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02
City of Pleasanton
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CITY CLERK
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AGENDA PACKETS
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2017
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101717
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10/13/2017 12:05:49 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
10/17/2017
DESTRUCT DATE
15Y
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Lessor, provided however, if the condemning agency is Lessor, any such "bonus value" <br /> shall be equally divided between Lessor and Lessee <br /> (e) The balance, if any, shall be allocated between Lessor and Lessee <br /> respectively in that proportion in which (i) the fair market value of the Land bears to (ii) <br /> the fair market value of the Improvements, exclusive of Lessor's reversionary interest. <br /> (B) Award on Partial TakiniJ. In the event of a partial taking, after application of the <br /> Award for restoration, any remaining portion of such award shall be apportioned as follows, in <br /> the following order: <br /> (a) To the Lenders in an amount equal to the amounts owing on the Leasehold <br /> Mortgages <br /> (b) To Lessor, that portion of the award attributable to the fair market value of <br /> the portion of the Land taken. <br /> (c) To Lessee, that portion of the award equal to the fair market value of the <br /> portion of the Improvements taken (subject to Lessor's reversionary interest), less the <br /> amount paid to the Lenders pursuant to (a) above, but only to the extent that the proceeds <br /> of the award are not used for restoration of the Improvements <br /> (d) Any "bonus value" (i.e , any portion of the award attnbutable to the fact <br /> that the rent payable by Lessee under this Lease is at a below market rate) shall be paid to <br /> Lessor, provided however, if the condemning agency is Lessor, any such "bonus value" <br /> shall be equally divided between Lessor and Lessee <br /> (e) The balance, if any, shall be allocated between Lessor and Lessee <br /> respectively in that proportion in which(i) the fair market value of the Land bears to (ii) <br /> the fair market value of the Improvements exclusive of the reversionary interest of <br /> Lessor <br /> (0 Any severance damages awarded or payable because only a portion of the <br /> Land and Improvements are taken by eminent domain shall be (a) paid to Lessee dunng <br /> the first 37.5 years of this Lease and (b) equally divided between Lessee and Lessor <br /> during the next 37 5 years of this Lease (except to the extent needed to replace any <br /> Improvements taken by eminent domain with equivalent Improvements on the remainder <br /> of the Land) <br /> (C) Award for Temporary Taking Any award for a temporary taking shall, subject to <br /> the rights of any Lender, be awarded and retained by Lessee. <br /> (D) Rent Abatement for Partial Taking. In the event of any partial taking of the <br /> Improvements, commencing upon the date of the final order of condemnation, Rent payable <br /> under this Lease shall be reduced by the percentage equal to the square footage of the <br /> condemned portion of the Improvements divided by the total square footage of the <br /> Improvements pnor to the taking <br /> 32 <br /> 191\52\1656915 8 <br /> OAK 44834-9609-1684 v9 <br />
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