Common use of Condemnation of Property Clause in Contracts

Condemnation of Property. In the event of any actual or threatened condemnation of all or any Significant Portion of the Real Property and Improvements prior to the Closing, Purchaser shall have the option to terminate this Agreement by serving written notice to Seller within thirty (30) days after receipt of notice of such condemnation. If this Agreement is terminated by Purchaser pursuant to this Section 11.2, the Xxxxxxx Money Deposit and all interest accrued thereon will be returned to Purchaser and thereafter neither Seller nor Purchaser will have any further rights or obligations to the other hereunder or with respect to the Section 2.2(b) Transactions except with respect to the Termination Surviving Obligations. If Purchaser elects not to terminate this Agreement in accordance with this Section 11.2, Seller will assign to Purchaser any and all claims for the proceeds of such condemnation or sale to the extent the same are applicable to the Property, and Purchaser will take title to the Property with the assignment of such proceeds and subject to such condemnation and without reduction of the Purchase Price. Notwithstanding anything to the contrary herein, if any eminent domain or condemnation proceeding is instituted (or notice of same is given) solely for the taking of any subsurface rights for utility easements or for any right-of-way easement, and the surface may, after such taking, be used in substantially the same manner as though such rights have not been taken, Purchaser will not be entitled to terminate this Agreement as to any part of the Property, but any award resulting therefrom will be assigned to Purchaser at Closing and will be the exclusive property of Purchaser upon Closing.

Condemnation of Property. In the event of any actual condemnation or threatened sale in lieu of condemnation of all or any Significant Portion portion of the Real Property and Improvements prior to the Closing, Purchaser shall have the option right to terminate this Agreement by serving written notice to Seller within thirty (30) days after receipt of notice of such condemnation. If this Agreement is and, if so terminated by Purchaser pursuant to this Section 11.2Purchaser, the Xxxxxxx Money Deposit and all interest accrued thereon will be returned to Purchaser and thereafter neither Seller nor Purchaser will party shall have any further rights or obligations to the other hereunder or with respect to the Section 2.2(b) Transactions except with respect to for the Termination Surviving Obligations. If In the event that Purchaser elects does not to terminate this Agreement in accordance with this Section 11.2pursuant to the preceding sentence, then, at Closing, Seller will assign to Purchaser any and all claims for the proceeds of such condemnation or sale to the extent the same are applicable to the Property, and Purchaser will take title to the Property together with the assignment of such proceeds and subject to such condemnation and without reduction of the Purchase Price. Should Purchaser elect to terminate Purchaser’s obligations under this Agreement under the provisions of this Section 11.2, then neither Seller nor Purchaser shall have any further obligation under this Agreement, except for the Termination Surviving Obligations. Notwithstanding anything to the contrary herein, if any eminent domain or condemnation proceeding is instituted (or notice of same is given) solely for the taking of any subsurface rights for utility easements or for any right-of-way easement, and the surface may, after such taking, be used in substantially the same manner as though such rights have not been taken, Purchaser will shall not be entitled to terminate this Agreement as to any part of the Property, but Seller shall assign any award resulting therefrom will be assigned to Purchaser at Closing and will such award shall be the exclusive property of Purchaser upon Closing.

Condemnation of Property. In the event of any actual or threatened condemnation of all or any a Significant Portion of the Real Property and Improvements Taking prior to the Closing, Purchaser shall have the option option, by providing notice to Seller within 15 days after Purchaser’s receipt of Seller’s notice of such Significant Taking, of terminating this Agreement. In the event of a condemnation or sale in lieu of condemnation which does not constitute a Significant Taking or if Purchaser does not elect to terminate this Agreement pursuant to the preceding sentence following a Significant Taking, then, subject to the terms of the Existing Loans, all related Casualty/Condemnation Funds shall be retained by serving written notice Office Owner or Amenities Owner (and the same shall remain with the Office Owner or Amenities Owner, as applicable, through Closing and shall not be liquidated at or prior to Seller within thirty (30) days after receipt Closing), and the parties shall proceed to Closing pursuant to the terms hereof without any abatement of notice of such condemnationthe Purchase Price. If Should Purchaser elect to terminate this Agreement is terminated by Purchaser pursuant to under the provisions of this Section 11.29.3, the Xxxxxxx Money Deposit and all interest accrued thereon will Down Payment shall be returned to Purchaser upon Purchaser’s compliance with Section 4.4 and thereafter neither Seller nor Purchaser will shall have any further rights or obligations to the other hereunder or with respect to the Section 2.2(b) Transactions obligation under this Agreement, except with respect to for the Termination Surviving Obligations. If Purchaser elects not to terminate this Agreement in accordance with this Section 11.2Seller, Seller will assign to Purchaser promptly upon receiving any and all claims for the proceeds such notice or learning of such any contemplated or threatened condemnation or sale to the extent the same are applicable to the Propertyin lieu thereof, and shall give Purchaser will take title to the Property with the assignment of such proceeds and subject to such condemnation and without reduction of the Purchase Price. Notwithstanding anything to the contrary herein, if any eminent domain or condemnation proceeding is instituted (or notice of same is given) solely for the taking of any subsurface rights for utility easements or for any right-of-way easement, and the surface may, after such taking, be used in substantially the same manner as though such rights have not been taken, Purchaser will not be entitled to terminate this Agreement as to any part of the Property, but any award resulting therefrom will be assigned to Purchaser at Closing and will be the exclusive property of Purchaser upon Closingthereof.