Common use of Casualty or Condemnation Clause in Contracts

Casualty or Condemnation. If any material part of the Premises is taken by condemnation or the power of eminent domain (including voluntary sale or conveyance in lieu or under threat thereof), either Landlord or Tenant may terminate this Lease by written notice to the other. If portions of the Shopping Center other than the Premises are materially damaged, destroyed or taken, rendering the continued operation of the Shopping Center uneconomical in Landlord's reasonable business judgment, or if the Shopping Center no longer complies with the requirements of governmental. authority, Landlord may terminate this Lease by written notice to Tenant. Tenant must provide notice of termination, if at all, prior to receiving notice from Landlord that Landlord intends to restore the Premises. Landlord's notice of intent to restore extinguishes Tenant's termination right. Termination of this Lease under this paragraph 7 is effective thirty (30) days after the giving of notice of termination. In the absence of termination of this Lease under this paragraph 7, Landlord will diligently restore the Premises to as near as possible their condition existing at the date of this Lease (with such additional improvements, if any, as Landlord agreed to make prior to Tenant's occupancy), after which Tenant will diligently further restore the Premises to as near as possible their condition existing prior to the damage, destruction or taking. However, Landlord's restoration obligations are conditioned upon Landlord's full recovery of insurance proceeds (less deductible) from its insurers, or the condemnation award from the condemning authority, as applicable, and upon Landlord's obtaining all necessary permits and regulatory approvals. Tenant waives any compensation or damages from Landlord, any insurance proceeds from policies maintained by Landlord, and any award in condemnation or settlement in lieu thereof, arising from the Premises being damaged, destroyed or taken. Tenant waives any statutory or other right of Tenant to terminate this Lease if the Premises are damaged, destroyed, taken, or otherwise rendered untenantable.

Casualty or Condemnation. If If, before the Closing Date, (i) the improvements on the Real Property are materially damaged by any material part casualty, as reasonably determined by Buyer, or (ii) proceedings are commenced for the taking by exercise of the Premises is taken by condemnation or the power of eminent domain (including voluntary sale of all or conveyance in lieu or under threat thereof)a material part of the Property, either Landlord or Tenant may terminate this Lease as reasonably determined by written Buyer, Buyer shall have the right, by giving notice to the other. If portions of the Shopping Center other than the Premises are materially damaged, destroyed or taken, rendering the continued operation of the Shopping Center uneconomical in Landlord's reasonable business judgment, or if the Shopping Center no longer complies with the requirements of governmental. authority, Landlord may terminate this Lease by written notice to Tenant. Tenant must provide notice of termination, if at all, prior to receiving notice from Landlord that Landlord intends to restore the Premises. Landlord's notice of intent to restore extinguishes Tenant's termination right. Termination of this Lease under this paragraph 7 is effective thirty Seller within twenty (3020) days after the giving of Seller gives written notice of terminationthe casualty or condemnation to Buyer, to terminate this Agreement, in which event this Agreement shall automatically terminate. In If, before the absence Closing Date, (a) the improvements on the Real Property are damaged by any casualty, but not in a material manner, (b) proceedings are commenced for the taking by exercise of termination the power of eminent domain of less than such a material part of the Property, or (c) Buyer has the right to terminate this Lease under Agreement pursuant to the preceding sentence but Buyer does not exercise such right, then this paragraph 7Agreement shall remain in full force and effect and, Landlord will diligently restore on the Premises to as near as possible their condition existing at Closing Date, one of the date of this Lease (with such additional improvements, if anyfollowing shall occur, as Landlord applicable: (1) the full repair and restoration cost, as reasonably agreed upon by Buyer and Seller, shall be a credit to make prior to Tenant's occupancy), after which Tenant will diligently further restore Buyer against the Premises to as near as possible their condition existing prior to total Purchase Price for the damage, destruction or taking. However, Landlord's restoration obligations are conditioned upon Landlord's full recovery of insurance proceeds (less deductible) from its insurersProperty, or (2) the condemnation award from (or, if not theretofore received, the condemning authority, right to receive such award) payable on account of the taking shall be transferred to Buyer. Seller shall give notice to Buyer immediately after the occurrence of any damage to the improvements on the Real Property by any casualty or the commencement of any eminent domain proceedings. Buyer shall have a period of twenty (20) days after Seller has given the notice to Buyer required by this Section 13 to make the determination as applicable, and upon Landlord's obtaining all necessary permits and regulatory approvals. Tenant waives any compensation or damages from Landlord, any insurance proceeds from policies maintained by Landlord, and any award in condemnation or settlement in lieu thereof, arising from the Premises being damaged, destroyed or taken. Tenant waives any statutory or other right of Tenant to whether to terminate this Lease if Agreement. If necessary, the Premises are damaged, destroyed, taken, or otherwise rendered untenantableClosing Date shall be postponed until Seller has given the notice to Buyer required by this Section 13 and the period of twenty (20) days described in this Section 13 has expired.

