Condemnation; Casualty. Seller shall promptly notify Buyer in writing of any casualty or any condemnation proceeding commenced with respect to the Property prior to the Close of Escrow. If any such damage or proceeding relates to or may result in the loss of any material portion of the Property, then Buyer may elect, by notice to Seller within fifteen (15) days after receipt of Seller’s notice, to terminate this Agreement, in which event the Exxxxxx Money shall be immediately returned to Buyer and thereafter neither party shall have any further rights or obligations hereunder. If Buyer does not terminate this Agreement, or in the event of any casualty or condemnation that does not result in a loss of a material portion of the Property, then Buyer shall close Escrow and shall accept such Property in its then condition and, upon the Close of Escrow: (a) for a casualty loss, Buyer shall receive a credit against the Purchase Price in the amount of Seller’s deductible under its casualty insurance policy and Seller shall assign to Buyer all insurance proceeds payable to Seller for property damage from Seller’s insurer or Tenant’s insurer, if applicable, resulting from such casualty; and/or (b) for a condemnation, Seller shall assign to Buyer any compensation, awards, or other payments or relief Seller has received or is entitled to receive resulting from such condemnation proceeding. For purposes of this Agreement, a “material portion of the Property” shall mean damage or loss the cost of which to repair exceeds One Hundred Fifty Thousand Dollars ($150,000.00) or a condemnation involving five percent (5%) percent or more of the Property, provided, however, that if a casualty loss occurring as a result of Tenant’s removal of any equipment pursuant to Section 7(b)(ii) above, Buyer shall not have the right to terminate this Agreement (provided, however, that the provisions of clause (a) of the preceding sentence of this paragraph shall nevertheless apply to any such casualty loss).
Condemnation; Casualty. To the Borrower’s knowledge, no Taking has been commenced or is presently contemplated with respect to all or any portion of any Project or for the relocation of roadways providing access to any Project. No Casualty Event of any material nature that has not been substantially repaired has occurred with respect to any Project.
Condemnation; Casualty. No Condemnation shall be pending or threatened with respect to any Property and no casualty shall have occurred with respect to any Property or any portion thereof.
Condemnation; Casualty. If, prior to Closing, any governmental agency or other entity having condemnation authority shall institute an eminent domain proceeding or give any notice of intent to institute such proceeding with regard to any portion of the Seller's Premises, or the Seller’s Premises are damaged by a casualty, and by reason thereof the Subject Floor Area Development Rights are reduced, impaired, or no longer available, then this Agreement shall remain in full force and effect; provided, however, Purchaser shall have the right, exercisable within thirty (30) days after receipt of notice to or from Seller of such taking or casualty, to terminate this Agreement, in which event the Deposit shall be returned to Purchaser promptly. Upon such termination of this Agreement and return of the Deposit to Purchaser, the parties shall have no further obligation or liabilities to each other (other than those that are expressly stated to survive this Agreement). Notwithstanding the foregoing, in the event that Purchaser does not terminate this Agreement, and such taking by condemnation or eminent domain, or casualty, has resulted in a reduction of the Development Rights appurtenant to the Seller Parcel so that the amount of the Subject Floor Area Development Rights has been thereby reduced, Purchaser shall be entitled to all the remaining Subject Floor Area Development Rights and the Purchase Price shall be reduced on a pro-rata basis. This Section 12 shall be in lieu of the provisions contained in Section 5-1311 of the New York General Obligations Law.
Condemnation; Casualty. There are no condemnation proceedings or the like pending or, to the Borrower’s best knowledge, threatened in writing against the Property or any portion thereof nor has there occurred any casualty at the Property.
Condemnation; Casualty. (a) If all or any material portion of the Property, or any material portion of any land on which off-site access, parking, utility service or stormwater detention is located (and which is required for the use and development of the Property) is taken or condemned by any entity with the power of eminent domain prior to the date of the Closing or if Purchaser receives notice of a proposed taking prior to the date of the Closing, then Purchaser will have the option of either (i) terminating this Agreement by giving written notice to Seller, in which event all Xxxxxxx Money will be immediately refunded to Purchaser and this Agreement and all rights and obligations created under this Agreement will be of no further force or effect, except as expressly provided to the contrary, or (ii) requiring Seller to convey the remaining portion of the Property to Purchaser pursuant to the terms and provisions of this Agreement and to transfer and assign to Purchaser at the Closing all of Seller’s right, title and interest in and to any award made or to be made for the Property. Seller and Purchaser agree that Purchaser will have the right to participate in all negotiations relating to the Property or to the compensation to be paid for any portion or portions of the Property to be condemned.
