Allocation of Award. The total Award made in connection with a Total Taking, or a partial Taking that results in a termination of this Lease with respect to the Leased Property, or for loss of Rent, or for Lessor’s loss of business beyond the Term, shall be solely the property of and payable to Lessor. Any Award made for loss of Lessee’s business during the remaining Term, if any, or for removal and relocation expenses of Lessee in any such proceedings shall be the sole property of and payable to Lessee. Any other Award not separately allocated to Lessor or Lessee shall be equitably apportioned between Lessor and Lessee in proportion to the then Fair Market Value of the leasehold estate of Lessee hereunder and the then Fair Market Value of the Leased Property.
Appears in 4 contracts
Sources: Lease Agreement (American Realty Capital Hospitality Trust, Inc.), Lease Agreement (American Realty Capital Hospitality Trust, Inc.), Lease Agreement (American Realty Capital Hospitality Trust, Inc.)
Allocation of Award. The total Award made in connection with a Total Taking, or a partial Taking that results in a termination of this Lease with respect to the Leased Property, or for loss of Rent, or for Lessor’s loss of business beyond the Term, shall be solely the property of and payable to Lessor. Any Award made for loss of Lessee’s business during the remaining Term, if any, or for the taking of Lessee’s Personal Property or for removal and relocation expenses of Lessee in any such proceedings shall be the sole property of and payable to Lessee. Any other Award not separately allocated to Lessor or Lessee shall be equitably apportioned between Lessor and Lessee in proportion to the then Fair Market Value of the leasehold estate of Lessee hereunder and the then Fair Market Value of the Leased Property.
Appears in 2 contracts
Sources: Lease Agreement (Eagle Hospitality Properties Trust, Inc.), Lease Agreement (Highland Hospitality Corp)
Allocation of Award. The total Award made in connection with a Total Taking, or a partial Taking that results in a termination of this Lease with respect to the Leased Property, or for loss of Rent, or for Lessor’s 's loss of business beyond the Term, shall be solely the property of and payable to Lessor. Any Award made for loss of Lessee’s 's business during the remaining Term, if any, or for the taking of Lessee's Personal Property or for removal and relocation expenses of Lessee in any such proceedings shall be the sole property of and payable to Lessee. Any other Award not separately allocated to Lessor or Lessee shall be equitably apportioned between Lessor and Lessee in proportion to the then Fair Market Value fair market value of the leasehold estate of Lessee hereunder and the then Fair Market Value fair market value of the Leased Property.
Appears in 2 contracts
Sources: Lease Agreement (Felcor Lodging Trust Inc), Lease Agreement (Bristol Hotels & Resorts Inc)
Allocation of Award. The total Award made in connection with a Total Taking, or a partial Taking that results in a termination of this Master Lease with respect to the a Leased Property, or for loss of Rent, or for Lessor’s 's loss of business beyond the Term, shall be solely the property of and payable to Lessor. Any Award made for loss of Lessee’s 's business during the remaining Term, if any, or for the taking of Lessee's Personal Property or for removal and relocation expenses of Lessee in any such proceedings shall be the sole property of and payable to Lessee. Any other Award not separately allocated to Lessor or Lessee shall be equitably apportioned between Lessor and Lessee in proportion to the then Fair Market Value of the leasehold estate of Lessee hereunder and the then Fair Market Value of the related Leased Property.
Appears in 1 contract
Allocation of Award. The total Award made in connection with a Total Taking, or a partial Taking that results in a termination of this Lease with respect to the Leased Property, or for loss of Rent, or for Lessor’s 's loss of business beyond the Term, shall be solely the property of and payable to Lessor. Any Award made for loss of Lessee’s 's business during the remaining Term, if any, or for the taking of Lessee's Personal Property or for removal and relocation expenses of Lessee in any such proceedings shall be the sole property of and payable to Lessee. Any other Award not separately allocated to Lessor or Lessee shall be equitably apportioned between Lessor and Lessee in proportion to the then Fair Market Value of the leasehold estate of Lessee hereunder and the then Fair Market Value of the Leased Property.
Appears in 1 contract