Common use of IN THE EVENT OF CONDEMNATION Clause in Contracts

IN THE EVENT OF CONDEMNATION. OF LAND AND BUILDINGS In the event of condemnation by the town, state or federal government, or other authorities, all compensation and damages with respect to the land, appraised as if free of any lease and entirely unencumbered, shall be payable to the Lessor, its successor or assigns. Any compensation for loss of buildings or improvements owned by the Lessee shall be paid to the Lessee, up to the full amount of the assigned value (local replacement cost less deterioration, obsolescence and damage). The Lessor shall be paid any balance above local replacement cost less deterioration, obsolescence and damage.