Damage or Destruction; Condemnation; Insurance. If at any time prior to the date of Closing there is damage or destruction to the Property, the cost for repair of which exceeds Three Million Five Hundred Thousand and 00/100 Dollars ($3,500,000.00) and the Property cannot be restored to its original condition prior to Closing, or if more than five percent (5%) of the rentable area of the Building is condemned or taken by eminent domain proceedings by any public authority, then, at Buyer’s option, this Agreement shall terminate, and the Deposit shall be returned to Buyer, and except as expressly set forth herein, neither party shall have any further liability or obligation to the other hereunder. If there is any damage or destruction or condemnation or taking, regardless of the cost of any repair, and if Buyer elects not to terminate this Agreement as herein provided (to the extent Buyer is entitled to do so), then (1) in the case of a taking, all condemnation proceeds paid or payable to Seller shall belong to Buyer and shall be paid over and assigned to Buyer at Closing, and Seller shall be paid at Closing for the reasonable expenses actually incurred by Seller in connection with such taking; and (2) in the case of a casualty, Seller shall assign to Buyer all rights to any insurance proceeds paid or payable under the applicable insurance policies, less any costs of collection and any sums expended in restoration, and the Seller’s deductible shall be a credit to Buyer against the Purchase Price, and the parties shall proceed with the Closing without any reduction in the Purchase Price payable to Seller.
Damage or Destruction; Condemnation; Insurance. If at any time prior to the date of Closing there is damage or destruction to the Property the cost for repair of which exceeds Five Million Dollars ($5,000,000.00) and the Property cannot be restored to its original condition prior to Closing, or if all or any material portion of the Property is condemned or taken by eminent domain proceedings by any public authority, then, at Buyer’s option, this Agreement shall terminate, and the Deposit shall be returned to Buyer, and except as expressly set forth herein, neither party shall have any further liability or obligation to the other hereunder. If there is any damage or destruction or condemnation or taking, as above set forth, and if Buyer elects not to terminate this Agreement as therein provided, then (1) in the case of a taking, all condemnation proceeds paid or payable to Seller shall belong to Buyer and shall be paid over and assigned to Buyer at Closing; and (2) in the case of a casualty, Seller shall assign to Buyer all rights to any insurance proceeds paid or payable under the applicable insurance policies, less any costs of collection and any sums expended in restoration.
Damage or Destruction; Condemnation; Insurance. If at any time prior to the date of Closing there is Material (as defined below) damage or destruction to the Property, or if all or any Material portion of the Property is condemned or taken by eminent domain proceedings by any public authority, then, at Buyer’s option, this Agreement shall terminate, and the Deposit shall be returned to Buyer, and except as expressly set forth herein, neither party shall have any further liability or obligation to the other hereunder.
Damage or Destruction; Condemnation; Insurance. If, prior to the Closing, there is damage or destruction to the Property caused by fire or other casualty (collectively, "DAMAGE"), the cost for repair of which exceeds One Million and 00/100 Dollars ($1,000,000.00), and the Property cannot be restored to its original condition prior to Closing, or if all or any material portion of the Property is condemned or taken by eminent domain proceedings by any public authority (collectively, "EMINENT DOMAIN"), then Buyer, in its sole and absolute discretion, may elect either of the following options: (i) Buyer may terminate this Agreement by written notice to MetLife and receive an immediate refund of the Deposit, whereupon neither party shall have any further liability to the other under this Agreement (except as provided in Section 9.3); or (ii) Buyer may proceed to close. In such latter event, if the Property has been made the subject of Eminent Domain, MetLife and DPA Gateway shall fully cooperate with Buyer in the adjustment and settlement of the governmental acquisition proceeding and the entire amount of the condemnation award payable by the Governmental Authority shall belong to Buyer and shall be retained by the Partnership at Closing.
Damage or Destruction; Condemnation; Insurance. 26 9.1 Termination . . . . . . . . . . . . . . . . . . 26 9.2
Damage or Destruction; Condemnation; Insurance. 9.1 If at any time prior to the Closing, a fire or other casualty results in damage to the Property or to the Leased Premises having a restoration cost in excess of $50,000, and cannot be restored to its original condition prior to Closing, or if all or any portion of the Property or the Leased Premises is condemned or taken by eminent domain, then, at Buyer's option, this Agreement shall terminate, and the Deposit shall be returned to Buyer, and, except as expressly set forth herein, neither party shall have any further obligation or liability to the other hereunder.
Damage or Destruction; Condemnation; Insurance. If at any time prior to the date of Closing there is damage or destruction to the Property the cost for repair of which exceeds $375,000, or if all or any material portion of the Property is condemned or taken by eminent domain proceedings by any public authority, then, at Buyer's option, this Agreement shall terminate, and the Deposit, together with any interest accrued thereon, shall be returned to Buyer, and except as expressly set forth herein, neither party shall have any further liability or obligation to the other hereunder.
Damage or Destruction; Condemnation; Insurance. If, prior to the Closing, all or any portion of the Property is damaged by fire or other casualty (collectively, "Damage"), or is taken or made subject to condemnation, eminent domain or other governmental acquisition proceedings (collectively, "Eminent Domain"), then Buyer, in its sole and absolute discretion, may elect either of the following options: (i) Buyer may terminate this Agreement by written notice to Seller and receive an immediate refund of the Deposit, whereupon neither party shall have any further liability to the other under this Agreement; or (ii) Buyer may proceed to close on the Property. In such latter event, if the Property has been made the subject of Eminent Domain, Seller shall fully cooperate with Buyer in the adjustment and settlement of the governmental acquisition proceeding and pay over or assign to Buyer the entire amount of the condemnation award payable by the Governmental Authority.
Damage or Destruction; Condemnation; Insurance. 9.1.If at any time prior to the Closing Date there is “major” damage or destruction to any of the Properties (or any portion thereof), and such Property (or any portion thereof) cannot be restored to the original condition prior to Closing, or if all or any “major” portion of any Property (or any portion thereof) is condemned or taken by eminent domain proceedings by any public authority, then, at the option of Buyer exercised within ten (10) Business Days following notice of such “major” damage, destruction, condemnation or taking, this Agreement shall terminate, and the Deposit shall be returned to Buyer, and except as expressly set forth herein, neither party shall have any further liability or obligation to the other hereunder. For the avoidance of doubt, any termination of this Agreement pursuant to this Section 9 or otherwise shall be of the entire Agreement, and under no circumstances shall Sellers be obligated to sell, or Buyer be entitled to purchase, less than all of the Properties.
Damage or Destruction; Condemnation; Insurance
