Common use of Damage; Destruction and Eminent Domain Clause in Contracts

Damage; Destruction and Eminent Domain. (a) If, prior to the Date of Closing, the Parcel or any part thereof is damaged or destroyed by fire, the elements or any other destructive force or cause to the extent that repairing such damage or destruction is reasonably estimated to cost Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) or more, then, within a reasonable time of any such damage or destruction, Seller shall give a written notice to Buyer specifying the insurance carrier's estimate of the amount of insurance payable as the result of such damage or destruction. Within ten (10) business days after Buyer has received the written notice described in the preceding sentence, Buyer may elect to terminate this Agreement by delivery of written notice to Seller. If Buyer elects to consummate the purchase despite the damage or destruction, or if any lesser damage or destruction has occurred, there shall be no reduction in or abatement of the Purchase Price, and the parties shall treat such casualty damage as having occurred during the term of the Lease. (b) If, prior to the Date of Closing any judicial, administrative, or other condemnation proceedings are instituted or threatened in which a taking of the Parcel is proposed that exceeds Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) in value, including any consequential damages to the Parcel, then within a reasonable time of receipt by it or notice of the institution of any judicial, administrative, or other condemnation proceedings involving the Parcel, Seller shall give a written notice to Buyer. Within ten (10) business days after Buyer has received the written notice described in the preceding sentence, Buyer may elect to terminate this Agreement, by delivery of written notice to Seller. If Buyer elects to consummate the purchase despite the institution of condemnation proceedings, or if it appears that the value of the proposed taking, including any consequential damages to the Property, shall total less than Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00), there shall be no reduction in or abatement of the Purchase Price, and the parties shall treat such condemnation as having occurred during the term of the Lease.

Damage; Destruction and Eminent Domain. (a) a. If, prior to the Date of Closingclosing, the Parcel Property or any part thereof is be destroyed or further damaged or destroyed by fire, the elements elements, or any other destructive force or cause cause, due to events occurring subsequent to the extent that repairing such damage or destruction is reasonably estimated to cost Two Hundred Fifty Thousand date of this Agreement, this Agreement shall become null and 00/100 Dollars ($250,000.00) or morevoid, thenat Buyer's option exercised, within a reasonable time of any such damage or destructionif at all, Seller shall give a by written notice to Buyer specifying the insurance carrier's estimate of the amount of insurance payable as the result of such damage or destruction. Within Seller within ten (10) business days after Buyer has received the written notice described from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in the preceding sentenceParagraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer may to elect to terminate this Agreement has expired or Buyer has, by delivery of written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite the said damage or destruction, or if any lesser damage or destruction has occurred, there shall be no reduction in or abatement of the Purchase Pricepurchase price, and Seller shall assign to Buyer the parties shall treat such casualty Seller's right, title, and interest in and to all insurance proceeds resulting from said damage as having occurred during or destruction to the term of extent that the same are payable with respect to damage to the Property, and are so payable to Seller under the Sports City Cafe Lease. (b) b. If, prior to closing, the Date of Closing any judicial, administrativeProperty, or other condemnation proceedings are instituted or threatened in which a taking of the Parcel any part thereof, is proposed that exceeds Two Hundred Fifty Thousand taken by eminent domain, this Agreement shall become null and 00/100 Dollars ($250,000.00) in valuevoid, including any consequential damages to the Parcel, then within a reasonable time of receipt by it or notice of the institution of any judicial, administrative, or other condemnation proceedings involving the Parcel, Seller shall give a written notice to at Buyer. Within ten (10) business days after Buyer has received the written notice described in the preceding sentence, Buyer may elect to terminate this Agreement, by delivery of written notice to Seller's option. If Buyer elects to proceed and to consummate the purchase despite the institution of condemnation proceedings, or if it appears that the value of the proposed said taking, including any consequential damages to the Property, shall total less than Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00), there shall be no reduction in in, or abatement of of, the Purchase Pricepurchase price, and Seller shall assign to Buyer all the parties Seller's right, title and interest in and to any award made, or to be made, in the condemnation proceeding. In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Payment shall treat be immediately returned to Buyer (after execution by Buyer of such condemnation as having occurred during documents reasonably requested by Seller to evidence the term of the Leasetermination hereof).

