Damage or Condemnation Prior to Closing Sample Clauses

Damage or Condemnation Prior to Closing. 9.1 Seller agrees to give Purchaser prompt notice of any fire or other casualty affecting the Property between the Execution Date and the Closing Date or of any actual or threatened taking or condemnation of all or any portion of the Property. If prior to Closing, there shall occur: (a) damage to the Property caused by fire or other casualty which would cost Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) or more to repair; or (b) the taking or condemnation of all or any portion of the Property as would materially interfere with the present use thereof; then, in any such event, Purchaser, at its option, may terminate its obligations under this Agreement by written notice given to Seller within ten (10) days after Purchaser has received the notice referred to above or at Closing, whichever is earlier, in which event the Xxxxxxx Money, together with all interest accrued thereon, shall be returned immediately by Escrow Agent to Purchaser, and neither party shall have any further right or obligation hereunder. If Purchaser delivers written notice to Seller waiving such termination right, then Closing shall take place as provided herein and there shall be assigned to Purchaser at Closing all interest of Seller in and to any insurance proceeds (including all rent loss proceeds applicable to the period after Closing) or condemnation awards which may be payable to Seller on account of such occurrence, provided that Seller shall reimburse Purchaser for any policy deductibles to the extent the same remain unpaid as of Closing. If prior to Closing there shall occur: (a) damage to the Property caused by fire or other casualty which would cost less than Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) to repair; or (b) the taking or condemnation of all or any portion of the Property as would not materially interfere with the present use thereof; then, in any such event, Purchaser shall have no right to terminate its obligations under this Agreement, but there shall be assigned to Purchaser at Closing all interest of Seller in and to any insurance proceeds (including rent loss proceeds applicable to the period after Closing) or condemnation awards which may be payable to Seller on account of any such occurrence, provided that Seller shall reimburse Purchaser for any policy deductibles, to the extent the same remain unpaid as of closing.

Damage or Condemnation Prior to Closing. Seller shall promptly notify Buyer of any casualty to the Property or any condemnation proceeding commenced prior to the Close of Escrow. If any such damage or proceeding relates to or may result in the loss of any material portion of the Property, Seller or Buyer may, at their option, elect either to (i) terminate this Agreement, in which event all funds deposited into Escrow by Buyer which are held by Escrow or have been released from Escrow shall be returned to Buyer and neither party shall have any further rights or obligations hereunder, or (ii) continue the Agreement in effect, in which event upon the Close of Escrow, Buyer shall be entitled to any compensation, award, or other payments or relief attributable to the Property resulting from such casualty or condemnation proceedings.

Damage or Condemnation Prior to Closing. Seller shall promptly notify Buyer of any casualty to the Property or any condemnation proceeding commenced prior to the Close of Escrow. Thereafter, the provisions set forth in Paragraphs 18(a), (b) and (c) below shall apply.

Damage or Condemnation Prior to Closing. If any material portion of the Property is taken by condemnation or eminent domain or there is any actual or threatened condemnation or eminent domain affecting any material portion of the Property (a “Condemnation Act”) prior to Closing, then Buyer will have the right to terminate this Agreement by notice to the other and to the Title Company, in which case neither Seller nor Buyer will thereafter have any obligation to each other except for those matters intended to survive.

Damage or Condemnation Prior to Closing. Seller shall promptly notify Buyer of any casualty to the Property or any condemnation proceeding commenced prior to the Close of Escrow if actually known to the Seller. If any such condemnation proceeding relates to or may result in the loss of any portion of the Property in excess of ten percent (10%) of the Purchase Price, or if any casualty damage is likely to result in repair costs estimated to be in excess of $50,000.00, Buyer may, at its option (to be exercised not later than ten (10) days following written notice to Buyer of such event), elect either to: (i) terminate this Agreement, in which event all funds deposited into Escrow by Buyer and any Interest shall be returned to Buyer and neither party shall have any further rights or obligations hereunder except that the parties shall share equally all cancellation costs, or (ii) continue the Agreement in effect, in which event upon the Close of Escrow, Buyer shall be entitled to any insurance proceeds, compensation, awards, or other payments or relief resulting from such casualty or condemnation proceeding relating to the Property and the Purchase Price shall not be adjusted. If this Agreement continues in effect (whether or not the casualty repairs exceed $50,000.00), Seller shall cooperate with Buyer in recovering all insurance proceeds payable with respect to such casualty and shall assign such proceeds to Buyer.

