Common use of Casualty; Condemnation Clause in Contracts

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. If the Developer Parcel, any part thereof or any adjoining parcel, suffers any damage prior to the Closing from fire or other casualty casualty, and Developer determine, in Developer's sole discretion, that the Developer Parcel is unsuitable for the construction or operation of a Hotel Hotel, Developer may either (a) terminate this Agreement and recover the Xxxxxxx Money 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 's election within twenty (20) days after City gives written notice to Developer of such fire or casual tycasualty. 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 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. If the Developer Parcel, any part thereof or any adjoining parcel, suffers any damage prior to the Closing from fire or other casualty casualty, and Developer determinedetermines, in Developer's sole discretion, that the Developer Parcel is unsuitable for the construction or operation of a Hotel Hotel, Developer may either (a) terminate this Agreement and recover the Xxxxxxx Money 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 's election within twenty (20) business days after City gives written notice to Developer of such fire or casual tycasualty. 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 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) business days after City gives written notice to Developer of such proceedings.