CASUALTY LOSS OR CONDEMNATION. Section 92.054, Property Code governs the rights and obligations of the parties regarding a casualty loss to the Property. Any proceeds, payment for damages, settlements, awards, or other sums paid because of a casualty loss to the Property will be Landlord’s sole property. For the purpose of this lease, any condemnation of all or a part of the Property is a casualty loss.
CASUALTY LOSS OR CONDEMNATION. Section 92.054 of the Texas Property Code governs the rights and obligations of the parties regarding a casualty loss to the Property. Any proceeds, payment for damages, settlements, awards, or other sums paid because of a casualty loss to the Property will be Landlord’s sole property. For the purpose of this lease, any condemnation of all or a part of the property is a casualty loss.
CASUALTY LOSS OR CONDEMNATION. The Timberlands shall not have become subject, subsequent to the date of this Agreement and prior to the Closing Date, to physical damage by fire, flood, windstorm, earthquake or other similar occurrence, or to any condemnation proceeding, which causes or may result in a diminution in the value of the Timberlands by at least $800,000. If Purchaser elects to waive the condition set forth in this Paragraph 14.1(e), or if any material casualty or condemnation loss diminishes the value of the Timberlands by less than $800,000, the Purchase Price shall be reduced to reflect the diminution in value resulting or expected to result from the casualty or condemnation, in which event Seller shall be entitled to retain any compensation awards, insurance proceeds or other payment or relief resulting from such casualty or condemnation. If the parties cannot agree upon the extent of the diminution in value, the determination shall be made by an independent expert mutually agreed upon by the parties. The foregoing notwithstanding, if the amount of the casualty or condemnation loss diminishes or is expected to diminish the value of the Timberlands, by $25,000 or less, there shall be no adjustment to the Purchase Price; provided, however, that in such event Purchaser shall be entitled to receipt and assignment of any compensation awards, insurance proceeds or other payment or relief resulting from such casualty or condemnation.
CASUALTY LOSS OR CONDEMNATION. (a) If, before Closing, any party of the TXU Gas Merger Assets are damaged or destroyed by fire or other casualty, or if any part of the TXU Gas Merger Assets are condemned, or if proceedings are filed for condemnation or under the right of eminent domain, the result of which will have a Material Adverse Effect (any of such being a "Casualty"), TXU Gas will promptly inform LSG. As soon as practicable following any Casualty, TXU Gas will provide to LSG a detailed written estimate from an independent third party appraiser mutually acceptable to TXU Gas and LSG ("Casualty Estimate") setting forth the estimated amount required to repair or replace the damaged TXU Gas Merger Asset and the estimated time period for completion of such repair or replacement.
(b) Concurrently with the delivery of a Casualty Estimate, TXU Gas will notify LSG whether TXU Gas elects: (i) to repair or replace the damaged TXU Gas Merger Asset, or (ii) to offer to accept a reduction in the LSG Merger Assets by an amount equal to the Casualty Estimate. TXU Gas will have no obligation to repair the damaged TXU Gas Merger Asset as a result of such Casualty, but if TXU Gas elects to repair or replace the damaged TXU Gas Merger Asset, TXU Gas shall promptly commence and diligently proceed to complete the repair or replacement of the damaged TXU Gas Merger Asset at its cost in a good and workmanlike manner (in a manner consistent with the condition of the TXU Gas Merger Asset immediately prior to the Casualty).
(c) If TXU Gas elects to repair or replace such TXU Gas Merger Assets, but TXU Gas has not completed the repair or replacement (and TXU Gas shall have used Reasonable Efforts to do so) at the time when all other conditions to the respective obligations of the Parties to consummate the transaction contemplated under this Agreement have been or are reasonably expected to be met, the Parties may, subject to Section 7.10(d), close the transactions contemplated hereby and, in such event, TXU Gas will complete the repair or replacement after the Closing. LSG will provide TXU Gas and its contractors access to the TXU Gas Merger Assets as reasonably necessary to complete the repairs.
(d) If a Casualty occurs, TXU Gas may extend the date for Closing for up to 90 days beyond the Termination Date if it elects to repair or replace the damaged or destroyed TXU Gas Merger Asset, is using Reasonable Efforts to effect such repair or replacement, but is unable to complete such repair or replacement by t...
