Rights and Obligations on Termination and Expiration. Upon expiration of the term of this Agreement or upon termination of this Agreement in accordance with the provisions of this Agreement, in addition to any other rights and remedies provided for under this Agreement, any lease or licence of the Michigan Crossing Lands to the Crossing Authority shall terminate; the Crossing Authority shall retain all assets, liabilities and obligations of the Crossing Authority in respect of the Canadian Crossing; except as otherwise provided in this Section 5, the Michigan Parties shall assume all liabilities and obligations of the Crossing Authority in respect of the Michigan Crossing; and all assets net of liabilities of the International Authority shall be distributed equally to the Crossing Authority and collectively to the Michigan Parties, and the International Authority shall thereupon be deemed dissolved. Upon termination of this Agreement in accordance with the provisions of this Agreement, notwithstanding any other provisions of this Agreement, the Parties shall negotiate in good faith an agreement with respect to the disposition of the Michigan Crossing Lands, the Michigan Interchange Lands, and the US Federal Plaza Lands, and, until the Parties agree upon the disposition of the Michigan Crossing Lands, the Michigan Interchange Lands and the US Federal Plaza Lands, the Michigan Parties shall not (a) sell or otherwise dispose of all or any part of the Michigan Crossing Lands, the Michigan Interchange Lands, the US Federal Plaza Lands or any interest therein, (b) use or permit the use of all or any part of the Michigan Crossing Lands, the Michigan Interchange Lands or the US Federal Plaza Lands, or (c) mortgage, hypothecate, pledge or otherwise create a security interest in all or any part of the Michigan Crossing Lands, the Michigan Interchange Lands or the US Federal Plaza Lands, except (i) a use of US Federal Plaza Lands by US Federal Agencies or a disposition of an interest in US Federal Plaza Lands to US Federal Agencies, each as provided for and in accordance with a lease or licence of the US Federal Plaza Lands to US Federal Agencies or (ii) as otherwise agreed by the Crossing Authority and the Michigan Parties. Upon termination of this Agreement in accordance with the provisions of this Agreement, notwithstanding any other provisions of this Agreement, the Michigan Parties shall reimburse all unexpended monies funded by the Crossing Authority to any of the Michigan Parties for any Michigan Crossing Land Ac...
Rights and Obligations on Termination and Expiration. 8.1 In the event that PREIT terminates Employee's employment hereunder without cause, PREIT shall pay to Employee within thirty (30) days of such termination (a) the sum, if any, required under clause (a) of the second sentence of Section 9.1 hereof plus (b) the amount obtained by multiplying Employee's annual basic compensation in effect at the date of termination by the number of months (but not less than 12 months) in the remainder of the employment term hereunder at the date of termination (which shall include any additional term resulting from a failure to give timely notice of non-extension under Section 3 hereof) and dividing the result by twelve (12). The resulting amount under (b) of the preceding sentence shall then be discounted at the prime rate then prevailing at CoreStates Bank, N.A. (or its successor), assuming that the resulting amount had been paid out over the greater of the remainder of the employment period and 12 months in accordance with PREIT's normal payroll practices at the time of termination. The discounted value of Employee's basic compensation for 12 months shall be paid without regard to any obligation that Employee might otherwise have to mitigate damages, and Employee shall not be required to seek other employment to reduce the aforesaid amount; nor shall PREIT be entitled to set-off against the amount aforesaid any sums earned by Employee in other employment or to obtain reimbursement in respect of such amount out of such earnings. It is, however, understood and agreed that any rights which Employee may have in respect of compensation for the remainder of the term (including any additional term referred to above), if any, in excess of twelve (12) months from the date of termination shall be subject to such obligations to mitigate damages as exist under applicable law. Moreover, Employee agrees that, except in connection with the obligations in respect of annual basic compensation herein described and obligations under other contracts and applicable law, PREIT shall have no obligation to Employee as a consequence of such wrongful termination.
