Condemnation Provisions Clause Samples
Condemnation Provisions. In the event the Project and the Leased Realty or any part of either shall be taken under the exercise of the power of eminent domain, the award of compensation, except such portion as is allocable to the Company for damages, shall be paid to the Trustee to be applied to the payment of principal of and interest on all Bonds then outstanding or to redeem the same, with any excess to be paid to the Board, unless the Company shall have notified the Board of its desire to utilize the award for the purpose of adapting the Project to Company's continued use. In the event Company elects to cause the Project to be repaired or rebuilt for its continued use, the Company shall continue to make the rental payments provided for in this Lease Agreement and shall cause an estimate to be made of the expenses of such work by a capable and reputable architect or engineer, or both, acceptable to the Board and the Trustee, and the Company shall, prior to the commencement of construction, pay to the Trustee for the account of the Construction Fund the amount, if any, by which such estimate exceeds the condemnation award; and Company shall forthwith proceed with all practicable dispatch to cause the Project to be repaired or rebuilt as aforesaid, and the Board shall cause the expenses thereof to be paid by the Trustee out of the Construction Fund. If the cost of repairing or rebuilding the Project exceeds the amount available therefor in the Construction Fund, the Company shall pay any deficiency from its own funds. In the event Company elects to redeem the outstanding Bonds and the award (or portion thereof after use by the Company as above provided) is insufficient to pay or redeem all outstanding Bonds, the Company shall either (a) pay to the Trustee, for the account of the Bond and Interest Fund held by the Trustee under the Mortgage, a sum which, when added to the proceeds of the condemnation award which shall be paid to the Trustee, shall be sufficient to pay the principal of and interest on the Bonds as they mature and come due or to redeem the same, or
Condemnation Provisions. If title to the Subleased Premises or any part thereof is taken under the exercise of the power of Eminent Domain, the entire condemnation award in respect of such taking [including, without limitation, (i) all amounts received as the result of any settlement of compensation claims negotiated with the condemning authority, and (ii) any amount awarded as compensation for the interest of the Tenant in the part of the Subleased Premises taken and as damages to the interest of the Tenant in any part thereof not taken, but not including any condemnation award belonging to the Tenant pursuant to the provisions of Section 7.4 hereof] shall be applied and certain related actions shall be taken in accordance with the succeeding provisions of this Section 7.2:
(a) Taking of All or Substantially All the Subleased Premises During the Term of the Sublease or Any Renewal Thereof. If all or substantially all the Subleased Premises is so taken by such exercise of the power of Eminent Domain during the term of the Sublease or any renewal thereof, the entire condemnation award in respect of such taking shall be paid to the Landlord and the Sublease shall terminate [except as to the provisions of this subsection (a) and any other provisions hereof which are expressly stated herein to survive the termination of the Lease] as of the forty-fifth (45th) day after the receipt by the Landlord of the final installment of the entire condemnation award in respect of such taking.
Condemnation Provisions. If title to the Project or any part thereof is taken under the exercise of the power of Eminent Domain, all obligations of the Company under the Loan Agreement and the Company Note shall continue in full force and effect and the entire condemnation award in respect of such taking shall be paid to the Trustee, whereupon such award shall be applied and certain related actions shall be taken in accordance with the succeeding provisions of this section:
(1) If none of the improvements constituting part of the Project are taken or damaged and if in the Company's opinion, expressed in a written certificate delivered to the Authority and the Trustee, such taking does not significantly impair the utility of the Project or interfere with ingress and egress to and from the Project, the Net Condemnation Award in respect of the part of the Project so taken shall be paid into the Redemption Fund.
(2) If any of the improvements constituting part of the Project are taken or damaged, or if in the Company's opinion, expressed in a written certificate delivered to the Authority and the Trustee, such taking significantly impairs the utility of the Project, the Net Con- demnation Award in respect of such taking shall be applied in one or more of the following ways as directed by the Company with the approval of the Bank:
(I) payment of the costs of making such repairs, replacements, modifications and rearrangements with respect to the remainder of the Project (i.e., the portion thereof not taken but damaged or adversely affected by such taking) as shall be deemed necessary or desirable by the Company;
(II) payment of the costs of purchasing such additional land and of acquiring (by construction or otherwise) such additional buildings, equipment and other facilities as the Company may deem necessary or desirable in connection with the use and occupancy of the Project; provided that such additional land, buildings, equip- ment and other facilities (i) shall be acquired by the Company free of liens and encumbrances other than Permitted Encumbrances and (ii) shall be deemed a part of the Project to the same extent as if such land, buildings, equipment and other facilities had originally con- stituted part of the Project; or
(III) the redemption of Bonds prior to maturity in accordance with the terms of the Indenture and on the earliest practicable date permitted thereby (or, prior to the termination of the Letter of Credit, the reimbursement of the Bank for moneys advanced under ...
Condemnation Provisions. If title to the Project or any part thereof is taken under the exercise of the power of Eminent Domain, the entire condemnation award in respect of such taking, “including, without limitation, (i) all amounts received as the result of any settlement of compensation claims negotiated with the condemning authority and (ii) any amount awarded as compensation for the interest of the Lessee in the part of the Project taken and as damages to the interest of the Lessee in any part thereof not taken, shall be paid to the Lessee.
Condemnation Provisions. If title to the Project or any part thereof is taken under the exercise of the power of Eminent Domain, the entire condemnation award in respect of such taking [including, without limitation, (i) all amounts received as the result of any settlement of compensation claims negotiated with the condemning authority, and (ii) any amount awarded as compensation for the interest of the Company in the part of the Project taken and as damages to the interest of the Company in any part thereof not taken, but not including any condemnation award belonging to the Company pursuant to the provisions of Section 7.4 hereof] shall be applied and certain related actions shall be taken in accordance with the succeeding provisions of this Section 7.2:
Condemnation Provisions. 20 Section 7.3 Condemnation of Lessee-Owned Property...................
Condemnation Provisions. Paragraph 14 of the Lease is hereby amended and restated to include the following language as the final sentence of Paragraph 14: "Notwithstanding any of the foregoing provisions of Paragraph 14, to the extent the language of Paragraph 14 conflicts with a Lender's rights under a deed of trust, the terms and provisions of the deed of trust shall control prior to foreclosure, and at the Lessor's option, following foreclosure, or other transfer in lieu of a foreclosure."
Condemnation Provisions. If the Project or any part thereof is taken under the exercise of the power of eminent domain by any governmental authority or person, firm or corporation acting under governmental authority, the entire condemnation award (if any) referable to the Project, including any that may be recoverable by the Company, shall be paid to the Trustee (or, if the Bonds have been fully paid, to the Board) and applied as hereinafter provided:
Condemnation Provisions