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.
Appears in 1 contract
Samples: Purchase and Sale Agreement
