Common use of Disbursement of Award Clause in Contracts

Disbursement of Award. The entire award for the Leased Property or the portion or portions thereof so taken shall be apportioned between Landlord and Tenant as follows: (a) if this Agreement terminates due to a taking or condemnation, Landlord shall be entitled to the entire award; provided, however, that any portion of the award expressly made for the taking of Tenant's leasehold interest in the Leased Property, loss of business during the remainder of the Term, and the taking of Tenant's Personal Property shall be the sole property of and payable to Tenant, and (b) if this Agreement does not terminate due to such taking or condemnation, Tenant shall be entitled to the award to the extent required for restoration of the Leased Property, and Landlord shall be entitled to the balance of the award not applied to restoration. In any condemnation proceedings, Landlord and Tenant shall each seek its own award in conformity herewith, at its own expense. If this Agreement does not terminate due to a taking or condemnation, Tenant shall, with due diligence, restore the remaining portion or portions of the Leased Property in the manner hereinabove provided. In such event, the proceeds of the award to be applied to restoration shall be deposited with a bank or financial institution designated by Landlord as if such award were insurance proceeds, and the amount so deposited will thereafter be treated in the same manner as insurance proceeds are to be treated under Section 10.2 of this Agreement until the restoration has been completed and Tenant has been reimbursed for all the costs and expenses thereof. If the award is insufficient to pay for the restoration, Tenant shall be responsible for the remaining cost and expense of such restoration.

Disbursement of Award. The entire Condemnation award for the Leased Property or the portion or portions thereof so taken shall be apportioned between Landlord and Tenant as follows: (a) if this Agreement Lease terminates due to a taking or condemnationCondemnation, Landlord shall be entitled to the entire award; provided, however, that any portion of the award expressly made for the taking of Tenant's ’s leasehold interest in the Leased Property, loss of business during the remainder of the Term, and the taking of Tenant's ’s Personal Property shall be the sole property of and payable to Tenant, and (b) if this Agreement Lease does not terminate due to such taking or condemnationCondemnation, Tenant shall be entitled to the award to the extent required for restoration of the Leased Property, and Landlord shall be entitled to the balance of the award not applied to restoration. In any condemnation Condemnation proceedings, Landlord and Tenant shall each seek its own award in conformity herewith, at its own expense. If this Agreement Lease does not terminate due to a taking or condemnationCondemnation, Tenant shall, with due diligence, restore the remaining portion or portions of the Leased Property in the manner hereinabove provided. In such event, the proceeds of the award to be applied to restoration shall be deposited with a bank or financial institution designated by Landlord as if such award were insurance proceeds, and the amount so deposited will thereafter be treated in the same manner as insurance proceeds are to be treated under Section 10.2 of this Agreement Lease until the restoration has been completed and Tenant has been reimbursed for all the costs and expenses thereof. If the award is insufficient to pay for the restoration, Tenant Landlord shall be responsible for the remaining cost and expense of such restoration. All proceeds in excess of those required for restoration shall be disbursed to Landlord upon completion of such restoration.

Disbursement of Award. The entire award for the Leased Property or the portion or portions thereof so taken shall be apportioned between Landlord and Tenant as follows: (a) if this Agreement terminates due to a taking or condemnation, Landlord shall be entitled to the entire award; provided, however, that any portion of the award expressly made for allocable to the taking of Tenant's leasehold interest in the Leased Property, loss of business during the remainder of the Term, and the taking of Tenant's ’s Personal Property shall be the sole property of and payable to Tenant, and (b) if this Agreement does not terminate due to such taking or condemnation, Tenant shall be entitled to the award to the extent required for restoration of the Leased Property, and Landlord shall be entitled to the balance of the award not applied to restoration. In any condemnation proceedings, Landlord and Tenant shall each seek its own award in conformity herewith, at its own expense. If this Agreement does not terminate due to a taking or condemnation, Tenant shall, with due diligence, restore the remaining portion or portions of the Leased Property in the manner hereinabove provided. In such event, if the proceeds of the award to be applied to restoration exceed Two hundred fifty Thousand Dollars ($250,000), then such proceeds shall be deposited with a bank or financial institution designated by Landlord as if such award were casualty insurance proceeds, and the amount so deposited will thereafter be treated in the same manner as insurance proceeds are to be treated under Section 10.2 of this Agreement until the restoration has been completed and Tenant has been reimbursed for all the costs and expenses thereof. If the award is insufficient to pay for the restoration, Tenant shall be responsible for the remaining cost and expense of such restoration. Obligations to disburse any award shall be subject to (x) the collection thereof, and (y) the release of such award by the Mortgagee.

