Common use of CONDEMNATION OR EMINENT DOMAIN Clause in Contracts

CONDEMNATION OR EMINENT DOMAIN. In the event prior to the Closing Date that Seller receives any actual written notice from any applicable Governmental Entity (a “Condemnation Notice”) in connection with the initiation of any condemnation or eminent domain proceeding for the purpose of taking or encumbering all or any part of the Land, Seller shall provide Buyer with a copy of the written notice of such proposed taking within three (3) days after receipt of the Condemnation Notice, and if such taking, in Buyer’s reasonable judgment, would materially and adversely affect the commercial feasibility of the Property or the financial return anticipated therefrom, then Buyer shall have the option, exercisable by written notice to Seller within fifteen (15) days after receipt of the Condemnation Notice (the “Condemnation Termination Period”), to either: (i) terminate this Agreement, and thereupon this Agreement shall be of no further force and effect and the parties shall be relieved of all further obligation hereunder, except as may be specifically set forth herein to survive termination of this Agreement; or (ii) conclude the Closing on the Closing Date, without set-off against the Purchase Price, in which event Buyer will be entitled to all rights to any condemnation or eminent domain award. In the event that Buyer fails to provide written notice to Seller of its election in connection with the foregoing options within the Condemnation Termination Period, it shall be conclusively presumed that Buyer has elected to proceed to the Closing of this Agreement.

CONDEMNATION OR EMINENT DOMAIN. In the event If, prior to the Closing Date that Seller receives Closing, all or any actual written notice from any applicable Governmental Entity (a “Condemnation Notice”) in connection with portion of the initiation of any Property shall be taken by condemnation or eminent domain proceeding for the purpose of taking or encumbering all or any part domain, this Agreement may be canceled by Buyer, by notice to Seller, within ten (10) days of the LandSeller's notice to Buyer of the taking. If Buyer elects not to terminate, Seller shall provide Buyer with a copy of the written notice of such proposed taking within three (3) days after receipt of the Condemnation Notice, and if such taking, in Buyer’s reasonable judgment, would materially and adversely affect the commercial feasibility of the Property or the financial return anticipated therefrom, then Buyer shall have the option, exercisable by written notice to Seller within fifteen (15) days after receipt of the Condemnation Notice (the “Condemnation Termination Period”), to either: (i) terminate this Agreement, and thereupon this Agreement shall be of no further force and effect and the parties shall be relieved of the duty to convey title to the portion so taken or condemned, and at the Closing, the proceeds of any award or payment in respect of any such taking shall belong (and to the extent received by Seller, shall be paid) to Buyer or, if such proceeds have not then been received by Seller, such proceeds and all further obligation hereunderof Seller's rights thereto, except as may shall be specifically set forth herein assigned by Seller to survive termination of this Agreement; or (ii) conclude Buyer. Any moneys received by Seller after the Closing on the Closing Date, without set-off against the Purchase Price, in which event Buyer will be entitled to all rights to any condemnation or eminent domain award. In the event that Buyer fails to provide written notice to Seller of its election in connection with the foregoing options within the Condemnation Termination Period, it any such taking shall be conclusively presumed that promptly paid over to Buyer. In no event shall Seller settle or compromise any claim for such an award without Buyer's prior written consent. If Buyer has elected shall accept title subject to proceed any such taking, Seller, in accordance with the directions of Buyer, shall make any temporary repairs required to preserve or protect the Closing of this Agreement.Property, and Buyer shall reimburse Seller for the cost thereof at the Closing