Laserfiche WebLink
ATTACHMENT A <br /> <br />(1) <br /> <br />If the Lessee reasonably believes restoration is economically <br />feasible, and unless the Lessee is then in default and the <br />opportunity to cure has expired under the Loan Documents, first, to <br />pay the cost of restoration of the Project. provided that the extent <br />of the Lessee's obligations to restore the Project shall be limited to <br />the amount of the net award and payment received by the Lessee <br />on account of the taking plus any amount contributed by City to be <br />used for rebuilding. <br /> <br />(2) <br /> <br />Second, or first iff (i) the Lessee does not reasonably believe that <br />restoration is economically feasible, or (ii) the Lessee is in default <br />and the opportunity to cure has expired under the Loan Documents, <br />to any Lenders (in the order of their respective lien priority, if there <br />is more than one Lender) in an amount equal to the decrease (if <br />any) in the value of the security for their respective Loans as a <br />result of the partial taking (calculated as set forth below in this <br />subsection, less amounts payable to or recovered by the Lender <br />pursuant to such taking, but not to exceed the unpaid balance of <br />their Loans. For purposes of this subsection, the amount of <br />decrease in the value of the security for a Loan shall be the amount, <br />if any, necessary to reduce the outstanding principal of said Loan <br />such that the Loan to Value Ratio (as defined below) of said Loan <br />immediately following the taking is equal to the Loan to Value <br />Ratio of said Loan immediately preceding the taking. Loan to <br />Value Ratio shall mean that fraction the numerator of which is the <br />sum of the principal amount of the Loan plus the principal amounts <br />of all Loans higher in lien priority to the Loan and the denominator <br />of which is the appraised value of the Project immediately <br />following the taking or immediately preceding the taking, as <br />applicable. The values of the Project immediately preceding the <br />taking and immediately following the taking shall be determined <br />by an MAI or SRI appraiser selected by the Lessee. <br /> <br />(3) <br /> <br />The balance, if any, shall be divided between the Lessor and the <br />Lessee in the manner specified in subparagraph (e) below; <br />provided, however, if the taking has no effect on the value of the <br />Lessor's fee interest in the Land or reversionary interest in the <br />Improvements, the balance shall be paid exclusively to the Lessee. <br /> <br /> (b) Net awards and payments received on account of a partial or total taking <br />of only the Lessor's fee interest in the Land or the reversionary interest in the Improvements (that <br />is, a taking of Lessor's fee interest in the Land or the Lessor's reversionary interest in the <br /> <br /> 23 <br />144\105\153233.13 <br /> <br /> <br />