Condemnation Risk of Loss. 20 7.1 Condemnation.................................................................................. 20 7.2
Condemnation Risk of Loss. 53 8.1 Condemnation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 8.2
Condemnation Risk of Loss. Risk of loss or damage to the Property by condemnation, eminent domain or similar proceedings (or deed in lieu thereof), or by fire or any other casualty, from the date hereof through the Closing Date will be on Purchaser for the first one half of one percent (0.5%) of the Purchase Price. Thereafter, such risk of loss or damage prior to Closing shall be on Seller. However, should the loss or damage exceed five percent (5.0%) of the Purchase Price, either Seller or Purchaser may terminate this Agreement with neither party having any liability to the other. If, prior to Closing, a portion of the Property has been taken by condemnation or eminent domain proceedings (or deed in lieu thereof) but the five percent (5.0%) maximum loss has not been realized, Purchaser shall consummate the transaction and receive an assignment of all proceeds of insurance or condemnation awards attributable to such damage or taking, less reimbursement to Seller of the reasonable costs it incurred in procuring such proceeds or awards. At Closing, the Purchaser assumes all hazards of damage to or destruction of the Property or improvements hereafter placed thereon, and of the taking of the Property or any part thereof for public use; and agrees that no such damage, destruction or taking shall constitute a failure of consideration. 10.
Condemnation Risk of Loss. 10.1 If, prior to the Closing, the Hotel, or any material part thereof, is destroyed or materially damaged (as defined in SECTION 10.4), Buyer shall have the right, exercisable within fifteen (15) days after receiving written notice describing such destruction or material damage in reasonable detail, either (i) to terminate this Agreement by delivering a Termination Notice, or (ii) to accept the Hotel in its then condition and to proceed with Closing with a reduction in the Purchase Price in the amount of the deductible for the applicable insurance coverage. Buyer's failure to deliver a Termination Notice within said 15-day period shall be deemed Buyer's election to proceed under clause (ii) above. If Buyer elects (or is deemed to elect) to proceed under clause (ii) above, (x) Seller shall promptly and diligently pursue its claim for insurance proceeds and Seller shall not compromise, settle or adjust any claims to such insurance proceeds without Buyer's prior written consent (which consent shall not be unreasonably withheld or delayed), (y) Buyer shall receive at the Closing an assignment of all of Seller's rights to any insurance proceeds payable by reason of such destruction or material damage, and (z) Seller shall have no duty or obligation to repair or restore such destruction or material damage.
10.2 If prior to the Closing there is any non-material damage to the Hotel, Buyer shall accept the Hotel in its then condition and proceed with the Closing with a reduction in the Purchase Price in the amount of the deductible for the applicable insurance coverage. In such event, (i) Seller shall promptly and diligently pursue its claim for insurance proceeds and Seller shall not compromise, settle or adjust any claims to such proceeds without Buyer's prior written consent (which consent shall not be unreasonably withheld or delayed), (ii) Buyer shall receive at the Closing an assignment of all Seller's rights to any insurance proceeds payable by reason of such damage, and (iii) Seller shall have no duty or obligation to repair or restore such damage.
10.3 If prior to the Closing the Hotel, or any material part thereof (as defined in SECTION 10.4), is subject to a taking or a threatened taking by public authority, Buyer shall have the right, exercisable within fifteen (15) days after receiving written notice describing such taking in reasonable detail, either (i) to terminate this Agreement by delivering a Termination Notice, or (ii) to accept the Hotel in it...
Condemnation Risk of Loss. In the event of the condemnation (or sale in lieu thereof) of any material part of the Property at or prior to the Closing, Buyer shall have the right to either: (i) terminate this Agreement by written notice to Seller, in which event Buyer shall be entitled to the return of its Xxxxxxx Money and this Agreement shall be of no further force or effect whatsoever; or (ii) elect to receive all awards or payments made for the Property by the condemning authority and to which Seller may have been entitled, and thereupon Close the purchase-and-sale transaction contemplated by this Agreement and pay the Purchase Price as provided herein. In either event, Buyer shall be entitled to its own claim for damages as against the condemning authority for all of Buyer’s damages arising from the taking or incurred under this Agreement, including, without limitation, lost profits, loss of property appreciation, costs of feasibility studies, planning associated with the development and use of the Property, costs of cancellation required by Escrow Agent, attorneys’ fees and other damages and documented costs incurred. The risk of loss by damage, destruction, casualty or otherwise shall be on Seller until the Closing, and thereafter upon Buyer.