CASUALTY LOSS OR CONDEMNATION. Except as otherwise provided in this Agreement, from and after the Effective Time through the Closing Date, MAP shall bear the risk of loss due to damage or destruction of the Assets by fire or other casualty, except that the risk of the first $100,000 per occurrence of any such loss shall be borne by Plains. Except as set forth on Exhibit 3.8, neither MAP nor any member of the SP Group has received any notice, and neither has any knowledge of, any proceedings for the taking, by eminent domain or condemnation, of all or any portion of any of the Assets.
CASUALTY LOSS OR CONDEMNATION. In the event of any fire or other casualty to the Project or eminent domain proceedings resulting in condemnation of the Project or any part thereof, Maker shall have the right to rebuild the Project, and to use all available insurance or condemnation proceeds to which Maker is entitled therefor, PROVIDED that (a) such proceeds are sufficient to keep the Loan in balance and rebuild or cause the rebuilding of the Project in a manner that provides adequate security to Holder for repayment of the Loan, or, if such proceeds are insufficient, then Maker shall have funded any deficiency; (b) Holder shall have the right to approve plans and specifications for any major rebuilding and the right to approve disbursements of insurance or condemnation proceeds to which Maker is entitled for rebuilding under a construction escrow or similar arrangement; and (c) no material default then exists under the Loan Documents. If the casualty or condemnation affects only part of the Project and total rebuilding is infeasible, then proceeds to which Maker is entitled may be used for partial rebuilding and partial repayment of the Loan in a manner that provides adequate security to Holder for repayment of the remaining balance of the Loan. ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, TO EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON STATE LAW. MAKER: XXXXXXX GOSPEL MISSION, a Washington non profit corporation By: Its: _ _ Date: _ _ THIS DEED OF TRUST, made this day of , 2024, is by and among XXXXXXX GOSPEL MISSION, a Washington nonprofit corporation ("GRANTOR"), whose address is _, _ _ ("TRUSTEE"), whose address is • and the CITY OF EVERETT, a municipal corporation of the State of Washington, whose address is 0000 Xxxxxxx Xxxxxx, Suite 88, Everett, WA 98201 ("BENEFICIARY" or the "City"). This Deed of Trust secures the performance by Grantor of the Loan Agreement between the Grantor and City dated _, 2024 (the "Loan Agreement").
CASUALTY LOSS OR CONDEMNATION. No portion of the Assets shall have been damaged or destroyed by a Casualty or taken in condemnation or under right of eminent domain where, in the event of a Casualty, the cost to repair, replace or restore the affected Assts (such cost not to exceed the Allocated Value of such affected Assets) to at least their condition prior to such Casualty exceeds 40% of the Purchase Price or, in the case of such taking, the Allocated Value of the affected Assets exceeds 40% of the Purchase Price.
CASUALTY LOSS OR CONDEMNATION. The Mill Assets shall not have become subject, subsequent to the date of this Agreement, to physical damage by fire, flood, windstorm, earthquake or other similar occurrence, or to any condemnation proceeding, which causes at least twenty-five percent (25%) of the Mill to be inoperable. If Purchaser elects to waive the condition set forth in this Paragraph 12.6, or if any casualty or condemnation loss is more than $100,000, the amounts payable by Purchaser to Seller pursuant to Paragraph 2 shall be reduced to reflect the diminution in value resulting or expected to result from the casualty or condemnation, in which event Seller shall be entitled to retain any compensation, awards, insurance proceeds or other payment or relief resulting from such casualty or condemnation. If the parties cannot agree upon the extent of the diminution in value, the determination shall be made by an independent expert mutually agreed upon by the parties. If Purchaser elects to terminate this Agreement as a result of casualty, loss or condemnation pursuant to this Paragraph 12.6, the Timberland Agreement shall automatically terminate. If Purchaser elects to terminate the Timberland Agreement pursuant to Paragraph 17.1 of the Timberland Agreement, this -20- 21 Agreement shall automatically terminate.
CASUALTY LOSS OR CONDEMNATION. If the dwelling becomes unfit for occupancy, as determined by the landlord, whether by casualty or otherwise, Landlord may refuse to repair the same and, by giving written notice to Tenant, terminate this lease. Any proceeds, payment for damages, settlements, awards, or other sums paid because of a casualty loss to the Property will be Landlord's sole property. For the purpose of this Lease, any condemnation of all or a part of the Property is a casualty loss.
CASUALTY LOSS OR CONDEMNATION. In the event of casualty loss or condemnation threat/proceeding of a material portion of the Property prior to Closing, this Agreement may be terminated at Buyer's reasonable discretion.
