Common use of Payment to Lessee Clause in Contracts

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. Notwithstanding the foregoing, if this Lease shall terminate pursuant to Section 1310. 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 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 premisesLeased Premises) Lessee has made to the premisesLeased 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.