Total and Substantial Taking Sample Clauses

Total and Substantial Taking. In the case of (i) a Taking of the fee or leasehold of an entire Individual Property, or (ii) a Taking resulting in the imposition of a perpetual easement on an entire Individual Property that materially impairs the operation of such Individual Property, or (iii) a Taking that adversely affects the cash flow from an Individual Property in any material respect and as to which any necessary Restoration cannot reasonably be expected to be completed within twelve (12) months from the date of the Taking and Restoration as defined in Section 1.8.2 is permitted under Section 1.8.2 then, in any such event, any Award shall be collected and paid over to the Beneficiary to be held by Beneficiary in accordance with the provisions of Section 1.8.3 and Section 5.12.3 hereof and the amount thereof (net of any amounts necessary to avoid or eliminate any hazardous condition on the Individual Property and/or to prevent imminent and substantial physical deterioration of the Individual Property), shall be applied by Beneficiary (a) (i) if applied prior to the first day of the Defeasance Period, to prepayment of the outstanding principal balance of the Mortgage Note without the requirement of a Yield Maintenance Payment, or (ii) if applied during the Defeasance Period and after the Securitization has occurred, to the purchase of U.S. Obligations in accordance with Section 2.5 of the Loan Agreement, or (iii) if applied after the Defeasance Period, to prepayment of the outstanding principal balance of the Mortgage Note in accordance with Sections 2.6 and 2.7 of the Loan Agreement, without the requirement of a Yield Maintenance Payment and (b) to the payment of all other indebtedness which this Deed of Trust secures in such order as is contemplated under the Loan Documents; provided, however, that such prepayment must be in an amount at least equal to the greater of (A) the Allocated Loan Amount and (B) the sum of the Net Sales Proceeds received by Grantor from the sale of the affected Individual Property or the part thereof that remains following the Taking (plus any remaining Award not previously applied to repayment of the Loan or Restoration), but in no event more than the Release Price, regardless of the amount of the Award and shall be payable by Grantor (and the amounts described in the immediately preceding parenthetical phrase shall not be deducted from the applicable Award to the extent that the same shall not be sufficient to pay the Allocated Loan Amount plus such int...
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Total and Substantial Taking. In the case of (i) a Taking of the fee or leasehold of the entire Property, or (ii) a Taking resulting in the imposition of a perpetual easement on the entire Property, or (iii) a Taking that adversely affects the cash flow from the Property in any material respect and as to which any necessary Restoration cannot reasonably be expected to be completed within one year from the date of the Taking, then the Award shall be collected and paid over to the Mortgagee to be held by the Mortgagee.
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Related to Total and Substantial Taking

  • Substantial Taking If the whole of the Premises, or such part thereof as shall substantially interfere with Tenant's use and occupancy of the Premises, as contemplated by this Lease, is taken for any public or quasi-public purpose by any lawful power or authority by exercise of the right of appropriation, condemnation or eminent domain, or sold to prevent such taking, either party will have the right to terminate this Lease effective as of the date possession is required to be surrendered to such authority.

  • Partial Taking If any part of the Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possession.

  • Total Taking If the entire Building or Premises are taken by right of eminent domain or conveyed in lieu thereof (a “Taking”), this Lease shall terminate as of the date of the Taking.

  • DATE OF COMMENCEMENT AND SUBSTANTIAL COMPLETION § 3.1 The date of commencement of the Work shall be: § 3.2 The Contract Time shall be measured from the date of commencement of the Work.

  • Substantial Completion Date Substantial Completion of the Work as defined in Article 6.1.2 of the General Conditions to the Continuing Contract for Construction Management shall be achieved by July 31, 2022.

  • Substantial Performance This Contract shall be deemed to be substantially performed only when fully performed according to its terms and conditions and any written amendments or supplements.

  • Upon Substantial Completion of the Work or designated portion thereof and upon application by the Contractor and certification by the Architect, the State shall make payment, reflecting adjustment in retainage, if any, for such Work or portion thereof, as provided in the Contract Documents.

  • Complete Taking If at any time during the Fee Term title to or temporary use of the entire Project should become vested in a public or quasi-public authority by virtue of the exercise of a taking by condemnation, inverse condemnation or the right of eminent domain, or by voluntary transfer under threat of such taking, or in the event that title to a portion of the Project shall be taken rendering continued occupancy of the Project commercially infeasible in the judgment of the Sponsor, the Sponsor shall have the option to terminate this Fee Agreement as of the time of vesting of title by sending written notice to the County within a reasonable period of time following such vesting.

  • Substantial Completion 9.8.1 When the Contractor considers that the Work, or a designated portion thereof which has been accepted in writing to by the State, is substantially complete as defined in Subparagraph

  • TOTAL OR PARTIAL TAKING If all or a material portion of the Premises is taken by any lawful authority by exercise of the right of eminent domain, or sold to prevent a taking, either Tenant or Landlord may terminate this Lease effective as of the date possession is required to be surrendered to the authority. In the event title to a portion of the Building or Project, other than the Premises, is taken or sold in lieu of taking, and if Landlord elects to restore the Building in such a way as to alter the Premises materially, either party may terminate this Lease, by written notice to the other party, effective on the date of vesting of title. In the event neither party has elected to terminate this Lease as provided above, then Landlord shall promptly, after receipt of a sufficient condemnation award, proceed to restore the Premises to substantially their condition prior to the taking, and a proportionate allowance shall be made to Tenant for the rent corresponding to the time during which, and to the part of the Premises of which, Tenant is deprived on account of the taking and restoration. In the event of a taking, Landlord shall be entitled to the entire amount of the condemnation award without deduction for any estate or interest of Tenant; provided that nothing in this Section shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authority.

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