Casualty or Condemnation. If on or before the Closing Date all or any part of the Property is destroyed or damaged by fire or any other cause, or if eminent domain proceedings are instituted, or a notice of condemnation is given, with respect to all or a portion of the Property, Seller shall promptly notify Purchaser thereof. If such damage or destruction is repaired at the sole cost and expense of Seller prior to Closing to the same condition existing prior to such damage or destruction, or if such damage or destruction does not exceed $100,000 (as determied by Seller's insurer in its reasonable discretion) and such damage or destruction is fully covered by Seller's insurance (provided, that if such damage or destruction is not fully covered by Seller's insurance Seller may, at its option, pay or credit Purchaser in any amount equal to the shortfall, in which event such damage or destruction will be deemed fully covered by Seller's insurance), or if the value of any land taken or to be taken does not eceed $100,000 or does not in Purchaser's reasonable judgment constitute a material part of the Premises is taken by condemnation Property or does not adversely affect the power existing zoning with respect to the Property , Purchaser shall be bound to purchase the Property without reduction in the Purchase Price. In the event of (a) damage to or destruction of all or any part of the Property of $100,000 or more and Seller fails to repair such damage or destruction as provided herein, or (b) the institution or giving of notice of eminent domain (including voluntary sale proceedings with respect to all or conveyance in lieu any part of the Property the value of which exceeds $100,000, Purchaser or under threat thereof), either Landlord or Tenant may Seller shall have the right to terminate this Lease Agreement by giving written notice to the otherother on or before the Closing Date and in the event Purchaser or Seller excercises such right to terminate this Agreement, the Escrow Agent shall make a Refund, whereupon no party hereto shall have rights,obligations or liabilities hereunder. If portions In the event of the Shopping Center other than the Premises are materially damaged, destroyed any unrepaired damage or taken, rendering the continued operation of the Shopping Center uneconomical in Landlord's reasonable business judgmenteminent domain proceedings which would permit termination hereunder and neither party elects to terminate, or if Purchaser is required to proceed permit termination hereunder , the Shopping Center no longer complies with Deed shall be subject to any such eminent domain proceeding, such taking shall be deemed a Permitted Exxception, and Seller shall deliver to Purchaser on the requirements Closing Date an assignment in a form reasonably satisfactory to Purchaser of governmental. authorityall of Seller's right, Landlord may terminate this Lease by written notice title and interest in and to Tenant. Tenant must provide notice of terminationany eminent domain, if at all, award or insurance claim (including rental insurance except for any rental insurance proceeds attributable to the period prior to receiving notice from Landlord that Landlord intends to restore the Premises. Landlord's notice of intent to restore extinguishes Tenant's termination right. Termination of this Lease under this paragraph 7 is effective thirty (30) days after the giving of notice of termination. In the absence of termination of this Lease under this paragraph 7, Landlord will diligently restore the Premises to as near as possible their condition existing at the date of this Lease (with such additional improvements, if any, as Landlord agreed to make prior to Tenant's occupancyClosing), after which Tenant will diligently further restore the Premises to as near as possible their condition existing prior to the damage, destruction or taking. However, Landlord's restoration obligations are conditioned upon Landlord's full recovery of insurance proceeds (less deductible) from its insurers, or the condemnation award from the condemning authority, as applicable, and upon Landlord's obtaining all necessary permits and regulatory approvals. Tenant waives any compensation or damages from Landlord, any insurance proceeds from policies maintained by Landlord, and any award deductible with respect thereto, to the extent not previously applied to restoration of the Property, but the Purchase Price shall not be affected by any such condemnation, damage or destruction (although in condemnation or settlement in lieu thereofthe event of a casualty, arising from Purchaser will receive a credit against the Premises being damaged, destroyed or taken. Tenant waives Purchase Price equal to any statutory or other right of Tenant to terminate this Lease if the Premises are damaged, destroyed, taken, or otherwise rendered untenantabledeductible on Seller's casualty insurance).

