Condemnation or Destruction. A. In the event of a taking of all or any part of any of the Properties for any public or quasi-public purpose by any lawful power or authority by exercise of the right of condemnation or eminent domain or by agreement between Lessor, Lessee and those authorized to exercise such right ("Taking") or the commencement of any proceedings or negotiations which might result in a Taking or any damage to, or destruction of, any of the Properties or any part thereof (a "Casualty"), Lessee will promptly give written notice thereof to Lessor, generally describing the nature and extent of such Taking, proceedings, negotiations or Casualty and including copies of any documents or notices received in connection therewith. Thereafter, Lessee shall promptly send Lessor copies of all correspondence and pleadings relating to any such Taking, proceedings, negotiations or Casualty. During all periods of time following a Casualty, Lessee shall ensure that the subject Property is secure and does not pose any risk of harm to adjoining property owners or occupants or third-parties.
B. In the event of (i) a Taking of all of any of the Properties, other than for temporary use, (ii) a Taking of substantially all of any of the Properties (other than for temporary use) that results in Lessee making a good faith determination that the restoration and continued use of the remainder of such Property as a Permitted Facility would be uneconomic (each of (i) and (ii), a "Total Taking"), or (iii) a Casualty of all or substantially all of any of the Properties that results in Lessee making a good faith determination that the restoration and continued use of such Property as a Permitted Facility would be uneconomic (a "Total Casualty"), Lessor shall be entitled, subject to the provisions of this Section 21, to receive the entire award, insurance proceeds or payment in connection therewith without deduction for any estate vested in Lessee by this Lease. Lessee hereby expressly assigns to Lessor all of its right, title and interest in and to every such award, insurance proceeds or payment and agrees that Lessee shall not be entitled to any award, insurance proceeds or payment for the value of Lessee's leasehold interest in this
Condemnation or Destruction. (a) In case of a taking of all or any part of the Premises or the commencement of any proceedings or negotiations which might result in a taking, for any public or quasi-public purpose by any lawful power or authority by exercise of the right of condemnation or eminent domain or by agreement between Lessor, Lessee and those authorized to exercise such right ("Taking"), Lessee will promptly give written notice thereof to Lessor, generally describing the nature and extent of such Taking. Lessee may prosecute, if permissible under the appropriate law of the jurisdiction, any award, compensation or damages resulting from a Total Taking, as that term is hereinafter defined, to which it is entitled but shall not have the right to Lessor's award, compensation or damages.
(b) In case of a Taking of a whole of the Premises, other than for temporary use ("Total Taking"), this Lease shall terminate as of the date of such Total Taking and all Rent and other charges shall be apportioned and paid to the date of such Total Taking. Total Taking shall include a taking of substantially all the Premises if in the reasonable judgment of Lessor the remainder of the Premises is not useable and/or cannot be made useable for the purposes provided herein. Lessor shall be entitled to the entire award, compensation, or damages whether such award is made as compensation for dimunition in the value of the fee or leasehold, and Lessee hereby assigns to Lessor all of Lessee's right, title and interest in and to any such award. 127 and empowered, in its name or in Lessee's name, and on behalf of Lessee or otherwise, to file and prosecute Lessee's claim, if any, for an award on account of any Taking and to collect such award and apply the same, after deducting all costs, fees and expenses incident to the collection thereof, to the curing of such Default and any other then existing Default.
Condemnation or Destruction. OCTA shall deliver written notice of any damage to the Property by fire or other causes that occurs prior to the Closing. If the Property is materially (that is, over $100,000.00 in cost to repair other than existing conditions as of the date hereof) damaged by fire or other cause before the Closing, Anaheim shall have the option (by written notice delivered to OCTA within five (5) business days after OCTA delivers written notice to Anaheim as provided above) to either: (a) close this transaction as provided herein without any reduction in the Purchase Price, or (b) cancel this Agreement and Escrow, whereupon OCTA shall pay any and all Escrow Holder and Title Company charges, the Escrow Deposit shall be returned to Anaheim, and this Agreement shall have no further force or effect except as expressly provided to survive termination hereof. Upon the Closing, OCTA shall assign to Anaheim all insurance proceeds payable to OCTA (if any) as a result of such damage. OCTA shall deliver written notice of any actual or proposed taking of all or any portion of the Property by the exercise of the power of eminent domain for which OCTA receives written notice before the Closing Date. If all or a portion of the Property is taken by the exercise of the power of eminent domain (other than by the City of Anaheim) before the Closing Date, Anaheim shall have the option (by written notice delivered to OCTA within five (5) business days after OCTA delivers written notice to Anaheim as provided above) to either: (a) close this transaction as provided herein without any reduction in the Purchase Price, or (b) cancel this Agreement and Escrow and receive the Escrow Deposit. Upon the Closing, OCTA shall assign to Anaheim, all of OCTA’s right, title and interest to all awards and compensation for any taking of all or a portion of the Property.
