Settlement Funds. The Landlord and the Tenant acknowledge that the Landlord has a claim for property damages submitted to the Claims Administrator’s office of the BP Oil Spill/Deepwater Horizon Class Action Settlement, which allows for recovery of damages to coastal property. The recovery on any damage award from the Class Action Settlement is reserved solely for the benefit of the Landlord. The Landlord and the Tenant further agree that any similar claims, which may exist for damage to the Project Site, exclusive of any improvements of the Tenant, shall also be reserved to the sole benefit of the Landlord. Similar claims which may exist for damage to Tenant improvements and/or operations shall be reserved to the sole benefit of the Tenant.
Appears in 4 contracts
Sources: Ground Lease Agreement (Venture Global, Inc.), Ground Lease Agreement (Venture Global, Inc.), Ground Lease Agreement (Venture Global, Inc.)