Damage; Destruction and Eminent Domain. (a) a. If, prior to the Date of Closingclosing, the Parcel Property or any part thereof is be destroyed or further damaged or destroyed by fire, the elements elements, or any other destructive force or cause cause, due to events occurring subsequent to the extent that repairing such damage or destruction is reasonably estimated to cost Two Hundred Fifty Thousand date of this Agreement, this Agreement shall become null and 00/100 Dollars ($250,000.00) or morevoid, thenat Buyer's option exercised, within a reasonable time of any such damage or destructionif at all, Seller shall give a by written notice to Buyer specifying the insurance carrier's estimate of the amount of insurance payable as the result of such damage or destruction. Within Seller within ten (10) business days after Buyer has received the written notice described from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in the preceding sentenceParagraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer may to elect to terminate this Agreement has expired or Buyer has, by delivery of written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite the said damage or destruction, or if any lesser damage or destruction has occurred, there shall be no reduction in or abatement of the Purchase Pricepurchase price, and Seller shall assign to Buyer the parties shall treat such casualty Seller's right, title, and interest in and to all insurance proceeds resulting from said damage as having occurred during or destruction to the term of extent that the same are payable with respect to damage to the Property, and are so payable to Seller under the Caribou Coffee Lease. (b) b. If, prior to closing, the Date of Closing any judicial, administrativeProperty, or other condemnation proceedings are instituted or threatened in which a taking of the Parcel any part thereof, is proposed that exceeds Two Hundred Fifty Thousand taken by eminent domain, this Agreement shall become null and 00/100 Dollars ($250,000.00) in valuevoid, including any consequential damages to the Parcel, then within a reasonable time of receipt by it or notice of the institution of any judicial, administrative, or other condemnation proceedings involving the Parcel, Seller shall give a written notice to at Buyer. Within ten (10) business days after Buyer has received the written notice described in the preceding sentence, Buyer may elect to terminate this Agreement, by delivery of written notice to Seller's option. If Buyer elects to proceed and to consummate the purchase despite the institution of condemnation proceedings, or if it appears that the value of the proposed said taking, including any consequential damages to the Property, shall total less than Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00), there shall be no reduction in in, or abatement of of, the Purchase Pricepurchase price, and Seller shall assign to Buyer all the parties Seller's right, title and interest in and to any award made, or to be made, in the condemnation proceeding. In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First and Second Payment shall treat be immediately returned to Buyer (after execution by Buyer of such condemnation as having occurred during documents reasonably requested by Seller to evidence the term of the Leasetermination hereof).

