Common use of Casualty Loss; Condemnation Clause in Contracts

Casualty Loss; Condemnation. Purchaser shall assume all risk of loss with respect to, and any change in the condition of, the Subject Interests from and after the Closing Date. If after the Effective Time and prior to the Closing any part of the Subject Interests shall be damaged or destroyed by fire or other casualty or if any part of the Subject Interests shall be taken in condemnation or under the right of eminent domain or if proceedings for such purposes shall be pending or threatened (“Casualty Loss”), this Agreement shall remain in full force and effect notwithstanding any such damage, destruction, taking or proceeding, or the threat thereof, and the Parties shall proceed with the transactions contemplated by this Agreement notwithstanding such damage, destruction, taking or proceeding (c) Notwithstanding Article XI, in the event of any loss described herein, at the Closing, Seller shall pay to Purchaser all sums paid to Seller by third parties by reason of the damage, destruction or taking of such Subject Interests (up to the Allocated Value thereof) and shall assign, transfer and set over unto Purchaser all of the rights, title and interest of Seller in and to any claims, causes of action, unpaid proceeds or other payments from third parties arising out of such damage, destruction or taking (up to the Allocated Value thereof). Notwithstanding anything to the contrary in this Article XI, Seller shall not be obligated to carry or maintain any insurance coverage with respect to any of the Subject Interests other than as required under applicable operating agreements affecting such Subject Interests.

Casualty Loss; Condemnation. (a) Purchaser shall assume all risk of loss with respect to, and any change in the condition of, the Subject Interests Assets from and after the Closing Date. . (b) If after the Effective Time and prior to the Closing any part of the Subject Interests Assets shall be damaged or destroyed by fire or other casualty or if any part of the Subject Interests Assets shall be taken in condemnation or under the right of eminent domain or if proceedings for such purposes shall be pending or threatened (“Casualty Loss”), this Agreement shall remain in full force and effect notwithstanding any such damage, destruction, taking or proceeding, or the threat thereof, and the Parties shall proceed with the transactions contemplated by this Agreement notwithstanding such damage, destruction, taking or proceeding proceeding (c) Notwithstanding Article XISection 11.3(a), in the event of any loss described hereinin Section 11.3(b), at the Closing, Seller shall pay to Purchaser all sums paid to Seller by third parties by reason of the damage, destruction or taking of such Subject Interests Assets (up to the Allocated Value thereof) and shall assign, transfer and set over unto Purchaser all of the rights, title and interest of Seller in and to any claims, causes of action, unpaid proceeds or other payments from third parties arising out of such damage, destruction or taking (up to the Allocated Value thereof). Notwithstanding anything to the contrary in this Article XISection 11.3, Seller shall not be obligated to carry or maintain any insurance coverage with respect to any of the Subject Interests Assets other than as required under applicable operating agreements affecting such Subject InterestsAssets.

Casualty Loss; Condemnation. (a) Purchaser shall assume all risk of loss with respect to, and any change in the condition of, the Subject Interests Assets from and after the Closing Date. Effective Time, including with respect to the depletion of Hydrocarbons, the watering-out of any well, the collapse of casing, sand infiltration of xxxxx, and the depreciation of personal property. (b) If after the Effective Time and prior to the Closing any part of the Subject Interests Assets shall be damaged or destroyed by fire or other casualty or if any part of the Subject Interests Assets shall be taken in condemnation or under the right of eminent domain or if proceedings for such purposes shall be pending or threatened (a “Casualty Loss”), this Agreement shall remain in full force and effect notwithstanding any such damage, destruction, taking or proceeding, or the threat thereof, and the Parties shall proceed with the transactions contemplated by this Agreement notwithstanding such damage, destruction, taking or proceeding (without reduction of Purchase Price). (c) Notwithstanding Article XISection 11.3(a), in the event of any loss described hereinCasualty Loss, at the Closing, Seller shall pay to Purchaser all sums paid to Seller by third parties by reason of the damage, destruction or taking of such Subject Interests (up to the Allocated Value thereof) Casualty Loss and shall assign, transfer and set over unto Purchaser all of the rights, title and interest of Seller in and to any claims, causes of action, unpaid proceeds or other payments from third parties arising out of such damage, destruction or taking (up to the Allocated Value thereof)Casualty Loss. Notwithstanding anything to the contrary in this Article XI, Seller shall not be obligated to carry or and maintain any adequate insurance coverage with respect to any of the Subject Interests other than as required under Assets, consistent with prudent industry practices and applicable operating agreements affecting such Subject InterestsAssets.

