Proceeds of Condemnation. In the event that Optionee elects, or is deemed to have elected, to accept such Owned Property or Property Under Contract, as applicable, subject to Condemnation Action pursuant to Section 12(a) hereof, then the parties hereto shall proceed to the Closing in accordance with this Agreement, without modification of the terms hereof, except that (a) the Property will not include the property so taken, (b) the Option Price will be reduced by the amount of any awards for such taking received by Optionor as of the Closing, and (c) Optionor shall assign and turn over to Optionee, and Optionee shall be entitled to receive and retain, all awards for such taking not yet awarded as of the Closing. This Section 12 supersedes, and the parties waive, the provisions of California Civil Code Section 1662.
Proceeds of Condemnation. Landlord shall be entitled to the entire proceeds of any and all awards made as a result of any condemnation affecting the Shopping Center and the proceeds of any private purchase or transfer in lieu of such condemnation. Tenant shall not be entitled to any award or proceeds as a result of any value attributable to Tenant’s interest in this Lease or the unexpired portion of the Lease Term. However, in the event that the condemning authority shall entertain such claim, Tenant shall have the right to prosecute a claim directly against the condemning authority for its trade fixtures and relocation costs, provided that no such claim shall diminish or otherwise adversely affect Landlord’s claims and the claims of any mortgagees, ground lessors or owners of any interest in the Shopping Center.
Proceeds of Condemnation. (a) Immediately after the commencement of any condemnation or similar proceedings by a third party in the exercise of a power of eminent domain, or a power in the nature of eminent domain affecting the Project, the Borrower shall notify the Bank thereof in writing. Any condemnation awards or other similar compensation received shall be applied as provided in subsections (b), (c), (d), (e) and (f) below.
(b) The Net Proceeds of any condemnation award or other compensation paid by reason of a conveyance in lieu of the exercise of such power, with respect to all or substantially all the Project shall be paid on a pro rata basis to the Bank and applied to the Loans in direct order of maturity and to [KBC/SOVEREIGN] and applied to the loans under the [KBC/SOVEREIGN] Loan Agreement,. Any Net Proceeds received for a taking of less than substantially all of the Project shall be applied as provided in paragraphs (c), (d), (e) and (f) below.
(c) Notwithstanding paragraph (d) below, if the estimated cost of replacing or restoring the portion of the Project, as the case may be, affected by such taking or conveyance is less than $1,000,000, the Borrower shall not be required to deliver the items referred to in paragraph (d) below, the Net Proceeds shall be made available to the Borrower to replace or restore such portion of the Project, and the Borrower shall promptly proceed to replace or restore such portion of the Project.
(d) If, within 90 days (or by such later date as may be reasonably acceptable to the Bank) or receipt of Net Proceeds in excess of $1,000,000, the Borrower delivers to the Bank (i) a written report of an Architect stating such Architect’s estimate of the cost of replacing or restoring the portion of the Project affected by such taking or conveyance and (ii) a Consultant’s report stating that, in the signer’s opinion, the Borrower will have sufficient funds from the Net Proceeds (and from proceeds of any business interruption insurance and other available funds) to make the payments required of the Borrower under this Agreement and the other Financing Documents, to pay the cost of replacing or restoring the portion of the Project affected by such taking or conveyance and to pay all operating expenses until completion of the replacement or restoration of such portion of the Project which is affected by such taking or conveyance and for the first full Fiscal Year after such completion, then:
(1) The Borrower may elect by written notice to the Bank to...
Proceeds of Condemnation. Landlord shall be entitled to receive the award in any proceeding with respect to any taking provided for in this Section without deduction therefrom for any estate vested in Tenant by this Lease and Tenant shall receive no part of such award, except as hereinafter expressly provided herein. Tenant may make a claim with the condemning authority (and shall be entitled to the award) for Tenant’s business relocation damages, Personal Property, FF&E that is owned by Tenant, any Alterations made by Tenant hereunder and any other award customary for tenants under similar leases. Each party shall seek its own award, at its own expense, unless governing law permits only one action for such award, in which case the parties shall work together in good faith in the pursuit of such award that each is entitled to hereunder before the condemning authority.
Proceeds of Condemnation. In the event of any condemnation or taking as aforesaid, whether whole or partial, the Tenant shall not be entitled to any part of the award paid for such condemnation and Landlord is to receive the full amount of such award, the Tenant hereby expressly waiving any right or claim to any part thereof; provided, however, Tenant shall have the right to claim and recover from the condemning authority, but not from Landlord, such compensation as may be separately awarded or recoverable by Tenant, in Tenant's own right, on account of any and all damage to Tenant's business by reason of the condemnation and for or on account of any cost or loss to which Tenant might be put in the loss or removal of Tenant's merchandise, furniture, fixtures and such leasehold improvements and equipment to which title has not vested in Landlord pursuant to the terms of this Lease. In the event of any termination of the Lease under this Article, Minimum Rent shall be prorated to the date of vacation of the Premises. Tenant agrees to promptly execute any and all instruments as may be required to effectuate the provisions of this Article.
Proceeds of Condemnation. (i) If the Facility or the Leased Premises on which the Facility is constructed shall be taken or condemned for any public purpose, or for any reason whatsoever, to such an extent as to be rendered untenantable or unusable for the purposes described herein, then all condemnation proceeds shall be paid to County, as fiscal agent for the Parties, except any proceeds attributable to the valuation of the land (exclusive of the value of the Facility) shall be paid to UVa. The County shall distribute condemnation proceeds among the Parties to this Agreement, in the same percentages set forth within Section IV of this Agreement.
(ii) If, in the sole opinion of the City and County, a taking or condemnation does not render the Facility or the Leased Premises untenantable or unusable, then the Parties hereby agree to share the costs and expenses of restoring the portion not taken, to the extent possible, to the condition existing prior to the taking, but in no event shall the Parties be required to expend any amounts in excess of the net condemnation proceeds received.
Proceeds of Condemnation. In the event that the Developer elects, or is deemed to have elected, to accept the Sale Property subject to Condemnation Action pursuant to Section 8(a) above, then the parties shall proceed to the Closing in accordance with this Exhibit C, without modification of the terms of the ROFO Agreement, except that (a) the Sale Property will not include the property so taken, (b) the Offer Price will be reduced by the amount of any awards for such taking received by the Owner as of the Closing, and (c) the Owner shall assign and turn over to the Developer, and the Developer shall be entitled to receive and retain, all awards for such taking not yet awarded as of the Closing. This Section supersedes, and the parties waive, the provisions of California Civil Code Section 1662.
Proceeds of Condemnation. All rights in, to and under, and claims or rights to payment and proceeds arising out of any present or future taking of any portion of the Collateral by any public or quasi-public governmental authority by way of condemnation or any other form of the exercise by such authority of its powers of eminent domain, or any conveyance in lieu thereof, all whether now existing or hereafter arising.
Proceeds of Condemnation. The Landlord and Tenant shall each be entitled to receive and retain such separate awards and portions of lump sum awards as may be allocated to their respective interests in any condemnation proceedings. The termination of this lease shall not affect the rights of the respective parties to such awards.
Proceeds of Condemnation. All compensation awarded or paid upon a condemnation of any portion of the Project shall belong to and be the property of Landlord without participation by Tenant. Nothing herein shall be construed, however, to preclude Tenant from prosecuting any claim directly against the condemning authority for loss of business, loss of good will, moving expenses, damage to, and cost of removal of, trade fixtures, furniture and other personal property belonging to Tenant; provided, however, that Tenant shall make no claim which shall diminish or adversely affect any award claimed or received by Landlord.
