Common use of EXPROPRIATION AND CONDEMNATION Clause in Contracts

EXPROPRIATION AND CONDEMNATION. Notwithstanding anything to the contrary contained herein, if the Mortgagee receives a notice of intention to expropriate (as referred to in the Expropriation Act of Alberta) the Premises or the estate or interest of the Mortgagee in the Premises, or the Premises are condemned by any authority having jurisdiction in that regard, then the Principal Sum, interest and other monies hereby secured will at the option of the Mortgagee automatically become due in full on demand by the Mortgagee. The damages, proceeds, consideration and award, whether awarded by the Land Compensation Board, the Surface Rights Board, a court or otherwise, resulting from any expropriation are, to the extent of the full amount of the monies and obligations secured by this mortgage and remaining unpaid on the date of such expropriation, hereby assigned by the Mortgagor to the Mortgagee and will be paid immediately to the Mortgagee. The Mortgagor acknowledges that it is aware of the provisions of Sections 49 and 52 of The Expropriation Act, Chapter E-16, S.A. 1980, and any amendments thereto, and hereby waives the benefit of such provisions or any legislation similar thereto or in replacement thereof. The Mortgagor will pay to the Mortgagee the difference between the amount owing under this mortgage and the monies paid by the expropriating authority to the Mortgagee, together with interest thereon at the Interest Rate both before and after maturity, default, acceleration and the obtaining of any judgment by the Mortgagee.

EXPROPRIATION AND CONDEMNATION. (a) Notwithstanding anything to the contrary contained herein, if the Mortgagee receives a notice of intention to expropriate (as referred to in the Expropriation Act of Alberta) the Premises or the estate or interest of the Mortgagee in the Premises, or the Premises are condemned by any authority having jurisdiction in that regard, then the Principal Sum, interest and other monies hereby secured will at the option of the Mortgagee automatically become due in full on demand by the Mortgagee. . (b) The damages, proceeds, consideration and award, whether awarded by the Land Compensation Board, the Surface Rights Board, a court or otherwise, resulting from any expropriation are, to the extent of the full amount of the monies and obligations secured by this mortgage and remaining unpaid on the date of such expropriation, hereby assigned by the Mortgagor to the Mortgagee and will be paid immediately to the Mortgagee. . (c) The Mortgagor acknowledges that it is aware of the provisions of Sections 49 and 52 of The Expropriation Act, Chapter E-16, S.A. 1980, and any amendments thereto, and hereby waives the benefit of such provisions or any legislation similar thereto or in replacement thereof. The Mortgagor will pay to the Mortgagee the difference between the amount owing under this mortgage and the monies paid by the expropriating authority to the Mortgagee, together with interest thereon at the Interest Rate both before and after maturity, default, acceleration and the obtaining of any judgment by the Mortgagee.

EXPROPRIATION AND CONDEMNATION. (a) Notwithstanding anything to the contrary contained herein, if the Mortgagee receives a notice of intention to expropriate (as referred to in the Expropriation Act of (Alberta)) the Premises Lands or the estate or interest of the Mortgagee in the PremisesLands, or the Premises Lands are condemned by any authority having jurisdiction in that regard, then the Principal Sum, interest and other monies hereby secured Obligations will at the option of the Mortgagee automatically become due in full on demand by the Mortgagee. Mortgagee.‌ (b) The damages, proceeds, consideration and award, whether awarded by the Land Compensation Board, the Surface Rights Board, a court or otherwise, resulting from any expropriation are, to the extent of the full amount of the monies and obligations secured by this mortgage and remaining unpaid on the date of such expropriation, hereby assigned by the Mortgagor to the Mortgagee and will be paid immediately to the Mortgagee. Mortgagee.‌ (c) The Mortgagor acknowledges that it is aware of the provisions of Sections 49 and 52 of The the Expropriation Act, Chapter E-16, S.A. 1980, Act (Alberta); and any amendments thereto, and hereby waives the benefit of such provisions or any legislation similar thereto or in replacement thereof. The Mortgagor will covenants to pay to the Mortgagee the difference between the amount owing secured under this mortgage and the monies paid by the expropriating authority to the Mortgagee, together with interest thereon at the Interest Rate both before and after maturity, default, acceleration and the obtaining of any judgment by the Mortgagee.Mortgagee.‌

EXPROPRIATION AND CONDEMNATION. Notwithstanding anything to the contrary contained herein, if the Mortgagee receives a notice of intention to expropriate (as referred to in the Expropriation Act of (Alberta)) the Premises Lands or the estate or interest of the Mortgagee in the PremisesLands, or the Premises Lands are condemned by any authority having jurisdiction in that regard, then the Principal Sum, interest and other monies hereby secured Obligations will at the option of the Mortgagee automatically become due in full on demand by the Mortgagee. The damages, proceeds, consideration and award, whether awarded by the Land Compensation Board, the Surface Rights Board, a court or otherwise, resulting from any expropriation are, to the extent of the full amount of the monies and obligations secured by this mortgage and remaining unpaid on the date of such expropriation, hereby assigned by the Mortgagor to the Mortgagee and will be paid immediately to the Mortgagee. The Mortgagor acknowledges that it is aware of the provisions of Sections 49 and 52 of The the Expropriation Act, Chapter E-16, S.A. 1980, Act (Alberta); and any amendments thereto, and hereby waives the benefit of such provisions or any legislation similar thereto or in replacement thereof. The Mortgagor will covenants to pay to the Mortgagee the difference between the amount owing secured under this mortgage and the monies paid by the expropriating authority to the Mortgagee, together with interest thereon at the Interest Rate both before and after maturity, default, acceleration and the obtaining of any judgment by the Mortgagee.