Common use of Condemnation Restoration Clause in Contracts

Condemnation Restoration. If less than Substantially All Of the Demised Premises and/or the Common Elements shall be taken as provided in this Article XII, then (i) if such taking involves a portion of the Demised Premises and/or the Common Elements valued at greater than Five Million Dollars ($5,000,000) and occurs after the tenth anniversary of the Delivery Date, Tenant may exercise the Purchase Option pursuant to the provisions of Article V hereof, or (ii) if Tenant does not so exercise or is not then permitted to so exercise hereunder, this Lease and the term hereof shall continue with a proportionate abatement (based on the ratio of the value of the portion of the Demised Premises and/or the Common Elements so taken to the value of the entire Demised Premises and/or the Common Elements immediately prior to such taking) of the Charges and no other diminution of any of Tenant’s Obligations hereunder. Tenant, at its sole cost and expense, whether or not the award or awards, if any, shall be sufficient for the purpose and whether or not the Recognized Mortgagees shall permit the award or awards to be used for the restoration of the Demised Premises and/or the Common Elements, shall diligently (subject to Unavoidable Delays) restore any remaining part of Demised Premises and/or the Common Elements not so taken so that the latter shall be complete, rentable, self-contained architectural units in good condition and repair with such Alterations as Tenant, with the consent of Landlord, shall elect to make (such work, a “Condemnation Restoration”), provided that, after the completion of the Condemnation Restoration, the Demised Premises and/or Common Elements are in substantial conformity with the applicable Final Plans and Specifications and in compliance with the DUO, to the extent practicable, taking into account the nature and extent of the Taking. Provided that the condemnation award is made available to Tenant or the Condominium Association, Tenant shall commence the Condemnation Restoration within one hundred eighty (180) days of the date of the Taking and shall diligently and continuously prosecute such Condemnation Restoration to completion. In the event of any Taking of the nature described in this Section 12.3(a), the entire award for or attributable to the (A) Demised Premises, shall be paid to Tenant without deduction for any estate vested in Tenant by this Lease, and (B) the Common Elements, shall be paid to the Condominium Association, without deduction for any estate vested in Tenant by this Lease.

Condemnation Restoration. If less than Substantially All Of the Demised Premises and/or the Common Elements Property shall be taken as provided in this Article ARTICLE XII, then (i) if such taking involves a portion of the Demised Premises and/or the Common Elements Property valued at greater than Five Million Dollars ($5,000,000) and occurs after the tenth anniversary of the Delivery Date, Tenant may exercise the Purchase Option pursuant to the provisions of Article ARTICLE V hereof, or (ii) if Tenant does not so exercise or is not then permitted to so exercise hereunder, this Lease and the term hereof shall continue with a proportionate abatement (based on the ratio of the value of the portion of the Demised Premises and/or the Common Elements Property so taken to the value of the entire Demised Premises and/or the Common Elements Property immediately prior to such taking) of the Charges and no other diminution of any of Tenant’s 's Obligations hereunder. Tenant, at its sole cost and expense, whether or not the award or awards, if any, shall be sufficient for the purpose and whether or not the Recognized Mortgagees shall permit the award or awards to be used for the restoration of the Demised Premises and/or the Common ElementsProperty, shall diligently (subject to Unavoidable Delays) restore any remaining part of Demised Premises and/or the Common Elements Property not so taken so that the latter shall be 97 complete, rentable, self-contained architectural units in good condition and repair with such Alterations as Tenant, with the consent of Landlord, shall elect to make (such work, a “Condemnation Restoration”"CONDEMNATION RESTORATION"), provided PROVIDED that, after the completion of the Condemnation Restoration, the Demised Premises and/or Common Elements are Property is in substantial conformity with the applicable Final Plans and Specifications and in compliance with the DUO, to the extent practicable, taking into account the nature and extent of the Taking. Notwithstanding the foregoing, if there is a Taking which results in any damage or destruction to the Existing Improvements, Tenant shall not be required to restore the Existing Improvements so damaged or destroyed and if Tenant does not so restore such Existing Improvements, Tenant, once in possession of that portion of the Property not Taken (if such possession ever was denied), shall take all steps to insure that such portions of the Property accessible to the public shall be safe and free from conditions hazardous to life and property, including, if Landlord in its reasonable judgment determines necessary, the erection of a fence around as much of the Property as Landlord may direct. Provided that the condemnation award is made available to Tenant or the Condominium AssociationTenant, Tenant shall commence the Condemnation Restoration within one hundred eighty (180) days of the date of the Taking and shall diligently and continuously prosecute such Condemnation Restoration to completion. In the event of any Taking of the nature described in this Section SECTION 12.3(a), the entire award for or attributable to the (A) Demised PremisesLand taken in any proceeding with respect to such Taking, shall be paid to Tenant without deduction for any estate vested in Tenant by this Lease, shall be first paid to Tenant, and (B) the Common Elementsbalance of the award, if any, shall be paid to Depositary if the Condominium Associationcost of Condemnation Restoration is more than Three Million Dollars ($3,000,000) or to Tenant, without deduction for any estate vested in Tenant by this Leasetrust, if such cost is Three Million Dollars ($3,000,000) or less.

