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Agmt19 YMCA of Sillicon Valley Master Project Agmt.
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Agmt19 YMCA of Sillicon Valley Master Project Agmt.
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Last modified
3/29/2022 12:41:49 PM
Creation date
3/25/2022 1:07:48 PM
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Agreement
Contractor Name
YMCA of Sillicon Valley
PROJECT NAME
Purchase and Sale Agreement
RMP File Number
304.5
Date
3/18/2022
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(c) In case any claim, demand, action, suit or proceeding is initiated or <br />made against an Indemnified Party by reason of any losses specified in Section 21(a), Tenant, <br />upon notice from the Indemnified Party, shall, at Tenant's sole cost, resist or defend such <br />claim, demand, action, suit or proceeding, but Tenant may make or cause to be made such <br />investigation and such settlement of the claim, demand, action, suit or proceeding as Tenant <br />or its insurers shall deem expedient; provided, however, that Tenant shall not admit liability <br />on behalf of the Indemnified Party and shall obtain the appropriate releases and settlement <br />documents. <br />(d) Tenant's obligations under this Section 21 (Indemnity) shall survive the <br />expiration of the Term or the earlier termination of this Lease <br />22. Eminent Domain. <br />(a) If the whole of the Project Site should be taken by any public or quasi - <br />public authority under the power or threat of eminent domain during the Term, or if a portion <br />of the YMCA Site or Non -Exclusive Common Area should be taken so as to materially impair the <br />use of the YMCA Site and thereby frustrate Tenant's purpose in entering into this Lease, as <br />reasonably determined in the sole discretion of Tenant, then, in either of such events, this <br />Lease shall terminate at the time of such taking. In such event, of the compensation and <br />damages payable for or on account of any or all of the YMCA Site, exclusive of the buildings and <br />improvements thereon, Tenant and Lender, as their interests may appear, shall receive a sum <br />equal to the worth at the time of the compensation award of the amount by which the fair <br />rental value of the YMCA Site exceeds the rental payable pursuant to the terms of this Lease for <br />the balance of the Term; the balance of such compensation and damages shall be payable to <br />and be the sole property of Landlord. All compensation and damages payable for or on account <br />of the buildings and improvements located on the YMCA Site shall be divided among Landlord, <br />Tenant, and Lender as follows: <br />(1) All compensation and damages payable for or on account of the <br />New YMCA having a remaining useful life less than the remaining Term as of the date of such <br />taking shall be payable to and be the sole property of Tenant and Lender (as their interests may <br />appear); and <br />(2) A proportionate share of all compensation and damages payable <br />for or on account of any all Non -Exclusive Common Area Improvements having a remaining <br />useful life greater than the remaining Term as of the date of such taking, determined by the <br />ratio that the then remaining Term bears to the then remaining useful life of such <br />improvements, shall be equally payable to Tenant and Lender( as their interests may appear) <br />and the Landlord. <br />(b) No taking of any leasehold interest in the YMCA Site or any part thereof <br />shall terminate or give Tenant the right to surrender this Lease, nor excuse Tenant from full <br />performance of its covenants for the payment of rent and other charges or any other <br />obligations hereunder capable of performance by Tenant after any such taking, but in such case <br />ATTY/AGR/2019.316/YMCA MASTER PROJECT AGREEMENT <br />Page 44 of 108 <br />
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