Condemnation and Loss of Title Sample Clauses

Condemnation and Loss of Title. (a) In the case of a taking of all or any part of the Leased Property or any right therein under the exercise of the power of eminent domain or any loss of all or any part of the Leased Property because of loss of title thereto, or the commencement of any proceedings or negotiations which might result in such a taking or loss, the party upon whom notice of such taking is served or with whom such proceedings or negotiations are commenced or who learns of a loss of title shall give prompt notice to the other and to the Bondholder. Each such notice shall describe generally the nature and extent of such condemnation, taking, loss, proceedings or negotiations. All obligations of the County under this Lease Agreement (except obligations to pay Basic Rent when due) shall terminate as to the Leased Property or portion thereof as to which there is a loss of title or which is condemned or taken when such loss of title is finally adjudicated or when title thereto vests in the party condemning or taking the same, as the case may be (hereinafter referred to as the “Termination Date”). The County shall pay over to the Bondholder (and hereby irrevocably assigns, transfers and sets over to the Bondholder) all right, title and interest of the County in and to any Net Proceeds payable as to any such loss of title, condemnation or taking during the Lease Term. The Bondholder shall hold such Net Proceeds in accordance with the Bond Purchase Agreement for disbursement or use by the County in accordance with the option so elected:
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Condemnation and Loss of Title. If title to or the temporary use of all or any part of the Leased Property shall be taken under the exercise of the power of eminent domain or lost because of failure of title, and the Local Government shall not have exercised its option, if such option is available, to redeem its obligations under this Agreement pursuant to Section 6.2, the Local Government shall cause the net proceeds from any such condemnation award or from title insurance to be applied to the restoration of the Leased Property to substantially its condition before the exercise of such power of eminent domain or failure of title. If such net proceeds are not sufficient to pay in full the cost of such restoration, the Local Government shall pay so much of the cost as may be in excess of such net proceeds.
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Condemnation and Loss of Title. Unless Payment of the Bonds has occurred or the Borrower has provided for the redemption of all of the Bonds pursuant to an optional redemption in accordance with Section 405(b) of the Indenture, if title to, or the temporary use of, all or any part of the Facility shall be taken under the power of eminent domain or lost because of failure of title, then the Borrower shall cause the Net Proceeds from any such condemnation award or from title insurance to be paid over to the Trustee to be held by it in a sub-account of the Bond Fund to be created for such purpose and applied to the restoration of the Facility to substantially its condition before the exercise of such power of eminent domain or failure of title but only upon delivery to the Trustee and the Letter of Credit Issuer of a certificate or certificates from the Borrower to contain such information as the Trustee and the Letter of Credit Issuer may reasonably require. Any balance of Net Proceeds remaining after payment of the cost of such restoration shall be deposited in a separate segregated sub-account in the Bond Fund, invested in accordance with Section 801 of the Indenture and used by the Trustee to redeem Bonds in accordance with Section 405(b) of the Indenture. The Borrower hereby agrees that it will direct the optional redemption required by the preceding sentence.
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Condemnation and Loss of Title. Unless the Company terminates this Loan Agreement and prepays the Note pursuant to Article IX, and subject to the terms and conditions of the Reimbursement Agreement, if before the Completion Date title to or the temporary use of all or any part of the Project shall be taken under the exercise of the power of eminent domain, the Company shall be obligated to continue to make the payments required under the Note. The Company shall cause the Net Proceeds from any such condemnation award to be applied to the restoration of the Project affected by the taking to substantially its same condition as prior to the exercise of such power of eminent domain with such repairs and replacements as the Company may determine and as will not impair the capacity or character of the Project for the purpose for which it is then being used or is intended to be used.
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Condemnation and Loss of Title. If title to or the temporary use of all or any part of the Airport shall be taken under the exercise of the power of eminent domain or lost because of failure of title, and the Borrower shall not have exercised its option to prepay in full the Local Bond pursuant to Article VII, the Borrower shall cause the Net Proceeds from any such condemnation award or from title insurance to be applied to the restoration of the Airport to substantially its condition before the exercise of such power of eminent domain or failure of title. If such Net Proceeds are not sufficient to pay in full the cost of such restoration, the Borrower shall pay so much of the cost as may be in excess of such Net Proceeds. Any balance of such Net Proceeds remaining after payment of the cost of such restoration shall promptly be applied to the prepayment of the Local Bond pursuant to Article VII or any other lawful purpose.
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Condemnation and Loss of Title. Unless the Lessee terminates this Agreement and prepays the Basic Rent pursuant to Article IX, and subject to the terms and conditions of the Credit Agreement, if before the Completion Date title to or the temporary use of all or any part of the Project shall be taken under the exercise of the power of domain (or sold under threat of condemnation), the Lessee shall be obligated to continue to make the Basic Rent payments required hereby. The Lessee shall cause the Net Proceeds from any such condemnation award to be applied to the restoration of the Project affected by the taking to substantially its same condition as prior to the exercise of such power of eminent domain with such repairs and replacements as the Lessee may determine and as will not impair the capacity or character of the Project for the purpose for which it is then being used or is intended to be used. Condemnation proceeds to be used for such purpose shall be paid to the Trustee and held in the Project Fund pending disbursement. If the condemnation proceeds exceed the cost of such repair, rebuilding, restoration or replacement, the excess shall be transferred to the Bond Fund and used to retire or defease the Bonds.
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Condemnation and Loss of Title. If title to or the temporary use of all or any part of the Related Financed Property or the System, or both, shall be taken under the exercise of the power of eminent domain or lost because of failure of title, and the Local Government shall not have exercised its option, if such option is available, to redeem the outstanding Local Bond pursuant to Section 6.2, the Local Government shall cause the net proceeds from any such condemnation award or from title insurance to be applied to the restoration of the Related Financed Property or the System, or both, to substantially its condition before the exercise of such power of eminent domain or failure of title. If such net proceeds are not sufficient to pay in full the cost of such restoration, the Local Government shall pay so much of the cost as may be in excess of such net proceeds.
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Related to Condemnation and Loss of Title

