Major Condemnation. If a Major Condemnation by the City or one of its political subdivisions or agencies occurs, Tenant and Casino Subtenant shall have the right to receive just compensation from the condemnor to the full extent of their loss; provided, however, that all Leasehold Mortgagees shall be paid in full. If a Major Condemnation by a condemning authority other than the City or one of its political subdivisions or agencies occurs, the City, Landlord, Tenant and Casino Subtenant shall each be entitled to claim and recover from the condemning authority just compensation for loss of or damage to its respective interest in the Development, and all other elements of compensation to which it is entitled under applicable law; provided, however, that all Leasehold Mortgagees shall be paid in full pursuant to the priority of application set forth below and, if insufficient, before any Proceeds shall be shared by the City and Landlord, if such Major Condemnation occurs during the first ten (10) years of the Term after the Execution Date of the First Amended and Restated Lease, and, thereafter, Leasehold Mortgagees shall receive all of the Proceeds payable to Tenant and Casino Subtenant, plus the percentage of the Proceeds payable to the City and/or Landlord as set forth below if such Major Condemnation occurs during the eleventh through the twentieth year of the Initial Term after the Execution Date of the First Amended and Restated Lease: 11th year ‑ 90% 16th year ‑ 40% 12th year ‑ 80% 17th year ‑ 30% 13th year ‑ 70% 18th year ‑ 20% 14th year ‑ 60% 19th year ‑ 10% 15th year ‑ 50% 20th year ‑ 0% Notwithstanding the foregoing, a Leasehold Mortgagee shall return to the City and/or Landlord, as the case may be, the portion of any award received with respect to the interest of the City or Landlord (the "City/Landlord Award") to the extent such portion of the award, when added to any award received with respect to the interest of Tenant and Casino Subtenant (the "Tenant Award"), exceeds the aggregate amount of principal, interest, costs, fees and other monetary obligations owed to such Leasehold Mortgagee (excluding for purposes of this sentence any prepayment penalties, if applicable). Leasehold Mortgagees shall apply Tenant's Award as aforesaid prior to applying the City/Landlord Award. Landlord and the City hereby agree to cooperate with Tenant, Casino Subtenant and any Leasehold Mortgagee in good faith to obtain the maximum Condemnation award and agree that Tenant and Casino Sub...
Major Condemnation. If, prior to Closing, a proceeding for condemnation is commenced against all or any portion of Property, and such proceeding is not covered by Section 9.2, then Purchaser shall have the right, upon notice in writing to Seller delivered within ten (10) days after Seller gives Purchaser notice of such condemnation, to terminate this Agreement, whereupon this Agreement shall terminate, Escrow Agent shall return the Deposit to Purchaser and neither party to this Agreement shall thereafter have any further rights or liabilities under this Agreement other than those that expressly survive termination of this Agreement. If Purchaser does not timely elect to terminate this Agreement, then this Agreement shall continue in full force and effect and the Purchase Price shall not be reduced, but Purchaser shall be entitled to an assignment of all condemnation awards payable to Seller (other than any portion of such awards in respect of income lost prior to Closing or expended by or on behalf of Seller prior to Closing to restore the Property), and Seller shall have no obligation to repair or restore the Property.
Major Condemnation. The term “Major Condemnation” shall mean any condemnation which prevents the conduct of the Facility business and the ability to earn or generate revenues and income.
Major Condemnation. If during the Term, all or a substantial portion of the Premises is taken by eminent domain, or if so much of the parking area and vehicular and pedestrian drives and ways on the Land is taken that less than 70% of the previous area of parking areas and vehicular and pedestrian drives and ways on the Land remain, then this Lease shall terminate as of, and the Rent shall be apportioned to and xxxxx from the date of, the taking. In consideration for the foregoing agreement to apportion and xxxxx rent, Tenant shall have no right to participate in any award or damages for any taking and hereby assigns all of its right, title and interest therein to Landlord except as provided in Section 16.04. For purposes of this section, “a substantial portion of the Premises” shall mean so much of the Premises as to render the remainder inadequate and not practicably capable of repair so as to permit Tenant, in Tenant’s reasonable opinion, to carry on its business to substantially the same extent and with substantially the same effectiveness as before the taking.