Damage; Destruction and Eminent Domain. (a) If, prior to the Date of Closingclosing, the Parcel Real Property or any part thereof is shall be damaged or destroyed by fireany cause, Purchaser will have the elements or any other destructive force or cause right, by giving notice to Seller within thirty (30) days following actual notice of the extent that repairing such damage or destruction is reasonably estimated to cost Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) or more, then, within a reasonable time occurrence of any such damage or destruction, Seller shall give a written notice to Buyer specifying terminate this Agreement, in which case this Agreement will become null and void. If Purchaser elects to proceed and to consummate the insurance carrier's estimate purchase which is the subject of the amount of insurance payable as the result of this Agreement, despite such damage or destruction. Within ten (10) business days after Buyer has received the written notice described in the preceding sentence, Buyer may elect to terminate this Agreement by delivery of written notice to Seller. If Buyer elects to consummate the purchase despite the damage or destruction, or if any lesser damage or destruction has occurred, there shall will be no reduction in or abatement of the Purchase Price, and the parties shall treat such casualty Seller will assign to Purchaser all of Seller's right, title and interest in and to all insurance proceeds resulting, or to result, from said damage as having occurred during the term of the Leaseor destruction. (b) If, prior to closing, the Date of Closing Real Property or any judicial, administrativepart thereof shall be taken by, or other condemnation proceedings are instituted or threatened in which a is under threat of taking of by, eminent domain, Purchaser will have the Parcel is proposed that exceeds Two Hundred Fifty Thousand and 00/100 Dollars right, within thirty ($250,000.0030) in value, including any consequential damages to the Parcel, then within a reasonable time days of receipt by it or notice Purchaser of the institution of any judicial, administrative, or other condemnation proceedings involving the Parcel, Seller shall give a Seller's written notice to Buyer. Within ten (10) business days after Buyer has received the written notice described in the preceding sentencePurchaser of such eminent domain proceeding or threat thereof, Buyer may elect to terminate this Agreement, by delivery of written notice to Sellerin which case this Agreement will become null and void. If Buyer Purchaser elects to proceed and to consummate the purchase which is the subject of this Agreement despite the institution of condemnation proceedings, or if it appears that the value of the proposed said taking, including any consequential damages to the Property, shall total less than Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00), there shall will be no reduction in or abatement of the Purchase Price, and Seller will assign to Purchaser all Seller's right, title and interest in and to any award made, or to be made, in the parties shall treat such condemnation as having occurred during eminent domain proceedings, and Purchaser will have the term option of representing the interests of the Leaselandowner in said proceedings.

Damage; Destruction and Eminent Domain. (a) If, prior to the Date of Closing, the any Parcel or any part thereof is damaged or destroyed by fire, the elements or any other destructive force or cause to the extent that repairing such damage or destruction is reasonably estimated to cost Two Three Hundred Fifty Thousand and 00/100 Dollars ($250,000.00300,000.00) or more, then, within a reasonable time of any such damage or destruction, Seller ONB shall give a written notice to Buyer Buyers specifying the insurance carrier's ’s estimate of the amount of insurance payable as the result of such damage or destruction. Within ten (10) business days after a Buyer has received the written notice described in the preceding sentence, the related Buyer may elect to terminate this Agreement by delivery of written notice to SellerONB. If the related Buyer elects to consummate the purchase despite the damage or destruction, or if any lesser damage or destruction has occurred, there shall be no reduction in or abatement of the Purchase Price, and the parties shall treat such casualty damage as having occurred during the term of the applicable Lease. (b) If, prior to the Date of Closing any judicial, administrative, or other condemnation proceedings are instituted or threatened in which a taking of the any Parcel is proposed that exceeds Two Three Hundred Fifty Thousand and 00/100 Dollars ($250,000.00300,000.00) in value, including any consequential damages to the Parcel, then within a reasonable time of receipt by it or of notice of the institution of any judicial, administrative, or other condemnation proceedings involving the Parcel, Seller ONB shall give a written notice to the related Buyer. Within ten (10) business days after a Buyer has received the written notice described in the preceding sentence, the related Buyer may elect to terminate this Agreement, Agreement by delivery of written notice to SellerONB. If the related Buyer elects to consummate the purchase despite the institution of condemnation proceedings, or if it appears that the value of the proposed taking, including any consequential damages to the PropertyParcel, shall total less than Two Three Hundred Fifty Thousand and 00/100 Dollars ($250,000.00), there shall be no reduction in or abatement of the Purchase Price, and the parties shall treat such condemnation as having occurred during the term of the applicable Lease.

