Common use of Event of Taking Clause in Contracts

Event of Taking. Any event (i) which constitutes a Condemnation of all of, or substantially all of, a Leased Property, or (ii) (A) which would otherwise constitute a Condemnation, (B) which, in the good-faith judgment of Lessee, renders restoration and rebuilding of a Leased Property impossible, impractical or uneconomical, and (C) as to which Lessee, within sixty (60) days after the occurrence of such event, delivers to Lessor an Officer's Certificate notifying Lessor of such event and of such judgment, shall constitute an "Event of Taking". In the case of any other event which constitutes a Condemnation, Lessee shall restore and rebuild such Leased Property pursuant to Section 10.4. If an Event of Taking shall occur, Lessee shall pay to Lessor (1) on the next Payment Date following the occurrence of such Event of Taking, in the case of an Event of Taking described in clause (i) above, or (2) on the next Payment Date following delivery of the Officer's Certificate pursuant to clause (ii) above, in the case of an Event of Taking described in clause (ii) above, an amount equal to the related Leased Property Balance. Upon Lessor's receipt of such Leased Property Balance on such date, Lessor shall cause Lessor's interest in such Leased Property to be conveyed to Lessee in accordance with and subject to the provisions of Section 14.5 hereof (provided that such conveyance shall be subject to all rights of the condemning authority); upon completion of such purchase, but not prior thereto, this Lease and all obligations hereunder with respect to such Leased Property shall terminate, except with respect to obligations and liabilities hereunder, actual or contingent, that have arisen or relate to events occurring on or prior to such date of purchase, or which are expressly stated herein to survive termination of this Lease. Upon the consummation of the purchase of such Leased Property pursuant to this Section 10.2, all Awards received by Lessor, after deducting any reasonable costs incurred by Lessor in collecting such Awards, received or payable on account of an Event of Taking with respect to such Leased Property during the related Lease Term shall be paid to Lessee, and all rights of Lessor in Awards not then received shall be assigned to Lessee by Lessor.

Appears in 2 contracts

Samples: Master Agreement (Ruby Tuesday Inc), Master Agreement (Ruby Tuesday Inc)

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Event of Taking. Any event (i) which constitutes a Condemnation of all of, or substantially all of, a Leased Property, or (ii) (A) which would otherwise constitute a Condemnation, (B) which, in the good-faith judgment of Lessee, renders restoration and rebuilding of a Leased Property impossible, impractical or uneconomical, and (C) as to which Lessee, within sixty (60) days after the occurrence of such event, delivers to Lessor an Officer's Certificate notifying Lessor of such event and of such judgment, shall constitute an "Event of Taking". In the case of any other event which constitutes a Condemnation, Lessee shall restore and rebuild such Leased Property pursuant to Section 10.4. If an Event of Taking shall occur, Lessee shall pay to Lessor (1) on the next Payment Date following the occurrence of such Event of Taking, in the case of an Event of Taking described in clause (i) above, or (2) on the next Payment Date following delivery of the Officer's Certificate pursuant to clause (ii) above, in the case of an Event of Taking described in clause (ii) above, an amount equal to the related Leased Property Balance. Upon Lessor's receipt of such Leased Property Balance on such date, Lessor shall cause Lessor's interest in such Leased Property to be conveyed to Lessee in accordance with and subject to the provisions of Section 14.5 hereof (provided that such conveyance shall be subject to all rights of the condemning authority); upon completion of such purchase, but not prior thereto, this Lease and all obligations hereunder with respect to such Leased Property shall terminate, except with respect to obligations and liabilities hereunderhereunder and under the other Operative Documents, actual or contingent, that have arisen or relate to events occurring on or prior to such date of purchase, or which are expressly stated herein to survive termination of this Lease. Upon the consummation of the purchase of such a Leased Property pursuant to this Section 10.2, all Awards received by Lessor, after deducting any reasonable costs incurred by Lessor in collecting such Awards, received or payable on account of an Event of Taking with respect to such Leased Property during the related Lease Term shall be paid to Lessee, and all rights of Lessor in Awards related to such Leased Property not then received shall be assigned to Lessee by Lessor.

Appears in 1 contract

Samples: Master Agreement (Ruby Tuesday Inc)

Event of Taking. Any event (i) which constitutes a Condemnation of all of, or substantially all of, a Leased Property, or (ii) (A) which would otherwise constitute a Condemnation, (B) which, in the good-faith judgment of the related Lessee, renders restoration and rebuilding of a Leased Property impossibleimpossible or impractical, impractical or uneconomicalrequires repairs to a Leased Property that would cost in excess of 50% of the original cost of such Leased Property, or that cannot be restored by the Lease Termination Date, and (C) as to which such Lessee, within sixty (60) days after the occurrence of such event, delivers to Lessor an Officer's ’s Certificate notifying Lessor of such event and of such judgment, shall constitute an "Event of Taking". In the case of any other event which constitutes a Condemnation, the related Lessee shall restore and rebuild such Leased Property pursuant to Section 10.4. If an Event of Taking shall occur, the related Lessee shall pay to Lessor (1) on the later of (A) the thirtieth day and (B) the next Payment Date following the occurrence of such Event of Taking, in the case of an Event of Taking described in clause (i) above, or (2) on the later of (A) the 90th day and (B) the next Payment Date Date, in either case following delivery of the Officer's ’s Certificate pursuant to clause (ii) above, in the case of an Event of Taking described in clause (ii) above, an amount equal to the related Leased Property Balance. Upon Lessor's ’s receipt of such Leased Property Balance on such date, Lessor shall cause Lessor's ’s interest in such Leased Property to be conveyed to the related Lessee in accordance with and subject to the provisions of Section 14.5 hereof (provided that such conveyance shall be subject to all rights of the condemning authority); upon completion of such purchase, but not prior thereto, this Lease with respect to such Leased Property and all obligations hereunder with respect to such Leased Property shall terminate, except with respect to obligations and liabilities hereunder, actual or contingent, that have arisen or relate to events occurring on or prior to such date of purchase, or which are expressly stated herein to survive termination of this Lease. Upon the consummation of the purchase of such Leased Property pursuant to this Section 10.2, all Awards received by Lessor, after deducting any reasonable out-of-pocket costs incurred by Lessor in collecting such Awards, received or payable on account of an Event of Taking with respect to such Leased Property during the related Lease Term shall be promptly paid to the related Lessee, and all rights of Lessor in Awards not then received shall be assigned to Lessee by Lessor.

