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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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28 <br />4859-3312-3005v3 <br />(c) To Lessee, that portion of the award equal to the fair market value of the <br />Improvements (subject to Lessor’s reversionary interest), less the amount paid to the <br />Lenders pursuant to (a) above. <br />(d) Any “bonus value” (i.e., any portion of the award attributable 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 Lessor’s reversionary interest. <br />(B) Award on Partial Taking. 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 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 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 attributable 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 />(f) 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 during <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.
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