portion result of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deedcondemnation.
Appears in 1 contract
Samples: Lease Agreement (Cambex Corp)
Condemnation/Eminent Domain. All claims and rights of action for, and all awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners of the Property in any taking by eminent domain or domain, recovery for inverse condemnationcondemnation or by deed in lieu thereof, either whether permanent or temporary, of all or any part of the Property or any easement or any appurtenance thereto, including severance and consequential damages and change in grade of any way, street, avenue, road, alley, passage or public place, are hereby assigned to Lender, and . Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorneyLender, at the option of Lender as said attorney-in-fact, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award award, and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, Lender shall at its sole optionoption either:
(ia) to apply the net proceeds as a credit upon the outstanding principal balance any portion of the indebtedness secured herebyLoan, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable payable, or that the indebtedness Loan is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness Loan evidenced by the Note, such proceeds shall be applied at par par, and the monthly installments due and payable under the Note shall be adjusted accordinglyOklahoma City, Oklahoma reduced accordingly as calculated by Lender; however no such application shall serve to cure an existing default in the payment of the NoteBorrower; or
(iib) to hold said proceeds without any allowance of interest interest, and make the same available for restoration or rebuilding of the PropertyImprovements. In the event that Lender elects to make makes said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements Improvements on the Real Property, such proceeds shall be made available in the manner and under the same conditions that Lender may require as provided required under Paragraph Section 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding rebuilding, shall be applied on account of the indebtedness secured hereby Loan at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is the Loan may otherwise be adequately secured. In the event of a taking or condemnation, provided that Borrower is not then in default hereunder beyond the expiration of applicable notice and cure periods, then notwithstanding any provision of this Section 18 to the contrary, Lender shall make condemnation proceeds available for restoration of the Property to the extent required under the terms of the Borders Lease. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain domain, and to deliver to Lender copies of any and all papers served in connection with any such proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if either: (i) any part of any of the Improvements situated on the Real Property shall be condemned by any governmental authority having jurisdiction, ; or if (ii) lands constituting a portion of the Real Property shall be condemned by any governmental authority having jurisdiction, such that the remaining Property is in violation of applicable parking, zoning zoning, platting, or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in Leases with Major Tenants. In either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deed.Mortgage or the other Loan Documents, including the application of condemnation proceeds to the outstanding principal balance of the Note at par, and the right to accelerate the maturity date of the Note and require payment in full without the imposition of a Prepayment Premium (as defined in the Note). Oklahoma City, Oklahoma
Appears in 1 contract
Samples: Mortgage and Security Agreement (Agree Realty Corp)
Condemnation/Eminent Domain. All awards If the land and other compensation heretofore premises herein, or hereafter made to Borrower and all subsequent owners of which the Property in leased premises are a part, or any taking by portion thereof, shall be taken under eminent domain or recovery condemnation proceedings, or if suit or other action shall be instituted for inverse condemnationthe taking or condemnation thereof, either permanent or temporaryif in lieu of any formal condemnation proceedings or actions, of all Landlord shall grant an option to purchase and or shall sell and convey the said premises or any part of portion thereof, to the Property governmental or other public authority, agency, body or public utility, seeking to take said land and premises or any easement portion thereof, then this lease, at the option of Landlord, shall terminate, and the term hereof shall end of such date as Landlord shall fix by notice in writing; and Tenant shall have no claim or right to claim or be entitled to any appurtenance thereto, including severance and consequential damages and change in grade portion of any streetamount which may be awarded as damages or paid as the result of such condemnation proceedings or paid as the purchase price for such option, sale or conveyance in lieu of formal condemnation proceedings; and all rights of Tenant to damages, if any, are hereby assigned to Lenderthe Landlord, and Borrower hereby irrevocably appoints Lender as however Tenant retains the right to seek its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at relocation costs directly from the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately securedcondemning authority. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further Tenant covenants and agrees to give Lender immediate notice execute and deliver any instruments, at the expense of Landlord, as may be deemed necessary or required to expedite any condemnation proceedings or to effectuate a proper transfer of title to such governmental or other public authority, agency, body or public utility seeking to take or acquire the actual said lands and premises or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedingsportion thereof. Borrower further Tenant covenants and agrees to makevacate the said premises, execute remove all Tenant's personal property therefrom and deliver up peaceable possession thereof to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or Landlord to such other instruments deemed necessary party designated by Lender for Landlord in the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof)aforementioned notice. It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned Failure by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails Tenant to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced provisions in this Security Deedclause shall subject Tenant to such costs, expenses, damages and losses as the Landlord may incur by reason of Tenant's breach thereof.
Appears in 1 contract
Samples: Lease Agreement (Equinix Inc)
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners If the whole of the Property Premises shall be condemned, or purchased in any taking by eminent domain or recovery for inverse lieu of condemnation, either permanent by any competent authority, for any public purpose, then, this Lease shall cease and terminate from the time when the possession shall be required for such use or temporarypurpose and the Rent including unearned prepaid rent, of all or if any, shall be apportioned accordingly.
