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 (b) continue to use and occupy the Project or any part thereof then remaining and cause the Board to apply the proceeds of the award of condemnation paid to the Trustee to the redemption of Bonds, whereupon the basic rental payments will be reduced to the amount required to pay the principal of and interest on the remaining outstanding Bonds as such principal and interest become due and payable.
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:
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 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. A. If title to the whole or substantially all of the Premises is taken or condemned by any competent authority (save for the City of Grants) for any public or quasi-public use, at the option of the Tenant to be exercised by the Tenant giving written notice to the Landlord within 30 days of the taking or condemnation, this Lease will cease and terminate, all monetary obligations payable or performable by the Tenant as provided in this Lease will be prorated as of the date of vesting title in the condemnation proceedings, and the total award made with respect to the Premises less all expenses incurred with respect to the condemnation action (the "Net Award"), will be apportioned between the Landlord and the Tenant as provided in this Lease subject to the rights of any Leasehold Mortgagee. The amount of the damages to which the Tenant is entitled will first be used by the Tenant to obtain a complete release of any Leasehold Mortgage.
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:
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. 20 Section 7.3 Condemnation of Lessee-Owned Property..................... 21 Section 7.4 Cooperation of the Issuer in the Conduct of Condemnation Proceedings............................................. 21
Condemnation Provisions. If prior to payment of the Indebtedness title to the Project or any part thereof is taken under the exercise of the power of Eminent Domain and the Lessee does not elect to prepay Basic Rent as provided in Section 11.1, 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, but not including any condemnation award belonging to the Lessee pursuant to the provisions of Section 7.4 hereof] shall be paid in accordance with the Mortgage. If, after full payment of the Indebtedness, title to less than substantially all the Project is taken by such exercise of the power of Eminent Domain, the Lease shall continue in full force and effect, but neither the Lessee nor the Issuer shall be obligated to correct or ameliorate in any way the condition of the Project caused by such taking, and the Net Condemnation Award referable to such taking shall be paid to the Lessee; provided however, that the Issuer will, to the extent and in the manner provided in Section 7.6 hereof, cooperate fully with the Lessee in carrying out such work of repairing, restoring, modifying, relocating or rearranging the Project or in acquiring such additional property to form part of the Project as the Lessee may, in its sole discretion, deem necessary or desirable.
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:
