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RES 2024040
City of Pleasanton
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RES 2024040
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6/18/2024 4:24:22 PM
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
6/4/2024
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27 <br />4859-3312-3005v3 <br />ARTICLE 10. <br />EMINENT DOMAIN <br />Section 10.1 Termination of Lease. Lessor and Lessee agree that, in the event of a <br />Taking such that Lessee reasonably determines that the Leased Premises cannot continue to be <br />operated, at reasonable cost, for its then-current use, then, subject to the rights and consent of <br />Lenders, this Lease shall, at Lessee’s sole option, terminate as of the date of the Taking. <br />Section 10.2 Continuation of Lease and Presumption of Restoration. Lessor and Lessee <br />agree that, in the event of Taking that does not result in the termination of this Lease pursuant to <br />Section 10.1 above, this Lease shall continue in effect as to the remainder of the Leased <br />Premises, and the Net Condemnation Award will be disbursed in accordance with Section 10.4 <br />below to Lessor and Lessee and/or any Lender, if the terms of the applicable Leasehold <br />Mortgage so require, and shall be used so as to make the same as complete, unified and efficient <br />operating unit as nearly as reasonably possible to the condition existing prior to the Taking, <br />subject to any applicable requirements of the Lender. <br />Section 10.3 Temporary Taking. If there shall be a temporary Taking with respect to <br />all or any part of the Leased Premises or of Lessee’s interest in this Lease, then the Term shall <br />not be reduced and Lessee shall continue to pay in full all Rent, Additional Rent, Impositions and <br />other charges required herein, without reduction or abatement thereof at the times herein <br />specified; provided, however, that Lessee shall not be required to perform such obligations that <br />Lessee is prevented from performing by reason of such temporary Taking. <br />Section 10.4 Apportionment of Award. If there is a Taking, whether whole or partial, <br />Lessor and Lessee shall be entitled to receive and retain such separate awards and portions of <br />lump sum awards as may be allocated to their respective interests in any condemnation <br />proceedings, or as may be otherwise agreed, taking into consideration Lessor’s fee interest in the <br />Land (as encumbered by this Lease) and reversionary interest in the Improvements upon the <br />expiration of the Term or termination of this Lease. If the Leased Premises are restored as is <br />contemplated in Section 10.2 above, Lessee shall be entitled to pay the costs and expenses <br />reasonably incurred in such restoration out of any Net Condemnation Award payable to Lessee. <br />Thereafter, if the condemning authority does not make separate awards, the Parties agree that any <br />Net Condemnation Award will be allocated as follows on a proportionate basis reflecting the <br />Parties’ respective interests in the Land and Improvements and the remaining duration of the <br />Term as follows: <br />(A) Award on Total or Substantial Taking. In the event of a total or substantial <br />taking, the award shall be apportioned as follows, in the following order: <br />(a) To the Lenders in an amount equal to the indebtedness then owed to such <br />Lenders in order of the Lien priority of the Leasehold Mortgages <br />(b) To Lessor that portion of the award equal to the fair market value of the <br />Land.
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