Casualty; Condemnation. (a) If any condemnation or conveyance in lieu thereof of all or any portion of the Real Property occurs or is threatened prior to Closing (written notice of which shall be given to Purchaser by Seller promptly upon its receipt), Purchaser may at its option, either (i) terminate this Agreement by written notice to Seller given within twenty (20) days after Purchaser is notified of such actual or possible proceedings (but before the Closing), in which case all of the Escrow Funds shall be returned to Purchaser and all further rights and obligations of the parties under this Agreement shall terminate, except those expressly stated to survive termination, or (ii) proceed to Closing without abatement of the Purchase Price, in which case all proceeds or award (less any expenses incurred by Seller) shall be assigned to Purchaser. If any condemnation or conveyance in lieu thereof is presently pending or occurs after the date hereof, Seller shall not settle or agree to accept any compensation for same without Purchaser’s prior written consent, not to be unreasonably withheld.
(b) In the event of loss or damage to the Property or any portion thereof which is not “major” (as hereinafter defined), this Agreement shall remain in full force and effect, and neither Purchaser nor Seller shall have the right to terminate this Agreement and the parties shall nonetheless consummate this transaction in accordance with this Agreement, without any abatement of the Purchase Price or any liability or obligation on the part of Seller by reason of said damage except as set forth in the next sentence. In such event, the transaction shall proceed as contemplated herein, Seller shall provide a credit against the Purchase Price equal to Seller’s interest in insurance proceeds that have been collected by Seller and assign to Purchaser all of Seller’s right, title and interest in the proceeds to be paid on the claim of loss, less any sums expended by Seller prior to Closing in connection with its insurance claim (including any deductibles paid) or for the restoration or repair of the damaged Property.
(c) In the event of a “major” loss or damage to the Property or any portion thereof, Purchaser may terminate this Agreement by written notice to Seller, in which event the Escrow Funds shall be returned to Purchaser. If Purchaser does not give written notice of termination of this Agreement within twenty (20) days after Seller sends Purchaser written notice of the occurrence of major loss o...
Casualty; Condemnation. There is no unrepaired casualty damage to any of such Seller’s Properties and there is no pending condemnation or similar proceedings or written notices thereof affecting any Property, and, to Sellers’ Knowledge, no action is threatened or contemplated except as set forth on Schedule 3.2(e) attached hereto.
Casualty; Condemnation. If all or any part of the Property is materially damaged by fire, casualty, the elements or any other cause, Seller shall immediately give notice to Buyer, and Buyer shall have the right to terminate this Agreement and receive back all Xxxxxxx Money by giving notice within thirty (30) days after Seller’s notice. If eminent domain proceedings are threatened or commenced against all or any part of the Property, Seller shall immediately give notice to Buyer, and Buyer shall have the right to terminate this Agreement and receive back all Xxxxxxx Money by giving notice within thirty (30) days after Seller’s notice. Termination of this Agreement and return of all Xxxxxxx Money are Seller’s sole remedies
Casualty; Condemnation. Section 6.01 FILOT Payments in the Event of Damage and Destruction or Condemnation. In the event that the Project is damaged or destroyed or the subject of condemnation proceedings, which damage, destruction and/or condemnation would substantially impair the operating ability of the Project, the parties hereto agree that the payments in lieu of taxes required pursuant to Section 5.02 hereof shall be abated in the same manner and in the same proportion as with ad valorem taxes, subject in all events to the provisions of Section 5.02 hereof.
Casualty; Condemnation. To each Loan Party’s Knowledge, as of the Closing Date no Borrowing Base Property is the subject of any pending material condemnation proceeding or has suffered any material loss or casualty which has not been restored.