Damage; Destruction and Eminent Domain. (a) Risk of loss to the Real Estate shall remain in Seller until the Closing Date. A. If, prior to the Date of ClosingClosing Date, the Parcel Real Estate or any substantial part thereof is damaged or destroyed by fire, the elements elements, or by any other destructive force cause of whatever nature, Buyer shall have the option to either: (i) terminate this Agreement by written notice delivered to Seller within thirty (30) days after the date Buyer receives written notice from Seller notifying Buyer of such damage; or cause (ii) proceed to close the transaction contemplated hereunder despite said destruction or damage to the extent that repairing Real Estate, in which event Seller shall, at Buyer’s election, either (x) repair such damage or destruction is reasonably estimated prior to the Closing, at Seller’s sole expense, or (y) reimburse Buyer for the cost Two Hundred Fifty Thousand of repairing the same by allowing Buyer to deduct such cost from the Purchase Price payable to Seller at the Closing, or (z) assign to Buyer Seller’s right to make claim under and 00/100 Dollars ($250,000.00) or more, then, within a reasonable time of receive the proceeds from all policies insuring Seller against any such damage loss or destructiondamage. B. If, Seller prior to Closing, the Real Estate or any material part thereof shall give a written notice to Buyer specifying the insurance carrier's estimate of the amount of insurance payable as the result of such damage or destruction. Within ten (10) business days after Buyer has received the written notice described in the preceding sentencebe taken by eminent domain, Buyer may elect to terminate this Agreement may, at its option, by delivery of written notice to Seller. If , terminate this Agreement.. If, despite said material taking, Buyer elects to consummate proceed to close the purchase despite the damage or destruction, transaction contemplated hereunder or if any lesser damage or destruction has occurredthere is less than a material taking, there shall be no reduction in or abatement of the Purchase Price, and the parties shall treat such casualty damage as having occurred during the term of the Lease. (b) If, prior to the Date of Closing any judicial, administrative, or other condemnation proceedings are instituted or threatened in which a taking of the Parcel is proposed that exceeds Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) in value, including any consequential damages to the Parcel, then within a reasonable time of receipt by it or notice of the institution of any judicial, administrative, or other condemnation proceedings involving the Parcel, Seller shall give a written notice assign to Buyer. Within ten (10) business days after Buyer has received the written notice described all of Seller’s right, title and interest in and to any award made or to be made in the preceding sentence, Buyer may elect to terminate this Agreement, by delivery of written notice to Seller. If Buyer elects to consummate the purchase despite the institution of condemnation proceedings, or if it appears that the value of the proposed taking, including any consequential damages to the Property, shall total less than Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00), there shall be no reduction in or abatement of the Purchase Price, and the parties shall treat such condemnation as having occurred during the term of the Leaseproceeding.

Damage; Destruction and Eminent Domain. (a) 8.1 Risk of loss with respect to the Property shall remain upon Seller and shall not pass to Purchaser until the completion of the closing. 8.2 If, prior to the Date of Closingclosing, the Parcel Property or any part thereof is substantially damaged or destroyed by fire, the elements or any other destructive force or cause to the extent that repairing such cause, Seller shall forthwith notify Purchaser of said damage or destruction is reasonably estimated destruction, in writing. If Purchaser delivers written notice of its election to cost Two Hundred Fifty Thousand and 00/100 Dollars terminate this Purchase Agreement to Seller within fifteen ($250,000.0015) or more, then, within a reasonable time days of any Seller's giving notice of such damage or destruction, this Purchase Agreement shall be terminated and become null and void. Upon receipt by Seller shall give a written notice to Buyer specifying the insurance carrier's estimate of the amount of insurance payable as the result of such damage or destruction. Within ten (10) business days after Buyer has received the written notice described in the preceding sentence, Buyer may elect to terminate this Agreement by delivery of written notice delivered with the applicable fifteen (15) day time period of an election by Purchaser to Sellerso terminate this Purchase Agreement, all Xxxxxxx Money, and all interest accrued thereon, shall be paid to Purchaser and no party hereto shall have any further claims against the other hereunder other than the indemnity and confidentiality provisions herein. If Buyer Purchaser elects to proceed and to