Common use of Upon a Casualty or Condemnation Clause in Contracts

Upon a Casualty or Condemnation. Owner shall have the right to terminate this Agreement as provided in Section 15.2 due to a Casualty only if Owner elects not to undertake Restoration and sells the Remainder, in which event (a) if the Remainder is sold to a third party and the purchaser agrees with Manager not to build a casino on the Premises following such Casualty, Owner shall not be obligated to pay to Manager any termination fee or penalty and (b) if the Remainder is sold to a third party and such third party does not agree with Manager that it will not build a casino on the Premises, then Owner shall pay to Manager the Termination Fee. Owner shall have the right to terminate this Agreement as provided in Section 15.2.2 due to a Condemnation and Manager shall share in the condemnation proceeds as set forth in Section 15.2.2; provided, that if the Remainder remaining after the Condemnation is subsequently sold to a third party and such third party does not agree (in favor of Manager) that it will not build a casino on the Premises, then Owner shall pay to Manager the Termination Fee less the amount of the condemnation award received by Manager in accordance with Section 15.2.2. Such termination shall be effective as of the date set forth in the notice of termination.

Upon a Casualty or Condemnation. Owner Manager shall have the right to terminate this Agreement as provided in Section 15.2 15.1.2 due to a Casualty only if Owner elects not to undertake Restoration and sells the remaining Managed Facilities and interest in the Premises and/or Ground Lease (the “Remainder”), in which event (a) if the Remainder is sold to a third party and the purchaser contractually agrees with Manager not to build a casino on the Premises following such Casualty, Owner Manager shall not be obligated entitled to pay to Manager any termination fee or penalty and (b) if the Remainder is sold to a third party and such third party does not contractually agree with Manager that it will not build a casino on the Premises, then Owner shall pay to Manager the a Termination Fee. Owner Manager shall have the right to terminate this Agreement as provided in Section 15.2.2 due to a Condemnation and Manager shall share in the condemnation proceeds as set forth in Section 15.2.2; provided, that if the Remainder remaining after the Condemnation is subsequently sold to a third party and such third party does not contractually agree (in favor of Manager) with Manager that it will not build a casino on the Premises, then Owner shall pay to Manager the a Termination Fee less the amount of the condemnation award received by Manager in accordance with Section 15.2.2. Such termination shall be effective as of the date set forth in the notice of termination.

Upon a Casualty or Condemnation. Owner shall have the right to terminate this Agreement as provided in Section 15.2 due to a Casualty only if Owner elects not to undertake Restoration and sells the Remainder, in which event (a) if the Remainder is sold to a third party and the purchaser agrees with for the benefit of Manager not to build a casino on the Premises for the Trailing Period following such Casualty, Owner shall not be obligated to pay to Manager any termination fee or penalty and (b) if the Remainder is sold to a third party and such third party does not agree with for the benefit of Manager that it will not build a casino on the PremisesPremises for the Trailing Period following such Casualty, then Owner shall pay to Manager the Termination Fee. Owner shall have the right to terminate this Agreement as provided in Section 15.2.2 due to a Condemnation and Manager shall share in the condemnation proceeds as set forth in Section 15.2.2; provided, that if the Remainder remaining after the Condemnation is subsequently sold to a third party and such third party does not agree (in favor of Manager) that it will not build a casino on the PremisesPremises at any time during the Trailing Period following such Casualty, then Owner shall pay to Manager the Termination Fee less the amount of the condemnation award received by Manager in accordance with Section 15.2.2. Such termination shall be effective as of the date set forth in the notice of termination. For purposes hereof, “Trailing Period” means (a) if during the Initial Term, the period of time that this Agreement would have continued to be in effect if the Initial Term had not terminated, (b) if during the Renewal Term, the period of time that this Agreement would have continued to be in effect if the Renewal Term had not terminated, and (c) during any Continuing Term, there shall be no Trailing Period.

Upon a Casualty or Condemnation. Owner shall have the right to terminate this Agreement as provided in Section 15.2 due to a Casualty only if Owner elects not to undertake Restoration and sells the Remainder, in which event (a) if the Remainder is sold to a third party and the purchaser agrees with for the benefit of Manager not to build a casino on the Premises for the Trailing Period following such Casualty, Owner shall not be obligated to pay to Manager any termination fee or penalty and (b) if the Remainder is sold to a third party and such third party does not agree with for the benefit of Manager that it will not build a casino on the PremisesPremises for the Trailing Period following such Casualty, then Owner shall pay to Manager the Termination Fee. Owner shall have the right to terminate this Agreement as provided in Section 15.2.2 due to a Condemnation and Manager shall share in the condemnation proceeds as set forth in Section 15.2.2; provided, that if the Remainder remaining after the Condemnation is subsequently sold to a third party and such third party does not agree (in favor of Manager) that it will not build a casino on the PremisesPremises at any time during the Trailing Period following such Casualty, then Owner shall pay to Manager the Termination Fee less the amount of the condemnation award received by Manager in accordance with Section 15.2.2. Such termination shall be effective as of the date set forth in the notice of termination.the