A. If any part of the Property Leased Premises shall be taken or condemned or purchased in lieu thereof by any easement or any appurtenance thereto, including severance and consequential damages and change in grade of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim competent authority for any such award and alone to collect and receive public purpose, provided the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured herebyLeased Premises remaining cannot be effectively utilized by Tenant for office space even if the condemnation proceeds are used to restore or repair the Leased Premises, then Tenant shall have the option to cancel this Lease (effective as selected of the time that possession shall be required for such public use or purpose) by LenderTenant, notwithstanding giving Landlord written notice within twenty (20) days after receipt of notice of the fact that condemnation from Landlord or from the amount owing thereon may not then governmental authorities, whichever occurs first, or in the absence of such notice, within a reasonable time after the taking occurs. If Tenant is entitled to exercise said option to terminate and does so, all rents shall be due and payable or that prorated to the indebtedness date Tenant is otherwise adequately securedrequired to surrender possession. In the event Lender applies such awards Tenant is not entitled to cancel the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdictionLease, or if lands constituting a it is entitled to do so but does not exercise its option, Landlord shall use the net proceeds received from the condemnation for repair and restoration of the Premises, and Tenant will be responsible for the Rent as heretofore set forth to the date of such taking or purchase; after which date the Rent and Additional Rent herein reserved shall be reduced proportionately as the usable floor area of the remaining leased space in the Leased Premises compares to the usable floor area of the Leased Premises before such taking or purchase and Tenant shall have no future liability with respect to the pro rata portion of the Property Rent for the unusable area resulting from the condemnation.
B. Landlord and Tenant hereby agree that any award or proceeds resulting from a condemnation or purchase in lieu thereof of the whole or part of the Premises shall belong solely to Landlord, and Tenant hereby waives any right to make any claim therefore as the result of this Lease; provided, however, that Tenant shall not be prevented from pursuing any claim that Tenant has under the laws of the State of Florida against the condemning authority, so long as such claim will not diminish Landlord's award.
C. If there shall be condemned by taken during the term of this Lease any governmental authority having jurisdictionsubstantial or material part of- the Leased Premises and the Landlord decides not to restore the Leased remises, such that the Property is in violation of applicable parkingLandlord may, zoning or other ordinancesupon thirty (30) days' notice to Tenant, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in terminate this Security DeedLease.
Appears in 1 contract
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners of the Property in any taking by eminent domain or recovery for inverse condemnation, either permanent or temporary, of all or any part of the Property or any easement or any appurtenance thereto, including severance and consequential damages and change in grade of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of BorrowerXxxxxxxx, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to To apply the net proceeds as a credit upon the outstanding principal balance any portion of the indebtedness secured hereby, as selected by LenderXxxxxx, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted reduced accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to To hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender Xxxxxx elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings building(s) or improvements other Improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender Xxxxxx to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par par, notwithstanding the fact that the amount due and owing thereon may not then be due and payable or that said indebtedness is may otherwise be adequately secured. Borrower further covenants and agrees to give Lender Xxxxxx immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if If any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning zoning, platting or other ordinances, or fails to comply with the terms of the any Major Tenant Occupancy Leases, then in any such event, at the election of Lender, the whole of the indebtedness hereby secured shall become immediately due and in either of said eventspayable at par (i.e., without Prepayment Premium) and Lender shall be entitled to exercise any or all remedies provided or referenced in this Security DeedMortgage.
Appears in 1 contract
Samples: Mortgage Modification and Security Agreement (Agree Realty Corp)
Condemnation/Eminent Domain. All awards and other compensation heretofore 18.1 If the Building or hereafter made to Borrower and all subsequent owners of any part thereof or the Property in any taking access thereto shall be taken or appropriated by eminent domain or recovery shall be condemned for inverse any public or quasi-public use, or (by virtue of any such taking, appropriation or condemnation) shall suffer any damage (direct, indirect or consequential) for which Landlord or Tenant shall be entitled to compensation, then (and in any such event) this Lease and the Term hereof may be terminated at the election of Landlord by giving a written notice of termination to Tenant within sixty (60) days following the date on which Landlord shall have received notice of such taking, appropriation or condemnation. If the entire Premises or such portion thereof or the access thereto shall be so taken, appropriated or condemned, such that Tenant shall be precluded from effectively utilizing the Premises, then (and in any such event) this Lease and the Term hereof may be terminated at the election of Tenant by giving a written condemnation. Upon the giving of any such notice of termination by either permanent Landlord or temporary, of all or any part Tenant this Lease and the Term hereof shall terminate as of the Property date on which Landlord or Tenant, as the case may be shall be required to vacate any easement or any appurtenance thereto, including severance and consequential damages and change in grade of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance portion of the indebtedness secured herebyarea so taken, appropriated or condemned or shall be deprived of the means of access thereto- provided, however, that Landlord in its notice of termination may elect to terminate this Lease and the Term hereof retroactively as selected by Lenderof the date on which such taking, notwithstanding the fact that the amount owing thereon may not then be due and payable appropriation or that the indebtedness is otherwise adequately securedcondemnation became legally effective. In the event Lender applies of such awards termination this Lease and the Term hereof shall expire as of such effective termination date and the Rent and all additional Rent shall be apportioned as of such date.