Disbursement of Award. The entire award for the Leased Facility Property or the portion or portions thereof so taken shall be apportioned between Landlord and Tenant as follows: (a) if this Agreement terminates as to the Facility Property due to a taking or condemnation, Landlord shall be entitled to the entire award; provided, however, that any portion of the award expressly made for the taking of Tenant's ’s leasehold interest in the Leased Facility Property, loss of business during the remainder of the Term, and the taking of Tenant's Tenant Personal Property shall be the sole property of and payable to Tenant, and (b) if this Agreement does not terminate as to the Facility Property due to such taking or condemnation, Tenant shall be entitled to the award to the extent required for restoration of the Leased Facility Property, and Landlord shall be entitled to the balance of the award not applied to restoration. Rent shall be adjusted based upon the net proceeds received by Landlord (or any Mortgagee) for its own account after payment of any amounts due to Tenant and any related parties, which net proceeds shall reduce the Landlord’s Investment by the amount thereof. In any condemnation proceedings, Landlord and Tenant shall each seek its own award in conformity herewith, at its own expense. If this Agreement does not terminate as to the Facility Property due to a taking or condemnation, Tenant shall, with due diligence, restore the remaining portion or portions of the Leased Facility Property in the manner hereinabove provided. In such event, the proceeds of the award to be applied to restoration shall be deposited with a bank or financial institution designated by Landlord as if such award were insurance proceeds, and the amount so deposited will thereafter be treated in the same manner as insurance proceeds are to be treated under Section 10.2 10.3 of this Agreement until the restoration has been completed and Tenant has been reimbursed for all the costs and expenses thereof. If the award is insufficient to pay for the restoration, Tenant shall be responsible for the remaining cost and expense of such restoration.

Disbursement of Award. The entire award for the Leased Property or the portion or portions thereof so taken shall be apportioned between Landlord and Tenant as follows: (a) if this Agreement Lease terminates due to a taking or condemnation, Landlord shall be entitled to the entire award; provided, however, that any portion of the award expressly made for the taking of Tenant's ’s leasehold interest in the Leased Property, loss of business during the remainder of the Term, and the taking of Tenant's ’s Personal Property shall be the sole property of and payable to Tenant, and (b) if this Agreement Lease does not terminate due to such taking or condemnation, Tenant shall be entitled to the award to the extent required for restoration of the Leased Property, and Landlord shall be entitled to the balance of the award not applied to restoration. In any condemnation proceedings, Landlord and Tenant shall each seek its own award in conformity herewith, at its own expense. If this Agreement Lease does not terminate due to a taking or condemnation, Tenant shall, with due diligence, restore the remaining portion or portions of the Leased Property in the manner hereinabove providedprovided to the extent of condemnation proceeds made available to Tenant. In such event, the proceeds of the award to be applied to restoration shall be deposited with a bank or financial institution designated by Landlord as if such award were insurance proceeds, and the amount so deposited will thereafter be treated in the same manner as insurance proceeds are to be treated under Section 10.2 of this Agreement Lease until the restoration has been completed and Tenant has been reimbursed for all the costs and expenses thereof. If the award is insufficient to pay for the restoration, Tenant Landlord shall be responsible for the remaining cost and expense of such restoration. All proceeds in excess of those required for restoration shall be disbursed to Landlord upon completion of such restoration.