Casualty or Condemnation. If During the period from the Opening of Escrow through Closing, all risk of loss from fire or other casualty or condemnation shall be borne by Seller. If, before the Closing Date, (i) the improvements on the Real Property are materially damaged by any material part casualty, as reasonably determined by Buyer, or (ii) proceedings are commenced for the taking by exercise of the Premises is taken by condemnation or the power of eminent domain (including voluntary sale of all or conveyance in lieu or under threat thereof)a material part of the Property, either Landlord or Tenant may terminate this Lease as reasonably determined by written Buyer, Buyer shall have the right, by giving notice to the other. If portions of the Shopping Center other than the Premises are materially damaged, destroyed or taken, rendering the continued operation of the Shopping Center uneconomical in Landlord's reasonable business judgment, or if the Shopping Center no longer complies with the requirements of governmental. authority, Landlord may terminate this Lease by written notice to Tenant. Tenant must provide notice of termination, if at all, prior to receiving notice from Landlord that Landlord intends to restore the Premises. Landlord's notice of intent to restore extinguishes Tenant's termination right. Termination of this Lease under this paragraph 7 is effective thirty Seller within twenty (3020) days after the giving of Seller gives written notice of terminationthe casualty or condemnation to Buyer, to terminate this Agreement, in which event this Agreement shall automatically terminate and the Deposit shall be returned to Buyer. In If, before the absence Closing Date, (a) the improvements on the Real Property are damaged by any casualty, but not in a material manner, (b) proceedings are commenced for the taking by exercise of termination the power of eminent domain of less than such a material part of the Property, or (c) Buyer has the right to terminate this Lease under Agreement pursuant to the preceding sentence but Buyer does not exercise such right, then this paragraph 7Agreement shall remain in full force and effect and, Landlord will diligently restore on the Premises to as near as possible their condition existing at Closing Date, one of the date of this Lease (with such additional improvements, if anyfollowing shall occur, as Landlord agreed applicable: (1) the full repair and restoration cost, as mutually determined by Buyer and Seller, shall be a credit to make prior to Tenant's occupancy), after which Tenant will diligently further restore Buyer against the Premises to as near as possible their condition existing prior to total Purchase Price for the damage, destruction or taking. However, Landlord's restoration obligations are conditioned upon Landlord's full recovery of insurance proceeds (less deductible) from its insurersMembership Interests, or (2) the condemnation award from (or, if not theretofore received, the condemning authority, right to receive such award) payable on account of the taking shall be transferred to Buyer. Seller shall give notice to Buyer immediately after the occurrence of any damage to the improvements on the Real Property by any casualty or the commencement of any eminent domain proceedings. Buyer shall have a period of twenty (20) days after Seller has given the notice to Buyer required by this Section 12 to make the determination as applicable, and upon Landlord's obtaining all necessary permits and regulatory approvals. Tenant waives any compensation or damages from Landlord, any insurance proceeds from policies maintained by Landlord, and any award in condemnation or settlement in lieu thereof, arising from the Premises being damaged, destroyed or taken. Tenant waives any statutory or other right of Tenant to whether to terminate this Lease if Agreement. If necessary, the Premises are damaged, destroyed, taken, or otherwise rendered untenantableClosing Date shall be postponed until Seller has given the notice to Buyer required by this Section 12 and the period of twenty (20) days described in this Section 12 has expired.