18.2 If neither party elects to terminate this Lease and the Term hereof, Landlord shall, with reasonable diligence and at its expense, to the reduction extent of compensation and damages awarded by the government authority taking, appropriating or condemning the Building, and further only to the extent said compensation is made available to Landlord by any mortgagee, restore the remainder of the outstanding indebtedness evidenced by Premises (but not the NoteImprovements or any of Tenant's Property), or the remainder of the means of access, as nearly as practicable to the condition thereof prior to such proceeds shall be applied at par taking, appropriation or condemnation, in which event the Rent and the monthly installments due and payable under the Note all additional Rent shall be adjusted accordingly; however no in a manner such application shall serve to cure an existing default in the payment that (i) a just proportion of the Note; or
Rent, according to the nature and extent of the taking, appropriation or condemnation and the resulting permanent injury to the Premises and the means of access thereto, shall be permanently abated, and (ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost a just proportion of the restoration or rebuilding remainder of the buildings Rent, according to the nature and extent of the taking, appropriation or improvements on condemnation and the Propertyresultant injury sustained by the Premises and the means of access thereto, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account abated until what remains of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable Premises (other than Improvements or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice any of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof Tenant's Property) and the issuance means of the warrant access thereto shall have been restored as fully as practicable for payment thereof)permanent use and occupation by Tenant hereunder. It Landlord shall not be a default hereunder if liable for any part delays in such restoration which are due to governmental regulations, casualties, strikes, unavailability of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdictionlabor or materials, or if lands constituting a portion other causes beyond Landlord's control nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of the Property shall be condemned Tenant resulting from reasonable delays in such restoration. Landlord expressly reserves and Tenant hereby assigns to Landlord all rights to compensation and damages created, accrued or accruing by any governmental authority having jurisdiction, such that the Property is in violation reason of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deed.any
Appears in 1 contract
Condemnation/Eminent Domain. All awards and other compensation heretofore (a) In the event that the Leased Premises or hereafter made to Borrower and all subsequent owners any substantial part thereof, or the whole or any substantial part of the Property in any taking Building, or the access thereto, shall be taken or appropriated by eminent domain or recovery shall be condemned for inverse any public or quasi-public use, or (by virtue of any such taking, appropriation or condemnation) shall suffer any damage (direct, indirect or consequential) for which Landlord or Tenant shall be entitled to compensation, then (and in any such event) this Lease and the Lease Term hereof may be terminated at the election of Landlord by a notice in writing of its election so to terminate which shall be given by Landlord to Tenant within sixty (60) days following the date on which Landlord shall have received notice of such taking, appropriation or condemnation. If the entire Leased Premises or such portion thereof or the access thereto shall be so taken, appropriated or condemned, such that Tenant shall be precluded from effectively utilizing the Leased Premises in the reasonable judgment of Landlord, then (and in any such event) this Lease and the Lease Term hereof may be terminated at the election of Tenant by a notice in writing of its election so to terminate which shall be given by Tenant to Landlord within sixty (60) days following the date on which Tenant shall have received notice of such taking, appropriation or condemnation. Upon the giving of any such notice of termination (either permanent by Landlord or temporary, of all Tenant) this Lease and the Lease Term hereof shall terminate on or any part retroactively as of the Property date on which Landlord or Tenant, as the case may be, shall be required to vacate any easement portion of the area so taken, appropriated or any appurtenance condemned or shall be deprived of the means of access thereto, including severance provided, however, that Landlord may in Landlord's notice of termination elect to terminate this Lease and consequential damages and change in grade of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender the Lease Term hereof retroactively as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured herebydate on which such taking, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable appropriation or that the indebtedness is otherwise adequately securedcondemnation became legally effective. In the event Lender applies of such awards termination this Lease and the Lease Term hereof shall expire as of such effective termination date and the Rent shall be apportioned as of such date.
(b) If neither party (having the right so to do) elect to terminate this Lease and the Lease Term hereof, Landlord shall, with reasonable diligence and at Landlord's expense, restore the remainder of the Leased Premises (but not any of Tenant's Personal Property), or the remainder of the means of access, as nearly as practicably may be to the reduction of condition prior to such taking, appropriation or condemnation, in which event the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note Rent shall be adjusted accordingly; however no in a manner such application shall serve to cure an existing default in the payment that (i) a just proportion of the Note; or
Base Rent and additional rent, according to the nature and extent of the taking, appropriation or condemnation and the resulting permanent injury to the Leased Premises and the means of access thereto, shall be permanently abated and (ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost a just proportion of the restoration or rebuilding remainder of the buildings Base Rent and additional rent, according to the nature and extent of the taking, appropriation or improvements on condemnation and the Propertyresultant injury sustained to the Leased Premises and the means of access thereto, such proceeds shall be made available abated until what remains of the Leased Premises (other than any property to Tenant) and the means of access thereto shall have been restored for permanent use and occupation by Tenant hereunder. Landlord shall not be liable for any delays in such restoration which are due to governmental regulations, casualties, strikes, unavailability of labor or materials, or other causes beyond Landlord's control nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the manner business of Tenant resulting from such delays in such restoration. Landlord expressly reserves and under the conditions that Lender Tenant hereby assigns to Landlord all rights to compensation and damages created, accrued or accruing by reason of any such taking, appropriation or condemnation, but not including relocation assistance payments by a governmental agency or entity for which Tenant may require as provided under Paragraph 8 hereof. be eligible.
