Common use of Damage, Destruction or Taking Clause in Contracts

Damage, Destruction or Taking. If at any time prior to the Closing, Landlord determines that the Option Property has been destroyed or damaged by earthquake, flood or other casualty and that such damage will require more than One Million Dollars ($1,000,000.00) to repair (a "Casualty"), or if a proceeding is instituted for the taking of all or any material portion of the Option Property under the power of eminent domain (a "Taking"), then Tenant shall have the right by giving written notice to Landlord and Title Company within fifteen (15) days after the date of receipt of written notice of any such Casualty or Taking, either to: (i) consummate the purchase of the Property in accordance with the Lease, in which event Landlord shall assign to Tenant at the Closing (A) any insurance proceeds payable to Landlord on account of such Casualty, or (B) any award payable to Landlord by reason of the Taking, as the case may be; or (ii) terminate Landlord's obligations under Paragraph 38 of the Lease and this Exhibit F, effective as of the date such notice of termination is given. If Tenant fails to give such notice within such 15-day period, then Tenant shall be deemed to have elected to terminate Landlord's obligations under Paragraph 38 of the Lease and this Exhibit F, pursuant to this Paragraph 3. The Closing Date shall be deferred, if necessary, to permit Tenant to have the 15-day period following receipt of notice of a Casualty or a Taking to make the election specified hereinabove. If Tenant terminates Landlord's obligations under Paragraph 38 of the Lease and this Exhibit F, pursuant to this Paragraph 3, then any Deposit shall be returned to Tenant, and neither Landlord nor Tenant shall have any further obligations under Paragraph 38 of the Lease or this Exhibit F. Nothing herein shall be deemed to constitute an obligation on the part of Landlord to carry or maintain any insurance of any kind whatsoever pertaining to the Property.

Damage, Destruction or Taking. If at any time prior to the Closing, ----------------------------- Landlord determines that the Option Property has been destroyed or damaged by earthquake, flood or other casualty and that such damage will require more than One Million Dollars ($1,000,000.00) to repair (a "Casualty"), or if a proceeding -------- is instituted for the taking of all or any material portion of the Option Property under the power of eminent domain (a "Taking"), then Tenant shall have ------ the right by giving written notice to Landlord and Title Company within fifteen (15) days after the date of receipt of written notice of any such Casualty or Taking, either to: (i) consummate the purchase of the Property in accordance with the Lease, in which event Landlord shall assign to Tenant at the Closing (A) any insurance proceeds payable to Landlord on account of such Casualty, or (B) any award payable to Landlord by reason of the Taking, as the case may be; or (ii) terminate Landlord's obligations under Paragraph 38 of the Lease and ------------ this Exhibit F, effective as of the date such notice of termination is given. If --------- Tenant fails to give such notice within such 15-day period, then Tenant shall be deemed to have elected to terminate Landlord's obligations under Paragraph 38 of ------------ the Lease and this Exhibit F, pursuant to this Paragraph 3. The Closing Date --------- ----------- shall be deferred, if necessary, to permit Tenant to have the 15-day period following receipt of notice of a Casualty or a Taking to make the election specified hereinabove. If Tenant terminates Landlord's obligations under Paragraph 38 of the Lease and this Exhibit F, pursuant to this Paragraph 3, then ------------ --------- ----------- any Deposit shall be returned to Tenant, and neither Landlord nor Tenant shall have any further obligations under Paragraph 38 of the Lease or this Exhibit F. ------------ --------- Nothing herein shall be deemed to constitute an obligation on the part of Landlord to carry or maintain any insurance of any kind whatsoever pertaining to the Property.

Damage, Destruction or Taking. If at any time prior to the Closing, ----------------------------- Landlord determines that the Option Property has been destroyed or damaged by earthquake, flood or other casualty and that such damage will require more than One Million Dollars ($1,000,000.00) to repair (a "Casualty"), or if a -------- proceeding is instituted for the taking of all or any material portion of the Option Property under the power of eminent domain (a "Taking"), then Tenant ------ shall have the right by giving written notice to Landlord and Title Company within fifteen (15) days after the date of receipt of written notice of any such Casualty or Taking, either to: (i) consummate the purchase of the Property in accordance with the Lease, in which event Landlord shall assign to Tenant at the Closing (A) any insurance proceeds payable to Landlord on account of such Casualty, or (B) any award payable to Landlord by reason of the Taking, as the case may be; or (ii) terminate Landlord's obligations under Paragraph 38 40 of the Lease and this Exhibit FH, effective as of the date such notice of termination is given. If Tenant fails to give such notice within such 15-day period, then Tenant shall be deemed to have elected to terminate Landlord's obligations under Paragraph 38 40 of the Lease and this Exhibit FH, pursuant to this Paragraph 3. The Closing Date shall be --------- ----------- deferred, if necessary, to permit Tenant to have the 15-day period following receipt of notice of a Casualty or a Taking to make the election specified hereinabove. If Tenant terminates Landlord's obligations under Paragraph 38 40 of the Lease and this Exhibit FH, pursuant to this Paragraph 3, then any Deposit --------- ----------- (but not the Option Deposit) shall be returned to Tenant, and neither Landlord nor Tenant shall have any further obligations under Paragraph 38 40 of the Lease or ------------ this Exhibit F. H. Nothing herein shall be deemed to constitute an obligation on --------- the part of Landlord to carry or maintain any insurance of any kind whatsoever pertaining to the Property.

