Damage and Condemnation. SELLER shall notify PURCHASER of the occurrence of any damage, destruction, taking or threat of taking affecting the Property. In the event of any damage to or destruction of any of the buildings or improvements, or in the event of any taking or threat of taking of the Property or any portion thereof by condemnation or expropriation, PURCHASER may elect to: (i) terminate this Agreement by giving notice thereof to SELLER within ten (10) days after receipt of notice from SELLER, whereupon the Deposit shall be refunded to PURCHASER, and neither party shall have any further rights or obligations hereunder; or (ii) consummate the purchase of the Property without a change in the Purchase Price, except that at the Closing SELLER shall assign to PURCHASER all of SELLER’S rights to any insurance proceeds or condemnations awards payable in connection therewith.
Appears in 3 contracts
Samples: Commercial Agreement to Purchase and Sell, Commercial Agreement to Purchase and Sell, Commercial Agreement to Purchase and Sell
