Common use of Condemnation of the Property Clause in Contracts

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 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 ET may, by written notice to ET Multicare delivered within thirty (30) days of receipt of a copy of the notice of condemnation from ETMulticare, 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 GenesisET.