Total and Partial Taking Sample Clauses
Total and Partial Taking. (a) If at any time during the Term, the whole or substantially all of any Individual Property shall be taken for or under threat of public or quasi-public purposes by any lawful power or authority by the exercise or the threatened exercise of the right of condemnation or eminent domain, or if a portion of any Individual Property shall be so taken so as to render, in the Tenant's reasonable opinion, the continued operation of the remaining part or parts of such Individual Property for the purposes for which it was used immediately prior to such taking uneconomical, then the Tenant shall prepay Rent pursuant to Section 15.5.
(b) In the event of such a taking of only a portion of any Individual Property which does not materially adversely affect the value of such Individual Property and which, in the Tenant's reasonable opinion, does not render uneconomical the continued operation of the remaining portion of such Individual Property for the purpose for which same was used immediately prior to such taking or for any other purpose desired by the Tenant, then this Lease shall terminate on the date of such taking only as to the portion of such Individual Property so taken, and shall continue as to balance of the Leased Property, including without limitation the part of such Individual Property not so taken; Neither the Landlord nor the Tenant shall instigate or encourage any condemnation or similar proceeding affecting the Leased Property or any part thereof.
(c) All awards resulting from any taking as set forth in this Section 19.3 shall be distributed in the following order of priority: (i) first, to make any necessary restorations of the remaining portion of the Individual Property, (ii) second, to the Trustee to be applied pro rata to the interest accrued on the Outstanding Series A Bonds and Series B Bonds and the Return on Landlord's Equity Amount, (iii) third, to the Trustee to be applied pro rata to the redemption of the Outstanding Series B Bonds, (iv) fourth, to the Trustee to be applied pro rata to the redemption of the Series A Bonds, (v) fifth, to the repayment of the Landlord's Equity Amount, (vi) sixth, to the Agent in payment of all amounts due under the Reimbursement Agreement; and (vii) seventh, one hundred (100%) percent of such excess amount shall be paid by the Trustee from the Project Fund to the Agent to be held by the Agent in the Agent Reserve Fund created pursuant to the Reimbursement Agreement. When no Bonds are Outstanding and all Reim...
Total and Partial Taking. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by the Prior Lien and this Trust Deed, with the excess, if any, paid to Grantor. In the event of a partial taking of the Property, unless Grantor and Beneficiary otherwise agree in writing, there shall be applied to the sums secured by this Trust Deed such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Trust Deed immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking with the balance of the proceeds paid to Grantor.
Total and Partial Taking. If at any time during the Term, the whole or substantially all of the Entire Tract shall be taken for or under threat of public or quasi-public purposes by any lawful power or authority by the exercise or the threatened exercise of the right of condemnation or eminent domain, or if a portion of the Entire Tract shall be so taken so as to render the continued operation of the Amphitheater for the purposes for which it was used immediately prior to such taking impracticable, then this Lease and the Term shall terminate on the date of such taking and all Rent which Tenant shall have paid or become obligated to pay pursuant to the terms hereof shall be prorated and apportioned as of and paid to the date of such taking. In the event of such a taking of only a portion of the Entire Tract which does not render impracticable the continued operation of the Amphitheater for the purpose for which it was used immediately prior to such taking, then this Lease shall terminate on the date of such taking only as to the portion of the Entire Tract so taken, and shall continue as to the part of the Entire Tract not so taken; and the Rent provided for herein payable by Tenant to Landlord shall not be reduced as a result of such taking. Neither Landlord nor Tenant shall instigate or encourage any condemnation or similar proceeding affecting all or any portion of the Entire Tract.