Appears in 1 contract

Samples: Master Lease Agreement (Concord Efs Inc)

Event of Taking. Any event (i) which constitutes a Condemnation of all of, or substantially all of, a Leased Property, or (ii) (A) which would otherwise constitute a Condemnation, (B) which, in the good-faith judgment of the related Lessee, renders restoration and rebuilding of a Leased Property impossibleimpossible or impractical, impractical or uneconomicalrequires repairs to a Leased Property that would cost in excess of 50% of the original cost of such Leased Property, and (C) as to which such Lessee, within sixty (60) days after the occurrence of such event, delivers to Lessor an Officer's Certificate notifying Lessor of such event and of such judgment, shall constitute an "Event of Taking". In the case of any other event which constitutes a Condemnation, the related Lessee shall restore and rebuild such Leased Property pursuant to Section 10.4. If an Event of Taking shall occur, the related Lessee shall pay to Lessor (1) on the later of (A) the thirtieth day and (B) the next Payment Date following the occurrence of such Event of Taking, in the case of an Event of Taking described in clause (i) above, or (2) on the later of (A) the thirtieth day and (B) the next Payment Date following delivery of the Officer's Certificate pursuant to clause (ii) above, in the case of an Event of Taking described in clause (ii) above, an amount equal to the related Leased Property Balance. Upon Lessor's receipt of such Leased Property Balance on such date, Lessor shall cause Lessor's interest in such Leased Property to be conveyed to the related Lessee in accordance with and subject to the provisions of Section 14.5 hereof (provided that such conveyance shall be subject to all rights of the condemning authority); upon completion of such purchase, but not prior thereto, this Lease with respect to such Leased Property and all obligations hereunder with respect to such Leased Property shall terminate, except with respect to obligations and liabilities hereunder, actual or contingent, that have arisen or relate to events occurring on or prior to such date of purchase, or which are expressly stated herein to survive termination of this Lease. Upon the consummation of the purchase of such Leased Property pursuant to this Section 10.2, all Awards received by Lessor, after deducting any reasonable out-of-pocket costs incurred by Lessor in collecting such Awards, received or payable on account of an Event of Taking with respect to such Leased Property during the related Lease Term shall be promptly paid to the related Lessee, and all rights of Lessor in Awards not then received shall be assigned to Lessee by Lessor.

Appears in 1 contract

Samples: Lease Agreement (Dollar Tree Stores Inc)

Event of Taking. Any event (ia) which constitutes a Condemnation taking of all of, or substantially all of, a Leased Property, title to any Property or (iib) (Ai) which would otherwise constitute a Condemnation, (Bii) which, in the good-faith judgment judgement of Lessee, renders restoration and rebuilding of a Leased such Property impossible, impractical or uneconomical, uneconomical and (Ciii) as to which Lessee, within sixty thirty (6030) days after the occurrence of such event, delivers to Lessor and Lender an Officer's Certificate notifying Lessor and the Lender of such event event, of such judgement and of such judgmentthe date (or Lessee's best estimate thereof) on which Lessee shall be required to relinquish possession of the affected Property (or the affected portion thereof), shall constitute an "Event of Taking". In the case of any other event which constitutes a Condemnation, Lessee shall restore and rebuild such Leased the affected Property pursuant to Section 10.411.4. If an Event of Taking shall occur, Lessee shall pay to the Lender for the account of the Lessor (1i) on the next Rent Payment Date following the occurrence of such Event of Taking, in the case of an Event of Taking described in clause (ia) above, of the second preceding sentence or (2ii) on the next Rent Payment Date following delivery next preceding the date on which Lessee is required to relinquish possession of the Officer's Certificate pursuant to clause Leased Property (ii) aboveor the affected portion thereof), in the case of an Event of Taking described in clause (iib) aboveof the second preceding sentence, in addition to all Basic Rent and Supplemental Rent otherwise due on such date, an amount equal to the related Leased sum of the Total Development Cost of the affected Property Balanceplus the Breakage Costs, if any, applicable to the consequent prepayment of the Notes. Upon the Lessor's receipt of such Leased Property Balance amount on such date, the Lessor shall cause the Lessor's interest in such Leased the affected Property to be conveyed to Lessee in accordance with and subject to the provisions of Section 14.5 hereof 15.5 (provided "Purchase Procedure") hereof; provided, however, that (A) such conveyance may be by special warranty deed, but free and clear of Lessor's Liens and the lien of the related Mortgage, (B) such conveyance shall be subject to all rights of the condemning authority); upon , (C) Lessor shall have no obligation to remove title defects other than Lessor Liens and the lien of the related Mortgage affecting such Property and (D) Lessee's ability to obtain a title insurance policy shall not affect Lessee's obligation to purchase Lessor's interest in the affected Property. Upon completion of such purchase, but not prior thereto, the affected Property shall be deemed released from this Lease and all obligations hereunder of the Lessee and the Lessor under this Lease with respect to such Leased Property shall terminate, except with respect to obligations and liabilities hereunder, actual or contingent, that have arisen or relate to events occurring on or prior to such the date of such purchase, or which are expressly stated herein to survive termination of this Lease. Upon the consummation of the purchase of such Leased the affected Property pursuant to this Section 10.2Section, all Awards received by Lessor, after deducting any reasonable and documented costs incurred by Lessor in collecting such Awards, received or payable on account of an Event of Taking with respect to such Leased Property during the related Lease Term shall be paid to Lessee, and all rights of Lessor in Awards not then received shall be assigned to Lessee by Lessor. If no Event of Default has occurred and is then continuing, Lessee shall have the right to negotiate with the condemning authority and receive all Awards, subject to the terms of this Lease.

Appears in 1 contract

Samples: Master Lease and Development Agreement (Atria Communities Inc)

Event of Taking. Any event (i) which constitutes a Condemnation taking of title to all of, or substantially all of, a the Leased Property, or (ii) (A) which would otherwise constitute a Condemnation, and (B) which, in the good-faith judgment of Lessee, renders restoration and rebuilding of a the Leased Property impossible, impractical or uneconomical, and (C) as to which Lessee, within sixty (60) days after the occurrence of such event, delivers to Lessor an Officer's Certificate a certificate of a Responsible Officer notifying Lessor of such event and of such judgmentjudgment and containing an irrevocable offer by Lessee to purchase the Leased Property (and in any related insurance or award proceeds) on the next Scheduled Payment Date of a price equal to the Lease Balance, shall constitute an "Event of Taking". In the case of any other event which constitutes a Condemnation, Lessee shall restore and rebuild such Leased Property pursuant to Section Sections 10.3 and 10.4. If an Event of Taking shall occur, Lessee shall pay to Lessor (1) on the next Payment Date following the occurrence of such Event of Taking, in the case of an Event of Taking described in clause (i) above, or (2) on the next Scheduled Payment Date following delivery of the Officer's Certificate pursuant to clause (ii) above, in the case of an Event of Taking described in clause (ii) above, an amount equal to the related Leased Property Lease Balance. Upon Lessor's receipt of such Leased Property Lease Balance on such date, Lessor shall accept such offer and cause Lessor's interest in such Leased Property to be conveyed to Lessee in accordance with and subject to the provisions of Section 14.5 14.4 hereof (provided that such conveyance shall be subject to all rights of the condemning authority); upon completion of such purchase, but not prior thereto, this Lease and all obligations hereunder with respect to such the Leased Property shall terminate, except with respect to obligations and liabilities hereunder, actual or contingent, that have arisen or relate to events occurring on or prior to such date of purchase, or which are expressly stated herein to survive termination of this Lease. Upon the satisfactory consummation of the purchase of such the Leased Property pursuant to this Section 10.2, (i) all Awards received by LessorLessor with respect to such Event of Taking, after deducting any reasonable costs incurred by Lessor in collecting such Awards, received or payable on account of an Event of Taking with respect to such Leased Property during the related Lease Term shall be paid to Lessee, and (ii) all rights of Lessor in Awards with respect to such Event of Taking not then received shall be assigned to Lessee by Lessor, and (iii) Lessee's obligation to pay Basic Rent with respect to such Leased Property shall terminate on such Scheduled Payment Date.