Casualty or Condemnation. If In the event of any material part damage, destruction or condemnation of the Premises is taken Site, or any part thereof, not caused by condemnation Tenant that renders the Site unusable or inoperable, Owner will have the power of eminent domain (including voluntary sale right, but not the obligation, to provide an alternate location, whether on the same Site or conveyance in lieu another Site, or under threat thereof), either Landlord or Tenant may to terminate this Lease by written notice to the other. If portions of the Shopping Center other than the Premises are materially damaged, destroyed or taken, rendering the continued operation of the Shopping Center uneconomical in Landlord's reasonable business judgment, or if the Shopping Center no longer complies with the requirements of governmental. authority, Landlord may terminate this Lease by written notice to Tenant. Tenant must provide notice of termination, if at all, prior to receiving notice from Landlord that Landlord intends to restore the Premises. Landlord's notice of intent to restore extinguishes Tenant's termination right. Termination of this Lease under this paragraph 7 is effective Agreement within thirty (30) days after the giving of notice of termination. In the absence of termination of this Lease under this paragraph 7, Landlord will diligently restore the Premises to as near as possible their condition existing at the date of this Lease (with such additional improvements, if any, as Landlord agreed to make prior to Tenant's occupancy), after which Tenant will diligently further restore the Premises to as near as possible their condition existing prior to the damage, destruction or takingcondemnation. However, Landlord's restoration obligations are conditioned upon Landlord's full recovery of insurance proceeds (less deductible) from its insurers, or the condemnation award from the condemning authority, as applicable, and upon Landlord's obtaining all necessary permits and regulatory approvals. Tenant waives any compensation or damages from Landlord, any insurance proceeds from policies maintained by Landlord, and any award in condemnation or settlement in lieu thereof, arising from the Premises being damaged, destroyed or taken. Tenant waives any statutory or other right of Tenant If Owner chooses to terminate this Lease if Agreement, Owner agrees that it will, subject to any necessary third party consents or approvals, assign the Premises are damagedunderlying ground lease to Tenant for no consideration. If Owner does not terminate this Agreement: (i) the rent payable hereunder will be reduced or abated in proportion to the actual reduction or abatement of use of the Site by Tenant; and (ii) Owner will make any necessary repairs to the Site caused by the damage or destruction and will be entitled to use any and all insurance proceeds to pay for any repairs. In the event Owner has not proceeded to repair, destroyedreplace or rebuild the Site within sixty (60) days after the damage or destruction, takenafter giving thirty (30) days written notice and Owner's failure to comply within that time frame, then Tenant may terminate this Agreement. Owner will in no event be liable to Tenant for any damage to or loss of Tenant's Equipment by Tenant's act or omission, or otherwise rendered untenantableTenant's violation of any of the terms, covenants or conditions of this Agreement (unless caused solely by Owner's intentional misconduct or negligence). Owner will in no event be liable to Tenant for any loss or damage sustained by reason of any business interruption suffered by reason of any act of God, (unless caused solely by Owner's intentional misconduct or gross negligence). The terms and conditions of this Section 20 shall survive the termination of this Agreement. Owner acknowledges that Tenant may have certain emergency procedures that Tenant may desire to implement, including the temporary location of a cell on wheels on the Site, in the event of a casualty. To the extent possible, Owner will cooperate with Tenant in Tenant's implementation of its emergency responses as the same may exist from time to time.