Minor Condemnation. In the event a Minor Condemnation occurs, this Agreement shall not terminate and Owner shall use the award to repair and restore the Facility, including, without limitation, to the extent required under the Purchase or the loan documents. Manager may separately claim for, prove and receive an award for any separately compensable rights of Manager that are taken in any such condemnation action.
Minor Condemnation. If, prior to Closing, a proceeding for condemnation is commenced against all or any portion of Property, and such proceeding does not materially adversely affect the use, occupancy or redevelopment of the Property, as reasonably determined by Seller and Purchaser, each acting reasonably and in good faith, 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.
Minor Condemnation. If a Minor Condemnation occurs or the use or occupancy of the Development or any part thereof is temporarily requisitioned by a civil or military governmental authority, then (a) this Lease shall continue in full force and effect; (b) the Rent, City Payments, Additional Charges and other obligations under this Lease, shall be equitably adjusted taking into account the effect of such Minor Condemnation on Tenant's business and operations; and (c) Tenant shall promptly perform all work (the "Condemnation Work") required in order to repair any physical damage to the Development caused by the Condemnation, and to restore the Development, to the extent reasonably practicable, to its condition immediately before the Condemnation. If a Minor Condemnation occurs, the Proceeds will be and are hereby, to the extent permitted by applicable law and agreed to by the condemnor, assigned to and shall be withdrawn and paid into an interest‑bearing escrow account (the "Condemnation Escrow Account") to be created by an escrow agent (the "Condemnation Escrow Agent") selected by Landlord and Tenant within ten (10) days of when such Proceeds are made available (and acceptable to each Leasehold Mortgagee). If Tenant or Landlord for whatever reason cannot or will not participate in the selection of the Condemnation Escrow Agent, then the other party (with approval of each Leasehold Mortgagee) shall select the Condemnation Escrow Agent. This transfer of the Proceeds, to the extent permitted by applicable law and agreed to by the condemnor, shall be self‑operative and shall occur automatically upon the availability of the Proceeds and such Proceeds shall be payable into the Condemnation Escrow Account on the naming of the Condemnation Escrow Agent to be applied as provided in this Section 15.4. If the parties who participate in the selection process are unable to agree upon the selection of the Condemnation Escrow Agent, Landlord, Tenant or any Leasehold Mortgagee may apply to the Civil District Court for the Parish of Orleans, State of Louisiana for the appointment of a national bank located in the City as the Condemnation Escrow Agent. The Condemnation Escrow Agent shall deposit the Proceeds in the Condemnation Escrow Account and any after-tax interest earned thereon shall be added to the Proceeds. The Condemnation Escrow Agent shall disburse funds from the Condemnation Escrow Account to pay the cost of the Condemnation Work in a manner substantially similar to, and following th...
Minor Condemnation. The term “Minor Condemnation” shall mean any condemnation other than a Major Condemnation.
Minor Condemnation. If, during the Term, less than a substantial portion of the Premises is taken by eminent domain or if some parking area or vehicular and pedestrian drives and ways on the Land are taken but more than 70% of the previous area of the parking areas and vehicular and pedestrian drives and ways on the Land remain, then this Lease shall remain in full force and effect. Landlord shall, at its expense, up to but not in excess of the amount of the award or damages actually received by Landlord (and not seized by Landlord’s lender or mortgagee), make all necessary repairs and improvements needed to make the remainder of the Premises adequate to permit Tenant to carry on its business to substantially the same extent and with substantially the same effectiveness as before the taking. If, as a result of any taking, a part of the Building is rendered permanently or temporarily unusable, the Rent shall be reduced by a fair and reasonable amount, not to exceed the proportion by which the portion of the Premises taken or made unusable bears to the entire Premises. If the unusability is temporary, the rental abatement shall be apportioned from the date of taking to the date when full usability is restored. If the taking does not render any part of the Premises unusable, there shall be no abatement of Rent. In consideration for the foregoing agreement to apportion and xxxxx rent, as applicable, 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.
Minor Condemnation. In the event of any condemnation of a portion of the Real Property which is not Major Condemnation (as hereinafter defined), this Agreement shall remain in full force and effect provided that Seller shall, at Closing, assign to Purchaser all of Seller’s right, title and interest in and to any condemnation awards (and deliver to Purchaser any condemnation awards received by Seller) relating to the portion of the Real Property in question.
Minor Condemnation. In the event that such Condemnation Proceeding would not involve the taking of any portion of any Improvement described in subparagraph A above: (i) Buyer shall have no right to terminate this Agreement and the Sale Development Agreement on account thereof, (ii) 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, (iii) Seller shall assign to Buyer at Closing all of Seller's right, title and interest, if any, in any award payable, and pay to Buyer all such awards previously paid, on account of such Condemnation Proceeding, and (iv) neither Seller nor Developer shall be obligated to repair or restore the damage to the Property arising on account of said Condemnation Proceeding.
Minor Condemnation. In the event of partial taking which will not prevent the use of the Demised Premises for the purposes aforesaid, this Lease shall continue in full force and effect upon the same terms and conditions hereof.
(c) AWARD: If there are not separate awards available upon any major condemnation for the interests of Lessor and Lessee, then Lessor and Lessee will cooperate in negotiating with the condemnor, neither party will execute any settlement without the consent of the other, and the parties will share the award on an equitable basis.
Minor 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 not material to the use of the remaining portion of the Property, Seller shall notify Buyer of such determination, and this Agreement shall not terminate, but shall remain in full force and effect. In such event, 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.
Minor Condemnation. If a Condemnation of the Condemned Hotel is not a Material Condemnation, Purchaser shall not have the right to terminate this Agreement, but shall proceed to Closing, Seller shall assign to Purchaser all of Seller’s right, title and interest in all proceeds and awards from such Condemnation of the Condemned Hotel.