Condemnation; Casualty. Prior to Closing, Purchaser shall have the right to terminate this Agreement if the Property is materially damaged by fire, flood or if the Property is destroyed without fault of Purchaser or any part of the Property is taken or is threatened to be taken by eminent domain. Purchaser shall give written notice of Purchaser’s election to terminate this Agreement within ten (10) business days after Purchaser receives written notice from Seller or otherwise of any such damage or threatened condemnation. In the event of such a termination by Purchaser, the Title Company or Seller shall immediately refund to Purchaser the Deposit, and any interest accrued thereon, and the rights and obligations of the Parties shall terminate.
Condemnation; Casualty. During the Option Term, notwithstanding any provision of this Agreement to the contrary, if (A) there is damage to or destruction of all or any portion of the Tropicana Hotel/Casino (a "Casualty"), or (B) there is a taking of all or any portion of the Tropicana Hotel/Casino through the power of eminent domain (a "Taking"), then, in either or both of such events, this Agreement shall remain in full force and effect; the Xxxxx Group shall, however, at Closing pay, transfer, convey and assign to Purchaser (x) any and all insurance proceeds resulting from a Casualty theretofore received by the Xxxxx Group together with any and all rights of the Xxxxx Group to receive same, and (y) any and all condemnation awards resulting from a Taking theretofore received by the Xxxxx Group together with any and all rights of the Xxxxx Group to receive same, excepting, however, any and all condemnation awards resulting from the widening of Reno Road, which awards shall be shared equally between Purchaser and the Xxxxx Group if received by the Partnership prior to the Closing Date.
Condemnation; Casualty. (a) In the event of damage by fire or other casualty to the Premises that cannot reasonably be expected to be repaired within forty-five (45) days following same or, if the Lessee’s right of access to the Premises is damaged by fire or other casualty so that such damage may reasonably be expected to disrupt Xxxxxx's operations at the Premises for more than forty-five (45) days, then Lessee may at any time following such fire or other casualty, provided Lessor has not completed the restoration or alternative means of access required to permit Lessee to resume its operation at the Premises, terminate this Lease upon fifteen (15) days written notice to Lessor. Any such notice of termination shall cause this Lease to expire with the same force and effect as though the date set forth in such notice were the date originally set as the expiration date of this Lease and the parties shall make an appropriate adjustment, as of such termination date, with respect to payments due to the other under this Lease. Notwithstanding the foregoing, provided that the casualty was not caused by the acts or omissions of Lessee, all Rent shall xxxxx during the period following such fire or other casualty in proportion to the degree to which Xxxxxx's use of the Premises is impaired, until the time repairs are complete and Lessee is able to use the Premises in accordance with its intended purposes.
Condemnation; Casualty. 5.1Taking. If prior to the Closing Date, a material portion of the Land or the Improvements are taken by eminent domain or is under notice of an eminent domain proceeding such that the Land or the Improvements would not be usable for its current use (a “Taking”), Seller shall immediately notify Buyer in writing. If a Taking is reasonably estimated by Seller to require expenditure of more than FIVE HUNDRED THOUSAND and 00/100 Dollars ($500,000.00) to restore the Improvements or reconfigure portions of the Land, or is of such character as would entitle the Tenant to terminate its Lease on account of such Taking (a “Material Taking”), Buyer may elect to either terminate this Agreement or to proceed to Closing by written notice to Seller within five (5) Business Days following receipt of Seller’s notice. If Buyer elects to terminate this Agreement, the Xxxxxxx Money shall be returned to Buyer. If there is a Material Taking and Buyer elects to proceed to Closing, or if there is a Taking that is not a Material Taking, then at Closing Seller shall assign to Buyer all of Seller’s rights to any proceeds or award for such taking. Seller agrees not to negotiate, compromise or agree to any settlement of any award or damages arising out of any condemnation of the Property without Buyer’s consent, which consent shall not be unreasonably withheld or delayed.
