Common use of Condemnation and Eminent Domain Clause in Contracts

Condemnation and Eminent Domain. In the event that condemnation or eminent domain proceedings are commenced or Purchaser has reasonable cause to believe that such proceedings hereafter may be commenced, then Purchaser may elect to terminate this Agreement by giving written notice to Seller after Purchaser acquires such information, whereupon Purchaser shall receive all Exxxxxx Money and consideration paid by Purchaser under this Agreement, and the parties hereto shall have no further obligations hereunder. In the event of an actual taking in condemnation, eminent domain, or a conveyance in lieu thereof prior to Closing, then Purchaser, at its option, may (i) proceed to Closing, in which event the Purchase Price shall be reduced by the amount of the condemnation eminent domain award, or the sales price paid to Seller for the condemned property, in the event of a conveyance in lieu of condemnation, if such amounts are paid prior to Closing, or (ii) terminate this Agreement whereupon the Exxxxxx Money or consideration paid by Purchaser shall be returned to Purchaser and the parties hereto shall have no further obligations hereunder. Seller shall not convey any portion of the Property and shall not agree to any condemnation or eminent domain settlement without Purchaser’s prior written consent, and any condemnation or eminent domain award not paid prior to Closing shall be assigned to Purchaser at Closing.

Condemnation and Eminent Domain. In the event that condemnation or eminent domain proceedings are commenced or Purchaser has reasonable cause to believe that such proceedings hereafter may be commenced, then Purchaser may elect to terminate this Agreement by giving written notice to Seller after Purchaser acquires such information, whereupon Purchaser shall receive all Exxxxxx Money and consideration paid by Purchaser under this Agreement, and the parties hereto shall have no further obligations hereunder. In the event of an actual taking in condemnation, eminent domain, or a conveyance in lieu thereof prior to Closing, Closing then Purchaser, at its option, option may (i) proceed to Closing, in which event the Purchase Price shall be reduced by the amount of the condemnation condemnation. eminent domain award, or the sales price paid to Seller for the condemned property, in the event of a conveyance in lieu of condemnation, if such amounts are paid prior to Closing, or (ii) terminate this Agreement whereupon the Exxxxxx Money or consideration paid by Purchaser shall be returned to Purchaser and the parties hereto shall have no further obligations hereunder. Seller shall not convey any portion of the Property and shall not agree to any condemnation or eminent domain settlement without Purchaser’s prior written consent, and any condemnation or eminent domain award not paid prior to Closing shall be assigned to Purchaser at Closing.

Condemnation and Eminent Domain. In the event that condemnation or eminent domain proceedings are commenced or Purchaser has reasonable cause to believe that such proceedings hereafter may be commenced, then Purchaser may elect to terminate this Agreement by giving written notice to Seller after Purchaser acquires such information, whereupon Purchaser shall receive all Exxxxxx Xxxxxxx Money and consideration paid by Purchaser under this Agreement, and the parties hereto shall have no further obligations hereunder. In the event of an actual taking in condemnation, eminent domain, or a conveyance in lieu thereof prior to Closing, Closing then Purchaser, at its option, option may (i) proceed to Closing, in which event the Purchase Price shall be reduced by the amount of the condemnation condemnation. eminent domain award, or the sales price paid to Seller for the condemned property, in the event of a conveyance in lieu of condemnation, if such amounts are paid prior to Closing, or (ii) terminate this Agreement whereupon the Exxxxxx Xxxxxxx Money or consideration paid by Purchaser shall be returned to Purchaser and the parties hereto shall have no further obligations hereunder. Seller shall not convey any portion of the Property and shall not agree to any condemnation or eminent domain settlement without Purchaser’s prior written consent, and any condemnation or eminent domain award not paid prior to Closing shall be assigned to Purchaser at Closing.

Condemnation and Eminent Domain. In the event that condemnation or eminent domain proceedings are commenced or Purchaser has reasonable cause to believe that such proceedings hereafter may be commenced, then Purchaser may elect to terminate this Agreement by giving written notice to Seller after Purchaser acquires such information, whereupon Purchaser shall receive all Exxxxxx Xxxxxxx Money and consideration paid by Purchaser under this Agreement, and the parties hereto shall have no further obligations hereunder. In the event of an actual taking in condemnation, eminent domain, or a conveyance in lieu thereof prior to Closing, then Purchaser, at its option, may (i) proceed to Closing, in which event the Purchase Price shall be reduced by the amount of the condemnation eminent domain award, or the sales price paid to Seller for the condemned property, in the event of a conveyance in lieu of condemnation, if such amounts are paid prior to Closing, or (ii) terminate this Agreement whereupon the Exxxxxx Xxxxxxx Money or consideration paid by Purchaser shall be returned to Purchaser and the parties hereto shall have no further obligations hereunder. Seller shall not convey any portion of the Property and shall not agree to any condemnation or eminent domain settlement without Purchaser’s prior written consent, and any condemnation or eminent domain award not paid prior to Closing shall be assigned to Purchaser at Closing.