consummate the purchase despite the said substantial damage or destruction, or if any lesser damage or destruction has occurred, there shall be no reduction in or abatement of the Purchase Price, and Seller shall assign to Purchaser Seller's right, title and interest in and to all insurance proceeds resulting or to result from said damage or destruction and shall reimburse Purchaser, in cash, for any deductible amounts under its insurance policies. For the parties purposes of this Subsection 8.2, the words "substantially damaged or destroyed" shall treat such casualty mean damage as having occurred during or destruction which the term Purchaser and Seller reasonably agree would cost three percent (3%) of the LeasePurchase Price or more to repair. In the event of any less than substantial damage or destruction prior to the Closing Date, Seller shall either fully and properly repair the same or restore the Property to the condition required hereby prior to the Closing Date, or shall permit Purchaser to deduct the cost of so repairing the same as reasonably determined by Purchaser and Seller from the cash portion of the Purchase Price payable at the closing, at Seller's option. (b) 8.3 If, prior to closing, the Date of Closing Property or any judicial, administrative, or other condemnation proceedings are instituted or threatened in which a taking of the Parcel is proposed that exceeds Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) in value, including any consequential damages to the Parcel, then within a reasonable time of receipt part thereof shall be taken by it or notice of the institution of any judicial, administrative, or other condemnation proceedings involving the Parceleminent domain, Seller shall give a forthwith notify Purchaser of said taking, in writing. If Purchaser gives written notice to Buyer. Within ten (10) business days after Buyer has received the written notice described in the preceding sentence, Buyer may elect of its election to terminate this AgreementPurchase Agreement within fifteen (15) days of Seller's giving notice of such substantial taking, this Purchase Agreement shall be terminated and become null and void. Upon receipt by delivery Seller of written notice delivered within the applicable fifteen (15) day time period of an election by Purchaser to Sellertreat this Purchase Agreement as null and void, all Xxxxxxx Money, and all interest accrued thereon, shall be paid to Purchaser and no party hereto shall have any further claims against the other hereunder other than the indemnity and confidentiality provisions herein. If Buyer Purchaser elects to proceed and to consummate the purchase despite the institution of condemnation proceedings, or if it appears that the value of the proposed such a taking, including any consequential damages to the Property, shall total less than Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00), there shall be no reduction in or abatement of the Purchase Price, and Seller shall assign to Purchaser all Seller's right, title and interest in and to any award made or to be made in the parties shall treat eminent domain proceeding. Seller agrees to give Purchaser prompt written notice of any such condemnation as having occurred during taking or proposed taking in the term of the Leasemanner hereinafter provided.

Damage; Destruction and Eminent Domain. (a) 8.1 Risk of loss with respect to the Property shall remain upon Seller and shall not pass to Purchaser until the completion of the closing. 8.2 If, prior to the Date of Closingclosing, the Parcel Property or any part thereof is substantially damaged or destroyed by fire, the elements or any other destructive force or cause to the extent that repairing such cause, Seller shall forthwith notify Purchaser of said damage or destruction is reasonably estimated destruction, in writing. If Purchaser delivers written notice of its election to cost Two Hundred Fifty Thousand and 00/100 Dollars terminate this Purchase Agreement to Seller within fifteen ($250,000.0015) or more, then, within a reasonable time days of any Seller's giving notice of such damage or destruction, this Purchase Agreement shall be terminated and become null and void. Upon receipt by Seller shall give a written notice to Buyer specifying the insurance carrier's estimate of the amount of insurance payable as the result of such damage or destruction. Within ten (10) business days after Buyer has received the written notice described in the preceding sentence, Buyer may elect to terminate this Agreement by delivery of written notice delivered with the applicable fifteen (15) day time period of an election by Purchaser to Sellerso terminate this Purchase Agreement, all Xxxxxxx Money, and all interest accrued thereon, shall be paid to Purchaser and no party hereto shall have any further claims against the other hereunder other than the indemnity and confidentiality provisions herein. If Buyer Purchaser elects to proceed and to consummate the purchase despite the said substantial damage or destruction, or if any lesser damage or destruction has occurred, there shall be