Laserfiche WebLink
200406860 <br />damage or loss is covered by the property insurance which the releasing party is <br />obligated hereunder to carry, or, if the releasing party is not carrying that <br />insurance, then to the extent such damage or loss would be covered if the <br />releasing party were carrying that insurance. <br />(4) Notwithstanding anything to the contrary contained in this <br />Paragraph 8, so long as the net worth of Wal -Mart or its parent company, <br />Wal -Mart Stores, Inc., ( "Stores ") shall exceed One Hundred Million Dollars <br />($100,000,000.00), and so long as Wal -Mart is owner or Lessee of the Wal -Mart <br />Property, Wal -Mart shall have the right to retain the financial risk for any claim in <br />whole or in part. <br />9. Eminent Domain. <br />a. Owner's Right to Award. Nothing herein shall be construed to give either <br />party any interest in any award or payment made to the other party in connection with <br />any exercise of eminent domain or transfer in lieu thereof affecting said other party's <br />property or giving the public or any government any rights in said property. In the event <br />of any exercise of eminent domain or transfer in lieu thereof of any part of the Wal -Mart <br />Property or the Trust Property, the award attributable to the land and improvements of <br />such portion so taken shall be payable only to the owner thereof, and no claim thereon <br />shall be made by the other party. <br />b. Collateral Claims. The party whose land is not taken may file collateral <br />claims with the condemning authority for its losses which are separate and apart from the <br />value of the land area and improvements taken from the other party. <br />C. Tenant's Claim. Nothing in this Paragraph 9 shall prevent a tenant from <br />making a claim against an owner pursuant to the provisions of any lease between tenant <br />and owner for all or a portion of any such award or payment. <br />d. Restoration of Common Areas. The owner of each portion so condemned <br />shall promptly repair and restore the remainder of the property so owned as nearly as <br />practicable to the condition of same immediately prior to such condemnation or transfer, <br />to the extent that the proceeds of such award are sufficient to pay the cost of such <br />restoration and repair and without contribution from any other owner. <br />10. Rights and Obligations of Lenders. If by virtue of any right or obligation set forth <br />herein a lien shall be placed upon the property of either party hereto, such lien shall expressly be <br />subordinate and inferior to the lien of any first lienholder now or hereafter placed on such <br />property. Except as set forth in the preceding sentence, however, any holder of a first lien on the <br />Wal -Mart Property or the Trust Property, and any assignee or successor in interest of such first <br />lienholder, shall be subject to the terms and conditions of this Agreement. <br />11. Release from Liability. Any person acquiring fee or leasehold title to the Wal- <br />Mart Property or the Trust Property or any portion thereof, shall be bound by this Agreement <br />only as to the property or portion of the property acquired by such person. In addition, such <br />person shall be bound by this Agreement only during the period such person is the fee or <br />01- 498488.6/8 8 <br />