Appears in 1 contract

Samples: Indenture of Lease (Gtech Holdings Corp)

Event of Taking. Any event (i) which constitutes a Condemnation of all of, or substantially all of, a Leased Property, or (ii) (A) which would otherwise constitute a Condemnation, (B) which, in the good-faith judgment of the related Lessee, renders restoration and rebuilding of a Leased Property impossibleimpossible or impractical, impractical or uneconomicalrequires repairs to a Leased Property that would cost in excess of 50% of the original cost of such Leased Property, or that cannot be restored by the Lease Termination Date, and (C) as to which such Lessee, within sixty (60) days after the occurrence of such event, delivers to Lessor an Officer's Certificate notifying Lessor of such event and of such judgment, shall constitute an "Event of Taking". In the case of any other event which constitutes a Condemnation, the related Lessee shall restore and rebuild such Leased Property pursuant to Section 10.4. If an Event of Taking shall occur, the related Lessee shall pay to Lessor (1) on the later of (A) the thirtieth day and (B) the next Payment Date following the occurrence of such Event of Taking, in the case of an Event of Taking described in clause (i) above, or (2) on the later of (A) the 90th day and (B) the next Payment Date Date, in either case following delivery of the Officer's Certificate pursuant to clause (ii) above, in the case of an Event of Taking described in clause (ii) above, an amount equal to the related Leased Property Balance. Upon Lessor's receipt of such Leased Property Balance on such date, Lessor shall cause Lessor's interest in such Leased Property to be conveyed to the related Lessee in accordance with and subject to the provisions of Section 14.5 hereof (provided that such conveyance shall be subject to all rights of the condemning authority); upon completion of such purchase, but not prior thereto, this Lease with respect to such Leased Property and all obligations hereunder with respect to such Leased Property shall terminate, except with respect to obligations and liabilities hereunder, actual or contingent, that have arisen or relate to events occurring on or prior to such date of purchase, or which are expressly stated herein to survive termination of this Lease. Upon the consummation of the purchase of such Leased Property pursuant to this Section 10.2, all Awards received by Lessor, after deducting any reasonable out-of-pocket costs incurred by Lessor in collecting such Awards, received or payable on account of an Event of Taking with respect to such Leased Property during the related Lease Term shall be promptly paid to the related Lessee, and all rights of Lessor in Awards not then received shall be assigned to Lessee by Lessor.

Appears in 1 contract

Samples: Master Lease Agreement (Concord Efs Inc)

Event of Taking. Any event (i) which constitutes a Condemnation of all of, or substantially all of, a Leased Property, or (ii) (A) which would otherwise constitute a Condemnation, Condemnation and (B) which, in the good-faith judgment of the related Lessee, (1) renders restoration and rebuilding of a Leased Property impossibleimpossible or impractical, impractical or uneconomicalrequires restoration to the related Leased Property that, with the exercise of reasonable diligence, is impossible to complete by the Lease Termination Date or (2) requires repairs to a Leased Property that would cost in excess of 50% of the original cost of such Leased Property, and (C) as to which Lessee, within such Lessee has determined not to rebuild shall constitute an "Event of Taking". Within sixty (60) days after the occurrence of such event, delivers the related Lessee shall deliver to Lessor an Officer's Certificate notifying Lessor of such event and and, in the case of an event described in the foregoing clause (ii), of such judgment, shall constitute an "Event of Taking"Lessee's determination not to rebuild. In the case of any other event which constitutes a Condemnation, the related Lessee shall restore and rebuild such Leased Property pursuant to Section 10.4. If an Event of Taking shall occur, the related Lessee shall pay to Lessor (1) on the earlier of (A) the Lease Termination Date and (B) the next Payment Date following occurring not less than thirty (30) days after the occurrence of such Event of Taking, in the case of an Event of Taking described in clause (i) above, or (2) on the earlier of (A) the Lease Termination Date and (B) the next Payment Date following occurring not less than thirty (30) days after the delivery of the Officer's Certificate pursuant to clause (ii) above, in the case of an Event of Taking described in clause (ii) above, an amount equal to the related Leased Property Balance. Upon Lessor's receipt of such Leased Property Balance on such date, Lessor shall cause Lessor's interest in such Leased Property Property, and in all condemnation proceeds related thereto, to be conveyed to the related Lessee in accordance with and subject to the provisions of Section 14.5 hereof (provided that such conveyance shall be subject to all rights of the condemning authority); upon completion of such purchase, but not prior thereto, this Lease with respect to such Leased Property and all obligations hereunder with respect to such Leased Property shall terminate, except with respect to obligations and liabilities hereunder, actual or contingent, that have arisen or relate to events occurring on or prior to such date of purchase, or which are expressly stated herein to survive termination of this Lease. Upon the consummation of the purchase of such Leased Property pursuant to this Section 10.2, all Awards received by Lessor, after deducting any reasonable out-of-pocket costs incurred by Lessor in collecting such Awards, received or payable on account of an Event of Taking with respect to such Leased Property during the related Lease Term shall be promptly paid to the related Lessee, and all rights of Lessor in Awards not then received shall be assigned to Lessee by Lessor.

Appears in 1 contract

Samples: Master Lease Agreement (Choicepoint Inc)

Event of Taking. Any event (i) which constitutes a Condemnation of all of, or substantially all of, a Leased Property, or (ii) (A) which would otherwise constitute a Condemnation, Condemnation and (B) which, in the good-faith judgment of the related Lessee, (1) renders restoration and rebuilding of a the affected Leased Property impossibleimpossible or impractical, impractical or uneconomicalrequires restoration to the related Leased Property that, with the exercise of reasonable diligence, is impossible to complete by the Lease Termination Date or (2) requires repairs to the affected Leased Property that would cost in excess of the greater of $2,000,000 and 50% of the cost of the Land, Building and any Improvements (other than Alterations done at Lessee's sole expense) related to such Leased Property, and (C) as to which Lessee, within such Lessee has determined not to rebuild shall constitute an "Event of Taking". Within sixty (60) days after the occurrence of such event, delivers the related Lessee shall deliver to Lessor an Officer's Certificate notifying Lessor of such event and and, in the case of an event described in the foregoing clause (ii), of such judgment, shall constitute an "Event of Taking"Lessee's determination not to rebuild. In the case of any other event which constitutes a Condemnation, the related Lessee shall restore and rebuild such Leased Property pursuant to Section 10.4. If an Event of Taking shall occur, the related Lessee shall be deemed to have elected to purchase such Leased Property and shall pay to Lessor (1) on the earlier of (A) the Lease Termination Date and (B) the next Payment Date following occurring not less than thirty (30) days after the occurrence of such Event of Taking, in the case of an Event of Taking described in clause (i) above, or (2) on the earlier of (A) the Lease Termination Date and (B) the next Payment Date following occurring not less than thirty (30) days after the delivery of the Officer's Certificate pursuant to clause (ii) above, in the case of an Event of Taking described in clause (ii) above, an amount equal to the related Leased Property Balance. Upon Lessor's receipt of such Leased Property Balance on such date, Lessor shall cause Lessor's interest in such Leased Property Property, and in all condemnation proceeds related thereto, to be conveyed to the related Lessee in accordance with and subject to the provisions of Section 14.5 hereof (provided that such conveyance shall be subject to all rights of the condemning authority); upon completion of such purchase, but not prior thereto, this Lease with respect to such Leased Property and all obligations hereunder with respect to such Leased Property shall terminate, except with respect to obligations and liabilities hereunder, actual or contingent, that have arisen or relate to events occurring on or prior to such date of purchase, or which are expressly stated herein to survive termination of this Lease. Upon the consummation of the purchase of such Leased Property pursuant to this Section 10.2, all Awards received by Lessor, after deducting any reasonable out-of-pocket costs incurred by Lessor in collecting such Awards, received or payable on account of an Event of Taking with respect to such Leased Property during the related Lease Term shall be promptly paid to the related Lessee, and all rights of Lessor in Awards not then received shall be assigned to Lessee by Lessor.

