Condemnation Provisions. In the event the Project and the Leased Realty or any part of either shall be taken under the exercise of the power of eminent domain, the award of compensation, except such portion as is allocable to the Company for damages, shall be paid to the Trustee to be applied to the payment of principal of and interest on all Bonds then outstanding or to redeem the same, with any excess to be paid to the Board, unless the Company shall have notified the Board of its desire to utilize the award for the purpose of adapting the Project to Company's continued use. In the event Company elects to cause the Project to be repaired or rebuilt for its continued use, the Company shall continue to make the rental payments provided for in this Lease Agreement and shall cause an estimate to be made of the expenses of such work by a capable and reputable architect or engineer, or both, acceptable to the Board and the Trustee, and the Company shall, prior to the commencement of construction, pay to the Trustee for the account of the Construction Fund the amount, if any, by which such estimate exceeds the condemnation award; and Company shall forthwith proceed with all practicable dispatch to cause the Project to be repaired or rebuilt as aforesaid, and the Board shall cause the expenses thereof to be paid by the Trustee out of the Construction Fund. If the cost of repairing or rebuilding the Project exceeds the amount available therefor in the Construction Fund, the Company shall pay any deficiency from its own funds. In the event Company elects to redeem the outstanding Bonds and the award (or portion thereof after use by the Company as above provided) is insufficient to pay or redeem all outstanding Bonds, the Company shall either (a) pay to the Trustee, for the account of the Bond and Interest Fund held by the Trustee under the Mortgage, a sum which, when added to the proceeds of the condemnation award which shall be paid to the Trustee, shall be sufficient to pay the principal of and interest on the Bonds as they mature and come due or to redeem the same, or (b) continue to use and occupy the Project or any part thereof then remaining and cause the Board to apply the proceeds of the award of condemnation paid to the Trustee to the redemption of Bonds, whereupon the basic rental payments will be reduced to the amount required to pay the principal of and interest on the remaining outstanding Bonds as such principal and interest become due and payable.
Condemnation Provisions. If prior to payment of the Indebtedness title to the Project or any part thereof is taken under the exercise of the power of Eminent Domain and the Lessee does not elect to prepay Basic Rent as provided in Section 11.1, the entire condemnation award in respect of such taking [including, without limitation, (i) all amounts received as the result of any settlement of compensation claims negotiated with the condemning authority and (ii) any amount awarded as compensation for the interest of the Lessee in the part of the Project taken and as damages to the interest of the Lessee in any part thereof not taken, but not including any condemnation award belonging to the Lessee pursuant to the provisions of Section 7.4 hereof] shall be paid in accordance with the Mortgage. If, after full payment of the Indebtedness, title to less than substantially all the Project is taken by such exercise of the power of Eminent Domain, the Lease shall continue in full force and effect, but neither the Lessee nor the Issuer shall be obligated to correct or ameliorate in any way the condition of the Project caused by such taking, and the Net Condemnation Award referable to such taking shall be paid to the Lessee; provided however, that the Issuer will, to the extent and in the manner provided in Section 7.6 hereof, cooperate fully with the Lessee in carrying out such work of repairing, restoring, modifying, relocating or rearranging the Project or in acquiring such additional property to form part of the Project as the Lessee may, in its sole discretion, deem necessary or desirable.
Condemnation Provisions. A. If title to the whole or substantially all of the Premises is taken or condemned by any competent authority (save for the City of Grants) for any public or quasi-public use, at the option of the Tenant to be exercised by the Tenant giving written notice to the Landlord within 30 days of the taking or condemnation, this Lease will cease and terminate, all monetary obligations payable or performable by the Tenant as provided in this Lease will be prorated as of the date of vesting title in the condemnation proceedings, and the total award made with respect to the Premises less all expenses incurred with respect to the condemnation action (the "Net Award"), will be apportioned between the Landlord and the Tenant as provided in this Lease subject to the rights of any Leasehold Mortgagee. The amount of the damages to which the Tenant is entitled will first be used by the Tenant to obtain a complete release of any Leasehold Mortgage.
B. If title to less than the whole or substantially all of the Premises is taken or condemned by any competent authority for any public or quasi-public use, and the portion of the Premises not taken is sufficient for the continued operation of the Premises as contemplated by this Lease, the Rent and the other obligations payable and performable by the Tenant as provided in this Lease for the remainder of the Term will be reasonably reduced by the Landlord, in Landlord's reasonable discretion.
