Common use of Damage or Destruction Condemnation Clause in Contracts

Damage or Destruction Condemnation. The parties agree and acknowledge that the risk of loss in connection with (i) any damage or destruction, in whole or part, that may occur to the Property, or (ii) any proceedings to take or condemn the whole or part of the Property for public or quasi-public use under any statute, or by the right of eminent domain, whether commenced or threatened, prior to the Closing, shall be determined in accordance with the provisions of the Lease. To the extent that the Lease is terminated and Seller, in its capacity as landlord, is in receipt of the insurance or condemnation proceeds as provided in the Lease, then, in such case, the Purchase Price for that Parcel shall be reduced by the proceeds received by such Seller. If, following the occurrence of any event described in (i) or (ii) above of this Section 13 in which the Lease is terminated and no such insurance or condemnation proceeds have been received by Seller in connection therewith, then, in such case, the Purchase Price shall remain as set forth in Section 1 of this Agreement and Landlord shall assign to Purchaser all rights it may have to receive the proceeds of condemnation or insurance proceeds payable with respect to any such casualty or condemnation.

Damage or Destruction Condemnation. The parties agree and acknowledge that the risk of loss in connection with (i) any damage or destruction, in whole or part, that may occur to the Property, or (ii) any proceedings to take or condemn the whole or part of the Property for public or quasi-public use under any statute, or by the right of eminent domain, whether commenced or threatened, prior to the Closing, shall be determined in accordance with the provisions of Section 13 of the Existing Lease. To the extent that the Existing Lease is terminated and Seller, in its capacity as landlord, is in receipt of the insurance or condemnation proceeds as provided in Section 13 of the Existing Lease, then, in such case, the Purchase Price for that Parcel shall be reduced by the proceeds received by such Seller. If, following the occurrence of any event described in (i) or (ii) above of this Section 13 in which the Existing Lease is terminated and no such insurance or condemnation proceeds have been received by Seller in connection therewith, then, in such case, the Purchase Price shall remain as set forth in Section 1 of this Agreement and Landlord shall assign to Purchaser all rights it may have to receive the proceeds of condemnation or insurance proceeds payable with respect to any such casualty or condemnation.

Damage or Destruction Condemnation. The parties agree and acknowledge that the risk of loss in connection with (i) any damage or destruction, in whole or part, that may occur to the Property, or (ii) any proceedings to take or condemn the whole or part of the Property for public or quasi-public use under any statute, or by the right of eminent domain, whether commenced or threatened, prior to the Closing, shall be determined in accordance with the provisions of Section 13 of the Existing Lease. To the extent that the Existing Lease is terminated and Seller, in its capacity as landlord, is in receipt of the insurance Termination Fee (as such term is defined in the Existing Lease) or condemnation proceeds such other consideration as provided in Section 13 of the Existing Lease, then, in such case, the Purchase Price for that Parcel shall be reduced by the proceeds Termination Fee or such other consideration received by such Seller. If, following the occurrence of any event described in (i) or (ii) above of this Section 13 in which the Existing Lease is terminated and no such insurance Termination Fee or condemnation proceeds have been other consideration is received by Seller in connection therewithwith such termination, then, in such case, the Purchase Price shall remain as set forth in Section 1 of this Agreement and Landlord shall assign to Purchaser all rights it may have to receive the proceeds of condemnation or insurance proceeds payable with respect to any such casualty or condemnationcasualty.

Damage or Destruction Condemnation. The parties agree and acknowledge that the risk of loss in connection with (i) any damage or destruction, in whole or part, that may occur to the Property, or (ii) any proceedings to take or condemn the whole or part of the Property for public or quasi-public use under any statute, or by the right of eminent domain, whether commenced or threatened, prior to the Closing, shall be determined in accordance with the provisions of the Lease. To the extent that the Lease is terminated and Seller, in its capacity as landlord, is in receipt of the insurance or condemnation proceeds as provided in the Lease, then, in such case, the Purchase Price for that Parcel the Property shall be reduced by the proceeds received by such Seller. If, following the occurrence of any event described in (i) or (ii) above of this Section 13 in which the Lease is terminated and no such insurance or condemnation proceeds have been received by Seller in connection therewith, then, in such case, the Purchase Price shall remain as set forth in Section 1 of this Agreement and Landlord shall assign to Purchaser all rights it may have to receive the proceeds of condemnation or insurance proceeds payable with respect to any such casualty or condemnation.