Appears in 1 contract

Samples: Master Lease Agreement (Borders Group Inc)

Event of Taking. Any event (i) which constitutes a Condemnation of all of, or substantially all of, a Leased Property, or (ii) (A) which would otherwise constitute a Condemnation, Condemnation and (B) which, in the good-faith judgment of Lessee, (1) renders restoration and rebuilding of a Leased Property impossibleimpossible or impractical, impractical or uneconomicalrequires restoration to the related Leased Property that, with the exercise of reasonable diligence, is impossible to complete by the Lease Termination Date or (2) requires repairs to a Leased Property that would cost in excess of 50% of the original cost of such Leased Property, and (C) as to which Lessee, within Lessee has determined not to rebuild shall constitute an “Event of Taking”. Within sixty (60) days after the occurrence of such event, delivers Lessee shall deliver to Lessor an Officer's ’s Certificate notifying Lessor of such event and and, in the case of such judgmentan event described in the foregoing clause (ii), shall constitute an "Event of Taking"Lessee’s determination not to rebuild. In the case of any other event which constitutes a Condemnation, Lessee shall restore and rebuild such Leased Property pursuant to Section 10.4. If an Event of Taking shall occur, Lessee shall pay to Lessor (1) on the earlier of (A) the Lease Termination Date and (B) the next Payment Date following occurring not less than thirty (30) days after the occurrence of such Event of Taking, in the case of an Event of Taking described in clause (i) above, or (2) on the earlier of (A) the Lease Termination Date and (B) the next Payment Date following occurring not less than thirty (30) days after the delivery of the Officer's ’s Certificate pursuant to clause (ii) above, in the case of an Event of Taking described in clause (ii) above, an amount equal to the related Leased Property Balance. Upon Lessor's ’s receipt of such Leased Property Balance on such date, Lessor shall cause Lessor's ’s interest in such Leased Property Property, and in all condemnation proceeds related thereto, to be conveyed to Lessee in accordance with and subject to the provisions of Section 14.5 hereof (provided that such conveyance shall be subject to all rights of the condemning authority); upon completion of such purchase, but not prior thereto, this Lease with respect to such Leased Property and all obligations hereunder with respect to such Leased Property shall terminate, except with respect to obligations and liabilities hereunder, actual or contingent, that have arisen or relate to events occurring on or prior to such date of purchase, or which are expressly stated herein to survive termination of this Lease. Upon the consummation of the purchase of such Leased Property pursuant to this Section 10.2, all Awards received by Lessor, after deducting any reasonable out-of-pocket costs incurred by Lessor in collecting such Awards, received or payable on account of an Event of Taking with respect to such Leased Property during the related Lease Term shall be promptly paid to Lessee, and all rights of Lessor in Awards not then received shall be assigned to Lessee by Lessor.

Appears in 1 contract

Samples: Master Lease Agreement (Checkfree Corp \Ga\)

Event of Taking. Any event (i) which constitutes a Condemnation taking of all of, or substantially all of, a title to the Leased Property, or (ii) (Aii)(A) which would otherwise constitute a Condemnation, (B) which, in the good-faith judgment judgement of Lessee, (I) renders restoration and rebuilding of a the Leased Property impossible, impractical or uneconomical, or (II) involves a taking in excess of $2,000,000 and (C) as to which Lessee, within sixty (60) days after the occurrence of such event, delivers to Lessor and the Lender an Officer's Certificate notifying Lessor and the Lender of such event event, of such judgement and of such judgmentthe date (or Lessee's best estimate thereof) on which Lessee shall be required to relinquish possession of the Leased Property (or the affected portion thereof), shall constitute an "Event of Taking". In the case of any other event which constitutes a Condemnation, Lessee shall restore and rebuild such the Leased Property pursuant to Section 10.4SECTION 11.4. If an Event of Taking shall occur, Lessee shall pay to Lessor (1i) on the next Rent Payment Date following the occurrence of such Event of Taking, in the case of an Event of Taking described in clause (i) above, of the second preceding sentence or (2ii) on the next Rent Payment Date following delivery next preceding the date on which Lessee is required to relinquish possession of the Officer's Certificate pursuant to clause Leased Property (ii) aboveor the affected portion thereof), in the case of an Event of Taking described in clause (ii) aboveof the second preceding sentence, an amount equal to the related Leased Property Lease Balance. Upon Lessor's receipt of such Leased Property the Lease Balance on such date, Lessor shall cause Lessor's interest in such the Leased Property to be conveyed to Lessee in accordance with and subject to the provisions of Section 14.5 hereof SECTION 15.5 "Purchase Procedure" hereof; PROVIDED, HOWEVER, that (provided that A) such conveyance shall be by special warranty deed, but free and clear of Lessor's Liens and the lien of the Loan Documents, (B) such conveyance shall be subject to all rights of the condemning authority); upon , (C) Lessor shall have no obligation to remove title defects other than Lessor Liens and the lien of the Mortgage and (D) Lessee's ability to obtain a title insurance policy shall not affect Lessee's obligation to purchase Lessor's interest in the Leased Property. Upon completion of such purchase, but not prior thereto, this Lease and all obligations hereunder with respect to such Leased Property shall terminate, except with respect subject to obligations and liabilities hereunder, actual or contingent, that have arisen or relate to events occurring on or prior to such date the provisions of purchase, or which are expressly stated herein to survive termination of this LeaseSECTION 18.17 hereof. Upon the consummation of the purchase of such the Leased Property pursuant to this Section 10.2Section, all Awards received by Lessor, after deducting any reasonable and documented costs incurred by Lessor in collecting such AwardsAwards (PROVIDED that the contractual fee arrangement, if other than on an hourly basis, between Lessor and its counsel shall be subject to Lessee's approval, not to be unreasonably withheld), received or payable on account of an Event of Taking with respect to such Leased Property during the related Lease Term shall be paid to Lessor so long as the Loans shall remain unpaid in full and the Lessor shall apply the sum to pay interest on and principal of the Notes. Once the Loans are paid in full, such amounts shall be paid to the Lessee, and all rights of Lessor in Awards not then received shall be assigned to Lessee by Lessor. If no Event of Default has occurred and is then continuing, Lessee shall have the right to negotiate with the condemning authority and receive all Awards, subject to the terms of this Lease.