Condemnation or Destruction. The permanent taking by lawful condemnation of the Community or so substantial a portion of the Community as to render operation of the Community not economically viable or the determination by Owner not to rebuild following the destruction of a substantial portion of the Community.
Condemnation or Destruction. If prior to the closing of this transaction, all or any substantial part of the Property is condemned, damaged or destroyed, or any entity so authorized by law notifies either party that it intends to exercise its powers of eminent domain by taking the property that is the subject of this contract, BUYER shall have the option of either applying the proceeds of any condemnation award or insurance policies to reduce the total consideration provided herein or terminating this contract by delivering written notice of termination pursuant to this section to Seller within ten (10) days of the date Seller notifies BUYER in writing of such condemnation, damages or destruction. In the event of such termination, BUYER shall be entitled to a refund of the entire Deposit.
Condemnation or Destruction. 44 7.4 Failure to Achieve Financial Results. . . . . . . . . . . . . . 44 7.5
Condemnation or Destruction. Either party may terminate this Agreement for the condemnation or destruction of the Project subject to the terms and conditions set forth in Article 9 of this Agreement.
Condemnation or Destruction. In the event that any of the Common Areas shall be condemned or taken by any competent public authority, or in the event the same shall be damaged or destroyed by any cause whatsoever, the Association shall represent the interests of the Owners in any proceedings, negotiations, insurance adjustments, settlements, or agreements in connection with such condemnation, damage, or destruction. Any sums recovered by the Association shall be applied, first, to the restoration and repair of any Common Areas condemned, damaged, or destroyed, to the extent such restoration or repair is practicable, and the balance of such sums shall either be held as a reserve for future maintenance of the Common Areas or turned over to the Owners in proportion to their Pro-rata Shares (as hereinafter defined), whichever may be determined by a majority vote of the members of the Association. Each Owner shall be responsible for pursuing his own action for damages to his Lot, either by reason of direct damage thereto or by reason of an impairment of value due to damage to the Common Areas. The Association shall notify all Mortgagees of which it has notice of any condemnation, damage, or destruction of any Common Areas.
Condemnation or Destruction. If, between the Effective Date and the Closing, any portion of the Land or interest therein that is of such size and configuration or character to interfere with the development of the Land for the Purchaser’s intended use is taken in condemnation or is materially damaged or destroyed, the Purchaser shall have the right by written notice given to the Seller and Principals to terminate this Agreement, or to exclude that particular portion of the Land or the Project affected by the condemnation and receive a reduction in the Purchase Price based upon the book value of the asset taken (which shall apply to the Cash Portion of the Purchase Price) and in the event of such termination, the parties hereto shall have no further liability or obligation to each other or to anyone else under this Agreement.
Condemnation or Destruction. If the Parking System or any portion thereof are taken under the power of eminent domain by any governmental authority, or by agreement in lieu thereof, or if the Parking System or any portion thereof are destroyed, the entire condemnation award or any insurance proceeds shall be the property of the Authority and the Operator shall be entirely without interest therein; however, in the event of a partial or total taking, Operator shall be allowed to remove all of its personal property located at the Parking System prior to seek taking. If such taking, permanent or temporary, or destruction shall represent less than fifty percent (50%) of the Parking System, as determined by the Authority, this Agreement shall continue in full force and effect and the Authority shall provide Operator with letter notice of its determination to continue this Agreement; but if the same shall be more than fifty (50) percent, as so determined, then the Authority will have the option to close the Parking System and, upon thirty (30) days’ notice of such election to Operator, this Agreement shall terminate.