Casualty Loss; Condemnation. Purchaser (a) Buyer shall assume all risk of loss with respect to, and any change in the condition of, the Subject Interests Assets from the date of this Agreement until and after the Closing Date. , including with respect to the depletion of Hydrocarbons, the watering-out of any well, the collapse of casing, sand infiltration of xxxxx, and the depreciation and/or deterioration of personal property. (b) If after the Effective Time and prior to the Closing any part Date, the Assets, having an aggregate value constituting less than ten percent (10%) of the Subject Interests Purchase Price shall be damaged or destroyed by fire or other casualty casualty, or if any part of the Subject Interests shall be taken in condemnation or under the right of eminent domain or if proceedings for such purposes shall be pending or threatened (“Casualty Loss”)threatened, this Agreement shall remain in full force and effect notwithstanding any such damage, destruction, taking or proceeding, or the threat thereofthereof to that amount of Assets, and the Parties shall proceed with the transactions contemplated by this Agreement notwithstanding such damage, destruction, destruction or taking or proceeding in that amount without any reduction of the Purchase Price. (c) Notwithstanding Article XI, in In the event of any loss described hereinin Section 18.03(b), at the Closing, Closing Seller shall pay to Purchaser Buyer all sums paid to Seller by third parties by reason of the damage, destruction or taking of such Subject Interests Assets (up to the Allocated Value thereof) and shall assign, transfer and set over unto Purchaser Buyer all of the rights, title and interest of Seller in and to any claims, causes of action, unpaid proceeds or other payments from third parties arising out of such damage, destruction or taking (up to the Allocated Value thereof). Notwithstanding anything to the contrary in this Article XISection 18.03, Seller shall not be obligated to carry or maintain any insurance coverage with respect to any of the Subject Interests Assets other than as required under any applicable operating agreements affecting such Subject InterestsAssets.

Casualty Loss; Condemnation. Purchaser (a) Buyer shall assume all risk of loss with respect to, and any change in the condition of, the Subject Interests Assets from and after the Closing Date. Effective Time, including with respect to the depletion of Hydrocarbons, the watering-out of any well, the collapse of casing, sand infiltration of wxxxx, and the depreciation of personal property. (b) If after the Effective Time and prior to the Closing any part of the Subject Interests Assets shall be damaged or destroyed by fire or other casualty or if any part of the Subject Interests Assets shall be taken in condemnation or under the right of eminent domain or if proceedings for such purposes shall be pending or threatened (“Casualty Loss”)threatened, this Agreement shall remain in full force and effect notwithstanding any such damage, destruction, taking or proceeding, or the threat thereof, and the Parties shall proceed with the transactions contemplated by this Agreement notwithstanding such damage, destruction, destruction or taking or proceeding (without reduction of Purchase Price). (c) Notwithstanding Article XISection 13.03(a), in the event of any loss described hereinin Section 13.03(b), at the Closing, Seller shall pay to Purchaser Buyer all sums paid to Seller by third parties by reason of the damage, destruction or taking of such Subject Interests Assets (up to the Allocated Value thereof) and shall assign, transfer and set over unto Purchaser Buyer all of the rights, title and interest of Seller in and to any claims, causes of action, unpaid proceeds or other payments from third parties arising out of such damage, destruction or taking (up to the Allocated Value thereof). Notwithstanding anything to the contrary in this Article XISection 13.03, Seller shall not be obligated to carry or maintain any insurance coverage with respect to any of the Subject Interests Assets other than as required under applicable operating agreements affecting such Subject InterestsAssets.