Appears in 1 contract

Samples: Lease and Development Agreement (STB Systems Inc)

Event of Taking. Any event (i) which constitutes a Condemnation of all of, or substantially all of, a Leased Property, or (ii) (A) which would otherwise constitute a Condemnation, (B) which, in the good-faith judgment of the related Lessee, renders restoration and rebuilding of a Leased Property impossibleimpossible or impractical, impractical or uneconomicalrequires repairs to a Leased Property that would cost in excess of 50% of the original cost of such Leased Property, and (C) as to which such Lessee, within sixty (60) days after the occurrence of such event, delivers to Lessor an Officer's Certificate notifying Lessor of such event and of such judgment, shall constitute an "Event of Taking". In the case of any other event which constitutes a Condemnation, the related Lessee shall restore and rebuild such Leased Property pursuant to Section 10.4. If an Event of Taking shall occur, the related Lessee shall pay to Lessor (1) on the next Payment Date following the occurrence of such Event of Taking, in the case of an Event of Taking described in clause (i) above, or (2) on the next Payment Date following delivery of the Officer's Certificate pursuant to clause (ii) above, in the case of an Event of Taking described in clause (ii) above, an amount equal to the related Leased Property Balance. Upon Lessor's receipt of such Leased Property Balance on such date, Lessor shall cause Lessor's interest in such Leased Property to be conveyed to the related Lessee in accordance with and subject to the provisions of Section 14.5 hereof (provided that such conveyance shall be subject to all rights of the condemning authority); upon completion of such purchase, but not prior thereto, this Lease with respect to such Leased Property and all obligations hereunder with respect to such Leased Property shall terminate, except with respect to obligations and liabilities hereunder, actual or contingent, that have arisen or relate to events occurring on or prior to such date of purchase, or which are expressly stated herein to survive termination of this Lease. Upon the consummation of the purchase of such Leased Property pursuant to this Section 10.2, all Awards received by Lessor, after deducting any reasonable out-of-pocket costs incurred by Lessor in collecting such Awards, received or payable on account of an Event of Taking with respect to such Leased Property during the related Lease Term shall be promptly paid to the related Lessee, and all rights of Lessor in Awards not then received shall be assigned to Lessee by Lessor.

Appears in 1 contract

Samples: Master Lease Agreement (Dollar General Corp)

Event of Taking. Any event (i) which constitutes a --------------- Condemnation of all of, or substantially all of, a the Leased Property, or (ii) (A) which would otherwise constitute a Condemnation, (B) which, in the good-good faith judgment of the Lessee, renders restoration and rebuilding of a the Leased Property impossibleimpossible or impractical, impractical or uneconomicalrequires repairs to the Leased Property that would cost in excess of fifty percent (50%) of the original cost of the Leased Property, and (C) as to which the Lessee, within sixty (60) days after the occurrence of such event, delivers to the Lessor an Officer's Certificate notifying the Lessor of such event and of such judgment, shall constitute an "Event of -------- Taking". In the case of any other event which constitutes a ------ Condemnation, the Lessee shall restore and rebuild such the Leased Property pursuant to Section 10.4. If an Event of Taking shall occur, the Lessee ------------ shall pay to the Lessor (1) on the later of (A) the thirtieth (30th) day and (B) the next Payment Date following the occurrence of such Event of Taking, in the case of an Event of Taking described in clause (i) above, or (2) on the later of (A) the thirtieth (30th) day and (B) the next Payment Date following delivery of the Officer's Certificate pursuant to clause (ii) above, in the case of an Event of Taking described in clause (ii) above, an amount equal to the related Leased Property Lease Balance. Upon the Lessor's receipt of such Leased Property the Lease Balance on such date, the Lessor shall cause the Lessor's interest in such the Leased Property to be conveyed to the Lessee in accordance with and subject to the provisions of Section 14.5 hereof (provided that such ------------ conveyance shall be subject to all rights of the condemning authority); upon completion of such purchase, but not prior thereto, this Lease with respect to the Leased Property and all obligations hereunder with respect to such the Leased Property shall terminate, except with respect to obligations and liabilities hereunder, actual or contingent, that have arisen or relate to events occurring on or prior to such date of purchase, or which are expressly stated herein to survive termination of this Lease. Upon the consummation of the purchase of such the Leased Property pursuant to this Section 10.2, all Awards received by the Lessor, after ------------ deducting any reasonable costs incurred by the Lessor in collecting such Awards, received or payable on account of an Event of Taking with respect to such the Leased Property during the related Lease Term shall be paid to the Lessee, and all rights of the Lessor in Awards not then received shall be assigned to the Lessee by the Lessor.

Appears in 1 contract

Samples: Master Lease Agreement (Jones Financial Companies Lp LLP)

Event of Taking. Any event (i) which constitutes a --------------- Condemnation of all of, or substantially all of, a Leased Property, or (ii) (A) which would otherwise constitute a Condemnation, and (B) which, in the good-good- faith judgment of the related Lessee, (A) requires repairs to the related Leased Property that would cost in excess of 50% of the original cost of such Leased Property or (B) renders restoration and rebuilding of a the related Leased Property impossible, impractical impossible or uneconomicalimpractical, and (C) as with respect to which Lessee, within such Lessee has determined not to repair and restore such Leased Property (it being understood that the Lessee shall have -- ----- ---------- the option to either purchase the affected Leased Property or repair and restore the affected Leased Property) shall constitute an "Event of Taking". Within --------------- sixty (60) days after the occurrence of such event, delivers the related Lessee shall deliver to Lessor an Officer's Certificate notifying Lessor of such event and of such judgment, shall constitute an "Event of Taking"judgment and decision not to repair and restore. In the case of any other event which constitutes a Condemnation, the related Lessee shall restore and rebuild such Leased Property pursuant to Section 10.4. If an Event of Taking ------------ shall occur, the related Lessee shall pay purchase the affected Leased Property pursuant to Lessor Section 14.4 on the earlier of (1A) on the Lease Termination Date and ------------ (B) the next Payment Date following occurring not less than sixty (60) days after the occurrence of such Event of Taking, in the case of an Event of Taking described in clause (i) above, or (2) on the earlier of (A) the Lease Termination Date and ---------- (B) the next Payment Date following occurring not less than 60 days after the delivery of the Officer's Certificate pursuant to clause (ii) abovethe second preceding sentence, in the case of an Event of Taking described in clause (ii) above, an amount equal to the ---------- related Leased Property Balance; provided that, if such an Event of Taking shall -------- occur during the Construction Term for such Leased Property, the related Lessee may, at such Lessee's option, pay to the Lessor the Construction Failure Payment instead of paying the Leased Property Balance as the purchase price for such Leased Property (in which case the Lessor shall retain the Lessor's interest in such Leased Property, subject to the provisions of Section 5.7 of the Construction Agency Agreement with respect to remarketing). Upon Lessor's receipt of such Leased Property Balance on such date, Lessor shall cause Lessor's interest in such Leased Property Property, and in all condemnation proceeds related thereto, to be conveyed to the related Lessee in accordance with and subject to the provisions of Section 14.5 14.4 hereof (provided that such conveyance ------------ shall be subject to all rights of the condemning authority); upon completion of such purchasepurchase (or payment of the Construction Failure Payment, as the case may be), but not prior thereto, this Lease with respect to such Leased Property and all obligations hereunder with respect to such Leased Property shall terminate, except with respect to obligations and liabilities hereunder, actual or contingent, that have arisen or relate to events occurring on or prior to such date of purchase, or which are expressly stated herein to survive termination of this Lease. Upon the consummation of the purchase of such Leased Property pursuant to this Section 10.2, all Awards received by Lessor, after deducting any reasonable ------------ out-of-pocket costs incurred by Lessor in collecting such Awards, received or payable on account of an Event of Taking with respect to such Leased Property during the related Lease Term shall be promptly paid to the related Lessee, and all rights of Lessor in Awards not then received shall be assigned to Lessee by Lessor.