(c) If the proceeds are made available by Lender to reimburse Borrower for Leased Premises or any part thereof or the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding access thereto shall be applied on account taken, appropriated or condemned for any temporary use (i) this Lease shall be and remain unaffected thereby and Tenant shall continue to pay the full amount of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to makeRent hereunder, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender ii) Tenant shall be entitled to exercise receive for itself any award made for such use allocable to the Lease Term, and (iii) Tenant shall be responsible for any repairs necessary to restore the Leased Premises to their condition prior to such taking, appropriation or all remedies condemnation, provided that if any such taking, appropriation or referenced condemnation extends beyond the Lease Term, the costs of such repairs shall be allocated between Landlord and Tenant in this Security Deedproportion to the amount of any award each receives. Any taking, appropriation or condemnation continuing in excess of one year shall be deemed to be a permanent taking, appropriation or condemnation and shall be governed by paragraph (a) and (b) above.
Appears in 1 contract
Samples: Lease (Biosphere Medical Inc)
Condemnation/Eminent Domain. All claims and rights of action for, and all awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners of the Property in any taking by eminent domain or recovery for inverse condemnationcondemnation or by deed in lieu thereof, either whether permanent or temporary, of all or any part of the Property or any easement or any appurtenance thereto, including severance and consequential damages and change in grade of any way, street, avenue, road, alley, passage or public place are hereby assigned to Lender, . Borrower shall have the right to independently settle any claim of under One Hundred Thousand and No/100 Dollars ($100,000.00) and retain the proceeds so long as no uncured default has occurred. Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorneyLender, at the option of said Lender as attorney-in-fact, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its Lender's sole optionoption either:
(i) to To apply the net proceeds as a credit upon the outstanding principal balance any portion of the indebtedness Loan secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness Loan is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness Loan evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted reduced accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to To hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding of the PropertyImprovements. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements other Improvements on the Property, such proceeds shall be made available in the manner and under the same conditions that Lender may require as provided required under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness Loan secured hereby at par par, notwithstanding the fact that the amount due and owing thereon may not then be due and payable or that said indebtedness is Loan may otherwise be adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if either: (a) any material part (which shall include any part of the buildings) of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, ; or if (b) lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning zoning, platting, or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in Leases with Major Tenants. In either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security DeedMortgage, including the application of condemnation proceeds to the outstanding principal balance of the Note at par and the right to accelerate the maturity date of the Note and require payment in full without the imposition of a Prepayment Premium.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Ramco Gershenson Properties Trust)
Condemnation/Eminent Domain. All awards and other compensation heretofore In case during the Term all or hereafter made to Borrower and all subsequent owners any substantial part of the Property in any taking Premises or the Building are taken by eminent domain or recovery for inverse condemnation, either permanent Landlord receives compensable damage by reason of anything lawfully done in pursuance of public or temporary, of other authority affecting all or any a substantial part of the Property Premises or Building, this Lease shall terminate at Landlord’s election, which may be made (notwithstanding that Landlord’s entire interest may have been divested) by notice given to Tenant within ninety (90) days after the election to terminate arises, specifying the effective date of termination. The effective date of termination specified by Landlord shall not be less than fifteen (15) nor more than thirty (30) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any easement or any appurtenance theretosuch taking, including severance and consequential damages and change in grade of any streetsubject, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assignshowever, to adjust or compromise the claim for following provisions. If in any such award case the Premises are rendered unfit for use and alone occupation and this Lease is not terminated, Landlord shall use reasonable diligence (following the expiration of the period in which Landlord may terminate this Lease pursuant to collect the foregoing provisions of this Section 6.2) to put the Premises, or what may remain thereof (excluding any items installed or paid for by Tenant which Tenant may be required to remove pursuant to Section 5.11), into proper condition for use and receive occupation and adjust proportion of the proceeds thereofAnnual Fixed Rent and Additional Rent for Operating Expenses according to the nature and extent of the injury shall be abated until the Premises or such remainder shall have been put by Landlord in such condition; and in case of a taking which permanently reduces the area of the Premises, adjust proportion of the Annual Fixed Rent and Additional Rent for Operating Expenses shall be abated for the remainder of the Term. If the taking of a part of the Premises substantially and adversely interferes with Tenant’s ability to give proper receipts continue its business operations then Tenant may terminate this Lease on written notice to Landlord given not more than thirty (30) days after such taking and acquittances therefor and, after deducting any expenses of collection, at its sole option:
effective on the earlier of: (i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordinglydate when title vests; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) the date Tenant is dispossessed by the condemning authority; or (iii) sixty (60) days following notice to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost Tenant of the restoration date when vesting or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender dispossession is to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deedoccur.