Disbursement of Award. The entire Condemnation award for the Leased Property or the portion or portions thereof so taken shall be apportioned between Landlord and Tenant as follows: (a) if this Agreement Lease terminates due to a taking or condemnationCondemnation, Landlord shall be entitled to the entire award; provided, however, that any portion of the award expressly made for the taking of Tenant's ’s leasehold interest in the Leased Property, loss of business during the remainder of the Term, and the taking of Tenant's ’s Personal Property shall be the sole property of and payable to Tenant, and (b) if this Agreement Lease does not terminate due to such taking or condemnationCondemnation, Tenant shall be entitled to the award to the extent required for restoration of the Leased Property, and Landlord shall be entitled to the balance of the award not applied to restoration. In any condemnation Condemnation proceedings, Landlord and Tenant shall each seek its own award in conformity herewith, at its own expense. If this Agreement Lease does not terminate due to a taking or condemnationCondemnation, Tenant shall, with due diligence, restore the remaining portion or portions of the Leased Property in the manner hereinabove providedprovided to the extent of condemnation proceeds made available to Tenant. In such event, the proceeds of the award to be applied to restoration shall be deposited with a bank or financial institution designated by Landlord as if such award were insurance proceeds, and the amount so deposited will thereafter be treated in the same manner as insurance proceeds are to be treated under Section 10.2 of this Agreement Lease until the restoration has been completed and Tenant has been reimbursed for all the costs and expenses thereof. If the award is insufficient to pay for the restoration, Tenant Landlord shall be responsible for the remaining cost and expense of such restoration. All proceeds in excess of those required for restoration shall be disbursed to Landlord upon completion of such restoration.

Disbursement of Award. The entire award for If all or Substantially All of the Leased Property Premises are taken or condemned as provided in Section 9.1(a), the portion Net Condemnation Award paid or portions thereof so taken payable to Owner, Tenant or any lender or mortgagee claiming through either of them in connection with such taking or condemnation shall be apportioned between Landlord and Tenant paid as follows: (a1) if this Agreement terminates due there shall first be paid to a taking or condemnation, Landlord shall be entitled Owner an amount equal to the entire award; providedNet Condemnation Award multiplied by a fraction, however, that any portion the numerator of which is the appraised value of the award expressly made for the taking of Tenant's leasehold interest in the Leased Property, loss of business during the remainder of the TermLand immediately prior to such condemnation, and the taking denominator of Tenant's Personal Property which is the appraised value of the Premises immediately prior to such condemnation; (2) there shall next be paid to the Recognized Mortgagee so much of the Net Condemnation Award as shall equal the unpaid principal indebtedness secured by the Recognized Mortgage with interest thereon at the rate specified therein to the date of payment (including any prepayment fees thereon and any so-called “yield maintenance” or “make-whole” amounts or other sums intended to assure to the Recognized Mortgagee a certain rate of return under the loan secured by the Recognized Mortgage, if any, as well as any costs payable by Tenant in connection with such Recognized Mortgage pursuant to any “swap” or other interest rate protection or hedging mechanism) or as otherwise set forth in the Recognized Mortgage and related Mortgage Loan Documents; and (3) the remaining Net Condemnation Award shall be the sole property of and payable disbursed to Tenant, and (b. The appraised values referred to in Section 9.1(b)(1) if this Agreement does not terminate due to such taking or condemnation, Tenant shall be entitled to determined using the award to the extent required for restoration of the Leased Property, appraisal process outlined in Exhibit F attached hereto and Landlord shall be entitled to the balance of the award not applied to restoration. In any condemnation proceedings, Landlord and Tenant shall each seek its own award in conformity herewith, at its own expense. If incorporated herein by this Agreement does not terminate due to a taking or condemnation, Tenant shall, with due diligence, restore the remaining portion or portions of the Leased Property in the manner hereinabove provided. In such event, the proceeds of the award to be applied to restoration shall be deposited with a bank or financial institution designated by Landlord as if such award were insurance proceeds, and the amount so deposited will thereafter be treated in the same manner as insurance proceeds are to be treated under Section 10.2 of this Agreement until the restoration has been completed and Tenant has been reimbursed for all the costs and expenses thereof. If the award is insufficient to pay for the restoration, Tenant shall be responsible for the remaining cost and expense of such restorationreference.

