Full Condemnation. 12.1.1. If all or substantially all of the Property or such portion of the improvements located on the Property as to render the balance of such improvements unsuitable in Landlord's reasonable judgment for the purposes of Tenant is taken by the exercise of any power of eminent domain or is conveyed to or at the direction of any governmental entity under a threat of any such taking, Landlord shall be entitled to collect from such condemning authority the entire amount of any award made in any such proceeding or as consideration for such conveyance, without deduction therefrom for any leasehold or other estate held by Tenant under this Lease, this lease shall terminate on the date that possession of the Property is taken by such condemning authority and all Rent, Taxes and other charges payable hereunder will be apportioned and paid to such date.
12.1.2. Tenant hereby (a) assigns to Landlord all of Tenant's right, title and interest, if any, in and to any such award (b) waives any right that it may otherwise have in connection with such condemnation, against Landlord or such condemning authority, to any payment for (i) the value of the then-unexpired portion of the Term, (ii) leasehold damages, and (iii) any damage to or diminution of the value of Tenant's leasehold interest hereunder or any portion of the Property not covered by such Condemnation, and (c) agrees to execute any and all further documents which may be required to facilitate Landlord's collection of any and all such awards.
12.1.3. Subject in all events to the operation and effect of the foregoing provisions of this Section, Tenant may seek a separate award on account of any damages or costs incurred by Tenant as a result of such condemnation, so long as such separate award in no way diminishes any award or payment which Landlord would otherwise receive as a result of such Condemnation.
Full Condemnation. In the event of a full condemnation of a Property, or partial condemnation which allows Borrower or Tenant to terminate the Lease and the Lease is terminated in accordance with its terms, at Borrower's option, (1) that portion of condemnation proceeds equal to the Allocated Loan Value for the Property, shall be used to reduce the reduce the outstanding principal balance of the Loan (such payment shall not be subject to the prepayment premium) with the balance being payable to Borrower and such Property shall be released from the Deed of Trust, or (2) all condemnation proceeds shall be remitted to Borrower provided Borrower substitutes an Additional Property in accordance with Section 5 herein (Section 5 (b) and 5 (c) herein shall not be applicable to any such substitution hereunder). In the event Borrower elects (1) above and condemnation proceeds are less than the Allocated Loan Value for the Property, Borrower shall pay to Lender the difference between the amount of the condemnation proceeds and the Allocated Loan Value.
Full Condemnation. If the entire portion of the Premises shall be taken by condemnation, or a partial portion of the Premises shall be taken by condemnation and the portion remaining is not reasonably susceptible to the operations of the Hotel Casino, either Landlord or Tenant shall have the option to terminate this Lease by notifying the other Person of such election in writing within thirty (30) calendar days after such taking and Tenant shall not participate in any other respect in any part of the condemnation award that may be made. Nothing herein contained, however, shall preclude Tenant from asserting as against the condemning authority its claim for injury or damages occasioned by such condemnation to the Tenant’s Property or the operations of the Hotel Casino provided the same does not decrease Landlord’s condemnation award.
Full Condemnation. If (i) the entire Hotel is condemned, or (ii) only a portion is condemned but it is unreasonable to or Owner elects not to continue operating the remainder of the Hotel, this Agreement will terminate on the date when the ownership of the Hotel or condemning portion is to the condemning Authority and Manager will be paid the fee called for in Article 13. For purposes of this Article I 0 a "condemnation" is any exercise of the power of eminent domain by any governmental Authority, including a voluntary conveyance in lieu of judicial proceedings.
Full Condemnation. If the entire portion of the Premises shall be taken by condemnation, or a partial portion of the Premises shall be taken by condemnation and the portion remaining is not reasonably susceptible to conducting the Gaming Operations, either Landlord or Tenant shall have the option to terminate this Lease by notifying the other party of such election in writing within thirty (30) calendar days after such taking and Tenant shall not participate in any other respect in any part of the condemnation award that may be made. Nothing herein contained, however, shall preclude Tenant from asserting as against the condemning authority its claim for injury or damages occasioned by such condemnation to the Premises.
Full Condemnation. If the entire portion of the Premises shall be taken by condemnation, or a partial portion of the Premises shall be taken by condemnation and the portion remaining is not reasonably susceptible to the operations of the Premises, either Landlord or Tenant shall have the option to terminate this Lease by notifying the other Person of such election in writing within thirty (30) calendar days after such taking and Tenant shall not participate in any other respect in any part of the condemnation award that may be made. Nothing herein contained, however, shall preclude Tenant from asserting as against the condemning authority its claim for injury or damages occasioned by such condemnation to the Tenant’s Property or the operations of the Premises provided the same does not decrease Landlord’s condemnation award.
Full Condemnation. If (i) the entire Hotel is condemned, or (ii) only a portion is condemned but it is unreasonable to or Owner elects not to continue operating the remainder of the Hotel, this Agreement will terminate on the date when the ownership of the Hotel or condemning portion is HOTEL/MOTEL MANAGEMENT AGREEMENT - Page 9 ---------------------------------
Full Condemnation. If all of the property/building in which an Office/Warehouse Location is located is condemned under the power of Eminent Domain, this Lease shall terminate as to such Office/Warehouse Location on the date title or possession vests in the condemning authority, whichever is first.
Full Condemnation. If the whole of the Casino shall be taken, condemned (or sold in lieu thereof to the condemning authority) in any eminent domain, condemnation, compulsory acquisition or similar proceeding by any competent authority or if such a substantial portion thereof shall be taken or condemned as to make it, in the reasonable mutual judgment of the Manager and the Partnership, unreasonable or imprudent to operate the remaining portion as a casino, then this Agreement shall terminate as of the date of vesting or conveyance of title on such taking or sale and, except as to liabilities or claims which shall have accrued or arisen prior to or on account of such termination, all obligations hereunder shall cease.
Full Condemnation. If the whole of the Hotel shall be taken, condemned (or sold in lieu thereof to the condemning authority) in any eminent domain, condemnation, compulsory acquisition or like proceeding by any competent authority or if such substantial portion thereof shall be taken or condemned as to make it, in the reasonable judgment of Owner, unreasonable or imprudent to operate the remaining portion as a Days Inn System hotel, then this Agreement shall terminate as of the date of vesting or conveyance of title on such taking or sale and, except as to liabilities or claims which shall have accrued or arisen prior to or on account of such termination, all obligations hereunder shall cease.
