Condemnation and Risk of Loss. The risk of condemnation of all or any portion of the Property or loss or damage to the Property by fire or other casualty shall be borne by Seller until recordation of the Deed. In the event of (i) the threatened or actual commencement of eminent domain proceedings or actual condemnation or taking of all or any part of the Property, or (ii) damage to the Property by fire or other casualty, act of God or any other event on or prior to the Closing Date, which would cost in excess of One Hundred Fifty Thousand Dollars ($150,000) to repair, Purchaser, at its sole option exercisable within thirty (30) days following receipt of written notice of the event giving rise to the exercise of such option, shall have the right to terminate this Agreement, in which event the Deposit shall be returned to Purchaser, and neither party shall have any further obligations or liabilities to the other, subject to the obligations of the Purchaser under Section 4.1 herein. Purchaser understands and agrees that if it does not exercise its termination option in the event of condemnation or casualty as described above, the terms and conditions of the documents governing the Existing Indebtedness will control the use of any insurance proceeds and the settlement of any insurance claims related thereto, and that Purchaser will have no rights with respect to such proceeds or claims. In the event of casualty, the repair of which would cost less than One Hundred Fifty Thousand Dollars ($150,000), Seller shall assign all insurance proceeds to Purchaser at Closing and Purchaser shall receive a credit at Closing for the amount of any deductible under Seller’s insurance. The provisions of this Article 10 shall expressly survive Closing and delivery of the Deed for the Property.
Condemnation and Risk of Loss. The risk of condemnation of all or any portion of the Property or loss or damage to the Property by fire or other casualty shall be borne by Seller until recordation of the Deed. In the event of (a) the threatened or actual commencement of eminent domain proceedings or actual condemnation or taking of all or any material part of the Property, or (b) damage to the Property by fire or other casualty, act of God or any other event on or prior to the Closing Date, which would cost in excess of $250,000 to repair, Purchaser, at its sole option exercisable within thirty (30) days following receipt of written notice of the event giving rise to the exercise of such option, shall have the right to terminate this Agreement, in which event the Deposit shall be returned to Purchaser, and neither party shall have any further obligations or liabilities to the other, subject to the obligations of the Purchaser under Section 4.1 herein. Purchaser understands and agrees that if it does not exercise its termination option in the event of condemnation or casualty as described above, the terms and conditions of the documents governing the Existing Indebtedness will control the use of any insurance proceeds and the settlement of any insurance claims related thereto, and that Purchaser will have no rights with respect to such proceeds or claims. The provisions of the Paragraph 10 shall expressly survive Closing and delivery of the Deed for the Property.
Condemnation and Risk of Loss. 11.01 In the event that prior to a Closing, all or one any portion of the Property or any rights or easements therein shall be taken by condemnation or rights of eminent domain or like process, or shall be threatened therewith, and the same, in Purchaser’s reasonable opinion, would have a materially adverse impact upon Purchaser’s proposed development of the Property, Purchaser shall, within seven (7) calendar days after having received notice thereof from Seller (which notice Seller agrees to provide to Purchaser after receipt by Seller of any notice of condemnation, eminent domain or like process), elect in a writing delivered to Seller to either: (a) continue this Contract in full force and effect, notwithstanding such taking or threatened taking, in which case Purchaser shall be required to continue the purchase of the Property for the Purchase Price and at the applicable Closing, Seller shall assign to Purchaser all of Seller’s right, title and interest in and to any condemnation awards attributable to the applicable Property; or (b) terminate this Contract and obtain a full refund of the Exxxxxx Money deposit. Failure of Purchaser to make a written election as aforesaid shall constitute an election of alternative (a) above.
Condemnation and Risk of Loss