Disbursement of Award. The Subject to the rights of any Mortgagee, the entire Condemnation award for the Leased Property or the portion or portions thereof so taken shall be apportioned between Landlord and Tenant as follows: (a) if this Agreement Lease terminates due to a taking or condemnationCondemnation, Landlord shall be entitled to the entire award; provided, however, that any portion of the award expressly made for the taking of Tenant's ’s leasehold interest in the Leased Property, loss of business during the remainder of the Term, and the taking of Tenant's ’s Personal Property shall be the sole property of and payable to Tenant, and (b) if this Agreement Lease does not terminate due to such taking or condemnationCondemnation, Tenant shall be entitled to the award to the extent required for restoration of the Leased Property, and Landlord shall be entitled to the balance of the award not applied to restoration. In any condemnation Condemnation proceedings, Landlord and Tenant shall each seek its own award in conformity herewith, at its own expense. If this Agreement Lease does not terminate due to a taking or condemnationCondemnation, Tenant shall, with due diligence, restore the remaining portion or portions of the Leased Property in the manner hereinabove provided. In such event, and subject to the rights of any Mortgagee, the proceeds of the award to be applied to restoration shall be deposited with a bank or financial institution designated by Landlord as if such award were insurance proceeds, and the amount so deposited will thereafter be treated in the same manner as insurance proceeds are to be treated under Section 10.2 of this Agreement Lease until the restoration has been completed and Tenant has been reimbursed for all the costs and expenses thereof. If the award is insufficient to pay for the restoration, Tenant Landlord shall be responsible for the remaining cost and expense of such restoration and such cost shall be added to the Adjusted Lease Basis. All proceeds in excess of those required for restoration shall be disbursed to Landlord upon completion of such restoration.

Disbursement of Award. The entire award Award for the Leased Property or the portion or portions thereof so taken shall be apportioned between Landlord and Tenant as follows: (a) if this Agreement terminates due to a taking or condemnation, Landlord shall be entitled to the entire awardAward; provided, however, that any portion of the award Award expressly allocable or made for the taking of Tenant's leasehold interest in the Leased Property, loss of business during the remainder of the Term, and the taking of Tenant's Personal Property shall be the sole property of and payable to Tenant and in the event no such express allocation for the taking of Tenant's leasehold interest is made, Landlord and Tenant agree to determine the same by an appraisal of the parties respective interests in the Leased Property, and of Tenant's Personal Property, by an appraiser mutually acceptable to Landlord and Tenant, and any such portion of the Award allocated to Tenant by such appraiser shall be the property of and payable to Tenant, and (b) if this Agreement does not terminate due to such taking or condemnation, Tenant shall be entitled to the award Award to the extent required for restoration of the Leased Property, and Landlord shall be entitled to the balance of the award Award not applied to restorationrestoration except for any portion of the Award for taking Tenant's Personal Property. In any condemnation proceedings, Landlord and Tenant shall each seek its own award Award in conformity herewith, at its own expense. If this Agreement does not terminate due to a taking or condemnation, Tenant shall, with due diligence, restore the remaining portion or portions of the Leased Property in the manner hereinabove provided. In such event, the proceeds of the award Award to be applied to restoration shall be deposited with a bank or financial institution designated by Landlord as if such award Award were insurance proceeds, and the amount so deposited will thereafter be treated in the same manner as insurance proceeds are to be treated under Section 10.2 10.3 of this Agreement until the restoration has been completed and Tenant has been reimbursed for all the costs and expenses thereof. Landlord's obligation under this Section 11.3 to disburse the Award and such other amounts shall be subject to (x) the collection thereof by Landlord and (y) during the last two (2) years of the Term, the release of such Award by the applicable Mortgagee; otherwise each such Mortgagee shall be obligated to make such funds available for Landlord's use in accordance with the terms of this Agreement. Tenant's obligation to restore the Leased Property shall be subject to the release of the Award by the applicable Mortgagee to Landlord. If during the last two (2) years of the Term, such funds are not collected or released this Lease shall terminate. If the award Award is insufficient to pay for the restorationrestoration or Landlord does not collect the Award, and the Lease is not in the last two (2) years of the Term, Section 10.2 shall govern any insufficiency of the Award to pay for restoration of the Leased Property (including the termination rights set forth therein) to the same extent as if the Award were insurance proceeds; provided, however, if Landlord thereafter collects the Award, and Tenant or Landlord elects to fund any deficiency as contemplated in Section 10.2, either (i) the amount of the Award equal to such insufficiency funded by Tenant shall be responsible for delivered to Tenant in the remaining cost event Tenant funded such insufficiency pursuant to Section 10.2 hereof, or (ii) Landlord shall keep the Award and expense Minimum Rent shall be reduced to the extent the amount of the Award covers such restorationinsufficiency in the event Landlord had funded such insufficiency as a Major Capital Expenditure pursuant to Section 10.2.

