Condemnation of the Property. If after the date hereof and prior to the Closing all or a material part of the Property is taken by eminent domain or condemnation (or sale in lieu thereof) such that the operation of the Property as an assisted living facility in the present form or the Property's compliance with zoning laws is disturbed or otherwise compromised, Genesis may, by written notice to ET delivered within thirty (30) days of receipt of a copy of the notice of condemnation from ET, elect to cancel this Agreement, in which event both parties shall be relieved and released of and from any further liability hereunder, and this Agreement shall be considered canceled. If no such election is made, this Agreement shall remain in full force and effect and the purchase contemplated herein, less any interest taken by eminent domain or condemnation, shall be effected with no further adjustment except that the condemnation award shall be assigned to Genesis.
Condemnation of the Property. If the Property or any portion thereof that, in Landlord's reasonable opinion, is necessary to the continued efficient and/or economically feasible use of the Property shall be taken or condemned in whole or in part for public purposes, or sold to a condemning authority in lieu of taking, then the term of this Lease shall, at the option of Landlord upon written notice to Tenant, forthwith cease and terminate.
Condemnation of the Property. Any proceeding seeking the use or taking of any portion of or interest in the Real Property is a “Taking”. Seller has no knowledge of the commencement of a Taking. For purposes of this Agreement, the “knowledge” of the Seller shall mean the actual knowledge of Xxxxx Xxxx, Xxx Xxxxxxxx, Xxxxxx Xxxxxxxx, Xxxx Xxxxxxxx, and Xxxxxx Xxxxx.
Condemnation of the Property. If as a result of any condemnation of the Property or any portion thereof (even though the Premises is not physically affected) or (a) the number of parking spaces on the Property is reduced by more than fifty (50) spaces and Landlord does not provide alternative parking which is reasonably accessible, then Tenant may terminate this Lease at any time after Tenant receives the Condemnation Notice by giving Landlord thirty (30) days written notice.
Condemnation of the Property. Certain governmental or quasi-governmental bodies or agencies have the power to take real property for the benefit of the public. This is known as the power of “condemnation” or “eminent domain”. A formal proceeding is instituted and the owner of the property must be compensated. If the Seller receives a formal notice of the institution of a condemnation or eminent domain proceeding by a proper authority against any part of the property, including the Unit, the Seller will have two options. The Seller may elect to terminate this Agreement, in which case the Seller will so notify the Buyer in writing within thirty (30) days after receiving that formal notice and will promptly return all deposit monies previously paid by the Buyer, without interest, upon Xxxxx’s execution of a General Release. Or, the Seller may elect not to terminate this Agreement and will provide the Buyer with written notice of the institution of the proceeding within thirty (30) days after receiving that formal notice. If the Seller chooses the latter option, the Buyer will have two options. The Buyer may elect to terminate this Agreement, in which case the Seller will promptly refund all deposit monies previously paid by the Buyer, without interest, upon Xxxxx’s execution of a General Release. Or, the Buyer may elect to perform this Agreement and pay the total purchase price on the closing date, in which case the Seller will convey title to the Buyer together with an assignment of all rights to compensation, if any, arising out of the taking. The Buyer must give the Seller written notice of the Buyer’s election within thirty (30) days after receiving notice of the institution of the condemnation proceeding, otherwise Buyer will be irrevocably deemed to have chosen to perform this Agreement.
Condemnation of the Property. If a condemnation of any portion of the Property occurs, is pending, or is threatened during the Construction Loan period.
Condemnation of the Property. If as a result of any ---------------------------- condemnation of the Property or the Buildings or any portion thereof (even though the Buildings are not physically affected) the Property and the Buildings are no longer reasonably suited for the conduct of Lessee's usual business in Lessee's reasonable business judgment, then Lessee may terminate this Lease without further obligation to the Lessor at any time after Lessee receives the Condemnation Notice by giving Lessor at least one hundred twenty (120) days prior written notice.
Condemnation of the Property. (a) Condemnation in Excess of $1,000,000. If between the Effective Date and the Closing Date, any condemnation or eminent domain proceeding is commenced that will result in the taking of any part of the Property the value of which is equal to or exceeds One Million Dollars ($1,000,000), Purchaser may, at Purchaser’s election, either:
(1) Terminate this Agreement by giving written or emailed notice to the Seller and the Escrow Agent in which event all remaining funds or other things deposited in Escrow by Purchaser, shall be returned to the Purchaser immediately from Escrow, together with any interest earned thereon and all fees and costs charged by the Escrow Agent shall be paid by the Purchaser; or
(2) Proceed with the Closing with no reduction in the Purchase Price, in which event the Seller shall assign to the Purchaser all of the Seller’s rights, titles and interests to any award made for the condemnation or eminent domain action.
(b) Condemnation Less Than $1,000,000. If between the Effective Date and the Closing Date, any condemnation or eminent domain proceeding is commenced that will result in the taking of any part of the Property, the value of which is less than One Million Dollars ($1,000,000), Purchaser shall proceed with the Closing with no reduction in the Purchase Price, in which event the Seller shall assign to the Purchaser all the Seller’s rights, titles and interests to any award made for the condemnation or eminent domain action.
Condemnation of the Property. In the event that, prior to Closing, any governmental entity shall commence, or threaten the commencement of, any action in condemnation, eminent domain or any other type of proceeding similar thereto to take any portion of the Property not already conveyed to the Buyer (a "TAKING"), (a) in the case where a material portion of the Property shall be subject to such Taking, Buyer shall have the right, but not the obligation, to terminate this Agreement, which right shall be exercisable only by delivery by Buyer of written notice of termination to Seller within ten (10) days following receipt by Buyer of written notice from Seller of such Taking, (b) in all cases where less than a material portion of the Property is subject to such Taking, Buyer shall have no right to terminate its obligations under this Agreement, and (c) in any case where a Taking affects the Property prior to the Closing, at Closing, Seller shall assign to Buyer by an assignment in form reasonably satisfactory to both parties all condemnation awards attributable to the Property to be sold to Buyer pursuant to the provisions of this Agreement.
Condemnation of the Property. (a) Any proceeding seeking the use or taking of any portion of or interest in the Property is a “Taking”. Seller shall notify Purchaser of a Taking within two (2) days after the commencement thereof.
(b) Within twenty (20) days after Purchaser receives Seller’s Notice of a Taking, Purchaser may terminate this Agreement in accordance with the provisions of Section 16(a) hereof. If Purchaser does not terminate this Agreement in accordance with the preceding sentence or as otherwise provided in this Agreement, at the Closing, Purchaser shall accept the Property subject to the Taking in its then current condition, and shall receive a credit against the Purchase Price in the amount of all awards, damages, and compensation payable on account of such Taking. In such event, Seller shall be entitled to all condemnation awards payable with respect to the Property.