  • Condemnation and Casualty If, prior to the Closing Date, all or any portion of the Property is taken by condemnation or eminent domain, or is the subject of a pending taking which has not been consummated, or is destroyed or damaged by fire or other casualty, Seller shall notify Purchaser of such fact promptly after Seller obtains knowledge thereof. If such condemnation or casualty is "Material" (defined below), Purchaser shall have the option to terminate this Agreement upon notice to Seller given not later than fifteen (15) days after receipt of Seller's notice, or the date of the Closing, whichever is earlier. If this Agreement is terminated, the Deposit shall be returned to Purchaser and thereafter neither Seller nor Purchaser shall have any further rights or obligations to the other hereunder except as otherwise provided in this Agreement. If this Agreement is not terminated, Seller shall not be obligated to repair any damage or destruction but: (x) Seller shall assign, without recourse, and turn over to Purchaser all of the insurance proceeds or condemnation proceeds, as applicable, net of any costs of repairs and net of reasonable collection costs (or, if such have not been awarded, all of its right, title and interest therein) payable with respect to such fire or other casualty or condemnation including any rent abatement insurance for such casualty or condemnation; and (y) the parties shall proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price.

  • Condemnation/Eminent Domain In the event the whole of the Premises, and/or such part thereof as shall substantially interfere with Tenant’s use and occupation thereof, shall be taken for any public or quasi-public purpose by any lawful power or authority by exercise of the right of appropriation, condemnation or eminent domain, or is sold in lieu of or to prevent such taking, then Landlord and Tenant shall each have the right to terminate this Lease (by written notice to the other given no later than 10 days after Landlord notifies Tenant of such taking) effective as of the date possession is required to be surrendered to said authority. In the event any access points to adjoining streets, shall be taken for any public or quasi-public purpose by any lawful power or authority by exercise of the right of appropriation, condemnation or eminent domain, or is sold in lieu of or to prevent such taking, and such taking shall substantially interfere with Tenant’s use of the Premises, then Landlord or Tenant shall each have the right to terminate this Lease effective as of the date possession is required to be surrendered to said authority. Except as provided below, Tenant shall not assert any claim against Landlord or the taking authority for any compensation because of such taking, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenant in the Premises. Nothing contained in this Article 12 shall be deemed to give Landlord any interest in any separate award made to Tenant for the taking of personal property and fixtures belonging to Tenant or for Tenant’s moving expenses. In the event the amount of property or the type of estate taken shall not substantially interfere with the conduct of Tenant’s business, Landlord shall be entitled to the entire amount of the award without deduction for any estate or interest of Tenant, Landlord shall promptly proceed to restore the Building to substantially their same condition prior to such partial taking less the portion thereof lost in such condemnation (but in no event shall Landlord be obligated to incur costs in such restoration in excess of the amount of the award paid to Landlord, after deducting Landlord’s reasonable costs in connection therewith), and the Base Rent shall be proportionately reduced by the time during which, and the portion of the Premises which, Tenant shall have been deprived of possession on account of said taking and restoration.

  • Damage Destruction and Condemnation In the event that at any time during the Term the whole or part of the Facility shall be damaged or destroyed, or taken or condemned by a competent authority for any public use or purpose, or by agreement to which the Lessee and those authorized to exercise such right are parties, or if the temporary use of the Facility shall be so taken by condemnation or agreement (a “Loss Event”):

  • Casualty Neither the businesses nor the properties of any Loan Party or any of its Subsidiaries are affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance) that, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

  • Casualty Loss If in Owner’s reasonable judgment the premises or the Property is materially damaged by fire or other casualty, Owner may terminate this Agreement within a reasonable time after such determination, by written notice to Resident, in which case Owner will refund prorated, pre-paid rent and all deposits less lawful deductions unless Resident and/or Resident’s guest(s) caused the casualty, in which case all funds on account will be applied to all applicable charges related to the damages and Resident will be responsible for the balance of all charges for repairs. If following a fire or other casualty Owner has not elected to terminate this Agreement, Owner will rebuild the damaged areas within a reasonable time, and during such reconstruction, Resident will be provided a reasonable rent reduction for the unusable portion of the premises unless Resident and/or Resident’s guest(s) caused the casualty.

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