Disbursement of Award. The entire award for If all or Substantially All of the Leased Property Premises are taken or condemned as provided in Section 9.1(a), the portion Net Condemnation Award paid or portions thereof so taken payable to Owner, Tenant or any lender or mortgagee claiming through either of them in connection with such taking or condemnation shall be apportioned between Landlord and Tenant paid as follows: (a1) if this Agreement terminates due there shall first be paid to a taking or condemnation, Landlord shall be entitled Owner an amount equal to the entire award; providedNet Condemnation Award multiplied by a fraction, however, that any portion the numerator of which is the appraised value of the award expressly made for the taking of Tenant's leasehold interest in the Leased Property, loss of business during the remainder of the TermLand immediately prior to such condemnation, and the taking denominator of Tenant's Personal Property which is the appraised value of the Premises immediately prior to such condemnation; (2) there shall next be paid to the Recognized Mortgagee so much of the Net Condemnation Award as shall equal the unpaid principal indebtedness secured by the Recognized Mortgage with interest thereon at the rate specified therein to the date of payment (including any prepayment fees thereon and any so-called “yield maintenance” or “make-whole” amounts or other sums intended to assure to the Recognized Mortgagee a certain rate of return under the loan secured by the Recognized Mortgage, if any, as well as any costs payable by Tenant in connection with such Recognized Mortgage pursuant to any “swap” or other interest rate protection or hedging mechanism) or as otherwise set forth in the Recognized Mortgage and related Mortgage Loan Documents; and (3) the remaining Net Condemnation Award shall be the sole property of and payable disbursed to Tenant, and (b. The appraised values referred to in Section 9.1(b)(1) if this Agreement does not terminate due to such taking or condemnation, Tenant shall be entitled to determined using the award to the extent required for restoration of the Leased Property, appraisal process outlined in Exhibit E attached hereto and Landlord shall be entitled to the balance of the award not applied to restoration. In any condemnation proceedings, Landlord and Tenant shall each seek its own award in conformity herewith, at its own expense. If incorporated herein by this Agreement does not terminate due to a taking or condemnation, Tenant shall, with due diligence, restore the remaining portion or portions of the Leased Property in the manner hereinabove provided. In such event, the proceeds of the award to be applied to restoration shall be deposited with a bank or financial institution designated by Landlord as if such award were insurance proceeds, and the amount so deposited will thereafter be treated in the same manner as insurance proceeds are to be treated under Section 10.2 of this Agreement until the restoration has been completed and Tenant has been reimbursed for all the costs and expenses thereof. If the award is insufficient to pay for the restoration, Tenant shall be responsible for the remaining cost and expense of such restorationreference.