Appears in 1 contract
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners of the Property in (1) Notwithstanding (i) any taking by eminent domain domain, condemnation or recovery for inverse condemnation, either permanent or temporary, otherwise of all or any part portion of the Property Mortgaged Property, or any easement or any appurtenance thereto, including severance and consequential damages and (ii) the change in of grade of any street, are road or avenue or the widening of streets, roads or avenues adjoining or abutting the Land, or (iii) any other injury to, or decrease in value of, the Mortgaged Property caused in any manner by any Governmental Authority (any of the foregoing events being hereinafter referred to as a "TAKING"), Mortgagor shall continue to make all payments due under this Mortgage, the Note and the other Loan Documents in accordance with the provisions of this Mortgage, the Loan Agreement, the Note and the applicable provisions of the other Loan Documents. Mortgagor shall notify Mortgagee immediately upon obtaining knowledge of the institution of any proceedings for any Taking or of any contemplated Taking. All Awards made in connection with any Taking shall be paid to Mortgagee free and clear of all liens and encumbrances. Mortgagee shall be entitled to the interest paid, in lieu of the Interest Rate, on any such Award or proceeds thereof for such Taking. Mortgagor shall not settle or stipulate to any matter or agree to judgment in any such proceedings with respect to a Taking without Mortgagee's prior written approval. Each Governmental Authority is hereby assigned authorized and directed to Lendermake payment of any Award made in connection with any Taking directly to Mortgagee for application as provided herein, instead of to Mortgagor and Mortgagee jointly, and Borrower Mortgagee is hereby irrevocably appoints Lender authorized to endorse any draft therefor as its Mortgagor's attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at . Reduction of the option outstanding amount of said attorney, on behalf the Obligations resulting from the application of Borrower, its successors and assigns, to adjust or compromise the claim for any such award Award by Mortgagee shall be deemed to take effect only on the date of Mortgagee's receipt of such Award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) election to apply the net proceeds as same against the Obligations then outstanding hereunder. If, prior to the receipt by Mortgagee of any Award, the Mortgaged Property or any portion thereof shall have been sold on foreclosure of this Mortgage to Mortgagee, Mortgagee shall have the right to receive the Award to the extent of any deficiency found to be due upon such sale, whether or not a credit upon deficiency judgment on this Mortgage shall have been sought or recovered or denied, together with interest thereon at the outstanding principal balance Interest Rate, and the reasonable attorneys' fees, reasonable costs and disbursements incurred by Mortgagee in connection with the collection of the indebtedness secured herebyAward.
(2) If there shall be any Taking, as selected by Lender, notwithstanding then Mortgagor promptly shall commence and diligently shall continue and complete the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction Restoration of the outstanding indebtedness evidenced Real Estate remaining after such Taking substantially to their value, condition and character immediately prior to such Taking, in accordance with the provisions of this Mortgage. Mortgagor diligently shall complete, and pay for the cost of, the Restoration of the Real Estate which is at any time in the process of construction, alteration or Restoration. Any Award remaining after completion of such Restoration shall be retained by the Note, such proceeds Mortgagee and shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest Obligations then outstanding, in such proportion and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Propertypriority as Mortgagee, such proceeds shall be made available in the manner and under the conditions that Lender its sole discretion, may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deedelect.
Appears in 1 contract
Samples: Loan and Security Agreement (Paul Harris Stores Inc)
Condemnation/Eminent Domain. All awards and other compensation heretofore TAKING If the whole or hereafter made to Borrower and all subsequent owners substantially the whole of the Property Leased Premises should be taken for any public or quasi-public use under any governmental law, ordinance, or regulation, or by right of eminent domain, or should be sold to the condemning authority in any taking by eminent domain or recovery for inverse lieu of condemnation, either permanent then this Lease shall terminate as of the date when physical possession of the Leased Premises is taken by the condemning authority. If less than the whole or temporarysubstantially the whole of the Leased Premises is thus taken or sold, Landlord (whether or not the Leased Premises are affected thereby) may terminate this Lease by giving written notice thereof to Tenant within sixty (60) days after the right of all election accrues, in which event this Lease shall terminate as of the date when physical possession of such portion of the Leased Premises is taken by the condemning authority. If upon any such taking or any sale of less than the whole or substantially the whole of the Leased Premises this Lease shall not be thus terminated, the monthly Minimum Rental payable hereunder shall be diminished by an amount representing that part of the Property monthly Minimum Rental attributable to the portion of the building which was so taken or sold or affected, and Landlord shall, at Landlord's sole expense, restore and reconstruct the remainder of the building, as the case may be, to substantially their former condition to the extent that the same, in Landlord's judgment, may be feasible; Landlord not being required in any easement or any appurtenance thereto, including severance and consequential damages and change event to spend for such work an amount in grade excess of the amount received by Landlord as compensation awarded upon a taking of any street, are hereby assigned part or all of the building. Tenant shall not be entitled to Lender, and Borrower hereby irrevocably appoints Lender any claim as a result of such condemnation relating to the taking of its attorney-in-fact, coupled with an leasehold interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, hereby assigns over to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of Landlord any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time of Tenant's claim therein or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security Deedthereto.
Appears in 1 contract
Samples: Lease (Timco Aviation Services Inc)
Condemnation/Eminent Domain. All awards If the land and other compensation heretofore premises leased herein or hereafter made to Borrower and all subsequent owners of which the Property in Leased Premises are a part or any taking by portion thereof, shall be taken under eminent domain or recovery condemnation proceedings, or if suit or other action shall be instituted for inverse condemnationthe taking or condemnation thereof, either permanent or temporaryif in lieu of any formal condemnation proceedings or actions, of all the Landlord shall grant an option to purchase and or shall sell and convey said premises or any part portion thereof, to the governmental or other public authority, agency, body or public utility, seeking to take said land and premises or any portion thereof, then this Lease, at the option of the Property Landlord, shall terminate, and the Term hereof shall end as of such date as the Landlord shall fix by notice in writing and the Tenant shall have no claim or right to claim or be entitled to any easement or any appurtenance thereto, including severance and consequential damages and change in grade portion of any streetamount which may be awarded as damages or paid as the result of such condemnation proceedings or paid as the purchase price for such option, sale or conveyance in lieu of formal condemnation proceedings and all rights of the Tenant to damages, if any, are hereby assigned to Lender, the Landlord. The Tenant agrees to execute and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, deliver any instruments at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance expense of the indebtedness secured herebyLandlord, as selected by Lendermay be deemed necessary or required to expedite any condemnation proceedings or to effectuate a proper transfer of title to such governmental or other public authority, notwithstanding agency, body or public utility seeking to take or acquire the fact that said lands and premises or any portion thereof the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further Tenant covenants and agrees to give Lender immediate notice vacate the said premises, remove all the Tenant's personal property therefrom and deliver up peaceable possession thereof to the Landlord or to such other party designated by the Landlord in the aforementioned notice. Failure of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails Tenant to comply with any provisions in this Article 13 shall subject the terms Tenant to such costs, expenses, damages and losses as the Landlord may incur by reason of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security DeedTenant's breach hereof.
