Common use of Condemnation or Destruction of Property Clause in Contracts

Condemnation or Destruction of Property. In the event that, after the date hereof but prior to the Closing Date, either any portion of the Property is taken pursuant to eminent domain proceedings or any of the improvements on the Property are damaged or destroyed by any casualty, Seller shall have no obligation to repair or replace any such damage or destruction. Seller shall, upon consummation of the transaction herein provided, (i) assign to Buyer all claims of Seller respecting any condemnation or casualty insurance coverage, as applicable, and all condemnation proceeds or proceeds from any such casualty insurance received by Seller on account of any casualty (the damage from which shall not have been repaired by Seller prior to the Closing Date), as applicable; provided, however, that Seller shall retain any proceeds received (and the right to receive any proceeds) of rental income insurance or a temporary taking award that are attributable to a period prior to the Closing Date, and (ii) credit Buyer with a reduction of the Purchase Price in an amount equal to any deductible amount in connection with Seller's casualty insurance. Notwithstanding the foregoing, in the event any portion of the Property is taken pursuant to eminent domain proceedings or the cost of repair of damage to the Property on account of a casualty, as applicable, shall exceed $250,000, Buyer may, at its option, terminate this Agreement by notice to Seller, given on or before the Closing Date. In the event of any such termination, the Escrow Deposit shall promptly be refunded to Buyer and the obligations of the parties hereunder shall terminate.

Condemnation or Destruction of Property. In the event that, after the date hereof but prior to the Closing Date, either any portion of the Property is taken pursuant to eminent domain proceedings or any of the improvements on the Property are damaged or destroyed by any casualty, Seller shall have no obligation to repair or replace any such damage or destruction. Seller shall, upon consummation of the transaction herein provided, (i) assign to Buyer all claims of Seller respecting any condemnation or casualty insurance coverage, as applicable, and all condemnation proceeds or proceeds from any such casualty insurance received by Seller on account of any casualty (the damage from which shall not have been repaired by Seller prior to the Closing Date), as applicable. In connection with any assignment of insurance proceeds hereunder, Seller shall credit Buyer with an amount equal to the applicable deductible amount under Seller's insurance; provided, however, that if the amount of such deductible shall exceed $100,000, Seller shall retain any proceeds received (and have the right to receive any proceeds) of rental income insurance terminate this Agreement by notice to Buyer given on or a temporary taking award that are attributable to a period prior to before the Closing Date, and Date (ii) credit Buyer with a reduction of whereupon the Purchase Price in an amount equal Escrow Deposit shall be returned to any deductible amount in connection with Seller's casualty insuranceBuyer). Notwithstanding the foregoing, in In the event any portion of the Property is taken pursuant to eminent domain proceedings condemnation award or the cost of repair of damage to the Property on account of a casualty, as applicable, shall exceed $250,000100,000, Buyer may, at its option, terminate this Agreement by notice to Seller, given on or before the Closing Date. In the event of any such termination, the Escrow Deposit shall promptly be refunded to Buyer and the obligations of the parties hereunder shall terminate7.

Condemnation or Destruction of Property. In the event that, after the date hereof but prior to the Closing Date, either any portion of the Property is taken pursuant to eminent domain proceedings or any of the improvements on the Property are damaged or destroyed by any casualty, Seller shall have no obligation to repair or replace any such damage or destruction. Seller shall, upon consummation of the transaction herein provided, (i) assign to Buyer all claims of Seller respecting any condemnation or casualty insurance coverage, as applicable, and all condemnation proceeds or proceeds from any such casualty insurance received by Seller on account of any casualty (the damage from which shall not have been repaired by Seller prior to the Closing Date), and shall credit the Purchase Price for any applicable deductible relating thereto, as applicable; provided, however, that Seller shall retain any proceeds received (and the right to receive any proceeds) of rental income insurance or a temporary taking award that are attributable to a period prior to the Closing Date, and (ii) credit Buyer with a reduction of the Purchase Price in an amount equal to any deductible amount in connection with Seller's casualty insurance. Notwithstanding the foregoing, in In the event any portion of the Property is taken pursuant to eminent domain proceedings condemnation award or the cost of repair of damage to the Property on account of a casualty, as applicable, shall exceed $250,000100,000, Buyer may, at its option, terminate this Agreement by notice to Seller, given on or before the Closing Date. In the event of any such termination, the Escrow Deposit shall promptly be refunded to Buyer and the obligations of the parties hereunder shall terminate.

Condemnation or Destruction of Property. In the event that, after the date hereof but prior to the Closing Date, either any portion of the Property is taken pursuant to eminent domain proceedings or any of the improvements on the Property are damaged or destroyed by any casualty, Seller shall have no obligation to repair or replace any such damage or destruction. Seller shall, upon consummation of the transaction herein provided, (i) assign to Buyer all claims of Seller respecting any condemnation or casualty insurance coverage, as applicableapplicable (and pay any applicable deductible amount thereunder, and all condemnation proceeds or proceeds from any such casualty insurance received by Seller on account of any casualty (the damage from which shall not have been repaired by Seller prior to the Closing Date), as applicable; provided, however, that Seller shall retain any proceeds received (and the right to receive any proceeds) of rental income insurance or a temporary taking award that are attributable to a period prior to the Closing Date, and (ii) credit Buyer with a reduction of the Purchase Price in an amount equal to any deductible amount in connection with Seller's casualty insurance. Notwithstanding the foregoing, in the event of a condemnation of all or any portion of the Property is taken pursuant to eminent domain proceedings or Property, if the cost of repair of damage to the Property on account of a casualty, as applicable, condemnation award with respect thereto shall exceed $250,000, Buyer may, at its option, terminate this Agreement by notice to Seller, given on or before the Closing Date. In Date (whereupon the event of Deposit L/C, or any such proceeds thereof [and interest thereon] if previously drawn upon, shall be returned to Buyer and, except for those provisions hereof which survive termination, the Escrow Deposit shall promptly be refunded to Buyer and the obligations of the parties hereunder this Agreement shall terminate).

Condemnation or Destruction of Property. In the event that, after the date hereof but prior to the Closing Date, either any portion of the Property is taken pursuant to eminent domain proceedings or any of the improvements on the Property are damaged or destroyed by any casualty, Seller shall have no obligation to repair or replace any such damage or destruction. Seller shall, upon consummation of the transaction herein provided, (i) assign to Buyer all claims of Seller respecting any condemnation or casualty insurance coverage, as applicable, and all condemnation proceeds or proceeds from any such casualty insurance received by Seller on account of any casualty (the damage from which shall not have been repaired by Seller prior to the Closing Date), as applicable; provided, howeverand Seller shall pay to Buyer any unpaid deductible amounts payable by Seller pursuant to such insurance coverage assigned to Buyer. Notwithstanding anything to the contrary herein, that Seller shall retain any proceeds received from (and the right to receive any proceedsproceeds of) of rental income insurance or a temporary taking award that are attributable to a period prior to the Closing Date, and (ii) credit Buyer with a reduction of the Purchase Price in an amount equal to any deductible amount in connection with Seller's casualty insurance. Notwithstanding the foregoing, in In the event any portion of the Property is taken pursuant to eminent domain proceedings condemnation award or the cost of repair of damage to the Property on account of a casualty, as applicable, shall exceed $250,000500,000, Buyer may, at its option, terminate this Agreement by notice to Seller, given on or before the Closing Date. In the event of any such termination, Date (whereupon the Escrow Deposit shall promptly be refunded returned to Buyer and the obligations of the parties hereunder and, except for those provisions hereof which survive termination, this Agreement shall terminate).