Common use of Condemnation or Insured Deficiency of Title Clause in Contracts

Condemnation or Insured Deficiency of Title. (a) If during the Agreement Term, (i) title to, or the temporary use of, all or any part of the Project shall be condemned by or be sold under threat of condemnation to any authority possessing the power of eminent domain, or (ii) title to all or any part of the Project shall be found to be deficient or nonexistent, to such extent that the claim or loss resulting from such condemnation or loss of title is greater than $1,000,000, the Authority shall, within 90 days after the date of entry of a final order in any eminent domain proceedings granting condemnation, or the date of sale under threat of condemnation, or proceedings determining such loss of title notify the Trustee in writing as to the nature and extent of such condemnation or loss of title and whether it is practicable and desirable to acquire or construct substitute improvements. (b) If the Authority shall determine that such substitution is practicable and desirable, the Authority shall proceed promptly with and complete with reasonable dispatch the acquisition or construction of such substitute improvements, so as to place the Project in substantially the same condition as existed prior to the exercise of the said power of eminent domain or loss of title, including the acquisition or construction of other improvements which will be deemed a part of the Project and available for use and occupancy by the Sponsors without the payment of any rent other than herein provided to the same extent as if such other improvements were specifically described herein and demised hereby. In such case, any Net Proceeds received from any award or awards in respect of the Project or any part thereof made in such condemnation or eminent domain proceedings or of title insurance received with respect to any such loss of title, if such Net Proceeds exceed $1,000,000, shall be paid to the Trustee, shall be deposited into a separate account to be established in the Construction Fund and if such Net Proceeds do not exceed $1,000,000, such Net Proceeds shall be paid to the Authority. Such Net Proceeds shall be used and applied (i) in accordance with the disbursement requirements of Section 3.8 hereof if required to be deposited in the Construction Fund, and (ii) for the purpose of paying the cost of such substitution. Any Net Proceeds remaining after completion of such substitution shall be deposited into the Bond Funds pursuant to the Project Indentures as provided in Section 10.4 hereof. (c) If the Authority shall determine that it is not practicable or desirable to acquire or construct substitute improvements, any Net Proceeds of condemnation awards or title insurance received by the Authority shall be paid to the Trustee and deposited into Bond Funds pursuant to the Project Indentures as provided in Section 10.4 hereof and shall be used to redeem Project Bonds on the earliest possible redemption date or to pay the principal of any Project Bonds as the same becomes due and payable. (d) The Sponsors shall not, by reason of the inability of the Sponsors or the Authority to use all or any part of the Project during any such period of restoration or acquisition or by reason of the payment of the costs of such restoration or acquisition, be entitled to any reimbursement from the Authority, the Trustee or the Holders of the Project Bonds or any abatement or diminution of the Sponsor Payments payable by the Sponsors under this Agreement nor of any other obligations hereunder except as expressly provided in this Section.

Condemnation or Insured Deficiency of Title. (a) If during the Agreement Term, (i) title to, or the temporary use of, all or any part of the Project shall be condemned by or be sold under threat of condemnation to any authority possessing the power of eminent domain, or (ii) title to all or any part of the Project shall be found to be deficient or nonexistent, to such extent that the claim or loss resulting from such condemnation or loss of title is greater than $1,000,0001,000250,000, the Authority shall, within 90 days after the date of entry of a final order in any eminent domain proceedings granting condemnation, or the date of sale under threat of condemnation, or proceedings determining such loss of title notify the Trustee in writing as to the nature and extent of such condemnation or loss of title and whether it is practicable and desirable to acquire or construct substitute improvements. (b) If the Authority shall determine that such substitution is practicable and desirable, the Authority shall proceed promptly with and complete with reasonable dispatch the acquisition or construction of such substitute improvements, so as to place the Project in substantially the same condition as existed prior to the exercise of the said power of eminent domain or loss of title, including the acquisition or construction of other improvements which will be deemed a part of the Project and available for use and occupancy by the Sponsors without the payment of any rent other than herein provided to the same extent as if such other improvements were specifically described herein and demised hereby. In such case, any Net Proceeds received from any award or awards in respect of the Project or any part thereof made in such condemnation or eminent domain proceedings or of title insurance received with respect to