Condemnation and Destruction Sample Clauses

Condemnation and Destruction. A. If, prior to the Closing Date, all or any significant portion of the Property is taken by eminent domain or is the subject of a pending taking which has not been consummated (collectively, a "Taking"), Sellers shall notify Buyer of such fact and Buyer shall have the option to terminate this Agreement upon notice to Sellers given not later than ten (10) business days after receipt of Sellers's notice, time being of the essence. If this Agreement is terminated, as aforesaid, then the Deposit shall be returned to Buyer, and thereupon neither party shall have any further rights or obligations to the other hereunder except such obligations as survive termination of this Agreement. If Buyer elects not to terminate this Agreement as aforesaid, or if an "insignificant portion" (i.e., any Taking which does not materially interfere with access to the Property and does not serve to decrease in any material respect the size of any of the Buildings) of the Property is taken by eminent domain, there shall be no abatement of the Purchase Price, but Sellers shall assign and turn over at the Closing, and Buyer shall be entitled to receive and keep, all awards for such taking by eminent domain. B. If, prior to the Closing, a material part of any of the Buildings is destroyed or damaged by fire or other casualty ("material" being deemed to be any destruction greater than "immaterial", as defined below, or permitting Tenants paying Rents of more than ten percent (10%) of the aggregate Rents of the Property to terminate their leases), Sellers shall notify Buyer of such fact and Buyer shall have the option to terminate this Agreement upon notice to Sellers given not later than twenty (20) days after receipt of Sellers's notice. If this Agreement is terminated as aforesaid, then the Deposit shall be returned to Buyer, and thereupon neither party shall have any further rights or obligations to the other hereunder except such obligations as survive the termination of this Agreement. If Buyer elects not to terminate this Agreement as aforesaid, or if there is damage to or destruction of an "immaterial" part of any of the Buildings by fire or other casualty, then Sellers shall assign and turn over, and Buyer shall be entitled to receive and keep, all insurance proceeds paid or to be paid, and relating to the damage to the Property caused by such casualty (the "Proceeds"), which remain after payment or reimbursement is made for the work (if any) performed by Sellers in connection ...

Condemnation and Destruction. (a) If, prior to the Closing Date, the Property, or any material part of any Property, is taken by eminent domain (or is the subject of a pending or contemplated taking which has not been consummated), the Partnership shall notify Home Properties of such fact, and Home Properties shall have the option (which option shall be set forth in a notice from Home Properties to the Partnership given not later than fifteen (15) business days after receipt of the notice from the Partnership): (i) to terminate this Agreement, in which event, the Deposit shall be returned to Home Properties, and, thereafter, this Agreement shall be deemed to be null, void and of no further force or effect between the parties (other than with respect to the indemnities and agreements that expressly survive termination of this Agreement); or (ii) to accept the assignment of the Interests, without abatement of the Consideration, in which event the Partnership shall assign and turn over to Home Properties at the Closing, and Home Properties shall be entitled to receive and keep, the Partnership's Interests, if any, in all amounts awarded, or to be awarded, as the result of the taking. (b) If, prior to the Closing Date, all or any material part of any Property is damaged or destroyed by fire or other casualty, the Company shall notify Home Properties of such fact, and Home Properties shall have the option (which option shall be set forth in a notice from Home Properties to the Company given not later than fifteen (15) business days after receipt of the notice from the Company): (i) to terminate this Agreement, in which event, the Deposit shall be returned to Home Properties, and, thereafter, this Agreement shall be deemed to be null, void and of no further force or effect between the parties (other than with respect to the indemnities and agreements that expressly survive termination of this Agreement); or (ii) to accept the assignment of the Interests without abatement of the Consideration, in which event the Partnership shall assign to Home Properties, at the Closing, all of the right, title and interest of the Partnership, if any, in and to the insurance proceeds awarded or to be awarded to the Company as the result of such damage or destruction. (c) In the event there is damage to or destruction of an immaterial part of the Property by fire or other casualty, such damage or destruction shall, subject to receipt of insurance proceeds, be repaired promptly by the Company, and in the event...

Condemnation and Destruction. 15 17.1 Eminent Domain or Taking. . . . . . . . . . . . . . . . . . . . . . 15

Condemnation and Destruction. 15 17.1 EMINENT DOMAIN OR TAKING. . . . . . . . . . . . . . . . . . . . . . 15 17.2 DAMAGE OR DESTRUCTION . . . . . . . . . . . . . . . . . . . . . . . 16