Appears in 1 contract
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners of In the Property in any taking by eminent domain or recovery for inverse condemnation, either permanent or temporary, of all event that the whole or any part of the Property Building shall be taken or appropriated by eminent domain or shall be condemned for any easement public or any appurtenance theretoquasi-public use, including severance and consequential damages and change in grade or (by virtue of any streetsuch taking, are hereby assigned appropriation or condemnation) shall suffer any damage (direct, indirect or consequential) for which Landlord or Tenant shall be entitled to Lender, compensation then (and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, in any such event) this Lease and authorizes, directs and empowers such attorney, the Term hereof may be terminated at the option election of said attorney, on behalf Landlord by a notice in writing of Borrower, its successors and assigns, election so to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds terminate which shall be applied at par and given by Landlord to Tenant within sixty (60) days following the monthly installments due and payable under the Note date on which Landlord shall be adjusted accordingly; however no have received notice of such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration taking, appropriation or rebuilding the Propertycondemnation. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost a substantial part of the restoration Demised Premises or rebuilding of the buildings or improvements on means of access thereto within the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion perimeter of the Property shall be condemned so taken, appropriated or condemned, then (and in any such event) this Lease and the Term hereof may be terminated at the election of Tenant by a notice in writing of its election so to terminate which shall be given by Tenant to Landlord within sixty (60) days following the date on which Tenant shall have received notice of such taking, appropriation or condemnation. Upon the giving of any governmental authority such notice of termination (either by Landlord or Tenant) this Lease and the Term hereof shall terminate on or retroactively as of the date on which Tenant shall be required to vacate any part of the Demised Premises or shall be deprived of a substantial part of the means of access thereto, provided however that Landlord may in Landlord’s notice elect to terminate this Lease and the Term hereof retroactively as of the date on which such taking, appropriation or condemnation became legally effective. In the event of any such termination, this Lease and the Term hereof shall expire as of the effective termination date as fully and completely as if such date were the date herein originally scheduled as the Termination Date. If neither party (having jurisdictionthe right so to do) elects to terminate this Lease, such that Landlord will, with reasonable diligence and at Landlord’s expense, restore the Property is in violation remainder of applicable parking, zoning or other ordinancesthe Demised Premises, or fails to comply with the terms remainder of the Occupancy Leasesmeans of access thereto, as nearly as practicably may be to the same condition as obtained prior to such taking, appropriation or condemnation in which event (i) a just proportion of Yearly Fixed Rent, according to the nature and extent of the taking, appropriation or condemnation and the resulting permanent injury to the Demised Premises and the means of access thereto, shall be permanently abated, and (ii) a just proportion of the remainder of Yearly Fixed Rent, according to the nature and extent of the taking, appropriation or condemnation and the resultant injury sustained by the Demised Premises and the means of access thereto, shall be abated until what remains of the Demised Premises and the means of access thereto shall have been restored as fully as may be for permanent use and occupation by Tenant hereunder. Except for any award specifically reimbursing Tenant for moving or relocation expenses or for the taking of any personal property or trade fixtures otherwise removable by Tenant hereunder or for the unamortized cost (computed in either accordance with generally-accepted accounting principles) of said eventsany alterations and improvements to the extent made to the Demised Premises by Tenant at its expense without reimbursement by Landlord, Lender there are expressly reserved to Landlord all rights to compensation and damages created, accrued or accruing by reason of any such taking, appropriation or condemnation, in implementation and in confirmation of which Tenant does hereby acknowledge that Landlord shall be entitled to exercise receive and retain all such compensation and damages, grants to Landlord all and whatever rights (if any) Tenant may have to such compensation and damages, and agrees to execute and deliver all and whatever further instruments of assignment as Landlord may from time to time reasonably request. In the event of any taking of the Demised Premises or all remedies provided or referenced in any part thereof for temporary use, (i) this Security DeedLease shall be and remain unaffected thereby, and (ii) Tenant shall be entitled to receive for itself any award made for such use, provided, that if any taking is for a period extending beyond the Term of this Lease, such award shall be apportioned between Landlord and Tenant as of the Termination Date.