Appears in 1 contract

Samples: Lease Agreement (Hughes Supply Inc)

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Event of Taking. Any event (i) which constitutes a Condemnation of all of, or substantially all of, a the Leased Property, or (ii) (A) which would otherwise constitute a Condemnation, (B) which, in the good-faith judgment of Lessee, renders restoration and rebuilding of a the Leased Property impossible, impractical or uneconomical, and (C) as to which Lessee, within sixty (60) days after the occurrence of such event, delivers to Lessor an Officer's Certificate notifying Lessor of such event and of such judgment, shall constitute an "Event of Taking". In the case of any other event which constitutes a Condemnation, Lessee shall restore and rebuild such the Leased Property pursuant to Section 10.4. If an Event of Taking shall occur, Lessee shall pay to Lessor (1) on the next Payment Date following occurring not less than ninety (90) days after the occurrence of such Event of Taking, in the case of an Event of Taking described in clause (i) above, or (2) on the next Payment Date following occurring not less than ninety (90) days after delivery of the Officer's Certificate pursuant to clause (ii) above, in the case of an Event of Taking described in clause (ii) above, an amount equal to the related Leased Property Lease Balance. Upon Lessor's receipt of such Leased Property Lease Balance on such date, Lessor shall cause Lessor's interest in such the Leased Property to be conveyed to Lessee in accordance with and subject to the provisions of Section 14.5 hereof (provided that such conveyance shall be subject to all rights of the condemning authority); upon completion of such purchase, but not prior thereto, this Lease and all obligations hereunder with respect to such Leased Property shall terminate, except with respect to obligations and liabilities hereunder, actual or contingent, that have arisen or relate to events occurring on or prior to such date of purchase, or which are expressly stated herein to survive termination of this Lease. Upon the consummation of the purchase of such the Leased Property pursuant to this Section 10.2, all Awards received by Lessor, after deducting any reasonable costs incurred by Lessor in collecting such Awards, received or payable on account of an Event of Taking with respect to such the Leased Property during the related Lease Term shall be paid to Lessee, and all rights of Lessor in Awards not then received shall be assigned to Lessee by Lessor.

Appears in 1 contract

Samples: Lease Agreement (Richfood Holdings Inc)

Event of Taking. Any event (i) which constitutes a Condemnation of all of, or substantially all of, a Leased Property, or (ii) (A) which would otherwise constitute a Condemnation, Condemnation and (B) which, in the good-faith judgment of the related Lessee, (1) renders restoration and rebuilding of a Leased Property impossibleimpossible or impractical, impractical or uneconomicalrequires restoration to the related Leased Property that, with the exercise of reasonable diligence, is impossible to complete by the Lease Termination Date or (2) requires repairs to a Leased Property that would cost in excess of 50% of the original cost of such Leased Property, and (C) as to which Lessee, within such Lessee has determined not to rebuild shall constitute an "EVENT OF TAKING". Within sixty (60) days after the occurrence of such event, delivers the related Lessee shall deliver to Lessor an Officer's Certificate notifying Lessor of such event and and, in the case of an event described in the foregoing CLAUSE (ii), of such judgment, shall constitute an "Event of Taking"Lessee's determination not to rebuild. In the case of any other event which constitutes a Condemnation, the related Lessee shall restore and rebuild such Leased Property pursuant to Section SECTION 10.4. If an Event of Taking shall occur, the related Lessee shall pay to Lessor (1) on the earlier of (A) the Lease Termination Date and (B) the next Payment Date following occurring not less than thirty (30) days after the occurrence of such Event of Taking, in the case of an Event of Taking described in clause CLAUSE (i) above, or (2) on the earlier of (A) the Lease Termination Date and (B) the next Payment Date following occurring not less than thirty (30) days after the delivery of the Officer's Certificate pursuant to clause CLAUSE (ii) above, in the case of an Event of Taking described in clause CLAUSE (ii) above, an amount equal to the related Leased Property Balance. Upon Lessor's receipt of such Leased Property Balance on such date, Lessor shall cause Lessor's interest in such Leased Property Property, and in all condemnation proceeds related thereto, to be conveyed to the related Lessee in accordance with and subject to the provisions of Section SECTION 14.5 hereof (provided that such conveyance shall be subject to all rights of the condemning authority); upon completion of such purchase, but not prior thereto, this Lease with respect to such Leased Property and all obligations hereunder with respect to such Leased Property shall terminate, except with respect to obligations and liabilities hereunder, actual or contingent, that have arisen or relate to events occurring on or prior to such date of purchase, or which are expressly stated herein to survive termination of this Lease. Upon the consummation of the purchase of such Leased Property pursuant to this Section SECTION 10.2, all Awards received by Lessor, after deducting any reasonable out-of-pocket costs incurred by Lessor in collecting such Awards, received or payable on account of an Event of Taking with respect to such Leased Property during the related Lease Term shall be promptly paid to the related Lessee, and all rights of Lessor in Awards not then received shall be assigned to Lessee by Lessor.

Appears in 1 contract

Samples: Master Lease Agreement (Allete Inc)

Event of Taking. Any event (i) which constitutes a Condemnation taking of all of, or substantially all of, a title to the Leased Property, Property or (ii) (A) which would otherwise constitute a Condemnation, (B) which, in the good-good- faith judgment of Lessee, renders restoration and rebuilding of a the Leased Property impossible, impractical or uneconomical, uneconomical and (C) as to which Lessee, within sixty (60) days after the occurrence of such event, delivers to Lessor and the Lender an Officer's Certificate notifying Lessor and the Lender of such event event, of such judgment and of such judgmentthe date (or Lessee's best estimate thereof) on which Lessee shall be required to relinquish possession of the Leased Property (or the affected portion thereof), shall constitute an "Event of Taking". In the case of any other event which constitutes a Condemnation, Condemnation Lessee shall restore and rebuild such the Leased Property pursuant to Section 10.411.4. If an Event of Taking shall occur, Lessee shall pay to Lessor (1i) on the next Rent Payment Date following the occurrence of such Event of Taking, in the case of an Event of Taking described in clause (i) above, of the second preceding sentence or (2ii) on the next Rent Payment Date following delivery next preceding the date on which Lessee is required to relinquish possession of the Officer's Certificate pursuant to clause Leased Property (ii) aboveor the affected portion thereof), in the case of an Event of Taking described in clause (ii) aboveof the second preceding sentence, an amount equal to the related Leased Property Lease Balance. Upon Lessor's receipt of such Leased Property the Lease Balance on such date, Lessor shall cause Lessor's interest in such the Leased Property to be conveyed to Lessee in accordance with and subject to the provisions of Section 14.5 hereof 15.5 "Purchase Procedure" hereof; provided, however, that (provided that A) such conveyance may be by special warranty deed, but free and clear of Lessor's Liens and the lien of the Mortgage, (B) such conveyance shall be subject to all rights of the condemning authority); upon , (C) Lessor shall have no obligation to remove title defects other than Lessor Liens and the lien of the Mortgage and (D) Lessee's ability to obtain a title insurance policy shall not affect Lessee's obligation to purchase Lessor's interest in the Leased Property. Upon completion of such purchase, but not prior thereto, this Lease and all obligations hereunder with respect to such Leased Property shall terminate, except with respect subject to obligations and liabilities hereunder, actual or contingent, that have arisen or relate to events occurring on or prior to such date of purchase, or which are expressly stated herein to survive termination of this Lease. Upon the consummation of the purchase of such Leased Property pursuant to this Section 10.2, all Awards received by Lessor, after deducting any reasonable costs incurred by Lessor in collecting such Awards, received or payable on account of an Event of Taking with respect to such Leased Property during the related Lease Term shall be paid to Lessee, and all rights of Lessor in Awards not then received shall be assigned to Lessee by Lessor.provisions of

