Laserfiche WebLink
lieu of condemnation shall require the consent of both parties. The <br />expression "date of taking" means the date the order adjucating <br />public use becomes final. <br />If the whole of the premises should be taken under the power <br />of eminent domain, the lease term shall cease as of the date of taking. <br />If such portion of the premises be taken that the balance is thereby in <br />the bona fide judgment of Travelodge rendered unsuitable for Trave- <br />lodge's purposes, Travelodge may at its option upon thirty days' notice <br />to Lessor.terminate this lease, if Travelodge's notice is given within <br />one hundred and fifty days of the date of taking. <br />Damages awarded either for a taking of the whole of the pre- <br />mises or a part of the premises, Travelodge electing to exercise its <br />option to terminate shall be paid as follows: (i) first any mortgage <br />or other valid encumbrance which is a lien against the premises shall <br />be paid (ii) then Lessor shall receive any,part of the award then re- <br />maining attributable to the land, (reduced by any mortgage or,other <br />valid encumbrance which is a lien on the premises not required to be <br />paid by Travelodge under this lease), (iii) then Travelodge shall re -, <br />ceive any portion of the award then remaining attributable to a dim- <br />inution in the value of its leasehold interest and (iv) then Travelodge <br />and Lessor shall apportion between them any part of the award then re- <br />maining attributable to the improvements, Travelodge receiving the <br />portion of such award that the unexpired term of the lease bears to the <br />entire term of the lease and Lessor receiving the balance. <br />If less than all of the premises are taken under the power of <br />eminent domain and Travelodge does not elect to exercise its option to <br />terminate, the fixed minimum rent shall be,equitably and proportionately <br />abated from the date of taking. Any damages awarded shall be paid in <br />the manner set forth in the preceeding paragraph, except th &t -item (i) <br />shall be amended to read as follows: Any mortgage or other valid en-' <br />cumbrance which is a lien on the premises shall be paid in proportion to <br />the impairment of the respective security interests as determined by <br />Lessor, Travelodge and such mortgage or lien claimant, or by the, court <br />if agreement cannot be reached. <br />- 10 - <br />a6/ <br />