Damage; Condemnation. Sublandlord shall have no obligation to restore or rebuild any portion of the Subleased Premises after any destruction or taking by eminent domain.
Damage; Condemnation. Sublandlord shall have no obligation to restore or rebuild any portion of the Subleased Premises after any destruction or taking by eminent domain. Any rights of Subtenant to abatement of rent shall be conditioned upon Sublandlord’s ability to xxxxx rent for the Subleased Premises under the terms of the Master Lease.
Damage; Condemnation. As between Seller and Purchaser, all risk of loss with respect to the Properties shall remain with Seller until the respective Closing Date, when full risk of loss with respect to the respective Property shall pass to Purchaser. Seller shall promptly give Purchaser written notice of any damage to either Property, describing such damage, whether such damage is covered by insurance and the estimated cost of repairing such damage. Seller shall promptly give Purchaser notice of any eminent domain proceedings that are contemplated, threatened or instituted with respect to either Property (“Eminent Domain”).
(i) If the aggregate cost of repair or replacement or the value of the Eminent Domain (collectively, “repair and/or replacement”) with respect to either Property is One Million Dollars ($1,000,000.00) or less, in the opinion of Purchaser’s and Seller’s respective engineering consultants, Purchaser shall close on the subject Property and take the Property as diminished by such events with an assignment by Seller of any casualty insurance proceeds or condemnation proceeds and the payment by Seller to Purchaser of any applicable deductible amounts, less any amounts reasonably incurred by Seller to repair such Property (together with a credit from Seller to Purchaser of the full amount of any deductible not paid directly by Seller and the amount of any repair and/or replacement not covered by such proceeds).
(ii) If the aggregate cost of repair and/or replacement to a Property is greater than One Million Dollars ($1,000,000.00), in the opinion of Purchaser’s and Seller’s respective engineering consultants, then Purchaser, at its sole option, may elect either to: (a) terminate this Agreement as to the respective Property by written notice to Seller and the Escrow Agent, in which event the Exxxxxx Money shall be returned to Purchaser and neither party shall have any further liability to the other hereunder, except for those liabilities that expressly survive a termination of this Agreement; or (b) proceed to close and take the Property as diminished by such events, together with an assignment of Seller’s casualty insurance proceeds or condemnation proceeds and the payment by Seller to Purchaser or any applicable deductible amounts, less any amounts reasonably incurred by Seller to repair either Property (together with a credit from Seller to Purchaser of the full amount of any deductible not paid directly by Seller and the amount of any repair and/or replacement n...
Damage; Condemnation. There is no proceeding pending for the total or partial condemnation of the Mortgaged Property and such Mortgaged Property is undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan, the use for which the Mortgaged Property was intended or the eligibility of the Mortgage Loan for full payment of insurance benefits, and there are no pending or threatened proceedings for total or partial condemnation of the Mortgaged Property. Each Mortgaged Property is in good repair. Seller has completed any property inspections required by FHA Regulations, other Requirements of Law, and such inspections, if any, show no evidence of property damage or deferred maintenance, unless the property damage and deferred maintenance was considered part of the initial Repair Set Aside Account disclosed in the Mortgage File at closing.
Damage; Condemnation. If the Premises or the Building, or any part thereof, are damaged due to any peril or condemned, Sublessee shall be entitled to an abatement of all Rent to the extent Sublessor is entitled to an abatement under the Master Lease. If the Premises are condemned or damaged by any peril and the damage resulting therefrom cannot be (or is not in fact) repaired so that the Subleased Premises will be reasonably suitable for Sublessee's intended use within ninety (90) days after the condemnation or damage, then Sublessee shall have the option to terminate this Agreement by delivery of written notice thereof to Sublessor.
Damage; Condemnation. There is no proceeding pending for the total or partial condemnation of the Mortgaged Property and such Mortgaged Property is undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty, so as to affect adversely the value of the Mortgaged Property as security for the Loan, the use for which the premises were intended or the eligibility of the Loan for full payment of insurance benefits, and there are no pending or threatened proceedings for total or partial condemnation of the Mortgaged Property. Seller has completed any required property inspection, and such inspections, if any, show no evidence of property damage or deferred maintenance.
Damage; Condemnation. Sublandlord shall have no obligation to restore or rebuild any portion of the Subleased Premises after any destruction or taking by eminent domain; provided, however, that Subtenant shall have the same rights of termination and abatement under this Sublease as available to “Tenant” as set forth in Sections 10 and 11 of the Master Lease, and Sublandlord shall make a commercially diligent effort to assist Subtenant in exercising such rights as set forth in the Master Lease.
Damage; Condemnation. No material casualty or damage has occurred to the Property, any portion thereof, any improvements thereon or any appurtenances thereto. Borrower has not received notice with respect to (and Borrower has no Knowledge of) any actual or threatened taking of the Property or any portion thereof, for any public or quasi-public purpose by the exercise of the right of condemnation or eminent domain.
Damage; Condemnation. Sublandlord shall have no obligation to restore or rebuild any portion of the Subleased Premises after any destruction or taking by eminent domain; provided that if and to the extent the Subleased Premises contain improvements which constitute “Alterations” or “Tenant Improvements”, as said terms are described in the Master Lease, and Sublandlord, as the Tenant under the Master Lease, is required to restore such Tenant Improvements or Alterations, Sublandlord will perform such work in accordance with the terms of the Master Lease. Sublandlord will not, however, have any obligation to repair or service any Subtenant Alterations.
Damage; Condemnation. In the event of any physical damage or condemnation of any Building which makes it impossible or commercially infeasible for FirstWorld to carry out the purposes of its installation, maintenance and operation in such Building, Irvine, at its option, may attempt to remedy such problem within sixty (60) days, or any such period deemed reasonable under the circumstances, after written notice thereof. In the event that Irvine either (a) elects not to attempt to cure or remedy such a problem, or (b) fails to provide adequate remedy within such sixty (60) day period, or any such period deemed reasonable under the circumstances, FirstWorld may terminate the License as to such Building upon thirty (30) days' prior written notice to Irvine. FirstWorld shall have no obligation to provide service to Customers of or Users in such Building or to undertake repairs or replacement of its Equipment in such Building during any period in which Irvine is attempting to remedy such problem. Payment of License Fees shall be abated equitably following such damage or condemnation based upon the extent to which such damage or condemnation has interfered with FirstWorld's ability to provide Network services to the Building.