no reduction in or abatement of the Purchase Price, and Seller shall assign to Purchaser Seller's right, title and interest in and to all insurance proceeds resulting or to result from said damage or destruction and shall reimburse Purchaser, in cash, for any deductible amounts under its insurance policies. For the parties purposes of this Subsection 8.2, the words "substantial- ly damaged or destroyed" shall treat such casualty mean damage as having occurred during or destruction which the term Purchaser and Seller reasonably agree would cost three (3%) of the LeasePurchase Price or more to repair. In the event of any less than substantial damage or destruction prior to the Closing Date, Seller shall either fully and properly repair the same or restore the Property to the condition required hereby prior to the Closing Date, or shall permit Purchaser to deduct the cost of so repairing the same as reasonably determined by Purchaser and Seller from the cash portion of the Purchase Price payable at the closing, at Seller's option. (b) 8.3 If, prior to closing, the Date of Closing Property or any judicial, administrative, or other condemnation proceedings are instituted or threatened in which a taking of the Parcel is proposed that exceeds Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) in value, including any consequential damages to the Parcel, then within a reasonable time of receipt part thereof shall be taken by it or notice of the institution of any judicial, administrative, or other condemnation proceedings involving the Parceleminent domain, Seller shall give a forthwith notify Purchaser of said taking, in writing. If Purchaser gives written notice to Buyer. Within ten (10) business days after Buyer has received the written notice described in the preceding sentence, Buyer may elect of its election to terminate this AgreementPurchase Agreement within fifteen (15) days of Seller's giving notice of such substantial taking, this Purchase Agreement shall be terminated and become null and void. Upon receipt by delivery Seller of written notice delivered within the applicable fifteen (15) day time period of an election by Purchaser to Sellertreat this Purchase Agreement as null and void, all Xxxxxxx Money, and all interest accrued thereon, shall be paid to Purchaser and no party hereto shall have any further claims against the other hereunder other than the indemnity and confidentiality provisions herein. If Buyer Purchaser elects to proceed and to consummate the purchase despite the institution of condemnation proceedings, or if it appears that the value of the proposed such a taking, including any consequential damages to the Property, shall total less than Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00), there shall be no reduction in or abatement of the Purchase Price, and Seller shall assign to Purchaser all Seller's right, title and interest in and to any award made or to be made in the parties shall treat eminent domain proceeding. Seller agrees to give Purchaser prompt written notice of any such condemnation as having occurred during taking or proposed taking in the term of the Leasemanner hereinafter provided.

Damage; Destruction and Eminent Domain. (a) If, prior to the Date of ClosingClosing Date, the Parcel Real Property or any part thereof is damaged or destroyed by fire, the elements or any other destructive force or cause to the extent that repairing such damage or destruction is reasonably estimated to cost Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) 500,000.00 or more, then, within a reasonable time of any such damage or destruction, Seller shall give a written notice to Buyer specifying the insurance carrier's estimate of the amount of insurance payable as the result of such damage or destruction. Within ten (10) business days after Buyer has received the written notice described in the preceding sentence, then Buyer may elect to terminate this Agreement by delivery of written notice to SellerSeller within ten (10) days after notice to Buyer of the damage or destruction, in which case Escrow Agent shall immediately return the Deposit to Buyer and this Agreement shall be deemed null and void, except that the Surviving Obligations shall remain in effect. If Buyer elects to consummate the purchase despite the damage or destruction, or if any lesser damage or destruction has occurred, there shall be no reduction in or abatement of the Purchase Price, and Seller shall assign to Buyer all of Seller’s right, title and interest in and to all insurance proceeds resulting from the parties damage or destruction and credit for any deductible. The Closing Date shall treat such casualty damage be extended as having occurred during necessary to allow for the term of the Leasenotice period set forth above in this Paragraph. (b) If, prior to the Date of Closing Date, any judicial, administrative, or other condemnation proceedings are instituted or threatened in which a taking of the Parcel Real Property is proposed that which (i) exceeds Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) 500,000.00 in value, including