Eminent Domain Proceeds Clause Samples
The Eminent Domain Proceeds clause defines how compensation received from a government taking of property (through eminent domain) is handled between the parties to an agreement. Typically, this clause specifies the process for distributing any monetary awards or proceeds resulting from the condemnation, such as whether the owner, tenant, or both are entitled to a share, and how disputes over allocation are resolved. Its core function is to ensure clarity and fairness in the division of proceeds, preventing conflicts and misunderstandings if the property is seized by a governmental authority.
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Eminent Domain Proceeds. Immediately upon obtaining knowledge of the institution of any proceedings for the condemnation of all or any part of the Property or the whole or any part of the buildings, structures and improvements located on the Real Estate, Mortgagor will notify Mortgagee of the pendency of such proceedings. Mortgagee may participate in any such proceedings, and Mortgagor shall from time to time deliver to Mortgagee all instruments or documents requested by it to permit such participation. Mortgagor shall, at its expense, diligently prosecute any such proceeding and shall consult with the Mortgagee, its attorneys and experts and cooperate with them in any defense of any such proceedings. The awards of damages on account of any condemnation for public use of or injury to the Property shall be paid to the Mortgagee; such awards shall, at the option of the Mortgagee, be applied to or toward the indebtedness secured by this Mortgage in such order as the Mortgagee may determine.
Eminent Domain Proceeds. If all or any part of the Project shall be taken by eminent domain proceedings, the Net Proceeds thereof shall be used to prepay or defease the Bonds.
Eminent Domain Proceeds. If all or any part of a District’s Sewerage System shall be taken by eminent domain proceedings, the Net Proceeds thereof shall be applied to the replacement of the property or facilities so taken, unless such District determines that such property or facility is not necessary to the efficient or proper operation of its Sewerage System and therefore determines not to replace such property or facilities. Any Net Proceeds of such award not applied to replacement, or remaining after such work has been completed, shall be deposited in such District’s Operating Fund and be available for other proper uses of funds deposited in its Operating Fund.
Eminent Domain Proceeds. Pursuant to Section 5.16(b) of the 1998 Installment Purchase Contract, if the conditions set forth in Section 5.16(a) can not be satisfied, Net Proceeds shall be applied to the prepayment of the 1998 Installment Payments, the 2009A Installment Payments and any other Parity Obligations without preference or priority, and in the event of any insufficiency of such moneys, ratably without any discrimination or preference.
Eminent Domain Proceeds. Any amounts received as awards as a result of the taking of all or any part of the Sewer System by the lawful exercise of eminent domain, if and to the extent that such right can be exercised against such property of the District, shall either: (a) be used for the acquisition or construction of improvements to the Sewer System; or (b) be applied to pay the Series 2023 Installment Payments in the manner provided herein.
Eminent Domain Proceeds. If all or any part of the Wastewater System shall be taken by eminent domain proceedings:
(a) The City shall file with the Authority and the Trustee a certificate showing: (1) the estimated loss of annual Net Revenues, if any, suffered or to be suffered by the City by reason of such eminent domain proceedings; (2) a general description of the additions, betterments, extensions or improvements to the Wastewater System that are proposed to be acquired and constructed by the City from such Net Proceeds, and (3) an estimate of the additional annual Net Revenues to be derived from such additions, betterments, extensions or improvements; and
(b) The City, on the basis of such certificate filed with the Authority and the Trustee, shall promptly proceed with the acquisition and construction of such additions, betterments, extensions or improvements substantially in accordance with such certificate and such Net Proceeds shall be applied for the payment of the costs of such acquisition and construction, and any balance of such Net Proceeds not required by the City for such purpose shall be deposited in the Revenue Fund.
Eminent Domain Proceeds. If all or any part of the Property shall be taken by eminent domain proceedings, the Net Insurance Proceeds thereof shall be applied as follows:
Eminent Domain Proceeds. The Authority covenants and agrees that should all or any part of the Project be taken by eminent domain or other proceedings authorized by law for any public or other use under which the property will be exempt from ad valorem taxation, the net proceeds realized by the Authority therefrom shall constitute Project Revenue and shall be deposited into the Special Fund and used for the purposes and in the manner described in Section 7.2.
Eminent Domain Proceeds. If all or any part of the Wastewater System shall be taken by eminent domain proceedings, the Net Proceeds thereof shall be applied as follows:
(a) If: (1) the District files with the Owners a certificate showing: (i) the estimated loss of annual Net Revenues, if any, suffered or to be suffered by the District by reason of such eminent domain proceedings; (ii) a general description of the additions, betterments, extensions or improvements to the Wastewater System that are proposed to be acquired and constructed by the District from such Net Proceeds; and (iii) an estimate of the additional annual Net Revenues to be derived from such additions, betterments, extensions or improvements; and (2) the District, on the basis of such certificate filed with the Owners, determines that the estimated additional annual Net Revenues will sufficiently offset the estimated loss of annual Net Revenues resulting from such eminent domain proceedings so that the ability of the District to meet its obligations hereunder will not be substantially impaired (which determination shall be final and conclusive), then the District shall promptly proceed with the acquisition and construction of such additions, betterments, extensions or improvements substantially in accordance with such certificate and such Net Proceeds shall be applied for the payment of the costs of such acquisition and construction, and any balance of such Net Proceeds not required by the District for such purpose shall be deposited in the Revenue Fund.
(b) If the foregoing conditions are not met, then such Net Proceeds shall be applied by the District in part to the repayment of the 2021 Sewer Notes and in part to such other fund or account as may be appropriate and used for the retirement of Parity Obligations in the same proportion which the aggregate unpaid principal balance of the 2021 Sewer Notes then bears to the aggregate unpaid principal amount of such Parity Obligations.
Eminent Domain Proceeds. If Seller or any of its Affiliates receives any compensation or other proceeds with respect to any Action in eminent domain or similar Action affecting any Real Property, Seller shall, and shall cause its Affiliates to, promptly remit any such amounts to the Company.