Appears in 1 contract

Samples: Lease and Development Agreement (Huffy Corp)

Event of Taking. Any event (i) which constitutes a Condemnation of all of, or substantially all of, a Leased Property, or (ii) (A) which would otherwise constitute a Condemnation, (B) which, in the good-faith judgment of the related Lessee, renders restoration and rebuilding of a Leased Property impossibleimpossible or impractical, impractical or uneconomicalrequires repairs to a Leased Property that would cost in excess of 50% of the original cost of such Leased Property, and (C) as to which such Lessee, within sixty (60) days after the occurrence of such event, delivers to Lessor an Officer's Certificate notifying Lessor of such event and of such judgment, shall constitute an "Event of Taking". In the case of any other event which constitutes a Condemnation, the related Lessee shall restore and rebuild such Leased Property pursuant to Section 10.4. If an Event of Taking shall occur, the related Lessee shall pay to Lessor (1) on the earlier of (A) the Lease Termination Date and (B) the next Payment Date following occurring not less than 120 days after the occurrence of such Event of Taking, in the case of an Event of Taking described in clause (i) above, or (2) on the earlier of (A) the Lease Termination Date and (B) the next Payment Date following occurring not less than 120 days after the delivery of the Officer's Certificate pursuant to clause (ii) above, in the case of an Event of Taking described in clause (ii) above, an amount equal to the related Leased Property Balance. Upon Lessor's receipt of such Leased Property Balance on such date, Lessor shall cause Lessor's interest in such Leased Property Property, and in all condemnation proceeds related thereto, to be conveyed to the related Lessee in accordance with and subject to the provisions of Section 14.5 hereof (provided that such conveyance shall be subject to all rights of the condemning authority); upon completion of such purchase, but not prior thereto, this Lease with respect to such Leased Property and all obligations hereunder with respect to such Leased Property shall terminate, except with respect to obligations and liabilities hereunder, actual or contingent, that have arisen or relate to events occurring on or prior to such date of purchase, or which are expressly stated herein to survive termination of this Lease. Upon the consummation of the purchase of such Leased Property pursuant to this Section 10.2, all Awards received by Lessor, after deducting any reasonable out-of-pocket costs incurred by Lessor in collecting such Awards, received or payable on account of an Event of Taking with respect to such Leased Property during the related Lease Term shall be promptly paid to the related Lessee, and all rights of Lessor in Awards not then received shall be assigned to Lessee by Lessor.

Appears in 1 contract

Samples: Lease Agreement (Discount Auto Parts Inc)

Event of Taking. Any event (i) which constitutes a Condemnation of all of, or substantially all of, a Leased Property, or (ii) (A) which would otherwise constitute a Condemnation, and (B) which, in the good-faith judgment of Lessee, renders restoration and rebuilding of a Leased Property impossible, impractical or uneconomical, and (C) as to which the related Lessee, within sixty (60) days after the occurrence of such event, delivers to Lessor an Officer's Certificate notifying Lessor of such event and of such judgmentLessee's decision not to restore such Leased Property, shall constitute an "Event of TakingEVENT OF TAKING". In the case of any other event which constitutes a Condemnation, the related Lessee shall restore and rebuild such Leased Property pursuant to Section SECTION 10.4. If an Event of Taking shall occur, the related Lessee shall pay to Lessor (1) on the later of (A) the 60th day and (B) the next Payment Date following the occurrence of such Event of Taking, in the case of an Event of Taking described in clause CLAUSE (i) above, or (2) on the later of (A) the 60th day and (B) the next Payment Date following delivery of the Officer's Certificate pursuant to clause CLAUSE (ii) above, in the case of an Event of Taking described in clause CLAUSE (ii) above, an amount equal to the related Leased Property Balance. Upon Lessor's receipt of such Leased Property Balance on such date, Lessor shall cause Lessor's interest in such Leased Property to be conveyed to the related Lessee in accordance with and subject to the provisions of Section SECTION 14.5 hereof (provided that such conveyance shall be subject to all rights of the condemning authority); upon completion of such purchase, but not prior thereto, this Lease with respect to such Leased Property and all obligations hereunder with respect to such Leased Property shall terminate, except with respect to obligations and liabilities hereunder, actual or contingent, that have arisen or relate to events occurring on or prior to such date of purchase, or which are expressly stated herein to survive termination of this Lease. Upon the consummation of the purchase of such Leased Property pursuant to this Section SECTION 10.2, all Awards received by Lessor, after deducting any reasonable costs incurred by Lessor in collecting such Awards, received or payable on account of an Event of Taking with respect to such Leased Property during the related Lease Term shall be paid to the related Lessee, and all rights of Lessor in Awards not then received shall be assigned to Lessee by Lessor.

Appears in 1 contract

Samples: Master Lease Agreement (Cornell Companies Inc)

Event of Taking. Any event which (a) constitutes a taking of title to all or substantially all of the Leased Property (including, without limitation, any Appurtenances), or (b) (i) which constitutes a Condemnation of all of, or substantially all of, a Leased Property, or (ii) (A) which would otherwise constitute a CondemnationCondemnation of the Leased Property, (Bii) which, that (A) either (1) in the good-faith judgment of the Lessee, renders restoration and rebuilding of a the Leased Property impossible, impractical or uneconomical, or (2) involves a potential Award in excess of $250,000 and (CB) as to which the Lessee, within sixty (60) days after the occurrence of such event, delivers to the Lessor an Officer's ’s Certificate notifying the Lessor of such event event, of such judgment and of such judgmentthe date (or the Lessee’s best estimate thereof) on which the Lessee shall be required to relinquish possession of the Leased Property (or the affected portion thereof), shall constitute an "Event of Taking"”. Upon its receipt of any notice from any Governmental Authority concerning any Condemnation, the Lessee shall promptly, and in any event within five (5) Business Days following the receipt thereof, deliver a copy of such notice to the Lessor. In the case of any event (other event than an Event of Taking) which constitutes a Condemnation, the Lessee shall restore and rebuild such the Leased Property pursuant to Section 10.411.4. If an Event of Taking shall occur, the Lessee shall pay to the Lessor (1) on the next Rent Payment Date following next preceding the occurrence of such Event of Taking, in date on which the case of an Event of Taking described in clause (i) above, or (2) on the next Payment Date following delivery Lessee is required to relinquish possession of the Officer's Certificate pursuant to clause Leased Property (ii) above, in or the case of an Event of Taking described in clause (ii) aboveaffected portion thereof), an amount equal to the related Leased Property Lease Balance. Upon the Lessor's ’s receipt of such Leased Property the Lease Balance on such date, the Lessor shall cause the Lessor's ’s interest in such the Leased Property to be conveyed to the Lessee in accordance with and subject to the provisions Purchase Procedure as set forth in Section 15.5 hereof; provided, however, that (A) such conveyance shall be free and clear of Section 14.5 hereof the Lessor Liens and the lien of the Operative Documents, (provided that B) such conveyance shall be subject to all rights of the condemning authority); upon , (C) the Lessor shall have no obligation to remove title defects other than the Lessor Liens and (D) the Lessee’s ability to obtain a title insurance policy shall not affect the Lessee’s obligation to purchase the Lessor’s interest in the Leased Property. Upon completion of such purchase, including payment in full of the Lease Balance, but not prior thereto, the Leased Property shall be deemed released from this Lease and all obligations hereunder of the Lessee and the Lessor under this Lease with respect to such the Leased Property shall terminate, except with respect to obligations obligations, indemnities and liabilities hereunder, actual or contingent, that have arisen or relate to events occurring on or prior to such date of purchase, or which are expressly stated in Section 18.14 or elsewhere herein or in the Operative Documents to survive termination of this Lease. Upon the payment of the Lease Balance and the consummation of the purchase of such the Leased Property pursuant to this Section 10.211.2, the net amount of all Awards received by the Lessor, after deducting any reasonable portion thereof applied to the payment of the Lease Balance, and any reasonable, documented and unreimbursed costs incurred by the Lessor in collecting such Awards, Awards received or payable on account of an Event of Taking with respect to such Leased Property during the related Lease Term Term, shall be paid to the Lessee, and all rights of the Lessor in Awards not then received shall be assigned to Lessee the Lessee, without warranty, by the Lessor.

