Substantial Condemnation. If (i) the entire Premises is taken by Condemnation, (ii) a portion of the Buildings located on the Premises is taken by Condemnation or (iii) more than 50% of that portion of the Premises not occupied by such Buildings is taken by Condemnation and shall render the Premises unsuitable for restoration for continued use and occupancy in Tenant’s business, then Tenant, may, not later than ninety (90) days after the first date the Condemnor has the right to immediate possession of the portion of the Premises affected by such Condemnation, deliver to Landlord notice of its intention (“Notice of Intention”) to terminate this Lease not less than sixty (60) days after the delivery of such notice (the “Condemnation Termination Date”). If Tenant delivers the Notice of Intention in a timely manner, this Lease shall terminate on the Condemnation Termination Date upon payment by Tenant of all Base Rent as may be offset by Charity Care provided (each prorated, if for less than a full Lease Year), Additional Rent and other sums due and payable hereunder to and including the Condemnation Termination Date, and the Net Proceeds shall belong to Landlord. In the event Tenant does not deliver the Notice of Intention to Landlord within the timeframe required herein or does not have the right to give notice of its intention to terminate this Lease as provided in this Section XVII.B, this Lease shall remain in full force and effect and Landlord shall make the entire amount of the Net Proceeds available to Tenant as may be reasonably necessary to repair or restore the Premises (as nearly as may be practicable under the circumstances) to the condition, and character thereof immediately prior to such Condemnation. In the event of any temporary Condemnation, this Lease shall remain in full effect and Tenant shall be entitled to receive the Net Proceeds allocable to such temporary Condemnation, except that any portion of the Net Proceeds allocable to the period after the expiration of the Lease Term or termination of the Lease shall be paid to Landlord.
Substantial Condemnation. If a Substantial Condemnation occurs during the Term, then as of the Condemnation Effective Date the Expiration Date shall occur and the parties shall apportion Rent. Landlord shall not settle or compromise any Condemnation Award without consent by Tenant. Landlord and Tenant shall allocate the Condemnation Award as follows and in the following order of priority, without duplication, until exhausted:
Substantial Condemnation. If all or substantially all of the Premises are taken by the exercise of any power of eminent domain or are conveyed to or at the direction of any governmental entity under a threat of such taking (each of which is herein referred to as a “Condemnation”), this Lease shall terminate on the date (hereinafter referred to as “the Vesting Date”) on which the title to so much of the Premises as is the subject of such Condemnation vests in the condemning authority.
Substantial Condemnation. If a Substantial Condemnation of the Premises shall occur, then this Lease shall terminate as of the effective date of such Substantial Condemnation, and the Rent shall be apportioned accordingly. The proceeds of any condemnation award made in connection with a Substantial Condemnation shall be allocated between Landlord and Tenant as follows: (x) first, Tenant shall be entitled to receive such portion of the award, with interest, as shall equal the value of the Leasehold Estate including all improvements located on the Premises; (y) second, Landlord shall, subject to the rights of Fee Mortgagees, be entitled to receive such portion of the award, with interest, as shall equal the value of the Fee Estate (which value shall reflect the present value of Rent under this Lease) subject to this Lease; and (z) third, Tenant shall be entitled to receive the entire remaining balance of any such award. All determinations of value required by the preceding sentence shall be made as if the Condemnation had never occurred, the Leasehold Estate had not been terminated, and this Lease had continued for all Renewal Terms except to the extent that Tenant determines that Tenant would have elected not to exercise any future Renewal Option(s) not already exercised or deemed exercised at the effective date of Condemnation.
Substantial Condemnation. 16 1.89 Subtenant......................................................................................16 1.90
Substantial Condemnation. In the event of any Condemnation of all of the Premises or so much thereof that the remainder is insufficient to permit the continued operation of Lessee's business thereon, even if restored to an architectural unit under the provisions of this Lease (any such event being a "Substantial Condemnation"), then Lessee may, within 90 days after the Substantial Condemnation, deliver to Lessor a notice (a "Termination Notice") of its intention to terminate this Lease on the next date for payment of Basic Rent occurring not less than 120 days after delivery of the Termination Notice (the "Termination Date"). If the Termination Date occurs during any Extended Term, then this Lease and the term hereby granted shall cease and expire on the date when possession of the Premises or such portion thereof shall be taken, and all rents, taxes and other charges shall be prorated and paid to such date. If Lessee does not deliver a Termination Notice pursuant to the foregoing provisions, then this Lease shall remain in full force and effect and Lessor shall make the Net Proceeds of the Compensation available to Lessee to repair or restore the Premises.
Substantial Condemnation. The term "Substantial Condemnation" means any Condemnation that, in Tenant's reasonable judgment, renders the remaining portion of a Property unsuitable for the conduct of the then current use of the Property at the time of the Condemnation. Tenant may waive its right to treat as a Substantial Condemnation any Condemnation that would otherwise qualify as such.
Substantial Condemnation. If a Substantial Condemnation occurs, then this Lease (except as it relates to allocation of the Condemnation Award) shall terminate on the Condemnation Effective Date. Rent shall be apportioned accordingly. The Condemnation Award shall be allocated in accordance with Florida law. If the values of the respective interests of Landlord and Tenant (and those claiming under Tenant) shall be determined according to the foregoing provisions of this Section 13.4 in the proceeding pursuant to which the Premises shall have been taken, the values so determined shall be conclusive upon Landlord and Tenant and those claiming under Tenant. If such values shall not have been separately determined in such proceeding, such values shall be fixed by agreement between Landlord and Tenant (and those claiming under Tenant who have an interest) or, if they are unable to agree, by an apportionment hearing within the condemnation proceeding so that the allocation between the parties is fair and equitable. The party whose award compensates it for removing all debris from, filling any substantial excavations in and returning the Premises to a level, safe and vacant condition shall be obligated to perform such work at its cost. All Rents and other payments required to be paid by Tenant under this Lease shall be paid up to the Condemnation Effective Date. Tenant shall, in all other respects, keep, observe and perform all the terms of this Lease up to the Condemnation Effective Date.
Substantial Condemnation. In the event (i) all or substantially all of the Real Property is taken in any eminent domain, condemnation, compulsory acquisition, or similar proceeding by any competent authority for any public or quasi-public use or purpose, or (ii) a substantial portion of the Real Property is so taken, but the result is that it is unreasonable to continue to operate the Property for the purposes contemplated by this Agreement, then either party hereto may terminate this Agreement upon written notice to the other party given within ninety (90) days following the conclusion of the condemnation proceedings. In the event of termination of this Agreement pursuant to this Section, the Term shall cease and come to an end as of the effective date of termination specified in the termination notice (which shall in no event be prior to the date of receipt of the termination notice) as though such date were the date originally fixed for the expiration of the Term. Both parties shall pay all amounts due to the other party up to the date of termination (or, with respect to amounts due to KSM, after such date if it is reasonably necessary to incur additional expenses in the wind-down of operations of the Course).
Substantial Condemnation. In the event of a taking of all or any portion of the Leased Property under the power of eminent domain in a bona fide transaction by any public or quasi public authority which, in the good faith opinion of Tenant's Board of Directors, renders the Leased Property unsuitable for continued use in Tenant's trade or business (a "Substantial Condemnation"), Tenant shall, within eighteen (18) months following such Substantial Condemnation, either (A) purchase the Leased Property from Landlord under the procedures set forth in Section 8.04(b)(i) (relating to a purchase of the Leased Property following a Substantial Casualty) or (B) convey to Landlord a Substitute Property under the Procedures set forth in Section 8.04(b)(ii) (relating to substitution following a Substantial Casualty).
