Common use of Condemnation and Eminent Domain Clause in Contracts

Condemnation and Eminent Domain. If, prior to the Closing Date, the Project shall be subjected to a Taking, either total or partial, or if any notice of intent of Taking or sale in lieu of Taking that materially affects the Project is received by Seller or Purchaser, Purchaser shall have the right to either: (a) proceed with Closing, in which event Purchaser shall be entitled to participate in any such condemnation or eminent domain proceedings and, after payment to Seller of the cash portion of the Purchase Price payable on the Closing Date, to receive all of the proceeds of such Taking, or (b) terminate this Agreement by giving written notice of termination to Seller, in which event the Deposit shall be returned to Purchaser, Seller and Purchaser shall each pay 50% of the Shared Closing Costs, and Purchaser and Seller shall have no further rights or obligations under this Agreement, except those rights and obligations specifically set forth herein as surviving such termination. Seller and Purchaser each agree to promptly forward to the other any notice of intent received pertaining to a Taking of all or a portion of the Project.

Condemnation and Eminent Domain. If, prior to the Closing Date, the Project shall be subjected to a Taking, either total or partial, or if any notice of intent of Taking or sale in lieu of Taking that materially affects the Project is received by Seller or Purchaser, Purchaser shall have the right to either: (a) proceed with Closing, in which event Purchaser shall be entitled to participate in any such condemnation or eminent domain proceedings and, after payment to Seller of the cash portion of the Purchase Price payable on the Closing Date, to receive all of the proceeds of such Taking, or (b) terminate this Agreement by giving written notice of termination to Seller, in which event the Deposit shall be returned to Purchaser, the Lump Sum Payment shall be retained and deemed earned by Seller, Seller and Purchaser shall each pay 50% of the Shared Closing Costs, and Purchaser and Seller shall have no further rights or obligations under this Agreement, except those rights and obligations specifically set forth herein as surviving such termination. Seller and Purchaser each agree to promptly forward to the other any notice of intent received pertaining to a Taking of all or a portion of the Project.