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Entry Properties
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4/30/2019 2:23:32 PM
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CM <br />ARTICLE XIV <br />CONDEMNATION <br />CrI <br />Section 1401. A. If during the term of this Lease and Agreement <br />title to all or substantially all of the leased premises shall be taken or <br />condemned by a competent authority for any public use or purpose, then this <br />Lease and Agreement shall terminate at midnight on the fifteenth day after <br />the vesting of title in such authority and rent shall be paid to and adjusted <br />as of that day. In that event, subject to the subsequent provisions of this <br />Section, the condemnation award shall belong to the Lessor and the Lessee <br />hereby assigns the award to the Lessor. In the event the net amount awarded <br />as damages or paid as a result of such taking (after deducting all attorney's <br />fees and other expenses and costs in the condemnation proceeding) together <br />with the amount then in the Bond Fund, shall be insufficient to pay in full, <br />on the first interest paying date after receipt of the award and after the <br />required bond redemption notice can be given, the amount necessary to pay <br />all principal, interest, the Trustee's fees, redemption premiums , and all <br />other costs of redemption (all of which, for purposes of this Section, shall <br />be called "total bond redemption expense"), Lessee agrees to pay, promptly <br />upon payment of the condemnation award, as additional rent hereunder, the <br />amount by which the total bond redemption expense shall exceed the net <br />amount awarded as damages or paid (less such fees, expenses and costs) <br />as a result of such taking plus the amount then on deposit in the Bond Fund. <br />The Lessee's agreement pertaining to this Section 1401 shall survive such <br />termination. For purposes of this Article XIV "all or substantially all of the <br />leased premises" shall be deemed to mean a taking of all of the leased <br />premises or a taking of such substantial portion of the leased premises <br />that the Lessee as determined by the Lessee in its sole discretion cannot <br />
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