SR 05:219 - Laserfiche WebLink

to or destruction of the Project if the Lessee determines that restoration is feasible. If the Lessee determines that such restoration is not feasible, the Lessee and the Lessor shall petition the court to determine the relative damages to the Lessee and the Lessor, and net awards and payments shall be made as the court determines. Net awards and payments received on account of a taking for temporary use not exceeding one (I) year and relating to a period beyond the Lease Term shall be paid to the Lessor. (d) Net awards and payments received on account ofa total taking of the Project shall be allocated and paid in the following order of priority: (I) First, to any Lenders with then-outstanding Other Loans or the Lessor with an outstanding City Loan or City HELP Loan secured by the Project (in the order of their respective lien priority, ifthere is more than one Lender), an amount equal to the unpaid balance secured by th~ir respective Other Loan, City Loan or City HELP Loan (as applicable) to the extent there are sufficient funds to make such payments; (2) The balance, if any, shall be divided between the Lessor and the Lessee in the manner specified in subparagraph (e) below; provided, however, if the taking has no effect on the value of the Lessor's fee interest in the Land or reversionary interest in the Improvements, the balance shall be paid exclusively to the Lessee. (e) The Lessee shall receive reimbursement for any funds it has reasonably expended for repair and/or reconstruction of the Project (other than funds received from Lenders or the Lessor) pursuant to Article 6. The value of the Lessee's and Lessor's interest in the Lease, the residual value of the Land, and the Improvements shall be determined by an MAl or SRJ appraiser selected by the Lessee. (1) The Lessee shall receive any award granted for or allocated to trade fixtures, moving expenses or loss of business. (g) If the Project is taken or condemned during the last five (5) years of the Lease Term under circumstances described in subparagraph (a) above, the Lessee may elect to terminate the Lease and proceeds of any payment or award shall be distributed in accordance with the provisions of subparagraphs (d) and (e) above. 6.2 Arlmtntc;,;tr:;ltlon ()fr()n~tnl(~tl()n Fnnn 1n thf' FVf'nt nf('onopmn::lflon or n:ml~ef' or npc;,;fnlr.flon nfPrnjPr.t In the event that the Other Loans, the City Loan and the City HELP Loan have been paid in full, and if the Project or any part of it is to be repaired or reconstructed, after damage or destruction of the Project or its condemnation, all proceeds collected under any and all policies of insurance referred to in Article V above covering such damage or destruction, or all compensation received by Lessee for such taking by the exercise of the power of eminent domain, shall be paid into a special fund to be created and held by the Lessee and to be designated as the Construction Fund, during such repairing or reconstructing. Any surplus of such insurance or condemnation proceeds remaining after the completion of all payments for such repairing or reconstructing shall be held or 144\ I 05\ 153233.23 23