Common use of Condemnation and Insurance Clause in Contracts

Condemnation and Insurance. (A) If, prior to the Closing Date, any portion of the Property (i) is destroyed or damaged and the cost to rebuild or repair the Property exceeds Five Percent (5%) of the Purchase Price hereunder, as reasonably estimated by a contractor retained by Buyer and reasonable acceptable to Seller, or (ii) becomes the subject of any condemnation or eminent domain proceedings, which reduces the value of the Property by more than Five Percent (5%) of the Purchase Price, as reasonably estimated by an appraiser retained by Buyer and reasonably acceptable to Seller, then Seller shall promptly notify Buyer of the same and Buyer may elect to (i) terminate this Agreement, in which event Escrow Agent shall return the Deposit and any accrued interest thereon to Buyer and neither Seller nor Buyer will thereafter have any further obligations under this Agreement other than those obligations that expressly survive the termination of this Agreement, or (ii) consummate this transaction with no reduction in the Purchase Price, in which event Seller will deliver to Buyer at the Closing a duly executed assignment of Seller's interest in any award made or to be made in connection with such condemnation or eminent domain proceedings or a duly executed assignment of Seller's claim in any insurance proceeds made or to be made in connection with such damage or destruction. Except as set forth above, risk of loss to the Property from fire or other casualty or condemnation shall be borne by Seller until the Closing.

Condemnation and Insurance. (Aa) If, prior to between the expiration of the Inspection Period and the Closing Date, any portion of the Property (i) is destroyed or damaged and the cost to rebuild or repair the Property exceeds Five Percent (5%) of the Purchase Price hereunder, as reasonably estimated by a contractor retained by Buyer and reasonable acceptable to Seller, or (ii) becomes the subject of any condemnation or eminent domain proceedings, which reduces the value of the Property by more than Five Percent (5%) of the Purchase Price, as reasonably estimated by an appraiser retained by Buyer and reasonably acceptable to Seller, then Seller shall promptly notify Buyer of the same and Buyer may elect to (i) terminate this Agreement, in which event Escrow Agent shall return the Deposit and any accrued interest thereon to Buyer and neither Seller nor Buyer will thereafter have any further obligations under this Agreement other than those obligations that expressly survive the termination of this Agreement, or (ii) consummate this transaction with no reduction in the Purchase Price, in which event Seller will deliver to Buyer at the Closing a duly executed assignment of Seller's interest in any award made or to be made in connection with such condemnation or eminent domain proceedings or a duly executed assignment of Seller's claim in any insurance proceeds made or to be made in connection with such damage or destruction. Except as set forth above, risk of loss to the Property from fire or other casualty or condemnation shall be borne by Seller until the Closing.

Condemnation and Insurance. (Aa) If, prior to the Closing Date, any portion of the a Property (i) is destroyed or damaged and the cost to rebuild or repair the Property exceeds Five Percent (5%) of the Purchase Price allocated to such Property hereunder, as reasonably estimated by a contractor retained by Buyer Buyers and reasonable reasonably acceptable to SellerSellers, or (ii) becomes the subject of any condemnation or eminent domain proceedings, which reduces the value of the Property by more than Five Percent (5%) of the Purchase PricePrice allocated to such Property hereunder, as reasonably estimated by an appraiser retained by Buyer Buyers and reasonably acceptable to SellerSellers, then Seller Sellers shall promptly notify Buyer Buyers of the same and Buyer may Sellers shall elect to to: (i1) terminate exclude the applicable Properties from this Agreement, transaction (and adjust the Purchase Price in which event Escrow Agent accordance with the purchase price allocations set forth SCHEDULE "A-1"or as otherwise agreed by the Parties) and the Parties shall return the Deposit and any accrued interest thereon to Buyer and neither Seller nor Buyer will thereafter have any be released from all further obligations under this Agreement other than with respect to such excluded Properties, except those obligations that expressly specifically provided herein to survive the termination of this Agreement; without terminating or otherwise affecting the enforceability of this Agreement as to any of the other Properties or the enforceability of any Affiliate Contracts, unless Sellers, in their sole discretion, otherwise elect to terminate this Agreement as to all of the Properties and terminate the Affiliate Contracts as a result of termination of this Agreement, or (ii2) retain the applicable Properties as part of this transaction and consummate this transaction with no reduction in the Purchase Price, in which event Seller Sellers will deliver to Buyer Buyers at the Closing a duly executed assignment of Seller's Sellers' interest in any award made or to be made in connection with such condemnation or eminent domain proceedings or a duly executed assignment of Seller's Sellers' claim in any insurance proceeds (including, without limitation, any business income insurance proceeds for the period following the Closing) made or to be made in connection with such damage or destruction. Except as set forth above, risk of loss to the Property Properties from fire or other casualty or condemnation shall be borne by Seller Sellers until the Closing.

Condemnation and Insurance. (Aa) If, prior to the Closing Date, any portion of the a Property (i) is destroyed or damaged and the cost to rebuild or repair the Property exceeds Five Percent (5%) of the Purchase Price allocated to such Property hereunder, as reasonably estimated by a contractor retained by Buyer Buyers and reasonable reasonably acceptable to SellerSellers, or (ii) becomes the subject of any condemnation or eminent domain proceedings, which reduces the value of the Property by more than Five Percent (5%) of the Purchase PricePrice allocated to such Property hereunder, as reasonably estimated by an appraiser retained by Buyer Buyers and reasonably acceptable to SellerSellers, then Seller Sellers shall promptly notify Buyer Buyers of the same and Buyer may Sellers shall elect to to: (i1) terminate exclude the applicable Equity Interests from this Agreement, transaction (and adjust the Purchase Price in which event Escrow Agent accordance with the purchase price allocations set forth SCHEDULE "A-1"or as otherwise agreed by the Parties) and the Parties shall return the Deposit and any accrued interest thereon to Buyer and neither Seller nor Buyer will thereafter have any be released from all further obligations under this Agreement other than with respect to such excluded Equity Interests, except those obligations that expressly specifically provided herein to survive the termination of this Agreement; without terminating or otherwise affecting the enforceability of this Agreement as to any of the other Equity Interests or the enforceability of any Affiliate Contracts, unless Sellers, in their sole discretion, otherwise elect to terminate this Agreement as to all of the Equity Interests and terminate the Affiliate Contracts as a result of termination of this Agreement, or (ii2) retain the applicable Equity Interests as part of this transaction and consummate this transaction with no reduction in the Purchase Price, in which event Seller Sellers will deliver to Buyer Buyers at the Closing a duly executed assignment of Seller's Sellers' interest in any award made or to be made in connection with such condemnation or eminent domain proceedings or a duly executed assignment of Seller's Sellers' claim in any insurance proceeds (including, without limitation, any business income insurance proceeds for the period following the Closing) made or to be made in connection with such damage or destruction. Except as set forth above, risk of loss to the Property Properties from fire or other casualty or condemnation shall be borne by Seller Sellers until the Closing.