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.
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 and including copies of any documents or notices received in connection therewith.
Condemnation or Destruction. A. In the event of a taking of all or any part of any of the Properties or Equipment 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 material damage to or destruction of any of the Properties or Equipment or any part thereof ("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 and Equipment is secure and does not pose any risk of harm to adjoining property owners or occupants or third-parties.
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.
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, any governmental or other entity having condemnation authority institutes an eminent domain proceeding with regard to all or any part of the Unit and the proceeding is not dismissed at least ten (10) days prior to the Closing Date, Buyer may elect by delivering written notice to Seller at least ten (10) days prior to the Closing Date to either (a) terminate this Agreement and receive a refund of the Xxxxxxx Money; or (b) proceed to the Closing and receive an assignment of all of Seller’s right, title and interest in and to all condemnation proceeds payable with respect to the Unit. If Buyer fails to timely notify Seller of its election as provided in the immediately preceding sentence, Buyer will be deemed to have elected the option described in clause (b) above. If any portion of the Unit is damaged or destroyed prior to the Closing, Buyer may elect by giving written notice to Seller within ten (10) days after Buyer’s receipt of written notice from Seller of the damage or destruction to either (x) terminate this Agreement and receive a refund the Xxxxxxx Money; or (y) proceed to the Closing and receive from Seller (i) an amount equal to any insurance proceeds actually received by Seller prior to the Closing with respect to the damage to the Unit up to the amount of the Purchase Price and net of Seller’s reasonable collection costs, including attorney’s fees, and if no such proceeds have been awarded to Seller as of the Closing Date, Buyer will receive an assignment of all of Seller’s right, title and interest in and to all insurance proceeds payable with respect to damage to the Unit, and (ii) a credit against the Purchase Price in an amount equal to any insurance deductible paid by Seller in connection with the damage to the Unit (or a prorata portion thereof if the insurance deductible paid by Seller applies to damage to property other than the Unit). If Buyer fails to timely notify Seller of its election as provided in the immediately preceding sentence, Buyer will be deemed to have elected the option described in clause (y) above. Seller will have no obligation to make any repairs to the Unit following a casualty, but if Seller elects to perform any repairs to the Unit as a result of a casualty, Seller will be entitled to deduct its costs and expenses from any amount to which Buyer is entitled under clause (y) above, which right will survive the Closing.
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, Purchaser 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 twenty (20) days of the date Seller notifies Purchaser in writing of such condemnation, damages or destruction. In the event of such termination, Purchaser shall be entitled to a refund of the deposit.
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.
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 prior to Closing any material portion of the Sale Property is the subject of an eminent domain action or threatened therewith, or the Improvements on the Sale Property shall be destroyed or materially damaged by fire or other casualty, Buyer shall have the right to either (a) terminate this Agreement and recover the Eaxxxxx Xoney Deposit or (b) proceed with Closing and receive all condemnation proceeds and/or insurance proceeds resulting therefrom and any deductible amounts related thereto provided for in Seller's insurance policies; provided, that if Buyer does not notify Seller of Buyer's election under this sentence within ten (10) days after Buyer is notified of such eminent domain action or casualty, then Buyer shall be deemed to have elected to proceed under subpart (b) of this sentence and this Agreement shall continue in full force and effect. For purposes of this Section 10.9, a "material portion" of the Sale Property shall be deemed to be any portion of the Sale Property with either a fair market value or replacement cost of equal to or greater than $200,000.