Damage or Condemnation Prior to Closing. Seller shall promptly notify Buyer of any casualty to the Property or any condemnation proceeding considered or commenced prior to the Close of Escrow. If any such damage or proceeding relates to or may result in the loss of any “material portion” (as defined herein) of the Property, Seller or Buyer may, each at its option, elect either to (i) terminate this Agreement, in which event, except as otherwise provided herein, neither party shall have any further rights or obligations hereunder, or (ii) continue the Agreement in effect, in which event upon the Close of Escrow, Buyer shall be entitled to any compensation, award, or other payments or relief resulting from such casualty or condemnation proceedings. The term “material portion” shall mean damages greater than One Hundred Thousand Dollars ($100,000.00).

Damage or Condemnation Prior to Closing. If, prior to the Closing Date, all or any significant portion of the PROPERTY is damaged or taken by eminent domain (or is the subject of a pending taking which has not yet been consummated), DISTRICT will notify PURCHASER of such fact promptly after obtaining knowledge thereof, and both DISTRICT and PURCHASER will have the right to terminate this Agreement by giving notice to the other party not later than ten (10) days after the giving of DISTRICT’s notice, and the Bid Deposit and Xxxxxxx Money shall be returned to PURCHASER, in the manner previously described in this Agreement. For the purposes hereof, a "significant portion" of the PROPERTY will mean such portion of the PROPERTY which has a value (based on the aggregate of the appraised cost and the diminution in the value of the PROPERTY) in excess of ten (10%) percent of the Purchase Price. If the parties elect not to terminate this Agreement as aforesaid, or if less than a significant portion of the PROPERTY is taken by eminent domain (or becomes the subject of a pending taking), there will be no abatement of the Purchase Price and DISTRICT will assign to PURCHASER (without recourse) at the Closing the rights of DISTRICT to the awards, if any, for the taking, and PURCHASER will be entitled to receive and keep all awards for the taking of the PROPERTY or such portion thereof.

Damage or Condemnation Prior to Closing. If prior to the Closing, the Property or any part thereof is subject to an eminent domain or condemnation proceeding or any improvement thereon is damaged by fire, flood or other casualty, County shall give written notice thereof to Purchaser, and Purchaser shall be entitled to any condemnation award or insurance proceeds resulting from any such event, as long as Closing occurs. At the Closing, County shall execute and deliver all documents reasonably requested by Purchaser to effectuate such assignment. If the Real Property is subject to or threatened by an eminent domain or condemnation proceeding and such taking would materially impair Purchaser’s intended use of or income from the Property, Purchaser may terminate this Agreement upon written notice to County, in which case, the Landfill Host Agreement shall terminate and the Xxxxxxx Money Deposit shall be refunded to Purchaser. If any material improvement is substantially damaged by fire, flood or other casualty which is uninsured, County shall either (i) repair such damage prior to the Closing in which case the parties shall proceed to Closing without any reduction in the Purchase Price; or

Damage or Condemnation Prior to Closing. Seller shall promptly notify Buyer of any casualty to the Property or any condemnation proceeding commenced prior to the Close of Escrow. If any such damage or proceeding relates to or may result in the loss of any material portion of a Project(s), Seller or Buyer may, at their option, elect either to: (i) terminate this Agreement as it relates to such Projects, in which event such Project(s) shall be withdrawn from the Property to be conveyed to Buyer at the Close of Escrow, and the Purchase Price shall be adjusted to reflect the elimination of such Project(s) to be conveyed to Buyer, or (ii) continue the Agreement in effect. In the event Buyer elects to continue the Agreement or in the event any damage or proceeding relates to or may result in the loss of a non-material portion of a Project(s), then upon the Close of Escrow, Buyer shall be entitled to and Seller shall assign to Buyer at the Close of Escrow any compensation, awards, or other payments or relief resulting from such casualty or condemnation proceeding relating to the Property to which Seller is entitled to receive

Damage or Condemnation Prior to Closing. Sellers shall promptly notify Buyer of any damage to any Property that has occurred, and of any condemnation proceedings that are commenced or proposed against any Property or any portion thereof after the execution of this Agreement and prior to the Close of Escrow. If such events should occur, Buyer may elect to keep this Agreement to continue in effect as to such Property, without delay or abatement of the Purchase Price for such Property, in which event, Sellers shall assign and transfer to Buyer at the Close of Escrow all of Sellers' rights with respect to the insurance proceeds relating to any damage and any and all condemnation proceeds (including severance damages) that Sellers may have received or be entitled to receive; and if any damage is not covered by insurance or the insurance proceeds are inadequate to cover the reasonable cost of repair of the damage, but this Agreement continues in effect, then the uninsured portion thereof shall be credited toward the Purchase Price of the particular Property at the Close of Escrow. Notwithstanding the foregoing, Buyer may, at its option, at any time after such event, elect to terminate this Agreement as to the affected Property.