Casualty; Condemnation. If all or any part of the Property is substantially damaged by fire, casualty, the elements or any other cause, Seller shall promptly give written notice to Buyer, and Buyer shall have the right to terminate this Agreement and receive back all Xxxxxxx Money by giving notice thereof to Seller within ten (10) days after Seller’s notice. If Buyer shall fail to give the notice, then the parties shall proceed to Closing, and Seller shall assign to Buyer all rights to insurance proceeds resulting from such event (net of Seller’s cost of obtaining the same). If eminent domain proceedings are threatened or commenced against all or any part of the Property, Seller shall immediately give written notice to Buyer, and Buyer shall have the right to terminate this Agreement and receive back all Xxxxxxx Money by giving notice thereof to Seller within ten (10) days after Seller’s notice. If Buyer shall fail to give the notice, then the parties shall proceed to Closing, and Seller shall assign to Buyer all rights to appear in and receive any award from such proceedings (net of Seller’s cost of obtaining the same).
Casualty; Condemnation. (a) In the event of any Casualty or Condemnation requiring notice to the Mortgage Lender, the Company shall give prompt notice thereof to each of the Managing Member and the Class A Member. Subject to the terms of any of Senior Loan Documents, the Managing Member may settle and adjust any claims and the reasonable expenses incurred by them in the adjustment and collection of such proceeds shall be reimbursed by the Company upon request therefor.
(b) Notwithstanding anything to the contrary contained herein, if the Company or any of its Subsidiaries is required under the terms of the Senior Loan Documents to restore any Property, then the Company and the Subsidiaries shall be entitled to apply the insurance proceeds or the condemnation awards from the casualty or condemnation affecting such Property to such restoration in accordance with the Senior Loan Documents.
Casualty; Condemnation. If the Developer Parcel, any part thereof or any adjoining parcel, suffers any damage prior to the Closing from fire or other casualty , and Developer determine, in Developer's sole discretion, that the Developer Parcel is unsuitable for the construction or operation of a Hotel , Developer may either (a) terminate this Agreement and recover the Xxxxxxx Money , including any Extension Payments, and all interest earned thereon, or (b) consummate the Closing, in which latter event all proceeds of any insurance covering damage to the Developer Parcel shall be assigned to Developer at the Closing. Developer shall give City notice of Developer’s election within twenty (20) days after City gives written notice to Developer of such fire or casual ty. If, prior to the Closing, action is initiated or threatened to take any of the Developer Parcel by eminent domain proceedings or by deed in lieu thereof, Developer may either (a) terminate this Agreement and recover the Xxxxxxx Money, including any Extension Payments. and all interest earned thereon , or (b) consummate the Closing, in which latter event the award of the condemning authority shall be assigned to Developer at the Closing. Developer shall give City notice of Developer's election within twenty (20) days after City gives written notice to Developer of such proceedings.
Casualty; Condemnation. (a) No material Condemnation has been commenced or, to the REIT’s or the Borrower’s knowledge, is contemplated with respect to all or any part of any Borrowing Base Property or for the relocation of roadways providing material access to any Borrowing Base Property, other than any Condemnation for which the Administrative Agent shall have received notice in accordance with Section 6.7 and the Borrowing Base Properties are not the subject of any adverse zoning proceeding, except as could not reasonably be expected to cause a Material Adverse Effect.
(b) No material Casualty has occurred with respect to all or any part of any Borrowing Base Property, other than any Casualty for which the Administrative Agent shall have received notice in accordance with Section 6.7 and the Improvements have not been damaged (ordinary wear and tear excepted) and not repaired, except as could not reasonably be expected to cause a Material Property Event.
Casualty; Condemnation. Subject to applicable law, if, by no fault of Tenant, the Premises is totally or partially damaged or destroyed by fire, natural disaster, accident or other casualty that render the Premises totally or partially uninhabitable, either Owner or Tenant may terminate this Lease by giving the other written notice within thirty (30) calendar days after the date of such destruction or casualty. Rent shall be abated as of the date the Premises becomes totally or partially uninhabitable unless Owner provides comparable temporary replacement housing at Owner’s expense. The abated amount shall be the current monthly Rent prorated on a thirty (30) calendar day period. If this Lease is not terminated, Owner shall promptly repair the damage, and Rent shall be reduced based on the extent to which the damage renders the Premises uninhabitable under applicable law. If damage occurs as a result of an act of Tenant, Occupants, guests, invitees, licensees, or animal housed by Tenant, only Owner shall have the right of termination, and no reduction in Rent shall be made.