Condemnation and Destruction. 1. If, prior to the Closing Date, all or any portion of the Premises is taken by eminent domain or condemnation (or is the subject of a pending or contemplated eminent domain or condemnation proceeding which has not been consummated), Sellers shall notify CSCP of such fact and CSCP shall have the option (which option shall be set forth in a notice from CSCP to Sellers given not later than thirty (30) days after receipt of Sellers' notice): (a) to (i) with respect to the Premises located in Mechanicsburg, Pennsylvania only, remove such Premises from the Premises being conveyed pursuant to this Agreement and receive a corresponding reduction in the Consideration, or (ii) terminate this Agreement by written notice delivered to Sellers (in which event the Title Company shall return the Required Deposit to CSCP and no party hereto shall have any further obligations in connection herewith except under those provisions that expressly survive a termination of this Agreement); or (b) to accept title to the Premises or the Interests in the RVG Entity that owns such Premises, as applicable, without any abatement of the Consideration. 2. In the event of the taking or pending or contemplated taking of all or any portion of the Premises, and CSCP elects to accept title to the Premises or the Interests in the RVG Entity that owns such Premises, (i) Sellers shall be entitled to any and all amounts awarded and received prior to Closing and (ii) with respect to amounts not received prior to Closing, Sellers shall assign over to CSCP at the Closing, and CSCP shall be entitled to keep, all amounts to be awarded to Sellers as the result of the taking. In either of such events, (a) Sellers shall not, prior to Closing, settle any action or claim with respect to any eminent domain or condemnation proceeding without CSCP's prior written consent (not to be unreasonably withheld) and (b) Sellers agree to cooperate with CSCP in good faith in connection with all eminent domain and condemnation proceedings including, without limitation, executing all documents and instruments necessary to allow CSCP, following the Closing, to settle all actions and claims and collect all sums in connection therewith. 3. If, prior to the Closing Date, all or any "material" portion of the Premises is damaged or destroyed or otherwise affected by a fire or other casualty, Sellers shall notify CSCP of such fact and CSCP shall have the option (which option shall be set forth in a written notice from CSCP to...

Condemnation and Destruction. If prior to the Closing or any earlier ---------------------------- termination of this transaction, any portion of the Property is taken or materially threatened to be taken under the power of eminent domain, or any portion of the Property is materially damaged or destroyed, then Seller shall so inform Buyer of the same within a reasonable time following the same becoming Known to Seller. If the Closing is scheduled to occur within 15 days after such notice, then the Closing shall be extended to the 20th day after such notice. Within 10 days after such notice from Seller, Buyer may deliver written notice to Seller of Buyer's election to proceed with this transaction nonetheless, in which case (i) neither party shall have the right to terminate this transaction pursuant to the following paragraph, and (ii) at Closing, Seller shall assign to Buyer any right which it shall have to recover under any insurance policy for such damage or destruction or any right to recover any award in condemnation or in lieu thereof by reason of such actual or threatened taking, as applicable. If Buyer does not timely deliver such notice of election, then at any time after the 10th and before the 18th day after Seller's notice, either party may terminate this transaction prior to Closing by written notice to the other and to Escrow Holder, in which case the Deposit and any interest earned thereon shall be returned to Buyer and the Termination Provisions shall apply.

Condemnation and Destruction. 48 9.2 Continuation. . . . . . . . . . . . . . . . . . . . . . . . . . 48 9.3 Destruction.. . . . . . . . . . . . . . . . . . . . . . . . . . 48

Condemnation and Destruction. A. If, prior to the Closing Date, all or any "Significant Portion" (as hereinafter defined) of all or any of the Real Property is taken, or rendered unusable for its current purpose or reasonably inaccessible by eminent domain (or is the subject of a pending or contemplated taking which has not been consummated), Seller shall notify Purchaser of such fact and Purchaser shall have the option to terminate this Agreement upon written notice to Seller delivered not later than five (5) days after receipt of Seller's notice. For purposes of this Article 15(A) and Article 15(B) hereof, a "Significant Portion" shall mean twenty-five percent (25%) or more in the aggregate of the area of any parcel of the Land when used in the context of a taking and $50,000 of damages to one or more Facilities when used in the context of a casualty. If this Agreement is terminated as aforesaid, neither party shall have any further rights or obligations hereunder except that Escrow Agent shall refund to Purchaser the Deposit. If Purchaser does not elect to terminate this Agreement, or if the portion of the Real Property which is taken or rendered unusable or reasonably inaccessible by eminent domain (or is the subject of a pending or contemplated taking which has not been consummated) is not a Significant Portion of the Real Property, Purchaser shall accept so much of the Real Property as remains after such taking with no abatement of the Purchase Price, and at the Closing, Seller shall assign and turn over to Purchaser, and Purchaser shall be entitled to receive and keep, all of Seller's interest in and to all awards for such taking by eminent domain.

Condemnation and Destruction. A. If, prior to the Closing Date, all or any “Significant Portion” (as hereinafter defined) of the Premises is taken, or rendered unusable for its current purpose or reasonably inaccessible by eminent domain (or is the subject of a pending or contemplated taking which has not been consummated), Seller shall notify Purchaser of such fact and Purchaser shall have the option to terminate this Agreement upon notice to Seller given not later than five (5) days after receipt of Seller’s notice. For purposes of this Section 18(A) and Section 18(B) hereof, a “Significant Portion” shall mean that the reasonable estimated cost to repair or restore such damage, or the amount of the condemnation award with respect to such taking shall exceed Ten Million Four Hundred Thousand and 00/100 Dollars ($10,400,000), or if the ingress or egress to the Premises is

Condemnation and Destruction. 24 11.1 Condemnation....................................... 24 11.2 Damage or Destruction of Improvements.............. 25 ARTICLE 12