C. The rights of the Landlord and the Tenant to the Net Award on a taking or condemnation will be determined as follows and in the following order of priority:
(1) If a taking, partial, whole or substantially all, as the case may be, occurs, the Landlord will be entitled to receive that portion of the award, with interest on the award, representing compensation for the value of the Land taken, including consequential damage to any part of the Premises not taken, and damages measured by the difference in value of the Land immediately before and after the taking. The Land will be considered as vacant unimproved land, unencumbered by this Lease.
(2) If the whole or any part of the Premises is taken, the balance of the award after payment of the portion specified in the preceding subsection to the Landlord will be paid to the Tenant, except that if any Buildings existing on the Premises are damaged or partially destroyed by a partial taking of less than the whole or substantially all of the Premises, and this Lease is not surrendered and termina...
Condemnation Provisions. If title to the Project or any part thereof is taken under the exercise of the power of Eminent Domain, all obligations of the Company under the Loan Agreement and the Company Note shall continue in full force and effect and the entire condemnation award in respect of such taking shall be paid to the Trustee, whereupon such award shall be applied and certain related actions shall be taken in accordance with the succeeding provisions of this section:
(1) If none of the improvements constituting part of the Project are taken or damaged and if in the Company's opinion, expressed in a written certificate delivered to the Authority and the Trustee, such taking does not significantly impair the utility of the Project or interfere with ingress and egress to and from the Project, the Net Condemnation Award in respect of the part of the Project so taken shall be paid into the Redemption Fund.
(2) If any of the improvements constituting part of the Project are taken or damaged, or if in the Company's opinion, expressed in a written certificate delivered to the Authority and the Trustee, such taking significantly impairs the utility of the Project, the Net Con- demnation Award in respect of such taking shall be applied in one or more of the following ways as directed by the Company with the approval of the Bank:
(I) payment of the costs of making such repairs, replacements, modifications and rearrangements with respect to the remainder of the Project (i.e., the portion thereof not taken but damaged or adversely affected by such taking) as shall be deemed necessary or desirable by the Company;
(II) payment of the costs of purchasing such additional land and of acquiring (by construction or otherwise) such additional buildings, equipment and other facilities as the Company may deem necessary or desirable in connection with the use and occupancy of the Project; provided that such additional land, buildings, equip- ment and other facilities (i) shall be acquired by the Company free of liens and encumbrances other than Permitted Encumbrances and (ii) shall be deemed a part of the Project to the same extent as if such land, buildings, equipment and other facilities had originally con- stituted part of the Project; or
(III) the redemption of Bonds prior to maturity in accordance with the terms of the Indenture and on the earliest practicable date permitted thereby (or, prior to the termination of the Letter of Credit, the reimbursement of the Bank for moneys advanced under ...
Condemnation Provisions. If the Project or any part thereof is taken under the exercise of the power of eminent domain by any governmental authority or person, firm or corporation acting under governmental authority, the entire condemnation award (if any) referable to the Project, including any that may be recoverable by the Company, shall be paid to the Trustee (or, if the Bonds have been fully paid, to the Board) and applied as hereinafter provided:
Condemnation Provisions. If title to the Project or any part thereof is taken under the exercise of the power of Eminent Domain, the entire condemnation award in respect of such taking [including, without limitation, (i) all amounts received as the result of any settlement of compensation claims negotiated with the condemning authority, and (ii) any amount awarded as compensation for the interest of the Company in the part of the Project taken and as damages to the interest of the Company in any part thereof not taken, but not including any condemnation award belonging to the Company pursuant to the provisions of Section 7.4 hereof] shall be applied and certain related actions shall be taken in accordance with the succeeding provisions of this Section 7.2:
Condemnation Provisions. If title to the Project or any part thereof is taken under the exercise of the power of Eminent Domain, the entire condemnation award in respect of such taking, “including, without limitation, (i) all amounts received as the result of any settlement of compensation claims negotiated with the condemning authority and (ii) any amount awarded as compensation for the interest of the Lessee in the part of the Project taken and as damages to the interest of the Lessee in any part thereof not taken, shall be paid to the Lessee.
Condemnation Provisions. Paragraph 14 of the Lease is hereby amended and restated to include the following language as the final sentence of Paragraph 14: "Notwithstanding any of the foregoing provisions of Paragraph 14, to the extent the language of Paragraph 14 conflicts with a Lender's rights under a deed of trust, the terms and provisions of the deed of trust shall control prior to foreclosure, and at the Lessor's option, following foreclosure, or other transfer in lieu of a foreclosure."
Condemnation Provisions