Disbursement of Award. The entire award Award for the Leased Property or the portion or portions thereof so taken shall be apportioned between Landlord and Tenant as follows: (a) if this Agreement terminates due to a taking or condemnation, Landlord shall be entitled to the entire awardAward; provided, however, that any portion of the award Award expressly allocable or made for the taking of Tenant's leasehold interest in the Leased Property, loss of business during the remainder of the Term, and the taking of Tenant's Personal Property shall be the sole property of and payable to Tenant and in the event no such express allocation for the taking of Tenant's leasehold interest is made, Landlord and Tenant agree to determine the same by an appraisal of the parties respective interests in the Leased Property, and of Tenant's Personal Property, by an appraiser mutually acceptable to Landlord and Tenant, and any such portion of the Award allocated to Tenant by such appraiser shall be the property of and payable to Tenant, and (b) if this Agreement does not terminate due to such taking or condemnation, Tenant shall be entitled to the award Award to the extent required for restoration of the Leased Property, and Landlord shall be entitled to the balance of the award Award not applied to restorationrestoration except for any portion of the Award for taking Tenant's Personal Property. In any condemnation proceedings, Landlord and Tenant shall each seek its own award Award in conformity herewith, at its own expense. If this Agreement does not terminate due to a taking or condemnation, Tenant shall, with due diligence, restore the remaining portion or portions of the Leased Property in the manner hereinabove provided. In such event, the proceeds of the award Award to be applied to restoration shall be deposited with a bank or financial institution designated by Landlord as if such award Award were insurance proceeds, and the amount so deposited will thereafter be treated in the same manner as insurance proceeds are to be treated under Section 10.2 of this Agreement until the restoration has been completed and Tenant has been reimbursed for all the costs and expenses thereof. If the award is insufficient to pay for the restoration, Tenant shall be responsible for the remaining cost and expense of such restoration.Section

Disbursement of Award. The entire award for the Leased Property and the Attractions Personal Property or the portion or portions thereof so taken shall be apportioned between Landlord and Tenant as follows: (a) if this Agreement Lease terminates due to a taking or condemnation, Landlord and Enchanted Village TRS Corp shall be entitled to the entire award; provided, however, that any portion of the award expressly made for the taking of Tenant's ’s leasehold interest in the Leased Property, loss of business during the remainder of the Term, and the taking of Tenant's ’s Personal Property shall be the sole property of and payable to Tenant, and (b) if this Agreement Lease does not terminate due to such taking or condemnation, Tenant shall be entitled to the award to the extent required for restoration of the Leased Property and Attractions Personal Property, and Landlord and Enchanted Village TRS Corp shall be entitled to the balance of the award not applied to restoration. In any condemnation proceedings, Landlord Landlord, Enchanted Village TRS Corp and Tenant shall each seek its own award in conformity herewith, at its own expense. If this Agreement Lease does not terminate due to a taking or condemnation, Tenant shall, with due diligence, restore the remaining portion or portions of the Leased Property and Attractions Personal Property in the manner hereinabove provided. In such event, the proceeds of the award to be applied to restoration shall be deposited with a bank or financial institution designated by Landlord and Enchanted Village TRS Corp as if such award were insurance proceeds, and the amount so deposited will thereafter be treated in the same manner as insurance proceeds are to be treated under Section 10.2 of this Agreement Lease until the restoration has been completed and Tenant has been reimbursed for all the costs and expenses thereof. If the award is insufficient to pay for the restoration, Tenant Landlord and Enchanted Village TRS Corp shall be responsible for the remaining cost and expense of such restoration. All proceeds in excess of those required for restoration shall be disbursed to Landlord and Enchanted Village TRS Corp upon completion of such restoration.