Damage, Destruction or Taking. If at the Mortgagor to Give Notice; Assignment of ---- -------------------------------------------------------------------------- Awards. In case of (a) any time prior damage to or destruction of the ClosingPremises or any ------ part thereof, Landlord determines that the Option Property has been destroyed or damaged by earthquake, flood (b) any condemnation proceedings or other casualty and that such damage will require more than One Million Dollars exercise of any right of eminent domain ($1,000,000.00) to repair (hereinafter a "CasualtyTaking"), or if a proceeding is instituted for the taking ) of all or any material portion part of the Option Property under Premises, or to the power commencement of eminent domain (a "any proceedings or negotiations which might result in any such Taking"), then Tenant shall have the right by giving Mortgagor will promptly give or cause to be given written notice thereof to Landlord the Mortgagee, generally describing the nature and Title Company within fifteen (15) days after extent of such damage or destruction or of such Taking or the date nature of receipt of written notice of any such Casualty proceedings or Taking, either to: (i) consummate negotiations and the purchase nature and extent of the Property in accordance with the Lease, in Taking which event Landlord shall assign to Tenant at the Closing (A) any insurance proceeds payable to Landlord on account of such Casualty, or (B) any award payable to Landlord by reason of the Takingmight result therefrom, as the case may be; or (ii) terminate Landlord's obligations under Paragraph 38 . Subject to the terms and provisions of the Lease Lease, the Mortgagee shall be entitled to all insurance proceeds payable on account of such damage or destruction and this Exhibit Fto all awards or payments allocable to the Mortgaged Property on account of such Taking and the Mortgagor hereby irrevocably assigns, effective as transfers and sets over to the Mortgagee all rights of the date Mortgagor to any such notice proceeds, award or payment and irrevocably authorizes and empowers the Mortgagee, at its option, in the name of termination is giventhe Mortgagor or otherwise, to file and prosecute what would otherwise be the Mortgagor's claim for any such proceeds, award or payment and to collect, receipt for and retain the same for disposition in accordance with Section 3.2, in the case of proceeds received in connection with damage or destruction to the Premises, and Section 3.3, in the case of proceeds received in connection with a Taking. If Tenant fails The Mortgagor will pay or cause to give be paid all reasonable costs and expenses incurred by the Mortgagee in connection with any such notice within such 15-day perioddamage, then Tenant destruction or Taking and seeking and obtaining any insurance proceeds, award or payment in respect thereof. Notwithstanding the foregoing, provided no Event of Default exists, the Mortgagor shall be deemed entitled to have elected file and prosecute all claims and to terminate Landlord's obligations under Paragraph 38 of the Lease and this Exhibit F, pursuant apply any proceeds or awards to this Paragraph 3. The Closing Date shall be deferred, if necessary, to permit Tenant to have the 15-day period following receipt of notice of a Casualty or a Taking to make the election specified hereinabove. If Tenant terminates Landlord's obligations under Paragraph 38 of the Lease and this Exhibit F, pursuant to this Paragraph 3, then any Deposit shall be returned to Tenant, and neither Landlord nor Tenant shall have any further obligations under Paragraph 38 of the Lease or this Exhibit F. Nothing herein shall be deemed to constitute an obligation on the part of Landlord to carry or maintain any insurance of any kind whatsoever pertaining to the Propertyrestoration.

Damage, Destruction or Taking. If at any time prior to the Closing, ----------------------------- Landlord determines that the Option Property has been destroyed or damaged by earthquake, flood or other casualty and that such damage will require more than One Million Dollars ($1,000,000.00) to repair (a "Casualty"), or if a proceeding -------- is instituted for the taking of all or any material portion of the Option Property under the power of eminent domain (a "Taking"), then Tenant shall have ------ the right by giving written notice to Landlord and Title Company within fifteen (15) days after the date of receipt of written notice of any such Casualty or Taking, either to: (i) consummate the purchase of the Property in accordance with the Lease, in which event Landlord shall assign to Tenant at the Closing (A) any insurance proceeds payable to Landlord on account of such Casualty, or (B) any award payable to Landlord by reason of the Taking, as the case may be; or (ii) terminate Landlord's obligations under Paragraph 38 of the Lease and ------------ this Exhibit F, effective as of the date such notice of termination is given. If --------- Tenant fails to give such notice within such 15-day period, then Tenant shall be deemed to have elected to terminate Landlord's obligations under Paragraph 38 of ------------ the Lease and this Exhibit F, pursuant to this Paragraph 3. The Closing Date --------- ----------- shall be deferred, if necessary, to permit Tenant to have the 15-day period following receipt of notice of a Casualty or a Taking to make the election specified hereinabove. If Tenant terminates Landlord's obligations under Paragraph 38 of the Lease and this Exhibit F, pursuant to this Paragraph 3, ------------ --------- ----------- then any Deposit shall be returned to Tenant, and neither Landlord nor Tenant shall have any further obligations under Paragraph 38 of the Lease or this ------------ Exhibit F. Nothing herein shall be deemed to constitute an obligation on the --------- part of Landlord to carry or maintain any insurance of any kind whatsoever pertaining to the Property.