any such loss of title, if such Net Proceeds exceed $1,000,0001,000250,000, shall be paid to the Trustee, shall be deposited into a separate account to be established in the Construction Fund and if such Net Proceeds do not exceed $1,000,0001,000250,000, such Net Proceeds shall be paid to the Authority. Such Net Proceeds shall be used and applied (i) in accordance with the disbursement requirements of Section 3.8 hereof if required to be deposited in the Construction Fund, and (ii) for the purpose of paying the cost of such substitution. Any Net Proceeds remaining after completion of such substitution shall be deposited into the Bond Funds pursuant to the Project Indentures as provided in Section 10.4 hereof.Section (c) If the Authority Authority, after consultation with the Sponsors, shall determine that it is not practicable or desirable to acquire or construct substitute improvements, any Net Proceeds of condemnation awards or title insurance received by the Authority shall be paid to the Trustee and deposited into Bond Funds pursuant to the Project Indentures as provided in Section 10.4 hereof and shall be used to redeem Project Bonds on the earliest possible redemption date or to pay the principal of any Project Bonds as the same becomes due and payable. (d) The Sponsors shall not, by reason of the inability of the Sponsors or the Authority to use all or any part of the Project during any such period of restoration or acquisition or by reason of the payment of the costs of such restoration or acquisition, be entitled to any reimbursement from the Authority, the Trustee or the Holders HoldersOwners of the Project Bonds or any abatement or diminution of the Sponsor Payments payable by the Sponsors under this Agreement nor of any other obligations hereunder except as expressly provided in this Section.

Condemnation or Insured Deficiency of Title. (a) If during the Agreement Term, (i) title to, or the temporary use of, all or any part of the Project shall be condemned by or be sold under threat of condemnation to any authority possessing the power of eminent domain, or (ii) title to all or any part of the Project shall be found to be deficient or nonexistent, to such extent that the claim or loss resulting from such condemnation or loss of title is greater than $1,000,000250,000, the Authority shall, within 90 days after the date of entry of a final order in any eminent domain proceedings granting condemnation, or the date of sale under threat of condemnation, or proceedings determining such loss of title notify the Trustee in writing as to the nature and extent of such condemnation or loss of title and whether it is practicable and desirable to acquire or construct substitute improvements. (b) If the Authority shall determine that such substitution is practicable and desirable, the Authority shall proceed promptly with and complete with reasonable dispatch the acquisition or construction of such substitute improvements, so as to place the Project in substantially the same condition as existed prior to the exercise of the said power of eminent domain or loss of title, including the acquisition or construction of other improvements which will be deemed a part of the Project and available for use and occupancy by the Sponsors without the payment of any rent other than herein provided to the same extent as if such other improvements were specifically described herein and demised hereby. In such case, any Net Proceeds received from any award or awards in respect of the Project or any part thereof made in such condemnation or eminent domain proceedings or of title insurance received with respect to any such loss of title, if such Net Proceeds exceed $1,000,000250,000, shall be paid to the Trustee, shall be deposited into a separate account to be established in the Construction Fund and if such Net Proceeds do not exceed $1,000,000250,000, such Net Proceeds shall be paid to the Authority. Such Net Proceeds shall be used and applied (i) in accordance with the disbursement requirements of Section 3.8 hereof if required to be deposited in the Construction Fund, and (ii) for the purpose of paying the cost of such substitution. Any Net Proceeds remaining after completion of such substitution shall be deposited into the Bond Funds pursuant to the Project Indentures as provided in Section 10.4 hereof. (c) If the Authority Authority, after consultation with the Sponsors, shall determine that it is not practicable or desirable to acquire or construct substitute improvements, any Net Proceeds of condemnation awards or title insurance received by the Authority shall be paid to the Trustee and deposited into Bond Funds pursuant to the Project Indentures as provided in Section 10.4 hereof and shall be used to redeem Project Bonds on the earliest possible redemption date or to pay the principal of any Project Bonds as the same becomes due and payable. (d) The Sponsors shall not, by reason of the inability of the Sponsors or the Authority to use all or any part of the Project during any such period of restoration or acquisition or by reason of the payment of the costs of such restoration or acquisition, be entitled to any reimbursement from the Authority, the Trustee or the Holders Owners of the Project Bonds or any abatement or diminution of the Sponsor Payments payable by the Sponsors under this Agreement nor of any other obligations hereunder except as expressly provided in this Section.