Condemnation Risk of Loss. 9.1 PROPERTY DAMAGE. if, prior to closing, any part of the Property is damaged by fire or other casualty to the extent of $50,000 or more, Seller shall repair such damage before the date provided herein for closing. If such damage cannot be repaired by such time, this Agreement may be canceled at the option of the Purchaser. In the event of cancellation as aforesaid, this Agreement shall become null and void and the parties shall be released and all payments made shall be returned. Should Purchaser elect to carry out this Agreement despite such damage Seller shall assign to Purchaser all insurance proceeds arising from such damage and will compensate Purchaser for his pro-rata share as stated in 4.1 of lost rent collections to the extent of insurance proceeds received. Seller shall promptly notify Purchaser in writing upon the occurrence of any such damage.
Condemnation Risk of Loss. If, prior to the Closing, all or any material portion of the Real Property is taken by condemnation, eminent domain, or is the subject of a pending or contemplated taking which has not been consummated, or if the Real Property is substantially destroyed or rendered unusable, Seller will notify Buyer of such fact in writing. In such event, Buyer will have the option to terminate this Agreement upon written notice to Seller. Upon such termination, neither party will have any further rights or obligations hereunder, other than pursuant to any provision hereof that expressly survives the termination of this Agreement, and the Xxxxxxx Money will be returned to Buyer. If Buyer elects not to terminate this Agreement, Seller will assign and turn over to Buyer, and Xxxxx will be entitled to receive and keep, all awards for the taking by condemnation or insurance proceeds and Buyer will be deemed to have accepted the Real Property subject to the taking or loss without reduction in Purchase Price.
Condemnation Risk of Loss. Notwithstanding anything contained in this Agreement to the contrary, Xxxxx has the option to terminate this Agreement (and the Transaction) by written notice to Seller if, prior to the Closing, (a) the Property is taken by condemnation, eminent domain, and/or is the subject of a pending or contemplated taking which has not been consummated, and/or (b) the Property is destroyed. If Buyer terminates this Agreement under this Section 6.5, the Xxxxxxx Money will be returned to Buyer and thereafter neither party will have any further rights, remedies, and/or obligations with respect to the Property, each other, and/or this Transaction. If Buyer elects not to terminate this Agreement, Seller will assign and turn over to Buyer, and Xxxxx will be entitled to receive and keep, all awards for the taking by condemnation or insurance proceeds and Xxxxx will be deemed to have accepted the Property subject to the taking or loss without reduction in Purchase Price.
Condemnation Risk of Loss. Risk of loss or damage to the Property by condemnation, eminent domain or similar proceedings (or deed in lieu thereof), or by fire or any other casualty, from the date hereof through the Closing Date for each Phase will be on Seller and thereafter will be on Purchaser. Seller shall promptly notify Purchaser of any material physical damage to the Property by flood, fire, windstorm, earthquake or other similar occurrence, or of any condemnation or eminent domain proceedings threatened or commenced against the Property. In the event such a material loss or damage occurs or is threatened to occur to the Property prior to the Closing Date, or if any material portion of the Property has been taken or is threatened to be taken by condemnation or eminent domain proceedings (or deed in lieu thereof), Purchaser may, at its option, (i) elect to terminate this Agreement if Purchaser notifies Seller in writing of its election within fifteen (15) days from the date the Purchaser receives notice of the casualty or condemnation or, (ii) consummate the transaction and, in the case of a condemnation or taking by eminent domain, receive an assignment of all proceeds of insurance or condemnation awards attributable to such damage or taking, less reimbursement to Seller of the reasonable costs it incurred in procuring such proceeds or awards, or, in the case of a casualty loss to the Property, with a proportionate reduction in the Purchase Price to reflect the damage to the affected Property. At Closing for each phase, the Purchaser assumes all hazards of damage to or destruction of the Property subject to each such phase or improvements hereafter placed thereon, and of the taking of the Property or any part thereof for public use; and agrees that no such damage, destruction or taking shall constitute a failure of consideration.
Condemnation Risk of Loss
