Payment to Lessee Sample Clauses
Payment to Lessee. Notwithstanding the foregoing, if this Lease shall terminate pursuant to Section 13. 1 above, Lessor agrees to pay Lessee an amount calculated as follows:
(1) Lessor shall pay Lessee that portion of the condemnation proceeds attributable to the "value of Lessee's leasehold improvements", and
(2) Lessor shall be entitled to receive and retain as its own property the remaining condemnation proceeds. To determine the value of Lessee's leasehold improvements, Lessor and Lessee shall each select a real estate appraiser who is a duly qualified member of the American institute of Real Estate Appraisers (or of comparable qualification) and such appraisers shall determine the fair market value of the property (including the Leased Premises) so condemned or taken, which appraisal is referred to herein as "land and improvements and appraisal." Such appraiser shall then determine the fair market value of the improvements (other than trade fixtures and personal property which Lessee may remove from the premises) Lessee has made to the premises, which appraisal is referred to herein as "Lessee's improvements appraisal." If the two appraisers so appointed cannot agree, they shall select a third appraiser similarly qualified, and the decision of the majority shall constitute the decision of the appraisers.
Payment to Lessee. Provided Lessee exercises both Extension Options and is not then in default hereunder, then Lessor will pay to Lessee the "Termination Payment". The "Termination Payment" means fifty percent (50%) of the amount by which the value of the Demised Premises on the Termination Date exceeds $11,000,000.00. The Termination Payment shall be due on the 10th day after the amount thereof is determined pursuant to Section 5.2 below, but if Lessor fails to provide a "Lessor's Appraisal" within 60 days after Lessor receives "Lessee's Appraisal" (each defined below), then such payment shall be due on the 60th day after Lessor receives Lessee's Appraisal. The Termination Payment shall not be a personal obligation of the Lessor, and the Lessee's recourse for recovery of the Termination Payment shall be limited to the Demised Premises and the Retained Club Rights. In no event shall the Termination Payment or any part thereof be due or payable if the Lease is terminated for any reason (other than a material and/or willful default or breach by the Lessor) before the end of the 30th Lease Year.
Payment to Lessee. If Lessee shall have paid to Lessor all of the Liquidated Damages, then Lessor shall pay to Lessee, promptly after receipt thereof, all rentals or proceeds received from (a) the reletting of the Equipment during the remainder of the Initial Period or the Automatic Renewal Period then if effect (after deduction of an amount equal to all Lessor's Damages); or (b) any sale of the Equipment occurring during the remainder of the Initial Period or Automatic Renewal Period then in effect less an amount equal to the estimated fair market value of the Equipment at the end of the Initial Period or Automatic Renewal Period then in effect (after deduction of an amount equal to all Lessor's Damages), said amount never to exceed the amount of the Liquidated Damages paid by Lessee. Any remaining amounts from reletting or sale shall be retained by Lessor.
Payment to Lessee. Subject to Lessor's right to reduce or offset any ofthe following payment(s) to Lessee (which reduction and offset right is hereby expressly acknowledged by Lessee and reserved by Lessor) to appropriately take into account any Losses/Liabilities suffered or incurred by Lessor, in the event that Lessee does not fully and timely perform and comply in all respects and particulars (or if a representation or warranty of Lessee is incorrect or if a breach, Breach, default, Default or any other failure to fully and timely pay or perform by Lessee occurs, exists or arises (or any event or condition occurs, exists or arises which with notice, passage of time, action, election, or otherwise would constitute any breach, Breach, default or Default or any other failure to fully and timely pay or perform by Lessee)) with respect to the Lease (as hereby amended) and/or this Agreement:
(i) After Lessee actually surrenders and vacates the following respective phases of the Premises in accordance with this Agreement, Lessor shall make payments in the following respective amounts:
(1) Two Hundred Thousand Dollars ($200,000) after surrender of' Phase I in its entirety (but such payment shall not be due earlier than September 30, 2000);
(2) Two Hundred Thousand Dollars ($200,000) after surrender of Phase II in its entirety (but such payment shall not be due earlier than October 31, 2000); and
(3) One Million One Hundred Fifty Thousand Dollars ($1,150,000) after surrender of the entire Premises (but such payment shall not be due earlier than January 10, 2001).
(ii) Lessor shall have the right to reasonably verify, by physical inspection and otherwise, that such surrender is actually proceeding as specified (including the right to conduct a reasonable walk-through inspection guided by a knowledgeable representative of Lessee of both the space to be surrendered hereunder and Lessee's replacement space under its new lease). Provided Lessee so delivers and complies with Section 3.a)(iii) above for each of Phases I and II in accordance herewith, the respective payments under (1) and (2) immediately above shall be due and payable by wire transfer within one business day after the actual timely surrender and vacation of the entire relevant phase in each case (but not earlier than the date provided for such surrender in this Agreement for the surrender of such phases). Provided Lessee so delivers and complies with Section 3.a)(iii) for each of Phases III, IV and V in accordance herewit...