Casualty and Eminent Domain. Landlord and Tenant jointly and severally agree that the Mortgage permits Lender, at its option, to apply to the indebtedness from time to time secured by the Mortgage any and all insurance proceeds payable with respect to any casualty loss at the Demised Premises and any and all awards or other compensation that may be payable for the condemnation of all or any portion of the Demised Premises, or any interest therein, or by way of negotiated settlement or conveyance in lieu of condemnation; and Landlord and Tenant jointly and severally consent to any such application by Lender. Notwithstanding the foregoing, Landlord and Lender agree that any and all insurance or condemnation proceeds payable with respect to Tenant's property or the interruption or relocation of Tenant's business (except for rental loss insurance proceeds) will be paid to Tenant, so long as they do not reduce the proceeds otherwise payable to Lender.
Casualty and Eminent Domain. 5.1 Seller is responsible for any damage to the Premises, other than for ordinary use, wear, tear and natural deterioration, until the Closing. If the Premises are damaged by fire, vandalism, storm, flood or any other casualty between the date of this Agreement and Closing, Seller shall promptly notify Purchaser and the parties shall obtain an estimate of the cost of repairing the damage from an unaffiliated contractor of their mutual choice. If the estimated cost is less than $50,000 Seller shall repair the damage at Seller's expense, the Closing shall take place as provided herein and Seller shall be entitled to receive all insurance proceeds as a result of the casualty. If the estimated cost is more than $50,000, Seller shall forthwith proceed to commence and complete the necessary repairs and the Closing shall take place as provided herein; provided, however, that if Seller has not commenced such repairs as of the scheduled date of Closing or the repairs are reasonably estimated to take more than four months after the Closing to complete, then, at Purchaser's option, the Closing shall be delayed until the work is completed, or if the Closing shall occur, the Purchase Price shall be reduced by an amount equal to the deductible on Seller's insurance policy, and there shall be assigned to Purchaser at the Closing, all of Seller's right, title and interest in and to the remaining insurance proceeds to the extent such proceeds relate to restoration and repair of the Premises to be conveyed hereunder, net of such sums as have reasonably been expended by Seller on such repairs. In addition, at Closing, Seller shall assign to Purchaser and Purchaser shall assume all construction contracts for such repair and restoration, to the extent such contracts are assignable and relate to the Premises to be conveyed hereunder. If, for any reason, insurance proceeds are not received on account of the damage or destruction, the parties shall agree upon the amount necessary to repair the damage, and such amount shall be credited against the Purchase Price. In addition, if Seller's mortgagee does not release all or a portion of such insurance proceeds, Seller shall credit against the Purchase Price the amount of such proceeds withheld to the extent that such proceeds relate to restoration and repair of the Premises to be conveyed hereunder.
Casualty and Eminent Domain. From and after the date of this Agreement, Seller agrees with Purchaser as follows:
Casualty and Eminent Domain. 36 8.1 Restoration Following Casualties................................ 36 8.2 Landlord's Termination Election................................. 37 8.3
Casualty and Eminent Domain. Should a portion of the Premises be substantially damaged by fire or other casualty, or if the Premises or any part thereof, shall be taken for any purpose by exercise of the power of eminent domain or condemnation or shall receive any direct or consequential damage for which Landlord or Tenant shall be entitled to compensation by reason of anything lawfully done in pursuance of any public authority, then this Rental Agreement shall terminate at the option of Landlord or Tenant. If this Rental Agreement is so terminated, then a just a proportionate abatement of rent shall be made.
Casualty and Eminent Domain. Until Closing, all risk of loss of, or damage to, or destruction of, the Property by the exercise of the power of eminent domain or otherwise, shall belong to and be borne by Seller. If, after the Effective Date and prior to Closing, Seller receives notice of the commencement or threatened commencement of eminent domain or other like proceedings against the Property or any portion thereof or the Property is damaged by fire, flood, tornado, other casualty, or otherwise, Seller shall immediately give Notice thereof to Purchaser. Purchaser shall elect within thirty (30) days of its receipt of Notice from Seller (with the Closing being postposed, if necessary to give both parties the full thirty (30) day period) to elect to: (i) to terminate this Agreement, in which event the Xxxxxxx Money, less the Independent Consideration, shall be refunded to Purchaser, the Independent Consideration shall be paid to Seller, and both Parties shall be relieved and released of and from any and all further liability hereunder, except for those matters that expressly service such termination, or (ii) to close the transaction contemplated hereby in accordance with its terms but subject to eminent domain proceedings, in which event the Purchase Price shall not be reduced but Seller shall assign to Purchaser Seller’s rights, title and interest in any and all condemnation award or insurance proceeds, together with a credit to Purchaser for the amount of any deductible under any insurance policy. If Purchaser does not give Notice timely, Purchaser shall be deemed to have elected to close the transaction contemplated hereby in accordance with clause (ii) above.
Casualty and Eminent Domain. Should a substantial part of the Leased Premises be substantially damaged by fire or other casualty or should a substantial part of the Leased Premises be taken by eminent domain; the LESSOR may elect to terminate this Lease. When such fire, casualty, or taking renders the Leased Premises substantially unsuitable for this intended use, a just and proportionate abatement of rent shall be made, and the LESSEE may elect to terminate this Lease if:
Casualty and Eminent Domain. Without limiting any provisions of the Credit Documents, until such time as the Transfer Documents for a Project are delivered to KCCI or its designee pursuant to Section 2.9 or until a Release is delivered by KCCI in connection with a sale or refinancing of a Project, the terms of the Credit Documents shall continue to govern any casualty or condemnation to the Project, including any insurance proceeds or condemnation awards or other rights, in the manner applicable during the ongoing existence of Events of Default, provided that Borrower Parties shall have no obligation (i) to repair, restore or replace loss or damage to a Project due to casualty or condemnation except to the extent insurance or condemnation proceeds are made available therefor or (ii) to operate or manage a Project after casualty or condemnation except to the extent proceeds of business interruption insurance are made available therefor. 2.10.
Casualty and Eminent Domain. 33 8.1 Restoration Following Casualties.................................33 8.2
Casualty and Eminent Domain. (a) In the event that the entire Premises, the Building or the On Site Parking Area, or any substantial part thereof, shall be taken by any exercise of the right of eminent domain or shall receive any direct or consequential or substantial damages for which Lessor or Lessee or either of them shall be entitled to compensation by reason of anything lawfully done in pursuance of any public or other authority during the Term, then this Lease shall terminate at the election of Lessor, which election may be made notwithstanding Lessor’s entire interest may have been divested. If such taking or damage substantially reduces the floor space of the Premises so as to render the Premises unusable for the Permitted Use after such taking in Lessee’s reasonable judgment, Lessee shall have the right, effective when its possession is disturbed, to terminate this Lease by notice in writing to Lessor delivered within thirty (30) days of the first day on which Lessee’s possession is so disturbed. Lessor reserves and excepts all rights to damage to the Premises and Building and the leasehold hereby created, now accrued or hereafter accruing by reason of any exercise of eminent domain, or by reason of anything lawfully done in pursuance of any public or other authority and by way of confirmation, Lessee grants to Lessor all of Lessee’s rights to such damages and covenants to execute and deliver such further instruments of assignment thereof as Lessor may from time to time request. Lessee shall be entitled to any separate award made to Lessee for Lessee’s expenses.
