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. 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. 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 damage to the Property that has occurred, and of any condemnation proceedings that are commenced against the Property, after the execution of this Agreement and prior to the Close of Escrow, of which Seller has actual knowledge. If such damage occurs or any such condemnation proceeding is commenced and is Material, as hereinafter defined, then Buyer may terminate this Agreement. If such damage or condemnation is not Material or Buyer does not terminate this Agreement, then this Agreement shall continue in effect, without delay or abatement of the Purchase Price, in which event Seller shall assign and transfer to Buyer at the Close of Escrow all of Seller’s rights with respect to any insurance and/or condemnation proceeds that Seller may have received or be entitled to receive in connection therewith, and, in the case of a casualty, Buyer shall receive a credit at Closing in an amount equal to the deductible under any insurance policy maintained by Seller which covers any such casualty or loss of rent. In the event of termination of this Agreement by Buyer pursuant to the above, the Deposit and all other funds deposited into Escrow by Buyer (together with interest on the Deposit during the period that it is held, but only while it was held, in the Escrow) shall be returned to Buyer, Buyer shall upon Seller’s request promptly deliver to Seller or destroy the Seller Information provided by Seller to Buyer, with such delivery obligation to survive the termination of this Agreement, and thereafter neither party shall have any further rights or obligations under this Agreement (except for any obligation that expressly survives a termination of this Agreement by its terms). For purposes of this Section 15, the term “Material” shall mean (i) any taking which materially impairs access to the Property, (ii) the taking of any building or a material portion of any building, (iii) a taking or damage which reduces the number of parking spaces located on the Property below the number required to comply with requirements of applicable law, the terms of any Approved Title Conditions, or the terms of any Lease, (iv) a taking or damage which gives any tenant the right to terminate its Lease or permanently xxxxx or reduce its rent (unless such right is waived), (v) the taking of or damage to any portion of the Property having a reasonably estimated value or having a cost of repair or replacement of an amount equal to $2,000,000, or (v...
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. 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 knowledge by Seller of 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:
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).