Appears in 1 contract
Samples: Lease Agreement (Viryanet LTD)
Condemnation/Eminent Domain. All awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners If any portion of the Property in any taking by premises of which the Premises are a part is taken under eminent domain or recovery condemnation proceedings, suit or other action shall be instituted for inverse condemnationthe taking or condemnation thereof, either permanent or temporaryin lieu of any formal condemnation proceedings or actions, of all Landlord grants an option to purchase and or sells and conveys the Premises or any part of portion thereof to the Property governmental or other public authority, agency, body or public utility seeking to take the Premises or any easement portion thereof, this Lease, at the option of Landlord, shall terminate, and the term hereof shall end as of such date as Landlord fixes by notice in writing. Tenant shall have no claim or right to claim or be entitled to any appurtenance thereto, including severance and consequential damages and change in grade portion of any streetamount that may be awarded as damages or as the result of condemnation proceedings or paid as the purchase price for such option, sale or conveyance in lieu of formal condemnation proceedings. Tenant may file a claim for any taking of fixtures and improvements owned by Tenant and moving expenses. Except as provided in the preceding sentence, all rights of Tenant to damages, if any, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately securedLandlord. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds Tenant shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments as may be deemed necessary by Lender for the purpose to expedite any condemnation proceedings or to effectuate proper transfer of validly and sufficiently assigning all title to such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinancespublic authority, agency, body or fails public utility seeking to comply with take or acquire the terms Premises or any portion thereof. Tenant shall vacate the Premises, remove all of the Occupancy LeasesTenant's personal property therefrom and deliver peaceable possession to Landlord or any other party designated by Landlord. Tenant shall repay Landlord for costs, expenses, damages and in either losses Landlord may incur by reason of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security DeedTenant's breach hereof.
Appears in 1 contract
Samples: Lease Agreement
Condemnation/Eminent Domain. All Subject to the Amended and Restated Credit Agreement, upon obtaining knowledge of the institution of any proceedings for the condemnation of the Mortgaged Property, or any portion thereof, Mortgagor will notify Mortgagee of the pendency of such proceedings. Mortgagee is hereby authorized and empowered by Mortgagor to settle or compromise any claim in connection with such condemnation and to receive all awards and other compensation heretofore or hereafter made proceeds thereof to Borrower and all subsequent owners be applied pursuant to Section 4.7(c) of the Property in Amended and Restated Credit Agreement. Notwithstanding the preceding sentence, provided no Event of Default shall have occurred and be continuing, but expressly subject to the provisions of Section 4.7(c) of the Amended and Restated Credit Agreement (including any taking by eminent domain right set forth therein of Mortgagor to use the proceeds to repair or recovery for inverse replace the Mortgaged Property), (i) Mortgagor shall, at its expense, diligently prosecute any proceeding relating to such condemnation, either permanent or temporary, of all or any part of the Property or any easement or any appurtenance thereto, including severance and consequential damages and change in grade of any street, are hereby assigned to Lender, and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorney, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust (ii) Mortgagor may settle or compromise the claim for any such award claims in connection therewith and alone to collect and (iii) Mortgagor may receive the any awards or proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
provided that Mortgagor shall (ia) to apply the net proceeds as a credit upon the outstanding principal balance of the indebtedness secured hereby, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable or that the indebtedness is otherwise adequately secured. In in the event Lender applies such awards of a partial taking of an individual Mortgaged Property and to the reduction extent reasonably possible promptly repair and restore Mortgaged Property to its condition prior to such condemnation, regardless of whether any award shall have been received or whether such award is sufficient to pay for the outstanding indebtedness evidenced by the Note, costs of such proceeds shall be applied at par repair and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is (b) otherwise adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails to comply with the terms provisions of the Occupancy Leases, Amended and in either Restated Credit Agreement relating to the disposition of said events, Lender shall be entitled to exercise any Net Cash Proceeds from a Recovery Event or all remedies provided or referenced in this Security Deedotherwise.
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Condemnation/Eminent Domain. All awards If the land and other compensation heretofore premises leased ---------------------------- herein, or hereafter made to Borrower and all subsequent owners of which the Property in leased premises are a part, or any taking by portion thereof, shall be taken under eminent domain or recovery condemnation proceedings, or if suit or other action shall be instituted for inverse condemnationthe taking or condemnation thereof, either permanent or temporaryif in lieu of any formal condemnation proceedings or actions, of all the Landlord shall grant an option to purchase and or shall sell and convey the said premises or any part portion thereof, then this lease, at the option of the Property Landlord, shall terminate, and the term hereof shall end as of such date as the Landlord shall fix by notice in writing; and the Tenant shall have no claim or right to claim and be entitled to any portion or any easement amount which may be awarded as damages or any appurtenance theretopaid as a result of such condemnation proceedings or paid as the purchase price of such option, including severance sale or conveyance in lieu of formal condemnation proceedings; and consequential damages and change in grade all rights of any streetthe Tenant to damages, if any, are hereby assigned to Lender, the Landlord. The Tenant agrees to execute and Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorneydeliver any instruments, at the option of said attorney, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor and, after deducting any expenses of collection, at its sole option:
(i) to apply the net proceeds as a credit upon the outstanding principal balance expense of the indebtedness secured herebyLandlord, as selected by Lendermay be deemed necessary or required to expedite any condemnation proceedings or to effectuate a proper transfer of title to such governmental or other public authority, notwithstanding agency, body or public utility seeking to take or acquire the fact that the amount owing thereon may not then be due said lands and payable premises or that the indebtedness is otherwise adequately securedany portion thereof. In the event Lender applies such awards to the reduction of the outstanding indebtedness evidenced by the Note, such proceeds shall be applied at par and the monthly installments due and payable under the Note shall be adjusted accordingly; however no such application shall serve to cure an existing default in the payment of the Note; or
(ii) to hold said proceeds without any allowance of interest and make the same available for restoration or rebuilding the Property. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements on the Property, such proceeds shall be made available in the manner and under the conditions that Lender may require as provided under Paragraph 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding shall be applied on account of the indebtedness secured hereby at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is otherwise adequately secured. Borrower further The Tenant covenants and agrees to give Lender immediate notice of vacate the actual or threatened commencement of any proceedings under eminent domain and to deliver to Lender copies of any and said premises, remove all papers served in connection with any proceedings. Borrower further covenants and agrees to make, execute the Tenant's personal property therefrom and deliver up peaceable possession thereof to Lender, at any time the Landlord or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or to such other instruments deemed necessary party designated by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including Landlord in the assignment of any award from aforementioned notice. Failure by the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if any part of any of the Improvements situated on the Property shall be condemned by any governmental authority having jurisdiction, or if lands constituting a portion of the Property shall be condemned by any governmental authority having jurisdiction, such that the Property is in violation of applicable parking, zoning or other ordinances, or fails Tenant to comply with any provisions in this clause shall subject the terms Tenant to such costs, expenses, damages and losses as the Landlord may incur by reason of the Occupancy Leases, and in either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security DeedTenant's breach hereof.