Condemnation or Insured Deficiency of Title. (a) If during the Agreement Lease Term, (i) title to, or the temporary use of, all or any part of the Project shall be condemned by or be sold under threat of condemnation to any authority possessing the power of eminent domain, or (ii) title to all or any part of the Project shall be found to be deficient or nonexistent, to or such extent that the claim or loss resulting from such condemnation or loss of title is greater than $1,000,00025,000, the Authority Company shall, within 90 ninety(90) days after the date of entry of a final order in any eminent domain proceedings granting condemnation, or the date of sale under threat of condemnation, or proceedings determining such loss of title title, notify the City and the Trustee in writing as to the nature and extent of such condemnation or loss of title and whether it is practicable and desirable to acquire or construct substitute improvements. (b) If the Authority Company shall determine that such substitution is practicable and desirable, the Authority Company shall proceed promptly with and complete with reasonable dispatch the acquisition or construction of such substitute improvements, so as to place the Project in substantially the same condition as existed prior to the exercise of the said power of eminent domain or loss of title, including the acquisition or construction of other improvements which will be deemed a part of suitable for the Company's operations in connection with the Project and available for use and occupancy by the Sponsors Company without the payment of any rent other than herein provided provided, to the same extent as if such other improvements were specifically described herein and demised hereby. In ; provided, that such caseimprovements will be acquired by the City subject to no liens, any Net Proceeds received from any award security interests or awards in respect of the Project or any part thereof made in such condemnation or eminent domain proceedings or of title insurance received with respect to any such loss of title, if such Net Proceeds exceed $1,000,000, shall be paid encumbrances prior to the Trustee, shall be deposited into a separate account to be established in lien and/or security interest afforded by the Construction Fund and if such Net Proceeds do not exceed $1,000,000, such Net Proceeds shall be paid to the Authority. Such Net Proceeds shall be used and applied (i) in accordance with the disbursement requirements of Section 3.8 hereof if required to be deposited in the Construction Fund, and (ii) for the purpose of paying the cost of such substitution. Any Net Proceeds remaining after completion of such substitution shall be deposited into the Bond Funds pursuant to the Project Indentures as provided in Section 10.4 hereofIndenture other than Permitted Encumbrances. (c) If the Authority Company shall determine that it is not practicable or and desirable to acquire or construct substitute improvements, any Net Proceeds of condemnation awards or title insurance received by the Authority Company shall be paid to into the Trustee and deposited into Bond Funds Fund pursuant to Section 602 of the Project Indentures as provided in Section 10.4 hereof Indenture and shall be used to redeem Project Bonds bonds on the earliest possible practicable redemption date or to pay the principal of any Project Bonds as the same becomes due and payablebecome due. The Company agrees to be reasonable in exercising its judgment pursuant to this subsection (c). (d) The Sponsors Company shall not, by reason of the its inability of the Sponsors or the Authority to use all or any part of the Project during any such period of restoration or acquisition or nor by reason of the payment of the costs of such restoration or acquisition, be entitled to any reimbursement from the AuthorityCity, the Trustee or the Holders of the Project Bonds Bondowners or to any abatement or diminution of the Sponsor Payments payable Basic Rent by the Sponsors Company under this Agreement Lease nor of any other obligations hereunder except as expressly provided in this Section. (e) The City agrees to cooperate fully with the Company in the handling and conduct of any prospective or pending condemnation proceedings with respect to the Project or any part thereof, and shall, to the extent it may lawfully do so, permit the Company to litigate in any such proceedings in the name and on behalf of the City. In no event will the City voluntarily settle or consent to the settlement of any prospective or pending condemnation proceedings with respect to the Project or any part thereof without the prior written consent of the Company.