Common use of Replacement or Reconstruction of Property upon Condemnation Clause in Contracts

Replacement or Reconstruction of Property upon Condemnation. Subject to the terms of the Lease, in the event all or part of the Leased Premises is taken by exercise of eminent domain, the proceeds of such condemnation award received by the Authority or the Trustee shall be applied to the replacement or reconstruction of the condemned property by the Authority. Such proceeds shall be held and disbursed by the Trustee in the manner and upon the showings provided for in Section 3.01 hereof, except that the Trustee may release such proceeds, or a part thereof, upon a showing satisfactory to the Trustee that replacements or reconstructions have been made and paid for.

Replacement or Reconstruction of Property upon Condemnation. Subject to the terms of the Lease, in the event all or part of the Leased Premises is taken by exercise of eminent domain, the proceeds of such condemnation award received by the Authority or the Trustee shall be applied to the replacement or reconstruction of the condemned property by the Authority. Such proceeds shall be held and disbursed by the Trustee in the manner and upon the showings provided for in Section 3.01 hereofherein, except that the Trustee may release such proceeds, or a part thereof, upon a showing satisfactory to the Trustee that replacements or reconstructions have been made and paid for.

Replacement or Reconstruction of Property upon Condemnation. Subject to the terms of the LeaseLeases, in the event all or part of either of the Leased Premises is taken by the exercise of eminent domain, the proceeds of such condemnation award received by the Authority or the Trustee shall be applied to the replacement or reconstruction of the condemned property in a manner determined by the Authority. Such proceeds shall be held and disbursed by the Trustee in the manner Trustee, and upon the showings provided for in Section 3.01 hereof, except that the Trustee may release such proceeds, or a part thereof, upon a written showing satisfactory to the Trustee that replacements or reconstructions have been made and paid for.