Appears in 1 contract
Condemnation/Eminent Domain. All claims and rights of action for, and all awards and other compensation heretofore or hereafter made to Borrower and all subsequent owners of the Property in any taking by eminent domain or domain, recovery for inverse condemnationcondemnation or by deed in lieu thereof, either whether permanent or temporary, of all or any part of the Property or any easement or any appurtenance thereto, including severance and consequential damages and change in grade of any way, street, avenue, road, alley, passage or public place, are hereby assigned to Lender, and . Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorizes, directs and empowers such attorneyLender, at the option of Lender as said attorney-in-fact, on behalf of Borrower, its successors and assigns, to adjust or compromise the claim for any such award award, and alone to collect and receive the proceeds thereof, to give proper receipts and acquittances therefor therefore and, after deducting any expenses of collection, at its Lender’s sole option:option either: Notwithstanding the foregoing, Borrower shall be entitled to compromise any losses pursuant to this paragraph provided that Borrower is not in default of the Note, this Mortgage, or the other Loan Documents.
(ia) subject to the terms of the Major Tenant Leases, to apply the net proceeds as a credit upon the outstanding principal balance any portion of the indebtedness secured herebyLoan, as selected by Lender, notwithstanding the fact that the amount owing thereon may not then be due and payable payable, or that the indebtedness Loan is otherwise adequately secured. In the event Lender applies such awards to the reduction of the outstanding indebtedness Loan evidenced by the Note, such proceeds shall be applied at par par, and the monthly installments due and payable under the Note shall be adjusted accordinglyreduced accordingly as calculated by Lender; however no such application shall serve to cure an existing default in the payment of the NoteBorrower; or
(iib) to hold said proceeds without any allowance of interest interest, and make the same available for restoration or rebuilding of the PropertyImprovements. In the event that Lender elects to make said proceeds available to reimburse Borrower for the cost of the restoration or rebuilding of the buildings or improvements Improvements on the Real Property, such proceeds shall be made available in the manner and under the same conditions that Lender may require as provided required under Paragraph Section 8 hereof. If the proceeds are made available by Lender to reimburse Borrower for the cost of said restoration or rebuilding, any surplus which may remain out of said award after payment of such cost of restoration or rebuilding rebuilding, shall be applied on account of the indebtedness secured hereby Loan at par notwithstanding the fact that the amount owing thereon may not then be due and payable or that said indebtedness is the Loan may otherwise be adequately secured. Borrower further covenants and agrees to give Lender immediate notice of the actual or threatened commencement of any proceedings under eminent domain domain, and to deliver to Lender copies of any and all papers served in connection with any such proceedings. , Borrower further covenants and agrees to make, execute and deliver to Lender, at any time or times, upon request, free, clear and discharged of any encumbrance of any kind whatsoever, any and all further assignments and/or other instruments deemed necessary by Lender for the purpose of validly and sufficiently assigning all such awards and other compensation heretofore or hereafter made to Lender (including the assignment of any award from the United States government at any time after the allowance of the claim therefor, the ascertainment of the amount thereof and the issuance of the warrant for payment thereof). It shall be a default hereunder if either: (i) any part of any of the Improvements situated on the Real Property shall be condemned by any governmental authority having jurisdiction, ; or if (ii) lands constituting a portion of the Real Property shall be condemned by any governmental authority having jurisdiction, such that the remaining Property is in violation of applicable parking, zoning zoning, platting, or other ordinances, or fails to comply with the terms of the Occupancy Leases, and in Leases with Major Tenants. In either of said events, Lender shall be entitled to exercise any or all remedies provided or referenced in this Security DeedMortgage or the other Loan Documents, including the application of condemnation proceeds to the outstanding principal balance of the Note at par, and the right to accelerate the maturity date of the Note and require payment in full without the imposition of a Prepayment Premium.
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