Major Condemnation. If all of the Easement Premises is taken, acquired, or condemned by eminent domain for any public or quasi-public use or purpose, this Agreement shall terminate as of the date of vesting of title in the condemning authority. Each party shall make its own claim in the condemnation proceeding based upon the value of its respective interest in the Easement Premises.
Major Condemnation. In the event that such Condemnation Proceeding would result in the taking of any portion of any Improvement (other than taking of paving or curbing, so long as such taking of paving or curbing does not limit access to the Property), or any other taking which materially affects the Property in Buyer's reasonable opinion, or any portion of the Property worth in excess of Five Hundred Thousand and No/100 Dollars ($500,000), then Buyer shall have the right to terminate this Agreement and the Sale Development Agreement by written notice to Seller and Developer received within ten (10) days after the receipt of Seller's Condemnation Notice, in which event thereafter neither party hereto shall have any further rights, obligations or liabilities hereunder except to the extent that any right, obligation or liability set forth herein expressly survives termination of this Agreement. In the event that Buyer shall not elect to terminate this Agreement and the Sale Development Agreement pursuant to this Subparagraph A: (i) the conveyance of the Property shall be less such portion of the Property so taken (or shall be subject to, as applicable) said Condemnation Proceeding without adjustment of the Purchase Price, (ii) Seller shall assign or pay to Buyer at Closing all of such person's right, title and interest, if any, in any award payable on account of such Condemnation Proceeding or pay to Buyer all such awards previously paid, and (iii) neither Seller nor Developer shall be obligated to repair or restore the damage to the Property arising on account of said Condemnation Proceeding.
Major Condemnation. If all of the Market Street Plaza shall be taken, acquired, or condemned by eminent domain for any public or quasi-public use or purpose, this Agreement shall terminate as of the date of vesting of title in the condemning authority. Each party shall make its own claim in the condemnation proceeding based upon the value of its respective interest in the Market Street Plaza.
Major Condemnation. If all of the Market Street Trash Facility shall be taken, acquired, or condemned by eminent domain for any public or quasi-public use or purpose, this Agreement shall terminate as of the date of vesting of title in the condemning authority. Each party shall make its own claim in the condemnation proceeding based upon the value of its respective interest in the Market Street Trash Facility.
Major Condemnation. If any portion of the Property becomes the subject of condemnation proceedings prior to the Closing Date, Seller shall notify Buyer of such proceedings. If Seller determines, in Seller's sole discretion, that such portion of the Property is material to the use of the remaining portion of the Property, Seller shall notify Buyer of such determination, and Buyer shall have the right to terminate this Agreement by delivering to Seller, on or prior to ten (10) days following such notice from Seller, a Termination Notice fully completed, executed and dated by Buyer. In such event, the provisions of Section 3.7 with respect to return of the Seller Deliveries and refund of Deposit shall apply. Following Buyer’s termination of this Agreement pursuant to this section, neither Buyer nor Seller shall have any further rights or obligations under this Agreement except under any provisions of this Agreement which, by their terms, expressly survive the termination of this Agreement. If Buyer does not so elect to terminate this Agreement, then the Closing shall occur as scheduled, and Seller shall assign to Buyer at Closing all of Seller's rights to any condemnation award payable to Seller in connection with such condemnation proceedings.
Major Condemnation. In the event of a Major Condemnation, this Agreement shall terminate upon written notice by Owner within thirty (30) days of the conclusion of the condemnation proceedings. Manager may separately claim for, prove and receive an award for any separately compensable rights of Manager that are taken in the condemnation action. *****CONFIDENTIAL TREATMENT REQUESTED*****