any consequential damages (ii) renders the Project a non-conforming use or materially reduces access to the ParcelProject, or permits any tenant to terminate its Lease (unless such termination right is waived in writing), then within a reasonable time of receipt by it or ten (10) days after written notice to Buyer of the institution of any such judicial, administrative, or other condemnation proceedings involving the Parcel, Seller shall give a written notice to Buyer. Within ten (10) business days after Buyer has received the written notice described in the preceding sentenceProject, Buyer may elect to terminate this Agreement, Agreement by delivery of written notice to Seller, in which case Escrow Agent shall immediately return the Deposit to Buyer and this Agreement shall be deemed null and void, except that the Surviving Obligations shall remain in effect. If Buyer elects to consummate the purchase despite the institution of condemnation proceedings, proceedings (or if it appears that the value of the proposed taking, including any consequential damages has no right to the Property, shall total less than Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00terminate this Agreement), there shall be no reduction in or abatement of the Purchase Price, and Seller shall assign to the parties Buyer all of Seller’s right, title, and interest in and to any award or settlement made or to be made in the condemnation proceedings, or provide Buyer with a credit at Closing for any award or settlement Seller receives on or before Closing. The Closing Date shall treat such condemnation be extended as having occurred during necessary to allow for the term of the Leasenotice period set forth above in this Paragraph.

Damage; Destruction and Eminent Domain. (a) a. If, prior to the Date of Closingclosing, the Parcel Property or any part thereof is be destroyed or further damaged or destroyed by fire, the elements elements, or any other destructive force or cause cause, due to events occurring subsequent to the extent that repairing such damage or destruction is reasonably estimated to cost Two Hundred Fifty Thousand date of this Agreement, this Agreement shall become null and 00/100 Dollars ($250,000.00) or morevoid, thenat Buyer's option exercised, within a reasonable time of any such damage or destructionif at all, Seller shall give a by written notice to Buyer specifying the insurance carrier's estimate of the amount of insurance payable as the result of such damage or destruction. Within Seller within ten (10) business days after Buyer has received the written notice described from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in the preceding sentenceParagraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer may to elect to terminate this Agreement has expired or Buyer has, by delivery of written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite the said damage or destruction, or if any lesser damage or destruction has occurred, there shall be no reduction in or abatement of the Purchase Pricepurchase price, and Seller shall assign to Buyer the parties shall treat such casualty Seller's right, title, and interest in and to all insurance proceeds resulting from said damage as having occurred during or destruction to the term of extent that the same are payable with respect to damage to the Property, and are so payable to Seller under the Caribou Coffee Lease. (b) b. If, prior to closing, the Date of Closing any judicial, administrativeProperty, or other condemnation proceedings are instituted or threatened in which a taking of the Parcel any part thereof, is proposed that exceeds Two Hundred Fifty Thousand taken by eminent domain, this Agreement shall become null and 00/100 Dollars ($250,000.00) in valuevoid, including any consequential damages to the Parcel, then within a reasonable time of receipt by it or notice of the institution of any judicial, administrative, or other condemnation proceedings involving the Parcel, Seller shall give a written notice to at Buyer. Within ten (10) business days after Buyer has received the written notice described in the preceding sentence, Buyer may elect to terminate this Agreement, by delivery of written notice to Seller's option. If Buyer elects to proceed and to consummate the purchase despite the institution of condemnation proceedings, or if it appears that the value of the proposed said taking, including any consequential damages to the Property, shall total less than Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00), there shall be no reduction in in, or abatement of of, the Purchase Pricepurchase price, and Seller shall assign to Buyer all the parties Seller's right, title and interest in and to any award made, or to be made, in the condemnation proceeding. In the event that this Agreement is terminated by Buyer as provided above in Subparagraph 16a or 16b, the First Payment shall treat be immediately returned to Buyer (after execution by Buyer of such condemnation as having occurred during documents reasonably requested by Seller to evidence the term of the Leasetermination hereof).