Condemnation Restoration. If less than Substantially All Of (i) The Borrower shall, or shall cause the Demised Premises and/or applicable Property Owner (BofA Revolver) to, promptly give the Common Elements Administrative Agent notice of the actual or threatened commencement of any proceeding for the Condemnation of any Property (BofA Revolver) and shall deliver to the Administrative Agent copies of any and all papers served in connection with such proceedings. The Borrower shall, or shall cause the applicable Property Owner (BofA Revolver), at its expense, to, diligently prosecute any such proceedings affecting a Property (BofA Revolver) owned by it. Notwithstanding any taking of any Property by any public or quasi-public authority through Condemnation or otherwise (including, but not limited to, any transfer made in lieu of or in anticipation of the exercise of such taking), the Borrower shall continue to pay the Loans, interest thereon, and all other amounts owing under the Loan Documents at the time and in the manner provided for its payment in the Loan Agreement and the other Loan Documents. (ii) With respect to any Unencumbered Property that is owned by Residual or a Subsidiary of Residual, any Net Proceeds in respect of a Condemnation affecting such Unencumbered Property shall be taken promptly paid over to the Super Administrative Agent for application and disbursement by the Super Administrative Agent in accordance with Section 6 of this Supplement and this Section 8(e) as if the same were Net Sale Proceeds. With respect to any Unencumbered Property that is owned by the Borrower or a Subsidiary of the Borrower, any Net Proceeds in respect of a Condemnation affecting such Unencumbered Property shall be promptly paid over to the Administrative Agent for application and disbursement by the Administrative Agent in accordance with Section 6 of this Supplement and this Section 8(e) as if the same were Net Sale Proceeds. (iii) Any Net Proceeds in respect of a Condemnation affecting a Property (Combined Pool) shall be promptly paid over to the Administrative Agent for application and disbursement by the Administrative Agent in accordance with Section 6 of this Supplement and this Section 8(e) as if the same were Net Sale Proceeds. (vi) With respect to a Property that is a Property (New Money Facility), the Xxxxxxx Xxxxx Property or an Encumbered Property (Existing Third Party), any Net Proceeds in respect of a Condemnation affecting the same shall be applied (and any Restoration of the same shall be effected) as provided in this Article XIIthe loan documents evidencing the loan secured by a first priority lien on such Property (New Money Facility), then Xxxxxxx Xxxxx Property or Encumbered Property (i) if such taking involves a portion Existing Third Party). Any excess Net Proceeds (after repayment, in each case, of the Demised Premises and/or the Common Elements valued at greater than Five Million Dollars Indebtedness secured by a first priority lien on such Property ($5,000,000) and occurs after the tenth anniversary of the Delivery Date, Tenant may exercise the Purchase Option pursuant to the provisions of Article V hereof, or (ii) if Tenant does not so exercise or is not then permitted to so exercise hereunder, this Lease and the term hereof shall continue with a proportionate abatement (based on the ratio of the value of the portion of the Demised Premises and/or the Common Elements so taken to the value of the entire Demised Premises and/or the Common Elements immediately prior to such taking) of the Charges and no other diminution of any of Tenant’s Obligations hereunder. Tenant, at its sole cost and expense, whether or not the award or awards, if any, shall be sufficient for the purpose and whether or not the Recognized Mortgagees shall permit the award or awards to be used for the restoration of the Demised Premises and/or the Common Elements, shall diligently (subject to Unavoidable Delays) restore any remaining part of Demised Premises and/or the Common Elements not so taken so that the latter shall be complete, rentable, self-contained architectural units in good condition and repair with such Alterations as Tenant, with the consent of Landlord, shall elect to make (such work, a “Condemnation Restoration”New Money Facility), provided thatXxxxxxx Xxxxx Property or Encumbered Property (Existing Third Party), after the completion of the Condemnation Restorationas applicable, the Demised Premises and/or Common Elements are in substantial conformity accordance with the applicable Final Plans and Specifications and in compliance provisions of the loan documents with the DUO, respect thereto) shall be promptly paid over to the extent practicableSuper Administrative Agent and/or the Administrative Agent, taking into account the nature as applicable, for application and extent disbursement in accordance with Section 6 of the Taking. Provided that the condemnation award is made available to Tenant or the Condominium Association, Tenant shall commence the Condemnation Restoration within one hundred eighty (180) days of the date of the Taking this Supplement and shall diligently and continuously prosecute such Condemnation Restoration to completion. In the event of any Taking of the nature described in this Section 12.3(a), 8(e) as if the entire award for or attributable to the (A) Demised Premises, shall be paid to Tenant without deduction for any estate vested in Tenant by this Lease, and (B) the Common Elements, shall be paid to the Condominium Association, without deduction for any estate vested in Tenant by this Leasesame were Net Sale Proceeds.