Damage and Destruction Condemnation. In the event of any damage, destruction, casualty, condemnation or threat of condemnation affecting the Subleased Premises, Xxxx payable hereunder shall be abated but only to the extent that Xxxx is abated under the Master Lease with respect to the Subleased Premises. Subtenant shall have no right to terminate this Sublease in connection with any damage, destruction, casualty, condemnation or threat of condemnation except to the extent the Master Lease is also terminated as to the Subleased Premises or any portion thereof. Notwithstanding the foregoing, if the Subleased Premises shall be damaged by fire or casualty or taken by condemnation under circumstances which, under the Master Lease, entitles Sublandlord to terminate the Master Lease, Subtenant may give written notice to Sublandlord at least [***] prior to the date under Article XII or Article XIII, as applicable, of the Master Lease by which Sublandlord must notify Master Landlord of Sublandlord’s intention to exercise its termination right, requesting that Sublandlord exercise such termination right. If, after receipt of Subtenant’s request, Sublandlord exercises its right to terminate the Master Lease pursuant and consistent with the provisions of Article XII or Article XIII, as applicable, of the Master Lease, this Sublease shall automatically terminate on the date the Master Lease so terminates. If, after receipt of Subtenant’s request, Sublandlord does not exercise its right under Article XII or Article XIII, as applicable to terminate the Master Lease, this Sublease shall nevertheless terminate [***] after Sublandlord’s receipt of Subtenant’s request. In addition to and without limitation of the foregoing right of Subtenant, in the event that more than [***] of the Subleased Premises is materially damaged, destroyed or rendered inaccessible by fire or other casualty so as to render such affected area untenantable, then Subtenant may elect, as its sole and exclusive remedy, to terminate this Sublease by notice to Sublandlord sent not later than [***] following receipt by Subtenant of the Master Xxxxxxxx’s restoration statement.
Damage and Destruction Condemnation. In the event of any damage, destruction, casualty, condemnation or threat of condemnation affecting the Subleased Premises, Rent payable hereunder shall be abated but only to the extent that Rent is abated under the Master Lease. Sublessee shall have no right to terminate this Sublease in connection with any damage, destruction, casualty, condemnation or threat of condemnation except to the extent the Master Lease is also terminated as to the Premises or any portion thereof.
Damage and Destruction Condemnation. Seller shall notify Buyer immediately of the occurrence of any damage to or destruction of the Property, or the institution or maintenance of any condemnation or similar proceedings with respect to the Property. In the event of any damage to or destruction of the Property for which the cost to repair exceeds $100,000.00, or is not fully covered by insurance, or in the event any such condemnation or other proceedings are instituted or maintained, Buyer at its option either (i) may terminate this Agreement by written notice to Seller, or (ii) may consummate the purchase evidenced by this Agreement. In all other events or in the event that Buyer elects to consummate the purchase pursuant to (ii) above, all insurance or condemnation proceeds, including business interruption and rental loss proceeds, collected by Seller prior to the Closing Date, together with an amount equal to all deductible amounts under the insurance policies covering such damage or destruction, shall be credited against the Purchase Price on Buyer’s account, and all entitlement to all other insurance or condemnation proceeds arising out of such damage or destruction or proceedings and not collected prior to the Closing Date shall be assigned by Seller to Buyer on the Closing Date, and all such deductible amounts not credited against the Purchase Price shall be immediately paid by Seller to Buyer.
Damage and Destruction Condemnation. If the Master Lease gives Sublandlord any right to terminate the Master Lease in the event of the partial or total damage, destruction, or condemnation of the Master Premises or the Building or the Project of which the Master Premises are a part, the exercise of such right by Sublandlord shall not constitute a default or breach of this Sublease.
Damage and Destruction Condemnation. 22 15. BROKERAGE...............................................................23 16.
Damage and Destruction Condemnation. (a) Subject to the provisions of the Master Lease, if at any time prior to the Closing Date, the Property shall be damaged or destroyed by fire or other casualty, this Agreement shall continue and the parties' rights and obligations shall not be affected thereby.
(i) If at any time prior to the Closing Date, title to "materially all of the Premises" (as defined in the Master Lease) shall be taken by the exercise of the right of condemnation or eminent domain (a "Condemnation"), the party with knowledge of such event shall promptly notify the other party; and Optionee's right to exercise the Option (as provided in this Agreement) shall be deemed accelerated, except that the Option Period shall be deemed to be a period commencing on the date of delivery of the Option Notice, and further provided that the date set for Closing in respect of such option exercise shall be the date that the condemnation award is actually delivered to the Master Tenant, and the provisions of Article 18 of the Master Lease shall otherwise apply.
