Common use of Substantial Condemnation Clause in Contracts

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. 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, subject to the rights of Leasehold Mortgagee(s) under its loan documents. 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.