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. 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 the Closing, there shall occur:
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. 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 commenced prior to the Closing. If any such damage or proceeding relates to or may result in the loss of any material portion of the Property ("material" shall mean in excess of Five Hundred Thousand Dollars [$500,000.00] in value), Buyer may, at its option, elect to (a) terminate this Agreement, in which event Seller shall refund the Deposit with Interest, and neither party shall have any further rights or obligations hereunder, or (b) with regard to condemnation, continue the Agreement in effect, in which event upon the Closing, Buyer shall be entitled to any compensation, awards, or other payments or relief resulting from such condemnation proceeding whether payment is made before or after Closing or (c) with regard to casualty, Buyer shall be entitled to either the insurance proceeds or other payment resulting from such casualty or a reduction in the Purchase Price by the amount required to restore the property to the condition that existed prior to the casualty loss. To the extent that the parties cannot agree to the cost to restore the property, the parties shall mutually agree to a third party appraiser who shall render an appraisal of the cost to restore the property which appraisal shall be conclusive and binding for all purposes. If Buyer elects to terminate this Agreement based upon such loss, Seller may at its option repair or replace such Property to substantially the same condition as existed prior to such loss within thirty (30) days after receipt of Buyer's election to terminate, and if such cures are effected, Buyer shall be obligated to proceed with the purchase under the terms of this Agreement without a right to compensation or payment and without a Purchase Price adjustment. If Seller does not elect to cure or, elects to cure but such cure cannot be affected within thirty (30) days, and Buyer does not elect to proceed with the purchase of the Property due to the damage to or loss of the Property through casualty or condemnation proceedings, this Agreement shall terminate. In the event of casualty or condemnation that does not result in a material loss of Property, Seller shall not be obligated to repair or replace the Property and Buyer shall not have the right to terminate, provided however, Seller shall compensate Buyer to the extent that it receives insurance proceeds or a condemnation award, or, if not compensated or not fully compensa...
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 (which, for purposes of this Agreement, shall mean damage or loss which will cost greater than Five Hundred Thousand Dollars ($500,000.00) to repair or restore or a taking which, in Buyer’s reasonable judgment, significantly interferes with the use and enjoyment of the Land and/or Improvements), Buyer may, at its option, elect either to:
Damage or Condemnation Prior to Closing. Seller shall promptly notify Buyer of any casualty damage to any Property or the Rancho Xxxxxx Property or any condemnation proceeding proposed or commenced prior to the Close of Escrow with respect to any Property or the Rancho Xxxxxx Property.
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.
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. 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
