Common use of Substantial Condemnation Clause in Contracts

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. If there is a Substantial Condemnation of a portion of the Premises shall occuror Tenant's leasehold estate, then this Lease shall terminate terminate, at Tenant's option, as of the effective date Condemnation Date, as further provided below. For purposes of such this Article 13, a Condemnation of less than the entire Premises, of less than Tenant's leasehold estate, or of property located outside the Premises that substantially and materially eliminates access to the Premises where no alternative access can be constructed or made available, shall be a Substantial Condemnation, and the Rent this Lease shall terminate, at Tenant's option (which shall be apportioned accordingly. The proceeds exercised, if at all, at any time within ninety (90) days after the Condemnation Date by delivering written notice of any condemnation award made in connection with a Substantial Condemnation shall be allocated between termination to Landlord) if Landlord and Tenant as follows: (x) firstin the reasonable discretion of each of them determine that such Condemnation renders the Project untenantable, unsuitable or economically infeasible for its intended use of the Premises consistent with this Lease. Without limiting the foregoing, any dispute between Tenant shall be entitled and Landlord with respect to receive such whether the remaining 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 Premises shall be entitled to receive the entire remaining balance of any such award. All determinations of value required untenantable, unsuitable or economically infeasible for its intended use shall be resolved by the preceding sentence shall be made as if dispute resolution procedures in accordance with 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 provisions of CondemnationSection 27.3 hereof.

Substantial Condemnation. If a Substantial Condemnation of the Premises shall occur, then this Lease Agreement 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 the Substantial Condemnation shall be allocated between Landlord and Tenant Franchisee as follows: (xa) first, Tenant Franchisee shall be entitled to receive such portion of the awardawards, with interest, as shall equal the value of the Leasehold Estate Estate, as an operating business, including all improvements located on the Premises; (yb) 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 LeaseAgreement; and (zc) third, Tenant Franchisee shall be entitled to receive the entire remaining balance of any such awardaward or awards remaining after application of Condemnation proceeds pursuant to clauses (a) and (b). 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 the Agreement had continued for all Renewal Terms except to the extent that Tenant Franchisee determines that Tenant Franchisee 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. If there is a Substantial Condemnation of a portion of the Premises, this Lease shall terminate, at Agency’s or Tenant’s option, as of the Condemnation Date, as further provided below. For purposes of this Article 14, a Condemnation of (i) less than the entire Premises, or (ii) property located outside the Premises that substantially and materially eliminates access to the Premises where no alternative access can be constructed or made available, shall occurbe a Substantial Condemnation, then and this Lease shall terminate as of the effective date of such Substantial Condemnation, and the Rent (which shall be apportioned accordinglyexercised, if at all, at any time within ninety (90) days after the Condemnation Date by delivering written notice of termination to the other Party) if a Party reasonably determines that such Condemnation renders the Premises untenantable, unsuitable or economically infeasible for its intended use consistent with this Lease. The proceeds In the event the condition rendering the Premises, unsuitable, untenantable, or economically unfeasible for its intended use consistent with this Lease can be cured by the performance of Restoration, Agency and Tenant agree to meet and confer for the purpose of reaching an agreement with respect to such Restoration and any condemnation award made other related issues which may be necessary or appropriate for resolution in connection with a Substantial such work and the payment for such work. If no satisfactory agreement is reached within the 90-day period prescribed in this paragraph, such 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 a Substantial Condemnation.