(ii) if title to less than "materially all of the Premises" shall be affected by a Condemnation, this Agreement shall continue and the parties' rights and obligations hereunder shall not be affected thereby and shall be governed by the provisions of the Master Lease.
(c) The provisions hereof shall constitute an express agreement to the contrary with respect to, and shall supersede the provisions of, Section 5-1311 of the New York General Obligations Law.
Damage and Destruction Condemnation. 22 7.1 FIRE OR OTHER CASUALTY...................................... 22 7.2
Damage and Destruction Condemnation. Subtenant agrees that it shall comply with all of the requirements of Sublandlord under Section 11 “Damage and Destruction” of the Master Lease, as incorporated herein, including, without limitation, the obligation to assign any and all property insurance proceeds payable to Subtenant under Subtenant’s insurance as to the Alterations to Master Landlord. Subtenant further acknowledges all of the Master Landlord’s rights under Section 11.2 “Landlord’s Option to Repair” in connection with any such damage or destruction, and further consents to and hereby expressly provides to Sublandlord and Master Landlord the waivers set forth in Section 11.3 “Waiver of Statutory Provisions” of the Master Lease, as incorporated herein. In the event of any damage or destruction of the Sublease Premises, Subtenant hereby agrees that any and all notices required thereunder of the “Tenant” shall be delivered by Subtenant concurrently to both Sublandlord and Master Landlord.
Damage and Destruction Condemnation. In no event shall Sub-Sublandlord have any obligation to Sub-Subtenant to restore the Premises if damaged, destroyed or condemned as described in Section 9 or Section 14 of the Master Lease. To the extent any damage, destruction or casualty loss occurs in the Premises that entitles Sub-Sublandlord to terminate the Master Sublease, Sub-Sublandlord may terminate the Master Sublease (in which event this Sub-Sublease shall automatically terminate) without liability to Sub-Subtenant. With respect to damage, destruction or condemnation (as described in Section 9 and Section 14 of the Master Lease), Sub-Subtenant shall receive an abatement of Rent under this Sub-Sublease to the extent that Sub-Sublandlord is entitled to abatement of rent under the Master Sublease with respect to the Premises.
Damage and Destruction Condemnation. SELLER shall notify BUYER immediately of the occurrence of any damage to or destruction of the Property, or the institution or maintenance of any condemnation or similar proceedings with respect to the Property. In the event of any damage to or destruction of the Property, Property for which the cost to repair exceeds One Hundred Thousand Dollars ($100,000), or which is not fully covered by insurance (subject to customary deductibles) and SELLER does not agree, within seven (7) days after the occurrence of any such damage or destruction, to repair or restore the Property to its preexisting condition and diligently complete such repair or restoration, or in the event any condemnation or similar proceedings are instituted or maintained with respect to a material portion of the Property prior to the Closing, or if BUYER’s purchase money lender refuses to fund the purchase money loan because SELLER is unable to repair or restore the Property prior to the Closing Date to its condition prior to such damage or destruction, BUYER at its option either (i) may terminate this Agreement and receive the Deposit (unless the damage was caused by BUYER or its agents, employees or contractors), or (ii) may consummate the transaction contemplated by this Agreement. In all other events of damage, destruction or condemnation, or in the event that BUYER elects to consummate the purchase pursuant to clause (ii) immediately above, all insurance or condemnation proceeds collected in connection with such damage or destruction or proceedings together with the deductible (excluding business interruption, rental loss and similar proceeds attributable to periods prior to the Closing Date, and excluding insurance and deductibles attributable to items that BUYER is not obligated to repair under the Leases) shall be delivered to BUYER upon the Closing, and BUYER shall promptly repair the Property in accordance with the terms of the Leases. All entitlement to all additional insurance or condemnation proceeds arising out of such damage or destruction or proceedings (excluding business interruption, rental loss and similar proceeds attributable to periods prior to the Closing Date, and excluding insurance attributable to items that BUYER is not obligated to repair under the Leases) shall be assigned by SELLER to BUYER upon the Closing. Notwithstanding the foregoing, if any damage, destruction or condemnation occurs prior to the Closing that would, if the same had occurred during the term of...
