BOC Files (Folders 1-3) - Laserfiche WebLink

Home Browse Search

(a ) The total awazd or awazds for the Total Taking shall be apportioned and paid in the following order of priorit}~: (i) Lessor shall have the right to and shall be entitled to receive directly from the condemning authority, in its entirety and not subject to any trust, that portion of the award, which is defined and referred to as the "Land Awazd," and neither Lessee nor any Pennitted Leasehold Mortgagee shall be entided to receive any part of the Land Awazd. The term Land Award shall mean that portion of the award in condemnation or change of grade proceedings that represents the fair market value of the Premises, considere~ as vacant, unimproved but encumbered by this Lease, the consequential damage to any part of the Premises that may not be taken, the diminution of the assemblage or plottage value of the Premises not so taken and all other elements and faCtors of damage to the Premises; but in all events sach damage or valuation shall take into considerarion that the Premises is encumbered by this Lease; (ii) Lessee shall have the right to and shall be entitled to receive direcfly from the condemning anthority, subject, however, to the nghts of the Permitte~i I.easehold Mortgagees, that portion of ffie award referred to as the "I.easehold Award." The term Leasehold Award shall mean that portion of the award in condemnation proceedings that represents the fair market value of Lessee's interest in the Improvements and the fair market value of Lesses's leasehold estate as so taken and, provided this Lease is not terminated as a result of such condemnation or taking, the consequential damages to any part of the Improvements. (iii) It is the intent of the parties that the Land Award and Leasehcsld Awazd will equal the total amount of the awards respecting a total taking. ( b) If the court or such other lawful authority as may be authorized to fix and determine the awazds fails to fix and detcrmine, separately and apart, the Land~ Award and the I.easehold Award, such awards shall be determined and fixed~ by, written agreement mutnally entered into by and among Lessor and Lessee, and if ~an agreement is not reached wtthin 20 days after the judgment or decree is entered in the proceedings, the controversy shall be resolved in the same court as the condemnation action is bmught, in such proceedings as may be appropriate for adjudicating the controversy; and ( c) If the condemning authority refuses or otherwise fails to deduct from the Leasehold Award any Rent or other money due from Lessee to Lessor and to pay same directly to Lessor, then Lessee shall ezecute and deliver to Lessor a written and aclmowledged assignment of such amount payable out of such Leasehold Award, and if, nevertheless, the full amount of the Leasehold Award is paid to Lessee the recipient shall hold in trust for Lessor and pay over to Lessor forthwith on the receipt of the award the amount or amounts so due. 16.3 If, during the Term, there is a taking or condemnation of the Premises or the Improvements that is not a total taking and not a temporary taking of the kind described below, or in the event of the change in the grade of the streets or avenues on which the Premises abuts, this Lx,ase and the Term shall not cease or terminate but shall remain in full force and effect with respect to the portion of the Premises and of the Improvements not taken or condemned (any taking or condemnation or change of grade of the kind described in this Section being referred to as a"Partial Taking"), and in such event the total award or awards for the taking shall be apportioned and paid in the following order of priority: ( a) Lessor shall have the right to and shall be entifled to receive directly from the condemning authority, in its entirety and not subject to any trust, that portion of the award that equals the Land Award, and neither Lessee nor any Pemutted Leasehold Mortgagee shall be entitled to receive any part of the award; and (b) If at the time of such taking there is a First Leasehold Mortgage held by a Lending Institution, then such Lending Institution, or, if there is no such First Leasehold Mortgage, then North Pad Ground Lease Courthouse Square Page - 14