Appears in 1 contract

Samples: Lease Agreement (Terremark Worldwide Inc)

Event of Taking. Any event (ia) which constitutes a Condemnation taking of all of, or substantially all of, a title to any Leased Property, Property or (iib) (Ai) which would otherwise constitute a Condemnation, (Bii) which, in the good-faith judgment of the Lessee, renders restoration and rebuilding of a such Leased Property impossible, impractical or uneconomical, uneconomical and (Ciii) as to which the Lessee, within sixty thirty (6030) days after the occurrence of such event, delivers to the Lessor and the Issuer an Officer's Certificate notifying the Lessor and the Issuer of such event event, of such judgment and of such judgmentthe date (or the Lessee's best estimate thereof) on which the Lessee shall be required to relinquish possession of the affected Leased Property (or the affected portion thereof), shall constitute an "Event of Taking". In the case of any other event which constitutes a Condemnation, the Lessee shall restore and rebuild such the affected Leased Property pursuant to Section 10.4SECTION 11.4 hereof. If an Event of Taking shall occur, the Lessee shall pay to the Issuer for the account of the Lessor (1i) on the next Facility Rent Payment Date following the occurrence of such Event of Taking, in the case of an Event of Taking described in clause (ia) above, of the second preceding sentence or (2ii) on the next Facility Rent Payment Date following delivery next preceding the date on which the Lessee is required to relinquish possession of the Officer's Certificate pursuant to clause Leased Property (ii) aboveor the affected portion thereof), in the case of an Event of Taking described in clause CLAUSE (iib) aboveof the second preceding sentence, in addition to all Basic Rent and Supplemental Rent otherwise due on such date, an amount equal to the related Lease Balance applicable to the Leased Property BalanceProperty. Upon Lessorthe Issuer's receipt of such Leased Property Balance amount on such date, the Lessor shall cause the Lessor's interest in such the affected Leased Property to be conveyed to the Lessee in accordance with and subject to the provisions of Section 14.5 hereof SECTION 15.5 (provided "Purchase Procedure") hereof; PROVIDED, HOWEVER, that (A) such conveyance may be by special warranty deed, but free and clear of Lessor's Liens and the lien of the related Mortgage, (B) such conveyance shall be subject to all rights of the condemning authority); upon , (C) the Lessor shall have no obligation to remove title defects other than Lessor Liens and the lien of the related Mortgage affecting such Leased Property and (D) the Lessee's ability to obtain a title insurance policy shall not affect the Lessee's obligation to purchase the Lessor's interest in the affected Leased Property. Upon completion of such purchase, but not prior thereto, the affected Leased Property shall be deemed released from this Lease and all obligations hereunder of the Lessee and the Lessor under this Lease with respect to such Leased Property (including the obligation to make further payments of Basic Rent) shall terminate, except with respect to obligations and liabilities hereunder, actual or contingent, that have arisen or relate to events occurring on or prior to such the date of such purchase, or which are expressly stated herein to survive termination of this Lease. Upon the consummation of the purchase of such the affected Leased Property pursuant to this Section 10.2SECTION 11.2, all Awards received by the Lessor, after deducting any reasonable and documented costs incurred by the Lessor in collecting such Awards, received or payable on account of an Event of Taking with respect to such Leased Property during the related Lease Term shall be paid to the Lessee, and all rights of the Lessor in Awards not then received shall be assigned to the Lessee by the Lessor. If no Event of Default has occurred and is then continuing, the Lessee shall have the right to negotiate with the condemning authority and receive all Awards, subject to the terms of this Lease.

Appears in 1 contract

Samples: Lease Agreement (Minnesota Power Inc)

Event of Taking. Any event (i) which constitutes a Condemnation of all of, or substantially all of, a Leased the Property, or (ii) (A) which would otherwise constitute a Condemnation, (B) which, in the good-good faith judgment of the Lessee, renders restoration and rebuilding of a Leased the Property impossibleimpossible or impractical, impractical or uneconomicalrequires repairs to the Property that would cost in excess of fifty percent (50%) of the original cost of the Property, and (C) as to which the Lessee, within sixty (60) days after the occurrence of such event, delivers to Lessor the Beneficiary an Officer's ’s Certificate notifying Lessor the Beneficiary of such event and of such judgment, shall constitute an "Event of Taking". In the case of any other event which constitutes a Condemnation, the Lessee shall restore and rebuild such Leased the Property pursuant to Section 10.4subparagraph (d) below. If an Event of Taking shall occur, the Lessee shall pay to Lessor the Beneficiary (1) on the later of (A) the thirtieth (30th) day and (B) the next Payment Date following the occurrence of such Event of Taking, in the case of an Event of Taking described in clause (i) above, or (2) on the later of (A) the thirtieth (30th) day and (B) the next Payment Date following delivery of the Officer's ’s Certificate pursuant to clause (ii) above, in the case of an Event of Taking described in clause (ii) above, an amount equal to the related Leased Property Lease Balance. Upon Lessor's the Beneficiary’s receipt of such Leased Property the Lease Balance on such date, Lessor the Beneficiary shall cause permit the Lessor's ’s interest in such Leased the Property to be conveyed to the Lessee in accordance with and subject to the provisions of Section 14.5 hereof Paragraph 19(e) of the Facility Lease (provided that such conveyance shall be subject to all rights of the condemning authority); upon . Upon completion of such purchasepurchase and payment of the Lease Balance by the Lessee to the Beneficiary, but not prior thereto, this Lease Deed of Trust and all obligations hereunder with respect to such Leased Property shall terminate, except with respect to obligations and liabilities hereunder, actual or contingent, that have arisen or relate to events occurring on or prior to such date of purchase, or which are expressly stated herein to survive termination of this LeaseDeed of Trust. Upon the consummation of the purchase of such Leased the Property pursuant to this Section 10.2subparagraph (b), all Condemnation Awards received by Lessorthe Beneficiary, after deducting any reasonable costs incurred by Lessor the Beneficiary in collecting such Condemnation Awards, received or payable on account of an Event of Taking with respect to such Leased the Property during the related Lease Term shall be paid to the Lessee, and all rights of Lessor the Beneficiary in Condemnation Awards not then received shall be assigned to the Lessee by Lessorthe Beneficiary.

Appears in 1 contract

Samples: Omnibus Agreement (Human Genome Sciences Inc)

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